alanmurray24 Posted February 14, 2012 Report Share Posted February 14, 2012 sorry did not know it would print so small here is the link http://www.bbc.co.uk/news/uk-scotland-glasgow-west-17026172 Quote Link to comment Share on other sites More sharing options...
davidg Posted February 14, 2012 Report Share Posted February 14, 2012 r*ngers FC Official 2012 Album Tracklist: 1: Borrow Borrow (We Will Borrow Millions) 2: God Pay The Queen 3: The Cry Was No Reminders 4: The Cash My Father Owed 5: Penny Blockade 6: Simply In Debt 7: We've Remortgaged Derry's Walls 8. Hullo Hullo (We Are The Baliff Boys) Quote Link to comment Share on other sites More sharing options...
Hollz Posted February 14, 2012 Report Share Posted February 14, 2012 Yup, there will be a hearing this afternoon at the court of session in Edinburgh - requested by the HMRC. Quote Link to comment Share on other sites More sharing options...
bluto Posted February 14, 2012 Author Report Share Posted February 14, 2012 A Guardian alternative pov of how the game 'needs' Rongers. Not. The comments that follow it are... er.... kinda follow, followish.... Quote Link to comment Share on other sites More sharing options...
Eddy Posted February 14, 2012 Report Share Posted February 14, 2012 I think with Craig Whyte as the preferred creditor and owed 18m, what he will try and do is. 1. Put RFC into administration before the result of the HMRC Tax case. 2. As the preferred creditor he will then get the lions share of the assets - do RFC have any, Probably only the stadium(land) this will pass to Whyte. 3. RFC definately don't have any assets left after Craig Whyte has been dealt with so HMRC left to pick through the bones. 4. RFC fold after HMRC take what is left (sell players etc). 5. r*ngers are re-invented as (RFC mark 2) and invited to join the SPL. Whyte rents the stadium to them. r*ngers sign a team good enough to keep them in the SPL 6. The Ugly sister takes about 5 years to fully recover and we are back to square 1 I'm not entirely sure of the facts, but as far as I believe as Craig Whyte is the main creditor and owner he cannot be named as a 'preferred creditor' - I think the laws surrounding administration prevent this else everyone would be doing it (oops - I've run up loads of debt, oh well, I'm owed more than anyone else so I'll just apply for the administrators to come in, force everyone else to write off their debts/take 10p in the £1 and start fresh owing nothing!) I see a quote from Souness today where he reckons they'll start again under a new name. Quote Link to comment Share on other sites More sharing options...
bluto Posted February 14, 2012 Author Report Share Posted February 14, 2012 I'm not entirely sure of the facts, but as far as I believe as Craig Whyte is the main creditor and owner he cannot be named as a 'preferred creditor' - I think the laws surrounding administration prevent this else everyone would be doing it (oops - I've run up loads of debt, oh well, I'm owed more than anyone else so I'll just apply for the administrators to come in, force everyone else to write off their debts/take 10p in the £1 and start fresh owing nothing!) I see a quote from Souness today where he reckons they'll start again under a new name. Sadly, Whyte is a 'secured creditor' meaning he gets first dibs at the pot of gold left over...At least he WAS... There are now some doubts that he has maintained this position... being diverted by necessity and needing to shed that wonderful cloak of invisibility during his twists and turns, raising cash to keep the beast alive. No one now knows for sure, but as the HMRC case proceeds this afternoon and a non-Whyte administrator is appointed, maybe light will be cast in his direction. It's great fun! Quote Link to comment Share on other sites More sharing options...
Kendo Posted February 14, 2012 Report Share Posted February 14, 2012 Apologies in advance if this has already been posted but I have heard that. Today's the day the Teddy Bears have their pitch nicked. Quote Link to comment Share on other sites More sharing options...
