Rangers FC lodge papers to go into administration

Dempsey · 08-05-2012 05:39PM

Pompey Magnus wrote: »

So does the 10 point deduction for next season come into play as soon as this season finishes if the club are still in administration?

Yep

SPL Rules

A6.8

Where a Club takes, suffers or is subject to an Insolvency Event that Club shall be deducted 10 points. Where the Insolvency Event occurs during the Season, the points deduction shall apply immediately. Where the Insolvency Event occurs during the Close Season the points deduction shall apply in respect of the immediately following Season, such that the Club starts that immediately following Season on minus 10points.

A6.9

Where an Insolvency Event or in the event that such Insolvency Event is part of an Insolvency Process that process, continues and/or is subsisting for more than one Season then, for each such Season, during the whole or part of which such Insolvency Event or Insolvency Process is continuing and/or subsisting, the Club concerned shall be deducted 10 points or, as the case may be, shall start each such Season on minus 10 points.

A6.10

In the event that a Club shall take, suffer or be subject to more than one Insolvency Event during any one Season and the immediately preceding Close Season, which, in the opinion of the Board, are not part of the same Insolvency Process, then that Club shall be deducted 10 points in respect of each such Insolvency Event or, as the case may be minus such number of points, as reflects the number of Insolvency Events which that Club takes, suffers or is subject to during that Season and the immediately preceding Close Season.

Jelle1880 · 08-05-2012 07:17PM

PauloMN wrote: »

1 less season in admin I suppose, less sanctions.

TBH I think yiz dodged a bullet with Miller. I did get a laugh at the banner reference though! Next time try not racially offend your potential saviour!

Americans are a race now ?

patmac · 08-05-2012 07:51PM

Pompey Magnus wrote: »

What is the advantage to Rangers in having a takeover complete before the end of the season?

They are going to run out of money in 2 and half weeks time, also the fixtures are out in early June so the SFA need to know what division they are in.

lubo_moravcik · 08-05-2012 09:03PM

patmac wrote: »

They are going to run out of money in 2 and half weeks time, also the fixtures are out in early June so the SFA need to know what division they are in.

Really?? The players who took the pay cuts, does that 'deal' finish at the start of June???

lubo_moravcik · 08-05-2012 09:42PM

https://www.youtube.com/watch?v=IAPM5aqpZug

RoryMac · 08-05-2012 09:43PM

Well it looks like this is all finally coming to an end, Miller pulling out is for me a sign that Rangers cannot be saved no matter what D&P say, their ridiculous statement that there are 3 bids isn't fooling anyone.

Rangers are out of money at the end of the month(if not before), the only party allowed full access to their accounts has pulled out within a week and it's unlikely their plan was ever a runner.

At this stage i think there needs to be far more clarity from D&P, there is only one outcome now and the sooner that is put in place the better it is for all parties, creditors, SPL/SFA and most importantly the fans.

Scottish football really cannot afford this situation rumbling on over the summer, someone needs in power needs to take charge, make hard decisions for the good of the future of the league rather than the usual short-term self centered we've become used to.

lubo_moravcik · 08-05-2012 10:07PM

https://www.youtube.com/watch?v=06naYJ5PR9w

Dempsey · 09-05-2012 01:23PM

http://www.bbc.co.uk/sport/0/football/18006734

Rangers' administrator believes it can secure the club's future before the end of the week despite American tycoon Bill Miller withdrawing his bid.

Even Baghdad Bob would be embarrassed at this stage.

PauloMN · 09-05-2012 01:34PM

Anyway, how's that new stadium coming along? Is it nearly finished?

bobmalooka · 09-05-2012 01:34PM

I've said it all along on this forum, beware of Duff and Phelps.

Whyte had to fight to have them installed as administrators rather than let the courts appoint an independent one and i'm sure he didn't do that for the craic.

They have strung out this mess the whole way and now Rangers are 2/3 weeks from being shut down and liquidated with Whyte in a strong position to claim the prime cuts of the business.

Getting the SPL to postpone its vote on financial sanctions means any potential buyer would go in blind, what businessman will fork out millions without knowing where the business stands??

These 3 mystery bidders looks like a handy story to stop Rangers fans turfing them out.

marching to Hampden while Whytes men sit twiddling their tumbs in Ibrox waiting for this to play out.

applehunter · 09-05-2012 02:01PM

"functions being held inside the auditorium"

Indeed...:D

Dempsey · 09-05-2012 02:04PM

PauloMN wrote: »

Anyway, how's that new stadium coming along? Is it nearly finished?

It will be opening the same time as the casino which has fallen slightly behind on its schedule.

Coillte_Bhoy · 09-05-2012 02:06PM

I havent been following this sag much lately so a couple of quick questions for the rangers fans, if ye dont mind.

1. Why were so many fans opposed to Miller?

and

2. Who exactly is he and what if any connections has he to rangers, soccer or the uk?

bobmalooka · 09-05-2012 02:13PM

Coillte_Bhoy wrote: »

I havent been following this sag much lately so a couple of quick questions for the rangers fans, if ye dont mind.

