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http://www.bbc.co.uk/sport/0/football/18407309
Part of the plan is to transfer the Rangers assets for £5.5m (ie. the amount administrators are owed).
Is the stadium, training ground & players only worth £5.5m.
Could HMRC get more money by owning the stadium and renting it to new Rangers out or building houses there.
Part of the plan is to transfer the Rangers assets for £5.5m (ie. the amount administrators are owed).
Is the stadium, training ground & players only worth £5.5m.
Could HMRC get more money by owning the stadium and renting it to new Rangers out or building houses there.
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Replies: 91
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Treat Rangers like any other company in the same circumstances. Sell lock, stock and barrel and HMRC get their full whack. Rangers can always start all over again in the lower leagues...just without the cheating this time.
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Paying a penny in the pound back is no example to set for any future business. Ibrox and all other assets must be sold off as a matter of correctness. SPL clubs must not vote them back into SPL otherwise they or somebody else will cheat again. In the long run it will be better for Scottish football if everything is done correctly. Ironic really that the demise of GRFC was overseen by a fellow called Green and a fella called White... The end of the world is nigh and the truth of Scotlands Shame is there for all to see.
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BYE BYE RANGERS.
The reason they were in administration was cos they cheated. However even in administration they were still trying to cheat. Duff and Duffer signed an agreement to sell Murray park and Ibrox to Green for 5.5 million despite it being shown to be worth 10 times that. HMRC will now appoint their own liquidators and no doubt scrap this agreement. It all fkn stinks and their needs to be an investigation. Meanwhile enjoy the 3rd division you cheating chunts. |
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Div 3 is where most of the Rangers support want to be Shuda.
Lets hope the rest of Scottish football learns from Rangers mistakes and keep within their fiscal means. Taxes have to be paid no one should be exempt, you would imagine that there will be many English sides looking over their shoulders now after this announcement. |
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I don't understand why HMRC is allowing the company's assets to be sold for only £5.5m.
They cheated on their tax they should now cough up every last penny even if that means Rangers being never playing another match again. |
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Agree Nobby,
The players must be worth £5.5m alone. How much is Ibrox & training ground worth? Does Glasgow really need three decent football stadiums? Can't believe how they could run up such a large debt. The board have a legal duty to know what is going on with the club's finances. |
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Mexico 12 Jun 12 14:07
Agree Nobby, The players must be worth £5.5m alone. Don't know enough about this but if Rangers are skint and don't even know if they'll exist next season, surely they can't afford to pay their players.......which would make their contracts worthless..........meaning the players would be free to leave and seek paid employment elsewhere? |
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the most baffling things is why are their still staff at all (incl. players). When any normal company is in this state (I know this first hand) the staff get their notice immediately and stop being paid and moreover simply become creditors for the pay they are due. HMRC should have forced this upon the club immediately instead the administrators ran up £6m bill messing about for a solution which was never going to happen.
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BTW the subtext for HMRC decision is that they feel confident in pursuing Murray for more than they would ever receive via the CVA. At worst he'd probably cough up the same to avoid going to criminal court.
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Still no remorse shown by anybody at Rangers, they even have the cheek to continually cry for sympathy. They owe clubs money all around the world let alone the smaller clubs in Scotland. David Murray has a lot to answer for and frankly when the investigation begins one thing is guaranteed ... he will not have a leg to stand on
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Th new company should pay the going rate for the assets.
I wouldn't mind owning a huge chunk of Glasgow for £5.5m |
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Rangers should be dissolved completely. If they reform they can start in the Highland League and hire a small field somewhere. The ground should be sold of to property developers, with the money going to HMRC, although in the area its in it probably isnt worth much. All player contracts should be held in escrue by HMRC who could start a team, HMRCFC.They could slowly sell off players and replace them with employees and slowly sink through the leagues.
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So as things stand, what league will Rangers be in next season?
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Probably the SPL - thats west coast politics for you.
