Rangers FC lodge papers to go into administration

PauloMN · 27-04-2012 10:06AM

lubo_moravcik wrote: »

Ticketus pull out. What does this mean for the bears now???

good or bad?

Link from BBC:
http://www.bbc.co.uk/sport/0/football/17867822

Wow, that means back to the drawing board for BK and the BKs I guess, as Ticketus would have formed a large part of their bid. Ticketus obviously reckon they can do better without being involved in part-owning the club.

Jelle1880 · 27-04-2012 10:06AM

It means they won't fund any takeover bid.

But on the other hand Brian Kennedy has had talks with Paul Murray for a joint bid.
So I guess we'll have to wait a bit longer, again

Coillte_Bhoy · 27-04-2012 10:19AM

Eirebear wrote: »

I'm sure we'll see Thomson's true colours on Sunday as he takes his seat in with the Celtic fans.

Whats that supposed to mean?? You hardly expect him to sit with the rangers fans do you?

Eirebear · 27-04-2012 10:20AM

PauloMN wrote: »

lubo_moravcik wrote: »

Ticketus pull out. What does this mean for the bears now???

good or bad?

Link from BBC:
http://www.bbc.co.uk/sport/0/football/17867822

Wow, that means back to the drawing board for BK and the BKs I guess, as Ticketus would have formed a large part of their bid. Ticketus obviously reckon they can do better without being involved in part-owning the club.

Bk's initial bid had nothing to do with ticketus, so he's got the money to fund a takeover it would seem.

A Dub in Glasgo · 27-04-2012 10:25AM

Yeah, at something like 10% of repaid debt with a CVA which is unlikely to be accepted

Eirebear · 27-04-2012 10:30AM

A Dub in Glasgo wrote: »

Yeah, at something like 10% of repaid debt with a CVA which is unlikely to be accepted

You know more than me obviously. I would assume, like everything else, a cva will involve negotiation.

karma_ · 27-04-2012 10:34AM

Eirebear wrote: »

You know more than me obviously. I would assume, like everything else, a cva will involve negotiation.

Well look at it from the creditors point of view - if by forcing liquidation they can get 70>90% of what their owed, and a CVA nets them only 10%, which would be more likely?

A Dub in Glasgo · 27-04-2012 10:38AM

Eirebear wrote: »

You know more than me obviously. I would assume, like everything else, a cva will involve negotiation.

If Ticketus have pulled out, it stands to reason that they reckon they can get more of their money through liquidation rather than a CVA unless Ticketus are granstanding to force the hand of the SFA appeals panel

bobbysands81 · 27-04-2012 11:26AM

Can't see how Ticketus pulling out is anything but terrible news for RFC. As already said by Dempsey the fact that they're going alone means that they feel there's more money to be got through liquidation/admin than a CVA.

Could it be that they have a preferred creditor status (as has been rumoured) and therefore get first dibs on any CVA proposed because any CVA will not see one cent to the vast majority of creditors. In fact I can't see a CVA being agreed whatsoever due to fact that no money will seep down to normal creditors as it'll all be gobbled up by those who have protected status.

Surely a sale and leaseback of Ibrox has to be on the cards for any hope of a CVA succeeding?

PauloMN · 27-04-2012 11:29AM

Eirebear wrote: »

Bk's initial bid had nothing to do with ticketus, so he's got the money to fund a takeover it would seem.

His initial bid was rejected though, no?

Dempsey · 27-04-2012 11:33AM

Kennedy says he'll reluctantly save the club (he's no real interest in owning Rangers despite being a fan, enough of his time is spent on Sale Sharks) although he said that was weeks ago. I dont know how strong his resolve is now.

Also, if you liquidate Rangers and play at Ibrox, the transfer embargo will transfer to the newco.

Eirebear · 27-04-2012 11:42AM

PauloMN wrote: »

His initial bid was rejected though, no?

