MacWatt Posted February 14, 2012 Share Posted February 14, 2012 (edited) Don't think it changes anything. Part of the statutory responsibility of the administrator is settling secured creditors (Whyte), prior to achieving the best outcome for the remaining creditors (HMRC). Selling Ibrox to someone who wants to use it as a football ground is the best, and perhaps only way to generate substantial sums for the creditors. Whyte will be first in line. If the administrator is able to show that an orderly sale in a pre-pack is likely to be better for creditors than waiting for a liquidation, then the court could authorise such an arrangement although you would expect HMRC to challenge such a pre-pack. Edited February 14, 2012 by MacWatt 0 Quote Link to comment Share on other sites More sharing options...
pozbaird Posted February 14, 2012 Author Share Posted February 14, 2012 Rangers. The club that keeps on giving. They've given us 4 points already this season. 'Pleasing' indeed. 0 Quote Link to comment Share on other sites More sharing options...
HibeeJibee Posted February 14, 2012 Share Posted February 14, 2012 Leeds were never liquidated though were they, they always stayed in existence. I know - but their league membership/share was transferred to another company. Opposed to Airdrieonians - who were liquidated but their membership simply 'lapsed'. 0 Quote Link to comment Share on other sites More sharing options...
SEETHING Posted February 14, 2012 Share Posted February 14, 2012 0 Quote Link to comment Share on other sites More sharing options...
phanni tikklar Posted February 14, 2012 Share Posted February 14, 2012 Interesting news, and sorry to be a grouch, but must we have a new thread every time there's a development? I'm glad..the other thread has just turned into a bunch of people going on about celtic in the champions league groups 0 Quote Link to comment Share on other sites More sharing options...
Dungolfin Posted February 14, 2012 Share Posted February 14, 2012 I think it's clear that the Queen actually f***ing hates Rangers. Why else would she direct her department of revenue and customs to destroy them? That's why she hasn't passed the crown to Charles yet. Once Rangers are no more she'll abdicate. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted February 14, 2012 Share Posted February 14, 2012 Anyone know what the rules are for gaining preferred creditor status? If, for example, it could be shown that Whyte used money borrowed on future season ticket revenue to pay off the Lloyds Bank debt could he lose preferred status? 0 Quote Link to comment Share on other sites More sharing options...
Broken Algorithms Posted February 14, 2012 Share Posted February 14, 2012 "Taxman's taken all my dough, left me in my stately home...and I can't sail my yacht,He's taken everything I've got.."What a glorious couple of days! 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted February 14, 2012 Share Posted February 14, 2012 Don't think it changes anything. Part of the statutory responsibility of the administrator is settling secured creditors (Whyte), prior to achieving the best outcome for the remaining creditors (HMRC). Selling Ibrox to someone who wants to use it as a football ground is the best, and perhaps only way to generate substantial sums for the creditors. Whyte will be first in line. If the administrator is able to show that an orderly sale in a pre-pack is likely to be better for creditors than waiting for a liquidation, then the court could authorise such an arrangement although you would expect HMRC to challenge such a pre-pack. I think this is turning into a mind game between whyte and HMRC. Even if whyte has preferred creditor status what good is a football stadium if you do not have a team that will attract sufficient fans at the right ticket prices to fill it? Even if HMRC cannot get their hands on Ibrox they can probably fuck up RFC enough that they simply cannot come out the other side with minimal damage (ie 10 points deduction and nothing else). As has been stated elsewhere, whilst Ranger,s fans and the Scottish sports media may think RFC is the centre of the universe HMRC will not view them as such - more likely as a potential stick to beat other like-minded clubs with. If the debt ends up being, say £60 million, and HMRC are offered 5p - 10p in the £ then I think they will use their position to block a CVA with the risk of losing £3m - £6m. Whyte maybe ends up with Ibrox but with a club that's not in the SPL; not an overly attractive proposition. 0 Quote Link to comment Share on other sites More sharing options...
Ivo den Bieman Posted February 14, 2012 Share Posted February 14, 2012 I know - but their league membership/share was transferred to another company. Opposed to Airdrieonians - who were liquidated but their membership simply 'lapsed'. I'm pretty sure your speculation is right, it's an absolute disgrace. A liquidation motion would be interesting though, in that it presumably limits the SPL's room for manoeuvre, if not much work has been done on establishing a new company. 0 Quote Link to comment Share on other sites More sharing options...
HibeeJibee Posted February 14, 2012 Share Posted February 14, 2012 (edited) Whyte maybe ends up with Ibrox but with a club that's not in the SPL; not an overly attractive proposition. It still hasn't been explained how this would happen, though. Whyte (or someone else) can take or buy Ibrox and form a completely new club, and try to get admitted right into SPL (which would probably happen). Or they can take or buy the league share and thus continue on in SPL, with SPL permission (which again would probably happen). Ibrox, Murray Park and the league share only have value as footballing assets, afterall. Edited February 14, 2012 by HibeeJibee 0 Quote Link to comment Share on other sites More sharing options...
