Rangers FC lodge papers to go into administration

cruiserweight

According to Chris McLaughlin on twitter, D+P are saying that administration will last another 8-10 weeks

PauloMN

cruiserweight wrote: »

According to Chris McLaughlin on twitter, D+P are saying that administration will last another 8-10 weeks

Lol, fcukin' right they are, a few more quid for the boys.

PauloMN

bobbysands81 wrote: »

Any truth in rumours that Super Ally has walked away???!!!

Looks like he might:
http://www.bbc.co.uk/sport/0/football/18440159

Have to say, I wouldn't be his biggest fan, but he's been through the mill in the past year. I have respect for him for sticking with it for so long.

Dempsey

cruiserweight wrote: »

According to Chris McLaughlin on twitter, D+P are saying that administration will last another 8-10 weeks

D&P have always been fantastical about deadlines, I doubt they'll hit this one! D&P will be there for another 10 weeks at least before BDO get to do their forensic analysis and liquidation of Rangers and that will take a long time.

TheBuilder

the realpigiron wrote: »

Jelle1880 wrote: »

What part of 'It will still be Rangers FC' did you not get ?

Again, because you seem to be unable to grasp this: It's not the company that wins titles.

Those titles have been won by Rangers FC, the football club.
And if the company behind Rangers FC changes that doesn't mean the club is dead.

We all know that the average Celtic fan will keep repeating this 'Your history is gone' crap ad nauseum, but that doesn't make it any more true.

Why do you want to maintain your checkered history anyway. Lets face it Rangers history with their sectarian signing policy and numerous incidents of hooliganism with their supporters down the years is steeped in shame. Yeah they won some trophies and had some good players, but I think the establishment of a NewcoRangers with no baggage attached presents a real opportunity for Rangers fans to get behind a club with a fresh and untainted mandate. There is a kind of poetic justice and sense of karma to this whole saga when you think about it.

At least one good thing will come out of this, maybe you'll shut the **** up with your ****e every single discussion about things that happened in the past.

The newco will be called 'the rangers football club', Keith will be in heaven :P

I only hope supporters of others teams never have to go through this with their club, the real supporters not the 'fair weather only here to laugh at rangers' guys. It's heartbreaking to see the club you've grown up supporting and following everywhere go through this, but the new team will have my full backing, the history of Rangers Football Club will always be remembered by me, doesn't matter how much mocking goes on, it will always be there.

Watch out Spurs, Newcastle and others, you're next.

Spideog Rua

Can the newco join the bottom of the English league rather than the Scottish third division? I know the road back to the top division would be longer, but it would be more fruitfull in the English league.

Soups123

Wonder with the fan base is there any route into the bottom of the English league? Interesting question.

Suspect though they would need to go through the non leagues first which could make it a decade long project

StephenHendry

TheBuilder wrote: »

At least one good thing will come out of this, maybe you'll shut the **** up with your ****e every single discussion about things that happened in the past.

The newco will be called 'the rangers football club', Keith will be in heaven :P

I only hope supporters of others teams never have to go through this with their club, the real supporters not the 'fair weather only here to laugh at rangers' guys. It's heartbreaking to see the club you've grown up supporting and following everywhere go through this, but the new team will have my full backing, the history of Rangers Football Club will always be remembered by me, doesn't matter how much mocking goes on, it will always be there.

Watch out Spurs, Newcastle and others, you're next.

exactly. being a leeds fan where we have gone into adminisatration , this could have been us a few years back, it won't be the last we see a big club in this amount of trouble. porstmouth still have their problems and it wouldn't suprise one bit if one of the big EPL is in a similar position to rangers. something has to got to give

StephenHendry

Spideog Rua wrote: »

Can the newco join the bottom of the English league rather than the Scottish third division? I know the road back to the top division would be longer, but it would be more fruitfull in the English league.

that would be some decision to take as they would still have a strong support to come through this process through the leagues

bobbysands81

Some Rangers fans are unreal, utterly unreal, on the day that Rangers begun liquidation and are on the road to no longer existing the following was said at their AGM today (which was cut short due to hassle at it)

James Cook (@BBCJamesCook)
14/06/2012 13:04
One #Rangers shareholder said he was worried that McCoist wasn’t wearing his tie for the meeting. Could mean everything or nothing. #RFC

Unreal.

latenia

Bob the Seducer wrote: »

Debatable, there's a good chance you could if the former club no longer existed.

Chester F.C. (founded in 1885) changed their name to Chester City in 1983 and went bust in 2010. Following Chester City's winding up a new successor club was formed called... Chester F.C.

The differences are that the name Chester FC has little or no value and that it's also the name of the city, which can't be copyrighted. You could start a new club called AFC Liverpool for example, but not London Hotspur. A team calling themselves 'Rangers' or any variaton of it playing in Glasgow would have to buy the right from the liquidators.