Dibbles old paperboy Posted February 14, 2012 Report Share Posted February 14, 2012 The SPL rules state that if a club goes into liquidation then they become the club which is automatically relegated from the league (eg Gretna) and the team finishing 12th (currently Dunfermline) would remain in the SPL next season and the winners of SFL 1 (currently Ross County) gain promotion. If Whyte plans to liquidate RFC as we know it and start a new club with a similar name playing in the same strip from the same stadium then it would require a change of SPL rules to admit a newco r*ngers into the SPL. Would mad Vlad vote to keep RFC in the SPL if r*ngers only offer Hearts 10p in the £ for the outstanding debt on the Lee Wallace transfer (£800k owed)? Would Dunfermline vote to let r*ngers in the SPL at their expense? Whyte would need 10 of the other 11 clubs to vote with him to change the rules at the last minute in RFC's favour. The two things which might keep RFC in the SPL post-liquidation would be if the SPL decide Ross County's ground won't meet SPL criteria by the end of March, or if the SPL suddenly decide to expand to a 14 team league meaning that there is room for Dunfermline, Ross County, newco RFC, and 1 other. If r*ngers finish in the top half post-split Sky would still get their 4 SPL OF games a season too under the 14 team scenario. Quote Link to comment Share on other sites More sharing options...
Eddy Posted February 14, 2012 Report Share Posted February 14, 2012 (edited) No - but they could always buy Hearts off of mad Vlad - he sound like he's dying to get shot anyways. Edited February 14, 2012 by Eddy Quote Link to comment Share on other sites More sharing options...
Dibbles old paperboy Posted February 14, 2012 Report Share Posted February 14, 2012 No - but they could always buy Hearts off of mad Vlad - he sound like he's dying to get shot anyways. Mad Vlad wants £50m to sell Hearts, equivalent to 66% of the expected tax ball RFC owe to HMRC. Quote Link to comment Share on other sites More sharing options...
Kendo Posted February 14, 2012 Report Share Posted February 14, 2012 The SPL rules state that if a club goes into liquidation then they become the club which is automatically relegated from the league (eg Gretna) and the team finishing 12th (currently Dunfermline) would remain in the SPL next season and the winners of SFL 1 (currently Ross County) gain promotion. If Whyte plans to liquidate RFC as we know it and start a new club with a similar name playing in the same strip from the same stadium then it would require a change of SPL rules to admit a newco r*ngers into the SPL. Would mad Vlad vote to keep RFC in the SPL if r*ngers only offer Hearts 10p in the £ for the outstanding debt on the Lee Wallace transfer (£800k owed)? Would Dunfermline vote to let r*ngers in the SPL at their expense? Whyte would need 10 of the other 11 clubs to vote with him to change the rules at the last minute in RFC's favour. The two things which might keep RFC in the SPL post-liquidation would be if the SPL decide Ross County's ground won't meet SPL criteria by the end of March, or if the SPL suddenly decide to expand to a 14 team league meaning that there is room for Dunfermline, Ross County, newco RFC, and 1 other. If r*ngers finish in the top half post-split Sky would still get their 4 SPL OF games a season too under the 14 team scenario. All good points, one thing you missed is that Dundee Utd are also owed money for the Scottish Cup tie, around 100k according to Radio Scotland last night. Quote Link to comment Share on other sites More sharing options...
alanmurray24 Posted February 14, 2012 Report Share Posted February 14, 2012 big rumour doing glasgow from a few teddy bear friends is that Mr Whyte is going to be seen as Unfit to run club......and Sir David will come along on his white horse and save the club.......... As I say rumour.........dont believe myself....but hey Quote Link to comment Share on other sites More sharing options...
shull Posted February 14, 2012 Report Share Posted February 14, 2012 To the Morons rioting on our Pitch and attacking St Mirren Supporters on the 17th September 1977. f**k THE LOT OF YOU ! HOPE YIR SCUMCLUB DIE ! Quote Link to comment Share on other sites More sharing options...
Dibbles old paperboy Posted February 14, 2012 Report Share Posted February 14, 2012 big rumour doing glasgow from a few teddy bear friends is that Mr Whyte is going to be seen as Unfit to run club......and Sir David will come along on his white horse and save the club.......... As I say rumour.........dont believe myself....but hey Would that be Sir David Murray, owner of MIH who owe HBOS £800-900m? Alasdair Johnson the ex-chairman has suggested that there were clauses in the takeover document which would allow Murray to buy the club back for £1 if CW failed to fulfill his contractual obligation to RFC... today's blog at rangerstaxcase questions if things are as straightforward as the rumours are making out and Johnson also said yesterday that he doubted whether Murray wanted a third spell as chairman or would be financially able to bail r*ngers out of the tax case mess. Quote Link to comment Share on other sites More sharing options...
Dibbles old paperboy Posted February 14, 2012 Report Share Posted February 14, 2012 All good points, one thing you missed is that Dundee Utd are also owed money for the Scottish Cup tie, around 100k according to Radio Scotland last night. I have a pal who is an Accies fan and he claims Accies are still owed money from cup games with r*ngers. SMFC are probably owed ticket money from them too! Quote Link to comment Share on other sites More sharing options...