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Rangers to reform as British Rangers Newco
http://www.bbc.co.uk/sport/0/football/18407309 Rangers will re-form as a new company after a creditors' deal was rejected by Her Majesty's Revenue and Customs. It means clubs will have to vote on whether to re-admit Rangers to the Scottish Premier League. HMRC rejected prospective owner Charles Green's bid to exit administration via a company voluntary arrangement giving creditors nine pence in the pound. "The club will continue to operate as it has always done but in a new company structure," said the administrators. Green, who said he was "hugely disappointed" by HMRC's decision, will now seek to buy the club's assets for £5.5m and form a "newco", under the terms of the deal his consortium struck with administrators Duff & Phelps. "We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL," said Green, who will approach the Scottish Football Association and the SPL. Rangers' footballing fate will be decided by their 11 fellow SPL members. There is an SPL board meeting at Hampden on Monday to discuss the league's inquiry into alleged dual contracts at Rangers. What is a CVA? A CVA enables companies to reach an agreement with creditors about how debts could be repaid and provides for partial or full repayment depending on what the company can reasonably afford to pay. They could hold a vote then if a newco proposal can be put together in time. Perhaps more realistic is for the 11 clubs to vote at the AGM next month. In recent weeks clubs have expressed the dilemma they face: Rangers' presence in the SPL brings revenue through the turnstiles and from broadcast deals, but many fans have said they will not return if "sporting integrity" is not seen to be upheld. These supporters have been in contact with their clubs to demand that they vote against Rangers playing in the SPL next season. Their preference is for Rangers to apply to join the Scottish Football League and to start again in the Third Division. HMRC said that the sale of the club "is not being undermined, it simply takes a different route". In a statement it said: "Liquidation will enable a sale of the football assets to be made to a new company, thereby ensuring that football will continue at Ibrox. "It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA. Rangers can make a fresh start." Green's consortium had hoped to have its CVA - offering nine pence in the pound at best - approved by creditors when they meet at Ibrox on Thursday so that the club could exit administration in mid-July. But Green needed major creditors HMRC and Ticketus, who had loaned money to owner Craig Whyte in exchange for future season ticket revenue, to vote in favour to avoid the assets being sold off. Rangers CVA key facts Rangers administrators' CVA offers 8-9p in the pound (best case scenario) Administrators fees: £5.5m Football debts: £3.5m HMRC owed: £21.5m Ticketus owed: £26.7m Total owed to unsecured creditors: £55m "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," said Yorkshireman Green. "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 £8.5m. "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 £5.5m. "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." Rangers entered administration on 14 February and await the outcome of a First Tier Tax tribunal at the Court of Session in Edinburgh over unpaid taxes - the so-called "Big Tax Case". If that decision goes against the club, it would mean a further bill of anything from £35m to £70m. That would have reduced the pence-in-the-pound deal in the CVA to close to zero. The club's total debts to unsecured creditors listed in the CVA was £55m, with HMRC accounting for £21.5m of that sum. BBC Scotland has learned that Duff & Phelps held a meeting with HMRC on Monday and were told of their decision. Duff & Phelps say HMRC's decision was based on "its general policy of not agreeing to a CVA where there is strong evidence of non-compliance by a company with its tax liabilities". They said HMRC had agreed to consider the CVA proposal along with all other options but decided that the club's level of indebtedness made it unacceptable. The administrators say HMRC would also have rejected the other offers for the club that proposed a CVA. Administrator Paul Clark added: "HMRC has taken the view that the public interest will be better served with the liquidation of The Rangers Football Club plc as a corporate entity." The CVA required the approval of 75% or more in value of the creditors, and more than 50% in value of the members, voting on the resolution. it will now try to buy the business and assets of Rangers for £5.5m. http://www.bbc.co.uk/sport/0/football/18407309 |
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how can Ibrox and Murray park only be worth 5.5 million
If they were going for that I would get a few mates together and buy them. Rent them back to Rangers and you are set for eternity with a vast income. A bank building on a small high street goes for 1 million + |
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I understood that the 'assets' were previously valued at £100m in the company accounts....however I think things are complicated by Whyte have a 'floating' charge over assets which renders then not open to market value. He may we still make good here.
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Ibrox and murray park where recently valued at 113 milion pounds.
This valuation, which enabled rangers to borrow up to near this value from the bank of Scotland, enabled them to carry on buying players. (lloyds almost fainted when they looked at the rangers books.) It is now suddenly worth 4.5 million.  This 9pence in the pound is absolute and utter nonsense, it would depend on them winning the big tax case appeal, sueing lawyers for 25 million, getting in to Europe, allowed to stay in SPL,etc. etc. in other words, fantasy. The true value would be near or even less, 1 pence in the pound. So e.g. Hearts get 8k for the 800 k they are owed for Wallace, rapid Vienna get 10k for the 1 million on Jelavic,(whilst rangers pocket the full fee from Everton), the newsagent owed 500 pounds gets a fiver, while Green talks about signing 5 players currently playing at the Euros, they have no shame or sense of reality. I have been saying for long and weary, this is the biggest sporting scandal the world has ever seen. There should be jail cases coming out of this, this story is only just beginning. Remember, we still have to come: Big tax case- 56million? Paye from last year- 13 million? Money owed to football and the other creditors. Players paid by EBTs, using dual contracts. Punishment for taking a footbal matter to a civil court. No accounts submitted to SFA Stripping of titles and cups. (how would you even begin to financially compensate teams for this? Impossible. Etc, etc etc. I know rangers fans are saying they will be happy to go to the 3rd division, imo, they will not be playing anywhere for a year. The new club will then be fought over between fans and venture capitalists, there might even be 2 new rangers, who each try to vie for any Scottish league place. Yes, this is just the beginning. |
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HMRC say that football assets can be sold to a new company.