Pompey Magnus

Walter Smith making an 11th hour bid for the club!

cruiserweight

Pompey Magnus wrote: »

Walter Smith making an 11th hour bid for the club!

He has released a statement

I can today confirm that following talks over the last few weeks I am leading a new bid for Rangers Football Club.
"I have been assisted by Jim McColl, Douglas Park and other prominent Scottish businessmen with a shared objective - that Rangers Football Club should be in the hands of Rangers people who will stabilise the club and protect it from future situations like we find ourselves in today.
"With this in mind, representatives have, on behalf of my group, made representations to BDO, Duff and Phelps and indeed Charles Green, notifying them of our willingness to offer on the "Newco" basis on which Mr Green is proceeding.
"We would call on Mr Green to step aside and allow us to proceed with our deal which is in the best interests of the creditors, the employees, the fans and the various other stakeholders of Rangers Football Club.
"None of our group has any desire to own Rangers Football Club but we have put this deal in place to save the Club.
"However, our overriding objective is to ensure that the stadium, the history and everything else magical about Rangers Football Club is protected and nurtured back to good health and provide a platform for Rangers for generations to come.
"Let's be clear, this is an acquisition designed to stabilise the Club and ensure history does not repeat itself.
"We are not in this to take money out of the Club but more so to do whatever it takes in a turnaround plan to ensure within a few years the Club can be passed on intact and to the right people.
"The supporters should be under no illusion that it will be extremely hard but with their support we can overcome financial hardship that lies ahead by lending their support to what we feel is the correct way forward - for Rangers people who know the Club inside and out to control its destiny.
"The prominent Scottish businessmen involved have agreed to provide acquisition funding to allow myself and a management team to take on Rangers Football Club and make the business self-sufficient with long term sustainability being essential.
"I would hope that this offer is fully supported by everyone in the Rangers Family as without them the Club cannot and will not survive.
"We therefore want to ensure honesty and transparency in everything we do. We want to rebuild Rangers Football Club and in doing so return the institution to the standards it is known for.

PauloMN

cruiserweight wrote: »

He has released a statement

Bit late now Walter. Where were you 2 months ago?

I like this bit:

The supporters should be under no illusion that it will be extremely hard

Does that mean it will be easy?

Dempsey

The circus continues to entertain!

bobbysands81

How deluded is Walter Smith?! Rangers Football Club are being liquidated, you cannot buy them now, you can only fight over who can claim the legacy and be the heir apparent!!!

Rangers FC are gone, game over, goodnight!!!

Smith loves Rangers so much yet he's not willing to save the club, he wants to gorge himself fighting for the leftovers of the dead and rotten carcass. In doing so he's happy to let all the creditors suffer and not even try and make amends.

Walter Smith is just another vulture feeding off the carcass of this decaying club looking for his ounce of flesh.

bobbysands81

Dempsey wrote: »

The circus continues to entertain!

It's the gift that keeps on giving!

Pompey Magnus

What does he mean that his bid is in the best interest of the creditors? If it is the liquidation route then who owns the NewCo would be irrelevant wouldn't it? And I assume he doesn't mean a new CVA as HMRC has already said it is their policy not to accept.

TheBuilder

Pompey Magnus wrote: »

What does he mean that his bid is in the best interest of the creditors? If it is the liquidation route then who owns the NewCo would be irrelevant wouldn't it? And I assume he doesn't mean a new CVA as HMRC has already said it is their policy not to accept.

I'm not going to pretend to have any clue what's going on cos I don't and neither does anyone else. But, HMRC have accepted CVA's in the past at the second attempt, such as Dundee, so it is possible, not that I'm expecting it.

Plenty of clubs have exited liquidation and continued as normal.

cruiserweight

According to BBC Scotland the bid from the Smith consortium would be £6 million, so not exactly a lot more money than Green

Dempsey

cruiserweight wrote: »

According to BBC Scotland the bid from the Smith consortium would be £6 million, so not exactly a lot more money than Green

STV suggest that the deal will be the same as Green's, 5.5m, with Green getting 500k in "fúck off money".

Zebra3

Pompey Magnus wrote: »

What seems to be a similar Irish example of this process is Cork City, in 2010 Cork City Investments FC Ltd was wound up and Liquidators were appointed. A NewCo was created, "Cork City FORAS Co-op", after the winding up order was issued and this NewCo was awarded a licence to play in the league.

This NewCo bought the rights to the name "Cork City Football Club" off the liquidators of Cork City Investments FC Ltd and as this former holding company was still in existence during it's liquidation the NewCo was able to claim there was an unbroken continuity of Cork City FC when the name was bought off the liquidator. As a result the current Cork City FC dates it's foundation to 1984, not 2010, and lays claim to the 2 League titles and other trophies won by the OldCo.