Eddy Posted February 14, 2012 Report Share Posted February 14, 2012 I see r*ngers have been given till 3.30pm today to appoint an adminstrator or the HMRC case goes ahead. Quote Link to comment Share on other sites More sharing options...
Dibbles old paperboy Posted February 14, 2012 Report Share Posted February 14, 2012 Something for reborn to consider also: if you think HMRC will go easy on RFC and reach a deal with them because they already receive a lot of revenue from them from VAT on ticket sales for matches and in NI & PAYE from club salaries, VAT on merchandise etc, surely if CW attempts to give HMRC virtually nothing as an unsecured creditor under a CVA when r*ngers go into administration, HMRC would have to write off 90% or more of the £75m tax liability they are owed, and if r*ngers relaunch under a new name and continue to sell tickets for football matches and pay salaries the newco RFC would be liable for those tax payments anyway? Quote Link to comment Share on other sites More sharing options...
saintargyll Posted February 14, 2012 Report Share Posted February 14, 2012 I see r*ngers have been given till 3.30pm today to appoint an adminstrator or the HMRC case goes ahead. Also means that at 3.30pm today rankgers lose 10pts Quote Link to comment Share on other sites More sharing options...
Eddy Posted February 14, 2012 Report Share Posted February 14, 2012 Something for reborn to consider also: if you think HMRC will go easy on RFC and reach a deal with them because they already receive a lot of revenue from them from VAT on ticket sales for matches and in NI & PAYE from club salaries, VAT on merchandise etc, surely if CW attempts to give HMRC virtually nothing as an unsecured creditor under a CVA when r*ngers go into administration, HMRC would have to write off 90% or more of the £75m tax liability they are owed, and if r*ngers relaunch under a new name and continue to sell tickets for football matches and pay salaries the newco RFC would be liable for those tax payments anyway? Would they even be able to get a CVA anyway? if HMRC don't agree to it, and you need 70% (or is it 75%) agreement from creditors to push it through, for HMRC to be outvoted that would mean r*ngers would have to have outstanding debts of £200m given the £50m tax debt being banded about. Quote Link to comment Share on other sites More sharing options...
Dibbles old paperboy Posted February 14, 2012 Report Share Posted February 14, 2012 Would they even be able to get a CVA anyway? if HMRC don't agree to it, and you need 70% (or is it 75%) agreement from creditors to push it through, for HMRC to be outvoted that would mean r*ngers would have to have outstanding debts of £200m given the £50m tax debt being banded about. Even Craig Whyte is now putting r*ngers total tax liability at up to £75m, almost exactly the same amount as followers of the rangerstaxcase blog are familiar with... wee tax case (£4.2m including penalties prior to r*ngers 11th hour appeal), big tax case £49m with up to £15m penalties to be added, £5m in VAT for the £24m Ticketus deal, £2m arrears for NI and PAYE since CW took over. Quote Link to comment Share on other sites More sharing options...
HSS Posted February 14, 2012 Report Share Posted February 14, 2012 It's official...........Administration!! Quote Link to comment Share on other sites More sharing options...
Dibbles old paperboy Posted February 14, 2012 Report Share Posted February 14, 2012 Strathclyde Police are seeking guarantees of being paid in full by RFC and the administrators for policing at all games at Ibrox and if no guarantee is given Saturday's game is off! Quote Link to comment Share on other sites More sharing options...
bluto Posted February 14, 2012 Author Report Share Posted February 14, 2012 Oh dear. How sad. Quote Link to comment Share on other sites More sharing options...
Dibbles old paperboy Posted February 14, 2012 Report Share Posted February 14, 2012 Oh dear. How sad. RFC have won against HMRC over who got to appoint the administrators today... Div has posted on FB that one of the partners on the firm handling the administration is a director at Ibrox... not good news for those hoping that r*ngers won't go into liquidation with debts of over £100m and try and re-emerge debt free in the SPL! Quote Link to comment Share on other sites More sharing options...
Tracy Barlow Loyal Posted February 14, 2012 Report Share Posted February 14, 2012 I don't really know much about all this and would never make out that I do, but Tom English on that "Scotland Tonight" program told John MacKay that Craig Whyte owns Murray Park. Quote Link to comment Share on other sites More sharing options...
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