The Rangers Saga and Fallout Thread

Metalface Mark · 23 Apr 2012 at 13:19

afraser2k said:
The players go back to standard contracts on 1st June (or so I've heard) so not far away now, then some will be able to walk away (should that be step back?) on cut price deals so anyone buying the club will want to get a deal in quickly.

The current bidders all seem to have their own reasons for not paying the £500k for preferred bidder status. I don't think any announcement will be made until after the SPL meeting on the 30th April to see if any further punishments are coming from the league or from the investigation into dodgy payments. We still don't know when the results of the big tax case appeal are being announced yet do we?

Its a nonsense that they are asked for 500k (non refundable by the way) for preferred status.

McMav · 23 Apr 2012 at 13:47

Metalface Mark said:
There is rumours that HMRC have launched an appeal to get them removed and replaced with their administrators.

Liquidation is the only way forward anyway, Haudit and Daudit are only doing what every administrators do, they take what they can for themselves and leave a carcass for the real creditors to fight over.

The full rumour is that they have applies to high court in London. Tell me what can the High Court in London do to remove Admin appointed by a Scottish Court. Hee haw! AFAIK only the Supreme court could over rule Scots law.

Metalface Mark · 23 Apr 2012 at 13:53

McMav said:
The full rumour is that they have applies to high court in London. Tell me what can the High Court in London do to remove Admin appointed by a Scottish Court. Hee haw! AFAIK only the Supreme court could over rule Scots law.

Im pretty sure HMRC would know what its doing and would follow the correct procedure.

McMav · 23 Apr 2012 at 13:56

Metalface Mark said:
Im pretty sure HMRC would know what its doing and would follow the correct procedure.

Why I cry b/s on this rumour

Metalface Mark · 23 Apr 2012 at 14:04

What are the Rangers fans on here favoured outcome?

1. CVA with obvious longstanding debt restructure with ticketus, but keep the same club name/history etc.

2. Liquidation and newco with short term penalties but starting afresh?

McMav · 23 Apr 2012 at 14:18

Everyone wants CVA as it will more likely keept he team together,but newco will not cost the club its history. Look at other clubs that have liquidated in the past they still have their history intact. For example look at Fiorentina.

Metalface Mark · 23 Apr 2012 at 14:21

I agree on that, a club is a club, not what the company registration number is. I think it would be bonkers to go CVA when the penalties for newco wont be that bad but to start again debt free would be massive rather than to be hurt for years to come with ticketus and such like.

McMav · 23 Apr 2012 at 14:27

Time will tell but you are right about club and company. Rangers Football club are 140 years old the company is only 116 years old 2 different entities. But I think CVA is still the best route out as with liquidation you lose 3 years of european football also. Mind you if liquidated I dont think the club would be in any state to compete for european football for at least 3 years at any rate.

Mr.E. · 23 Apr 2012 at 16:09

Why do Rangers still owe Ticketus ? Seems to me Whyte got a loan from them to buy Rangers, so why are they not chasing him for the ££££ ?

Also I'm sure when they went into administration, the "big" case outcome was imminent then, why's it all taking so long ?

Metalface Mark · 23 Apr 2012 at 16:19

Mr.E. said:
Why do Rangers still owe Ticketus ? Seems to me Whyte got a loan from them to buy Rangers, so why are they not chasing him for the ££££ ?

Also I'm sure when they went into administration, the "big" case outcome was imminent then, why's it all taking so long ?

Ticketus are confident that their deal is binding, they are not a normal creditor, if people dont deal directly with ticketus then they will still have to give up the season ticket money over x amount of years since they are supposedly for future sales. If Rangers can get them written off as a normal creditor then it would be in their interest as they could be added to the list of regular creditors.

Whyte has said he has a personal guarantee over ticketus, but I suspect he doesnt have anything of the sort otherwise they would indeed do that.

Jokester · 23 Apr 2012 at 17:34

My understanding is that Ticketus/Whyte had pre-agreed the deal prior to him actually buying the club that Rangers would then sell them the season tickets, as Rangers needed the money to payoff the bank to make them go away.

Metalface Mark · 23 Apr 2012 at 21:56

Yes that is what happened. He says he has a personal guarantee over the money though.

afraser2k · 23 Apr 2012 at 22:50

BBC just reporting that "Rangers owner Craig Whyte banned for life from Scottish football, and 12-month transfer embargo imposed on the club". Going to be fun once the bidders find out and what will happen to Whyte's shares? :eek:

Metalface Mark · 23 Apr 2012 at 22:59

Fantastic, some decent punishment at last. What was the transfer embargo imposed for?

Jokester · 23 Apr 2012 at 23:01

http://www.bbc.co.uk/sport/0/football/17821054

Various rule breaks it seems.

timaloy · 23 Apr 2012 at 23:02

just about to post the same as above

afraser2k · 23 Apr 2012 at 23:04

Metalface Mark said:
Fantastic, some decent punishment at last. What was the transfer embargo imposed for?

http://www.bbc.co.uk/sport/0/football/17821054

Full punishment including Rangers fined £160k and Whyte £200k. Story is just saying it's for seven rule breaches but not what they were yet and punishment can be appealed. Oh and punishment would be applied to any newco unless they bought over another club directly.

andy@moFo · 23 Apr 2012 at 23:41

What was Craig Whytes master plan? Sell of future sales Of season tickets to buy club then hope to settle with HMRC? Then sell for profit? I fail to see how and why such an experienced and savvy businessman got himself into all of this.

lordfletch · 23 Apr 2012 at 23:45

Metalface Mark said:
Fantastic, some decent punishment at last. What was the transfer embargo imposed for?

because the sfa didnt check out whyte they punish rangers, decent punisnment ?

eddiemcgarrigle · 23 Apr 2012 at 23:48

They have punished Rangers for breaching the rules, something your club has been doing for nearly two decades.