They do not say that it will be Green’s new company |
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Whyte offered 8.5 million,but only as a loan and to be paid back with interest.
For this he would have got Ibrox AND Murray park,valued at 100 million. Plus the transfer fees of all signed players even at the reduced value,this would raise another 15 million maybe. So for a loan of 8.5 million he would have gained assets worth over 100 million. What a fkn joke and they wonder why it was turned down. |
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shudacuda 12 Jun 12 17:17
Whyte offered 8.5 million,but only as a loan and to be paid back with interest. For this he would have got Ibrox AND Murray park,valued at 100 million. Plus the transfer fees of all signed players even at the reduced value,this would raise another 15 million maybe. So for a loan of 8.5 million he would have gained assets worth over 100 million. What a fkn joke and they wonder why it was turned down. ____________________ Green thinks hes getting the same deal for 5.5m |
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Whytes in cuckoo world.
There is no way that agreement with Duff and duffer for him to pay only 5.5 million will stand. HMRC are moving in their own liquidators and sacking Duff and duffer. It must be illegal to undervalue your assets and make an exclusive agreement. |
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^^^^^
Meant Green not Whyte. |
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Rangers FC, like their abhorrent values and songs are history, but as Alex Thompspon has bloggedl
1. Theywill be banned from European competition for at least three years. 2. Most of their players can and will leave in the coming weeks often – many having no doubt had enough of doing their bit on wage cuts of up to 75 per cent. 3. The club still faces the Big Tax Case tribunal decision laughingly due “soon after Easter”, and on that the HMRC still have no news, this could see Rangers face a further tax bill of up to £70m in dues and penalties. 4. The Scottish Premier League will soon run out of excuses to not report on its investigation into alleged wrongful player registration which, if the club is found guilty as charged, could see the club losing much of its silverware won over the past decade or so.t 5. The liquidation makes it even more difficult for both the Scottish Premier League and its appeal body the Scottish Football Association to readmit and license Rangers to play in the Scottish Premier League. 6. Despite the Green consortium’s lofty statements about buying the club’s assets, there is no guarantee that they will in fact be bought up as a job lot. There is no guarantee about simply playing on at Ibrox. There are, as things stand, few guarantees in terms of the asset sale at all. It is hard to see any way forward with any kind of probity except starting a clean sheet at the foot of the Third Division in Scotland and playing their way back, thereby sending a message across the sporting world, at last, that some things matter more than money – even in football. |
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Sell the lot and pay back the creditors,let them start again by all means but never in a million years should they be allowed to start off in the SPL.
Message to Super Ally,you may think your club should be treated differently but the rest of Scotland most certainly does not. |
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Will be interesting to see if the Gers fans (post liquidation) are still so keen to sing God Save the Queen, given it was her tax collectors that are doing for them ;0
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No way can the other clubs let a newco start in the SPL.
This would be a newco without any debt and starting off at an advantage against the other tax paying clubs. Rangers as a club and their fans have shown absolutely no shame or apologised for cheating the British public and many small business's out of millions. Therefor the punishment must be at LEAST 3years of community service in the lower divisions and out of Europe. |
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For the millionth time, sigh.
A new club cannot be punished, why should they be? what on earth could a new club have done wrong? Do not get confused with any new club and old rangers 1873. rangers 1873, when liquidated, cease to be. When you look up rangers 1873 in future on wiki, it wil say what they won, legally and otherwise. Any new club can play in blue, at ibrox, their fans can sing the sash, they are not rangers, they have no history, they start afresh. This of course all depends on them being voted in to the 3rd division, which will be no formality, e.g. Spartans may feel they are more entitled to it. |
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so if doomsday happens, who would officially be the most succesful scottish club domestically?