1. Why were so many fans opposed to Miller?

and

2. Who exactly is he and what if any connections has he to rangers, soccer or the uk?

not a rangers fan but from what I see,

answer to 2. is none and I think answer to 1. is see no.2

they guy reportedly doesn't have a passport FFS

anyways he ran a mile when he got to see the books so It begs the question as to WTF the administrators are telling the bidders.

PauloMN · 09-05-2012 02:15PM

Dempsey wrote: »

It will be opening the same time as the casino which has fallen slightly behind on its schedule.

I really think they should have at least put some fruit machines in..... you'd be surprised how much you can win from those. Could cover lunch for Duff and Duffer!

Dempsey · 09-05-2012 09:01PM

http://www.bbc.co.uk/news/uk-scotland-glasgow-west-18006383

BBC Scotland has learned that finance firm Ticketus is soon to lodge a legal claim against Craig Whyte for £27m.

.... and Duff & Phelps are already suing him for £25m on behalf of Rangers.

More layers to this than an onion. Anyone giving odds on Rangers being out of business by the time these two cases are concluded?

Jelle1880 · 09-05-2012 09:08PM

PauloMN wrote: »

Anyway, how's that new stadium coming along? Is it nearly finished?

I dunno, maybe we could ask Kevin Kelly if he has an update

And it's not a surprise if Ticketus should sue Whyte, they said for a long time that if necessary they will try and get their money from him.

Eirebear · 09-05-2012 11:23PM

Former manager fronts new consortium trying to buy #Rangers. See tomorrow's Daily Express for story

https://twitter.com/#!/ScottBurns75

Dempsey · 09-05-2012 11:29PM

Walter Smith or Graeme Souness?

Eirebear · 09-05-2012 11:54PM

Dempsey wrote: »

Walter Smith or Graeme Souness?

I'd say Souness - can't see Smith being ready for pulling us out of the fire yet again.

Pompey Magnus · 10-05-2012 06:53AM

The Daily Record claims it is Smith and that Souness has denied the link.

older i get better i was · 10-05-2012 11:06AM

In in our own ham fisted league in Ireland, rovers derry cork shels have been relegated for breach of uefa license rules how the spl hasn't relegated rangers is a shambles.

Eirebear · 10-05-2012 11:16AM

older i get better i was wrote: »

In in our own ham fisted league in Ireland, rovers derry cork shels have been relegated for breach of uefa license rules how the spl hasn't relegated rangers is a shambles.

Ummm....

Because the rules state a ten point deduction for administration?

premierstone · 10-05-2012 12:07PM

older i get better i was wrote: »

In in our own ham fisted league in Ireland, rovers derry cork shels have been relegated for breach of uefa license rules how the spl hasn't relegated rangers is a shambles.

Rangers are only in administration as yet, similar to the position Portsmouth and Leeds found themselves in, and the punishment will be the same, Liquidation is another kettle of fish but they are not quite there yet.

Dempsey · 10-05-2012 12:18PM

Eirebear wrote: »

Ummm....

Because the rules state a ten point deduction for administration?

premierstone wrote: »

Rangers are only in administration as yet, similar to the position Portsmouth and Leeds found themselves in, and the punishment will be the same, Liquidation is another kettle of fish but they are not quite there yet.

He's talking about UEFA licensing, not administration. AFAIK, you need a UEFA license to play in the SPL.

Jelle1880 · 10-05-2012 12:55PM

English Premier League experience have agreed to get Whytes shares, CVA wanted, No liquidation and hope to be named prefer bidder by tomorrow

Jim Whyte SSN

Dempsey · 10-05-2012 12:58PM

Jelle1880 wrote: »

English Premier League experience have agreed to get Whytes shares, CVA wanted, No liquidation and hope to be named prefer bidder by tomorrow

Jim Whyte SSN

Thats the name of the consortium?

Jelle1880 · 10-05-2012 01:00PM

Yeah, he phrased that weird I think.

He meant that the consortium has people in it that have experience in English football.

Both Smith and Souness denied being involved btw.

Pompey Magnus · 10-05-2012 01:49PM

Craig Whyte says he doesn't stand to make any money from the sale of his shares. He says it's important a deal is done this week
...

Craig Whyte adds any deal would also be dependent on a CVA being agreed with creditors

Yeah, good luck agreeing a CVA with creditors by close of business tomorrow. This guy either lives on another planet or else he is just taking the piss.

Dempsey · 10-05-2012 05:09PM

Interesting business analysis from Kennedy

http://www.bbc.co.uk/sport/0/football/18025377

Financially, a newco doesn't work unless you can write a cheque for £35m to compensate for the absence of European football

So a debt of potentially £134m will only get a CVA that is substantially less than £35m considering that if you had £35m you'd be heading down the newco route. So something far less that ~25p in the pound would have to be agreed on for a CVA to be successful. I doubt if 75% of creditors will agree to that.

Rangers FC lodge papers to go into administration

Comments