He walked away as he felt the BK's were in a strong enough position to win - as he said he would all along.

Dempsey wrote: »

Kennedy says he'll reluctantly save the club (he's no real interest in owning Rangers despite being a fan, enough of his time is spent on Sale Sharks) although he said that was weeks ago. I dont know how strong his resolve is now.

Also, if you liquidate Rangers and play at Ibrox, the transfer embargo will transfer to the newco.

He's a Hibs fan, not a Rangers fan.
He always said he was only willing to get involved as he didnt want to see the club go down the tubes - personally i would say that suggests his resolve is stronger than most.

Dempsey · 27-04-2012 11:52AM

Eirebear wrote: »

He's a Hibs fan, not a Rangers fan.
He always said he was only willing to get involved as he didnt want to see the club go down the tubes - personally i would say that suggests his resolve is stronger than most.

Jaysus, a Hibee in charge of Rangers, what will the establishment think of next! :pac:

I always thought D&P should have set a date and told other prospective bidders, trump Kennedy's bid or we'll go with him. He wasnt going to be fazed by the punishments, the meetings, the potential rule changes. He would have been finished his due diligence by now!

Jelle1880 · 27-04-2012 12:33PM

SSN reporting that TBK, backed by Kennedy, will put in their bid today.

Eirebear · 27-04-2012 12:44PM

Coillte_Bhoy wrote: »

Whats that supposed to mean?? You hardly expect him to sit with the rangers fans do you?

Calm it Janet, was just a tongue in cheek statement.
(Although i do believe that a LOT of his information is coming from some well known "Celtic Minded bloggers)

Coillte_Bhoy · 27-04-2012 01:03PM

Eirebear wrote: »

Calm it Janet, was just a tongue in cheek statement.
(Although i do believe that a LOT of his information is coming from some well known "Celtic Minded bloggers)

Janet??? :mad: Thats a new low,...Janet ffs:mad:

Eirebear · 27-04-2012 01:10PM

Could be worse...could've called you Shirley....

the realpigiron · 27-04-2012 02:57PM

Eirebear wrote: »

Could be worse...could've called you Shirley....

Why would Shirley be worse than Janet?

Pompey Magnus · 27-04-2012 03:02PM

the realpigiron wrote: »

Why would Shirley be worse than Janet?

https://www.youtube.com/watch?v=0A5t5_O8hdA

Eirebear · 27-04-2012 03:16PM

the realpigiron wrote: »

Why would Shirley be worse than Janet?

Lol - i didnt realise it would be THAT easy to cause confusion on here! Thanls PM.

You're response seems to suggest that i was actually calling him Janet, and this is a bad thing? Oh man....

bobbysands81 · 27-04-2012 03:16PM

Blue Knights just submitted their bid... it has two conditions attached to it:

1. A CVA must be agreed.

2. They have to get Whyte's shares.

I genuinely can't see how they will get a CVA unless a HUGE unprecedented share issue happens, a sugar daddy gives them €50m or a sale and leaseback of Ibrox occurs.

Whyte's shares are there for whomever wants them... but you're going to have to pay him a fortune and jump through hoops to get them

Eirebear · 27-04-2012 03:18PM

bobbysands81 wrote: »

Blue Knights just submitted their bid... it has two conditions attached to it:

1. A CVA must be agreed.

2. They have to get Whyte's shares.

Hopefully we're moving into the end phase - one way or another.
Still a long road ahead though.

RoryMac · 27-04-2012 03:48PM

Eirebear wrote: »

Hopefully we're moving into the end phase - one way or another.
Still a long road ahead though.

It all still depends on finding some way of getting hold of Whyte's shares, to be honest I'm a little confused as to what exactly the Blue Knights are bidding for?

Have the administrators a plan for taking control of Whyte's shares or is it a case that if the Blue Knights are successful there will be huge pressure put on Whyte to do the right thing and release his shares?

bobbysands81 · 27-04-2012 03:48PM

How to make friends and influence people.

