The Rangers Saga and Fallout Thread

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Aww it's so nice to see you guys playing nice :)

My family are Celtic and Rangers fan but I tend to sit ont he fence as a cyclist, everyone hates me on the road :)

All of my mates who are rangers fans just agree it's an utter mess and just want to get on with playing the game not being armchair accountants.
 
Metalface Mark said:
It doesnt mean I want to see Rangers go out of business though, all you Rangers fans are self confessed Celtic haters, but you moan the fact I openly say I hate Rangers.
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I really feel for the staff that have worked there nearly all their life, probably now having sleepless nights wondering what they'll have come August. Remember the two older woman that was with Walter when he gave his farewell on the pitch? can't remember if they washed the Rangers gear. Made sure the dressing room was in pristine condition.
 
V F said:
I really feel for the staff that have worked there nearly all their life, probably now having sleepless nights wondering what they'll have come August. Remember the two older woman that was with Walter when he gave his farewell on the pitch? can't remember if they washed the Rangers gear. Made sure the dressing room was in pristine condition.
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Its highly unlikely Rangers are going to completely go under, im sure if they end up out the league and forced to re-apply it there might be a few redundancies but mostly the staff will all remain other than the players.

Its the creditors you should feel sorry for, like the kids entertainer at ibrox who hasnt been paid, or the small companies that Rangers have screwed out of money.
 
http://www.scotsman.com/sport/footb...nna-planning-to-reject-cva-proposal-1-2350099

Rapid Vienna to reject CVA.

The Austrian club is still owed £1,011,763.44 by Rangers from the £4 million transfer of the Croatia striker. Green’s offer means that Rapid would instead receive a maximum of just over £91,000 – even though Rangers will recoup all £5.5m from the sale of Jelavic to Everton in January.

Rapid could also end up with a lot less than that because creditors have been told the amount they receive will also depend on the outcome of the big tax case and the £25m lawsuit against lawyers Collyer Bristow. It could take years for those matters to be settled and, if results go against Rangers, Rapid could end up receiving just £10,000 of the cash due to them – which is why they insist they are ready to take their case against the Ibrox club to Uefa and Fifa.

(9p best case, 1p worst case).
 
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Metalface Mark said:
http://www.scotsman.com/sport/footb...nna-planning-to-reject-cva-proposal-1-2350099

Rapid Vienna to reject CVA.

The Austrian club is still owed £1,011,763.44 by Rangers from the £4 million transfer of the Croatia striker. Green’s offer means that Rapid would instead receive a maximum of just over £91,000 – even though Rangers will recoup all £5.5m from the sale of Jelavic to Everton in January.

Rapid could also end up with a lot less than that because creditors have been told the amount they receive will also depend on the outcome of the big tax case and the £25m lawsuit against lawyers Collyer Bristow. It could take years for those matters to be settled and, if results go against Rangers, Rapid could end up receiving just £10,000 of the cash due to them – which is why they insist they are ready to take their case against the Ibrox club to Uefa and Fifa.

(9p best case, 1p worst case).
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9p and 1p are best and worst as cva stands atm with unknown BTC bill still unaccounted for. It could be more if court cases are won and extra money goes into pot.
 
Metalface Mark said:
What makes you say that.
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They were the lawyers in place of the Whyte takeover. One of their staff was heavily involved with the whole deal that was shonky at best. He was representing the company so the company is liable for any fall out. I expect some sort of damages to be awarded but I very much doubt it to be in the region of 25 million. But then stranger things have happened.
 
Nauggie said:
Just saw that to!

If it goes to Newco route I'm still unsure who has the right to the assets and if Green can still get them for £5.5m or if HMRC will tear that agreement up.

Round in circles where it stops nobody knows.
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Yup. I suppose its how watertight the 5.5 million asset sale is. If it is then thats what will happen.
 
Has anyone done the math to see how much pull HMRC has in final decision - I guess it is impossible due to the unknowns. Ticketus keeping quiet?

The rest of the creditor list could be full of Rangers supporters.
 
Nauggie said:
Has anyone done the math to see how much pull HMRC has in final decision - I guess it is impossible due to the unknowns. Ticketus keeping quiet?

The rest of the creditor list could be full of Rangers supporters.
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HMRC will be the major creditor, especially if the big tax case goes against Rangers so they were seen as the most important. It was assumed that Ticketus would agree to it for commercial reasons.

Green can now buy the assets for £5.5m and go for the newco route, where the SFA or SPL now come back into play. However, I suppose this depends on the HMRC-appointed liquidators?
 
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HMRC are the only one likey to vote against it unless it's clear to Ticketus that the CVA deal is undervalued.

HMRC aren't exclusively driven by getting the most money - they've got a set of guidelines, several of which Rangers have broken which they abide by as they also need to consider moral hazard.

If HMRC vote against it the CVA fails.
 
There was an interesting story in The Herald about some of the rules they didn't follow in the setup of the CVA that pointed towards HMRC rejecting it, just that it's a surprise it has come out today.
 
McMav said:
Yup. I suppose its how watertight the 5.5 million asset sale is. If it is then thats what will happen.
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17.1.4
That the Joint Administrators can explore any and all options available to realise the assets of the Company without recourse to creditors. The Joint Administrators be authorised to conclude a sale of the whole, or part of the business, property and assets of the Company without having to obtain the sanction of the Company’s creditors at further creditors meetings, upon such terms as the Joint Administrators deem fit and they be authorised to liaise with all relevant parties, bodies or organisations which they deem relevant for achieving that purpose.

Thats the clasue thats in the CVA paper that the creditors will have agree'd with back in april.
 
CHARLES GREEN, who is leading a consortium to acquire Rangers Football Club, issued the following statement today.

Mr Green said: "I am hugely disappointed by the decision of HMRC not to support the CVA proposal and that disappointment will be felt acutely by Rangers fans across the world.

"Frankly, I do not see what benefit will be achieved by this decision. My consortium's offer for a CVA amounted to a total of £8.5 million.

"Now that we will have to complete the purchase via the formation of a NewCo, the purchase price and therefore the amount available to creditors will be £5.5 million.

"I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years all that will happen is that there will be less revenue generated by the Club and consequently less money paid over to the taxman.

"Also, I do not believe that by opting to vote against the CVA proposal, HMRC will generate more cash by pursuing those they believe as responsible - but that is a matter for them.

"I am particularly saddened by the fact that this decision will mean that small shareholders will lose their shares in The Rangers Football Club plc, something which we were trying to avoid happening.

"We will be exploring ways for the 26,000 shareholders who have lost their shares to subscribe for shares in the new company. We expect to appoint a private client broker in due course to allow existing shareholders and fans to buy into the new company.

"We will, however, examine how to address this with regard to shares in the new company.

"The solemn promise I can make to Rangers fans today is that this Club will continue as Rangers Football Club and will continue to play at Ibrox Stadium.

"We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL.

"I, along with my investors who believe that Rangers can have a bright future, will fight tooth and nail to ensure the Club recovers from this catastrophic phase in its proud history.

"The fans deserve better and we will work tirelessly to realise their ambitions."
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Statement from Green RE HMRC Interesting bit underlined.

HMRC to chase Whyte and Murray???
 
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