Ivo den Bieman Posted February 14, 2012 Share Posted February 14, 2012 I think this is turning into a mind game between whyte and HMRC. Even if whyte has preferred creditor status what good is a football stadium if you do not have a team that will attract sufficient fans at the right ticket prices to fill it? Even if HMRC cannot get their hands on Ibrox they can probably fuck up RFC enough that they simply cannot come out the other side with minimal damage (ie 10 points deduction and nothing else). As has been stated elsewhere, whilst Ranger,s fans and the Scottish sports media may think RFC is the centre of the universe HMRC will not view them as such - more likely as a potential stick to beat other like-minded clubs with. If the debt ends up being, say £60 million, and HMRC are offered 5p - 10p in the £ then I think they will use their position to block a CVA with the risk of losing £3m - £6m. Whyte maybe ends up with Ibrox but with a club that's not in the SPL; not an overly attractive proposition. ...but the SPL will risk permanent paralysis by contorting themselves into whatever obscure gymnastic position is necessary, to allow "new" Rangers to continue undisturbed. Have no doubt about that. -1 Quote Link to comment Share on other sites More sharing options...
~~~ Posted February 14, 2012 Share Posted February 14, 2012 I can see another meltdown on the phone in's tonight 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted February 14, 2012 Share Posted February 14, 2012 I think this is turning into a mind game between whyte and HMRC. Even if whyte has preferred creditor status what good is a football stadium if you do not have a team that will attract sufficient fans at the right ticket prices to fill it? Even if HMRC cannot get their hands on Ibrox they can probably f**k up RFC enough that they simply cannot come out the other side with minimal damage (ie 10 points deduction and nothing else). As has been stated elsewhere, whilst Ranger,s fans and the Scottish sports media may think RFC is the centre of the universe HMRC will not view them as such - more likely as a potential stick to beat other like-minded clubs with. If the debt ends up being, say £60 million, and HMRC are offered 5p - 10p in the £ then I think they will use their position to block a CVA with the risk of losing £3m - £6m. Whyte maybe ends up with Ibrox but with a club that's not in the SPL; not an overly attractive proposition. A FC Rangers phoenix club could easily take Rangers FC's place in the SPL. It only takes the 6 members of the SPL board to ok it, and they are unlikely to vote for expulsion when it would mean reduced revenue for their clubs. They would however be banned from Europe for 3 years. Where they would play is another question... 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted February 14, 2012 Share Posted February 14, 2012 ...but the SPL will risk permanent paralysis by contorting themselves into whatever obscure gymnastic position is necessary, to allow "new" Rangers to continue undisturbed. Have no doubt about that. Maybe but as I understand SPL rules only 2 clubs would need to oppose any proposal to veto it. I would suggest (at least) whichever club that would be saved from relegation by Rangers getiing turfed out of SPL plus Mad Vlad. 0 Quote Link to comment Share on other sites More sharing options...
H_B Posted February 14, 2012 Share Posted February 14, 2012 . Where they would play is another question... Hampden? 0 Quote Link to comment Share on other sites More sharing options...
~~~ Posted February 14, 2012 Share Posted February 14, 2012 Hampden? Queen's Park already use it. They can move in with Clyde 0 Quote Link to comment Share on other sites More sharing options...
pozbaird Posted February 14, 2012 Author Share Posted February 14, 2012 Hampden? Cathkin. 0 Quote Link to comment Share on other sites More sharing options...
H_B Posted February 14, 2012 Share Posted February 14, 2012 Queen's Park already use it. As they did when Celtic managed to ground share there for a season. 0 Quote Link to comment Share on other sites More sharing options...
HibeeJibee Posted February 14, 2012 Share Posted February 14, 2012 A FC Rangers phoenix club could easily take Rangers FC's place in the SPL. It only takes the 6 members of the SPL board to ok it, and they are unlikely to vote for expulsion when it would mean reduced revenue for their clubs. They would however be banned from Europe for 3 years. Where they would play is another question... Hampden? Ibrox only has particular re-sale value as a football stadium. It's not as if there's any shortage of developable land in that part of Glasgow... and it's got a listed stand, that can't be demolished. Maybe but as I understand SPL rules only 2 clubs would need to oppose any proposal to veto it. I would suggest (at least) whichever club that would be saved from relegation by Rangers getiing turfed out of SPL plus Mad Vlad. All the papers are saying a transfer of league share is an SPL Board matter, though, apparently settled upon a simple majority? 0 Quote Link to comment Share on other sites More sharing options...
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