It all looks very similar to the Rangers plan and unless someone can point out a big difference it looks to me like the NewCo will be able to claim the tainted history.

The FAI do not recognise the new Cork and Derry clubs as having any connection with the old defunct clubs.

http://www.independent.ie/sport/soccer/electric-launch-to-new-season-2082480.html

Saturday February 27 2010

THE chaos which has defined the past 12 months of the League of Ireland is represented by two pages placed side by side, due to the alphabet's sick sense of humour, in the comprehensive media guide produced for the 2010 campaign.

In the First Division section of the newly branded Airtricity League, the competitors from Cork and Derry are paired together.

The boxes for their 10-year record are completely blank, a stark reminder of all that has been wasted.

cruiserweight

Green has completed the purchase of business and assets of Rangers

Zebra3

Jelle1880 wrote: »

Only fools believe that a company wins trophies.

Tell it to Fiorentina, Middlesbrough, Charlton,... that their trophies don't count anymore.

Bad example. :pac::pac::pac:

Dempsey

http://www.bbc.co.uk/sport/0/football/18446597

An expert in sports law has backed PFA Scotland's claim that Rangers players can walk away from Ibrox once the club forms a new company after liquidation.

"They are no longer in a contractual relationship with either old or new Rangers," suggests David McArdle.

http://sport.stv.tv/football/clubs/dundee-united/106221-stephen-thompson-issues-dundee-united-statement-on-newco-issue/

Dundee United chairman Stephen Thompson has issued a statement with regards the imminent SPL vote on a Newco company.

"It is appropriate that the SPL shareholders and the individual boards are allowed time to reflect and privately discuss this matter in the best interests of Scottish football and each SPL member club.

"Before making any decisions, Dundee United will continue our dialogue with our supporters' representative groups and listen to our customers' views.

"The Club will be making no further statements regarding the current situation at Rangers until the aforementioned discussions have taken place."

Pompey Magnus

cruiserweight wrote: »

Green has completed the purchase of business and assets of Rangers

Congrats to him on owning Scotland's newest football club. He has named some of his consortium, one of which, Ian Hart, has claimed isn't actually backing his bid.

He has just said Smith and McColl are welcome to invest in his new team.

In other news it seems Gattuso is off to Galatasary. Ian Black is still available though :P

Jelle1880

bobbysands81 wrote: »

How deluded is Walter Smith?! Rangers Football Club are being liquidated, you cannot buy them now, you can only fight over who can claim the legacy and be the heir apparent!!!

Rangers FC are gone, game over, goodnight!!!

Smith loves Rangers so much yet he's not willing to save the club, he wants to gorge himself fighting for the leftovers of the dead and rotten carcass. In doing so he's happy to let all the creditors suffer and not even try and make amends.

Walter Smith is just another vulture feeding off the carcass of this decaying club looking for his ounce of flesh.

Don't hold back now :rolleyes:

TheBuilder

Pompey Magnus wrote: »

cruiserweight wrote: »

Green has completed the purchase of business and assets of Rangers

Congrats to him on owning Scotland's newest football club. He has named some of his consortium, one of which, Ian Hart, has claimed isn't actually backing his bid.

He has just said Smith and McColl are welcome to invest in his new team.

In other news it seems Gattuso is off to Galatasary. Ian Black is still available though :P

Actually, he named Hart as an investor in the CVA, which he was. Those in the media spun it as him being in the consortium.

Pompey Magnus

TheBuilder wrote: »

Actually, he named Hart as an investor in the CVA, which he was. Those in the media spun it as him being in the consortium.

His statement was:

"In terms of investors in the company, to date our investors include Chris Morgan, a UK-based businessman representing family trusts; Glenmuir, the renowned Scottish clothing company; Ian Hart a Glasgow-based businessman; Alessandro Celano of Blue Pitch Holdings and Zeus Capital. We are looking to expand that investor base and are in discussions with a number of interested parties.

He specifically said investors in the company, not CVA. The media were correct.

the realpigiron

TheBuilder wrote: »

At least one good thing will come out of this, maybe you'll shut the **** up with your ****e every single discussion about things that happened in the past.

The newco will be called 'the rangers football club', Keith will be in heaven :P

I only hope supporters of others teams never have to go through this with their club, the real supporters not the 'fair weather only here to laugh at rangers' guys. It's heartbreaking to see the club you've grown up supporting and following everywhere go through this, but the new team will have my full backing, the history of Rangers Football Club will always be remembered by me, doesn't matter how much mocking goes on, it will always be there.

Watch out Spurs, Newcastle and others, you're next.

Things that happened in the past, but sure isn't that what ye are trying to cling to even though the newcoRangers will be a new entity. Would ye not be better off to take the opportunity to let go of the past - all of it not just the bad debts - and turn over a new leaf?