Rangers FC lodge papers to go into administration

PauloMN · 11-04-2012 11:57AM

lubo_moravcik wrote: »

Rapid Vienna will go to UEFA if Rangers dont pay the money they owe for Nikica Jelavic. They also say they wouldnt be willing to accept a CVA.

Jane Lewis STV News

How much is owing on Jelavic?

Dempsey · 11-04-2012 11:59AM

PauloMN wrote: »

How much is owing on Jelavic?

£1,011,763.44

PauloMN · 11-04-2012 12:07PM

Dempsey wrote: »

£1,011,763.44

The nearest million would have done, it is Rangers we are talking about here!

Jelle1880 · 11-04-2012 12:25PM

Don't you need to have 26% of the debt to be able to stop a CVA ?

Somehow I doubt they have that.

RoryMac · 11-04-2012 12:30PM

I don't think any football related creditors will be covered by a CVA, it would be against UEFA/FIFA rules and would result in a transfer embargo.......I think!

Dempsey · 11-04-2012 12:52PM

RoryMac wrote: »

I don't think any football related creditors will be covered by a CVA, it would be against UEFA/FIFA rules and would result in a transfer embargo.......I think!

The football creditors rule doesnt apply in Scotland. Its a unique rule to English football, its not in any other country or industry.

Jelle1880 wrote: »

Don't you need to have 26% of the debt to be able to stop a CVA ?

Somehow I doubt they have that.

75%, by debt value, have to agree for a CVA to be passed. I doubt that Rapid Vienna are the only ones unwilling to agree to a CVA.

TheBuilder · 11-04-2012 02:55PM

Duff & Phelps, administrators of Rangers Football Club, issued the following statement today.

Paul Clark, joint administrator, said: "As administrators we had hoped to announce today the acceptance in principle of an offer for the purchase of Rangers Football Club, which would be followed by a period of exclusivity while due diligence is undertaken.

"Regrettably, this is not now possible as we were informed over the Easter holiday period that the SPL is proposing to consider at a general meeting on April 30, significant rule changes in relation to clubs which find themselves in an insolvency situation.

"The effect of such revised measures being considered at this juncture is that we, as administrators are duty bound to inform those parties who have submitted bids of the proposed resolutions the SPL intends to consider. Failure to do so would constitute material non-disclosure on our part, which is a serious matter.

"Inevitably, bidders are now considering this information and will have to take a view as to whether it will affect their individual bids as they now stand. The result is a delay in the sale process. We hope to receive feedback from bidders as soon as possible in order for us to take the sale process forward as quickly as we can.

"We fully respect the right of the SPL to review its own rules and regulations and will not comment on the detail of what is being proposed for the meeting on April 30 at this stage. However, the fact that such measures are being considered at such a sensitive point in the sale process at Rangers is disruptive and regrettable. We hope to issue a further update by the end of this week."

.....

Eirebear · 11-04-2012 02:59PM

TheBuilder wrote: »

.....

SPL **** us over again.

PauloMN · 11-04-2012 03:03PM

Here's the details of the changes the SPL are considering:
http://www.bbc.co.uk/sport/0/rugby-union/17681268

Relaunched Rangers could face penalty under SPL proposals

Rangers could start the next two seasons with a 10-point deduction, if they are relaunched as a new company.
The Scottish Premier League will consider new proposals for financial fair play at a meeting on 30 April.
Currently in administration, Rangers could face liquidation and may transfer their assets to a 'newco'.
Under the SPL's new proposals, clubs who enter administration would be docked at least 15 points instead of the current penalty of 10.
If passed, clubs who suffer an insolvency event would incur a penalty of the greater of 15 points or a third of the their total of points from the previous season.
Other resolutions to be considered include a requirement for clubs to pay players on time and report any failure to pay wages. Failure to both pay wages on time and report it would be breaches of SPL rules.
Clubs would also be required to report any failure to make payments to HM Revenue and Customs in respect of PAYE and National Insurance contributions. Any club suffering such a 'default event' would have a player registration embargo imposed and failure to report unpaid PAYE/NIC would breach rules.
Two of the proposals, reducing payments to clubs who transfer their assets to a newco by 75% for three years and clarifying the process of transferring a club's share in the SPL to a newco, require the support of 11 clubs to be passed.
All other resolutions require the support of a minimum of eight clubs.
"If adopted the amendments to the Articles and Rules will have effect from and including 14 May 2012," said an SPL spokesman.
"No further comment will be made in respect of these proposals until after the general meeting on 30 April at which they will be considered by the clubs."