Raith Rovers Statement

As a result of the participation of one of our Directors on an SFA panel, this football club finds itself now having to contend with various threats in the form of emails and telephone calls, during the build-up to an important SFL league match.

This club, along with every other club in the SPL and SFL, voted for change at last year’s AGM. Part of that change involved the setting up of a panel of individuals who would give of their time to better facilitate and judge on football issues affecting the game in Scotland.

Individuals who agreed to an involvement in that process now find themselves chased by the media, vilified by sections of the press, subjected to abuse and hate. If this is the consequence of participation, it is more than likely that many will wish to consider whether or not such participation is worth such a price.

This football club remains supportive of our Director’s involvement in what has turned out to be a fiasco. It is, however, incumbent on us as a football club to point out that we are NOT directly involved in the process per se. Threats to our staff, our infrastructure and our reputation is something we could well do without. So far this week significant additional costs have been incurred here at Kirkcaldy. Equally, tomorrow’s important game against our friends from Dumfries, will be subject to greater security and police presence than would otherwise be the norm.

The Board at RRFC will have to consider why we should be subject to additional costs in support of a battle which has nothing to do with the football club. We may well be viewed as ‘collateral damage’ in the wider debate re the future of one of the country’s larger footballing institutions, but we are nevertheless heartily sickened by what has happened this week.

This Board now looks to the footballing authorities to defuse the current mayhem and allow this football club – and no doubt others – to get back to business as usual.

Turnbull Hutton
Vice-Chairman
Raith Rovers Football Club

bobbysands81 · 27-04-2012 03:49PM

RoryMac wrote: »

It all still depends on finding some way of getting hold of Whyte's shares, to be honest I'm a little confused as to what exactly the Blue Knights are bidding for?

Have the administrators a plan for taking control of Whyte's shares or is it a case that if the Blue Knights are successful there will be huge pressure put on Whyte to do the right thing and release his shares?

Whyte will release his shares.

He's already stated that his negotiating starting pont is £30m.

Dempsey · 27-04-2012 03:54PM

bobbysands81 wrote: »

Whyte will release his shares.

He's already stated that his negotiating starting pont is £30m.

LOL, did he?

RoryMac · 27-04-2012 03:57PM

bobbysands81 wrote: »

Whyte will release his shares.

He's already stated that his negotiating starting pont is £30m.

Yeah I know that part but is the Blue Knights bid a case of them giving the Administrators the money to negotiate with Whyte for his shares? Or do the Administrators need to find a way of persuading Whyte to release his shares before the BK's take control?

bobbysands81 · 27-04-2012 04:01PM

Dempsey wrote: »

LOL, did he?

Yeah, he said he has personal guarantees of some £30m tied up in Rangers and they'd need to be covered in order for him to hand over his shares.

(This article alludes to the 30m but is not the one I read the other day where he saidthe above - http://www.dailyrecord.co.uk/news/scottish-news/2012/04/07/rangers-in-crisis-craig-whyte-tells-fans-he-will-return-to-ibrox-86908-23816402/)

Any sale of his shares will also contain guarantees that new owners can't go after him for other legal reasons.

shankespony · 27-04-2012 07:04PM

If whyte says £30m is his starting point then he said he was on the line for £26.7m so nice profit for a few months work plus £230k from Arsenal shares!!!

Dempsey · 28-04-2012 11:35AM

I just read Tam Cowan's Blog on the DR. Its a good read as it shows up Rangers ans their behaviour in recent days....and years

I SEE the Rangers fans have organised a march to Hampden this afternoon.

Is that a protest against the SFA... or do they just want to see the famous old stadium one last time?

Nah, I'm only kidding. I'm sure Rangers will be back at the national stadium in due course. Well, that's where Queen's Park play.

Also on the agenda is a sponsored walk around Ibrox on Sunday, May 20. Fingers crossed the JCBs don't get in the way... This fundraiser is officially called the 1872 sponsored walk. I'm guessing the plan is to raise money for the club's 1872 creditors.