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Rangers in liquidation Q&A
By Martin Conaghan BBC Scotland BBC Sport examines what comes after liquidation for Rangers after HMRC decided not to appove Charles Green's Company Voluntary Arrangement offer. Can Rangers newco get back in to the Scottish Premier League? When the company is liquidated, its registrations with the Scottish Football Association and the Scottish Premier League will be terminated. The new company will not automatically inherit the old registrations. The newco would have to request a transfer of Rangers' share in the SPL. The SPL will then vote on whether to admit the newco to the top-flight. The SPL rules require eight of its member clubs to vote in favour of a share to be transfered to another company or club. This would require seven other SPL clubs to vote in favour of transfering the oldco's share to the newco, since Rangers will have a vote. Will the SPL issue any punishments to the newco? This has been the subject of much debate recently. The SPL decided not to vote on rules introducing punishments for a prospective newco, because the situation has not yet arisen. The SPL insists it will deal with each situation on its merits. However, it is likely that the SPL would seek to apply sanctions to a newco in an attempt to deter other clubs from following the same route. Sanctions could include a period of reduced income from media rights and sponsorship, a points decuction and restrictions on player transfers. What if the application to transfer the SPL share is not successful? If the SPL rejects the share transfer, the new club could then make an application to join the Scottish Football League. If successful, it would then apply for SFA membership. The new club can only apply for SFA membership when it has a competition to participate in. An opening would arise in the SFL if a club is promoted from the First Division to replace Rangers in the top flight. All applications to the SFA are assessed on their merits. However, the SFA say any sanctions placed upon the oldco would be taken into consideration to act as a deterrent to other clubs following the same route. Additionally, the new club will not be able to participate in European competition for three years. Who actually owns Rangers' assets? Use accessible player and disable flyout menus Interview - Rangers joint administrator Paul Clark At present, Craig Whyte is the majority Rangers shareholder after Sir David Murray sold his shareholding to the Motherwell businessman for £1 in May 2011. Whyte currently holds a floating charge over Ibrox, Murray Park and the Albion Street car park, which were transferred to Liberty Corporate Limited in April. Liberty Corporate is Rangers' parent company and its sole shareholder is another company known as Liberty Capital Limited, which is owned by Whyte and registered in the British Virgin Islands. Whyte's father, Thomas Whyte, is the sole director of Liberty Corporate. The floating charge is not guaranteed if the club is liquidated and could be subject to a legal challenge by the appointed liquidators. Will the players all transfer to the newco? Under the Transfer of Undertakings (Protection of Employment) Regulations 2006, all employees have the legal right to transfer to the new employer on their existing terms and conditions of employment and with all their existing employment rights and liabilities intact. It could prove problematic for the newco to maintain the level of wages currently being paid to players if the club's income is reduced. Similarly, employees are under no obligation to accept the terms of the transfer to the new company and can terminate their employment contracts. Effectively, this means that when Rangers is liquidated, all current players would be free to seek new clubs and there would be no transfer fees due to the newco. However, there could be complications with player contracts under Fifa, Uefa and SFA regulations. Can the newco buy players? Technically, there would be no resitrictions on the new club purchasing players during allocated transfer windows as long as it holds an SFA licence. However, the current club is under a transfer embargo for entering administration on 14 February and was also handed a 12-month transfer embargo by an SFA appeal tribunal for bringing the game into disrepute, which was set aside by the Court of Session in Edinburgh. The SFA appelate tribunal has still to meet to discuss what punishment should be handed down to Rangers. However, the punishment would not automatically transfer to the newco - although, the SFA has said any sanctions levvied on the old club would have to be taken into consideration when assessing the newco's application for SFA membership in order to deter other clubs from following the same route. What happens to the club's history? The Rangers Football Club PLC is a public limited company registered in Scotland (company number: SC004276) and was incorporated on 27 May 1899. When the current company is officially liquidated, all of its corporate business history will come to an end. When this happened to Airdrieonians in 2002, all of the trophies, titles and records associated with the club discontinued - a new club, Airdrie United FC took over. Airdieonians' official history ended in 2002, then Airdrie United's took over. The answer lies principally in the eye of the beholder - some supporters will view the new Rangers as the same Rangers, while others will feel the old Rangers no longer exist. |
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As a celtic fan i hope they let them back in SPL as 3 years w/o them will seriously effect us and others but they should be punished (whyte and murray castrated lol) not all hoops fans agree but how can u get excited about new season w/o old firm derby
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They can't seriously vote them into the SPL and keep Ibrox , so that they will have effectively walked away from £100M Debt
 This Green bloke sounds even more deluded than all the other characters involved |
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In reply to the original query I say let's build houses. Govan could do with houses.
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knock down ibrox build houses rename murray park itwasntme park and not let them get any penalties from biased officals for 10 years. That would fair
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To "InAndOut". You must work for the Glasgow Town Planning Authority.
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David Murray; Donald Findlay; Walter Smith; Alistair McCoist; The Queen of England; Prince Philip; Maggie Thatcher; Mark Hately; Andy Gorum; Sandy Jardine; Alistair Johnstone; Martin Bain; John Gregg; Mathew Lindsey; Daryl King; Daryl Broadfoot; Neil Doncaster; Stewart Reagan; Jim Traynor; Graham Spiers; Kyle Bartley; Steve Davis; Barry Ferguson; Lee McCulloch; Allan McGregor; Rino Gattiso; Nacho Novo; Alex Salmond; Jim Whyte; Charles Green; Paul Murray; Mark Dingwall; Rangers Media; RST; Follow Follow; Leggat; Vanguard Bears; Duff & Phelps; Clarke and Whitehouse; The Orange Order; The Masons…
Your Billy boys took a hell of a beating (and will continue to do so fro some time yet)......   |
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lmfao
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