RoryMac · 11-04-2012 03:06PM

Eirebear wrote: »

SPL **** us over again.

Eirebear · 11-04-2012 03:06PM

PauloMN wrote: »

Here's the details of the changes the SPL are considering:
http://www.bbc.co.uk/sport/0/rugby-union/17681268

Rugby?
Are you brewster in disguise?

Eirebear · 11-04-2012 03:10PM

RoryMac wrote: »

Really?

A week after Rangers take in bids for ownership of the club, the day that they are due to announce the prefered bidder - The SPL decide to announce a meeting at the end of the month which will not only delay any "due dilligence" until then, but also possibly change the tone and content of those bids?
Of course i'm ****ing serious.

At best, we're seeing the full blown disorganisation and complete foolishness of the SPL at worst we're seeing deliberate delaying tactics which will stop Rangers exiting administration by the end of the season.

That's before we even get started on the idea of changing the rules to suit, mid season, after the fact.

PauloMN · 11-04-2012 03:11PM

Eirebear wrote: »

Rugby?
Are you brewster in disguise?

I know...

I did notice that, BBC webmaster needs firing!!!

KeithAFC · 11-04-2012 03:13PM

Would be a bit boring though. Celtic know they would have won the next two titles without kicking a ball. Not much excitement.

Eirebear · 11-04-2012 03:14PM

KeithAFC wrote: »

Would be a bit boring though. Celtic know they would have won the next two titles without kicking a ball. Not much excitement.

Yeah - but the SPL won't lose out on the cash cow that is Rangers fans.
That's all they care about.

KeithAFC · 11-04-2012 03:18PM

Eirebear wrote: »

Yeah - but the SPL won't lose out on the cash cow that is Rangers fans.
That's all they care about.

True. Unless the away fans boycott all away games. That would be hilarious. But from a TV point of view, I'd rather not have this as it would ruin any chance of a decent title race.

RoryMac · 11-04-2012 03:20PM

Eirebear wrote: »

Really?

A week after Rangers take in bids for ownership of the club, the day that they are due to announce the prefered bidder - The SPL decide to announce a meeting at the end of the month which will not only delay any "due dilligence" until then, but also possibly change the tone and content of those bids?
Of course i'm ****ing serious.

At best, we're seeing the full blown disorganisation and complete foolishness of the SPL at worst we're seeing deliberate delaying tactics which will stop Rangers exiting administration by the end of the season.

That's before we even get started on the idea of changing the rules to suit, mid season, after the fact.

It was in response to the "again" part of your statement rather than the obviously stupid announcement by the SPL today.

Agree with everything above BTW

Eirebear · 11-04-2012 03:26PM

RoryMac wrote: »

It was in response to the "again" part of your statement rather than the obviously stupid announcement by the SPL today.

Agree with everything above BTW

The again part simply refers to the lack of any support offered to Rangers, one of their founding members, by both the SFA and SPL.

I don't mind the club being punished - but by the rules please.

premierstone · 11-04-2012 03:31PM

Eirebear wrote: »

The again part simply refers to the lack of any support offered to Rangers, one of their founding members, by both the SFA and SPL.

I don't mind the club being punished - but by the rules please.

Yes because Rangers are all about the 'rules' lol............oh the irony!

Madam · 11-04-2012 03:33PM

Eirebear wrote: »

The again part simply refers to the lack of any support offered to Rangers, one of their founding members, by both the SFA and SPL.

I don't mind the club being punished - but by the rules please.

Of course you mind;)

Are you saying the SFA and the SPL have some sort of agenda in seeing Rangers FC punished severly - or is paranoia beginning to set in?:rolleyes:

Broxi_Bear_Eire · 11-04-2012 03:36PM

Madam wrote: »

Of course you mind;)

Are you saying the SFA and the SPL have some sort of agenda in seeing Rangers FC punished severly - or is paranoia setting beginning to set in?:rolleyes:

Not paranoia just that the rules don't get changed mid season so changing them now stinks lets face it if this happened in any other walk of life anarchy would soon be the norm

Broxi_Bear_Eire · 11-04-2012 03:38PM

premierstone wrote: »

Yes because Rangers are all about the 'rules' lol............oh the irony!