The Gers fans are also talking about boycotting Specsavers as they sponsor the SFA's referees. So, nobody to blame but themselves if they emerge from the dancing with a proper growler.

As for the Rangers Supporters' Trust urging players like Allan McGregor, Steven Whittaker and Stevie Naismith to refuse to play for Scotland, I think that's just a little bit presumptious.

Let's face it, by the time Scotland are due to play their next fixture, do you honestly think these guys will still be Rangers players?

The message from everyone involved with Rangers seems to be crystal clear - how dare the SFA punish us for breaking the rules.

Remember, the Ibrox club are a Scottish institution. Surely they should get off scot-free?

What a load of bollocks. That's like saying Sir Sean Connery should only get a slap on the wrist if he was found guilty of mass murder.

Listen, the SFA haven't "got it in" for Rangers. For a start, it wasn't even SFA officials who imposed the transfer embargo on the club.

Nope, it was an independent panel of smart, intelligent professional volunteers with absolutely no axe to grind with Rangers. And the rules they implemented were the very same rules voted in last June by, among others, RANGERS.

You get the feeling those of a bluenose persuasion were dying to discover the "Hampden Three" were some shell-suited trio who'd just stoated out of Baird's Bar in Glasgow's east end.

Sorry, lads. It was a QC, a chartered banker on the board of Raith Rovers and a former journalist with years of experience in the business world.

I'm actually 100 per cent behind the Rangers fans. No, seriously. I think it's grossly unfair that thousands of innocent supporters who've pumped mega-millions into the club ever since the Souness revolution (and had absolutely no idea what was happening to their dosh behind the scenes) now face two stark scenarios:

Watching their team in the Third Division or supporting an U-18s side that's toiling in the SPL.

However, as 95 percent of fans who've taken part in the latest SPL survey will agree, a mere slap on the wrist for Rangers is simply not an option.

As for the element of Rangers supporters who insist the SFA sanctions will "jeopardise the future of Scottish football"... sorry, lads, but when exactly did you start caring about the future of Scottish football?

The Rangers board, the Rangers management, the Rangers players and the Rangers support didn't give a flying Daffy Duck about the SPL ("a Mickey Mouse league") whenever they thought there was even the slightest sniff of a move to England or an Atlantic League or a European super-league or The Moon, etc, etc.

And please, enough of this laughable guff about Rangers being "victims". Do us a favour. If Rangers were able to rack up league titles courtesy of breaking the rules, surely it's only right and proper they should be punished after getting caught?

Being banned from signing players for one year after, what, 20 years of dodgy dealings in the transfer market is hardly Draconian.

By the way, if the SFA hadn't imposed a transfer embargo, where exactly were Rangers going to find the dosh for new players anyway?

Yep, before they're once again tempted to spend beyond their means, I reckon the SFA might have done Rangers a huge favour.

Ex-boss Walter Smith has offered his services free of charge. That's a good shout. Well, my dad says he wasn't a bad defender in his day.

Walter also reckons Sir David Murray has "a bit" to answer for. Aye right. That's like saying the Italian skipper of the Costa Concordia has "a bit" to answer for after the ship crashing into the rocks.

Smith insists Whyte caused the carnage then fled. Well, if it was good enough for Sir Dave...

Incredibly, when asked for his opinion this week, there was a quick "no comment" from Murray.

Changed days, eh?

Once upon a time in a period of crisis - a home defeat in Europe, for example - Murray would have been all over the papers with promises of signing Pele or turning Govan into a £500trillion entertainment complex and increasing the size of every Rangers fan's willie by four inches.

So where is he now?

When Ally McCoist demanded to know the identity of who'd put Rangers in the grubber, why didn't someone just show him a photo of Sir Dave...?

A rant few could disagree with

Rangers FC lodge papers to go into administration

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