Again the rule has been in place for a long time that rules are not changed mid season whether Rangers are guilty or not this is wrong or are you to bitter to see this if this happens we are as well throwing the rule book out of the window

Madam · 11-04-2012 03:42PM

Perhaps there are things happening in the background you(the public in general)know nothing of?

'Oh what a tangled web we weave
When first we practice to deceive'(whether that be CW or whomever)! I'm thinking this will(or seem to) go on forever!

Eirebear · 11-04-2012 03:42PM

premierstone wrote: »

Yes because Rangers are all about the 'rules' lol............oh the irony!

Really?
Is that the best you've got?

Not only is your point entirely superflous but your also missing the actual issue by about a mile.

What we're seeing in progress is a "Kangaroo Court", changing the rules and punishments to suit is not what i expect from a governing body within any walk of life.
Change the rules afterwards, just like they did after Motherwell - who escaped any form of punishment. Or Gretna, after which more stringent laws were put in place, like the ones which saw Livingstone relegated to Division 3.

To change the laws during the case however, is not only immoral but also makes a mockery of any law the SPL put forward from now on.

Now, if you'd bothered to read my post before jumping in with your oh so witty little quip, you would have seen that A) I fully expect punishment for breaking the rules.

However i DO NOT expect the shambles that is the SPL to block any chance Rangers have of exiting administration before the end of the season in order to give them an opportunity to inflict further damage.

It stinks.

Broxi_Bear_Eire · 11-04-2012 03:44PM

Madam wrote: »

Perhaps there are things happening in the background you(the public in general)know nothing of?

'Oh what a tangled web we weave
When first we practice to deceive'(whether that be CW or whomever)! I'm thinking this will(or seem to) go on forever!

I refer you to EB's post it makes the point clear

Eirebear · 11-04-2012 03:44PM

Madam wrote: »

Of course you mind;)

Are you saying the SFA and the SPL have some sort of agenda in seeing Rangers FC punished severly - or is paranoia beginning to set in?:rolleyes:

As i said earlier.

At best, we're seeing the full blown disorganisation and complete foolishness of the SPL at worst we're seeing deliberate delaying tactics which will stop Rangers exiting administration by the end of the season.

Call it paranoia if you will but surely anyone can see the issues here if they take the green tints of for a minute?

Dempsey · 11-04-2012 03:45PM

Do Rangers supporters expect everything to stop whilst you get your house in order?

D&P could have sorted out the wage structure quicker, they could have sold the club quicker, they could have gotten Whyte's shares quicker. The pace at which they are doing their job is unbelievably slow and is costing you a fortune at the same time. Feels like they are steering the club towards liquidation if you ask me with all these "little mistakes" and I think its intentional tbh, people with their expertise continually missing deadlines/mistakes etc are either incompetent or doing it on purpose.

Broxi_Bear_Eire · 11-04-2012 03:47PM

Dempsey wrote: »

Do Rangers supporters expect everything to stop whilst you get your house in order?

D&P could have sorted out the wage structure quicker, they could have sold the club quicker. The pace at which they are doing their job is unbelievably slow and is costing you a fortune at the same time. Feels like they are steering the club towards liquidation if you ask me with all these "little mistakes".

Nothing to do with expecting everything to stop everything to to with the fact that the "Rules" have never been changed during a season so why now

Eirebear · 11-04-2012 03:48PM

Dempsey wrote: »

Do Rangers supporters expect everything to stop whilst you get your house in order?

D&P could have sorted out the wage structure quicker, they could have sold the club quicker. The pace at which they are doing their job is unbelievably slow and is costing you a fortune at the same time. Feels like they are steering the club towards liquidation if you ask me with all these "little mistakes".

This has nothing to do with how D&P have handled administration.

This has everything to do with the SPL, "coincidentally" announcing a meeting at the end of the month which puts everything that has happened between Rangers and the prospective bidders for over a month to complete waste.

Madam · 11-04-2012 03:51PM

Eirebear wrote: »

As i said earlier.

Call it paranoia if you will but surely anyone can see the issues here if they take the green tints of for a minute?

You seriously believe that the SPL somehow don't want Rangers back next season, what reason would they have for that?

Rangers FC lodge papers to go into administration

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