A Guest blog by redlichtie for TSFM
From what I can see Mike Ashley is likely to be the only game in town for RIFC/TRFC fans unless they want to see another of their clubs go through administration/liquidation.
That particular scenario potentially allows for a phoenix to arise from the ashes but on past evidence it is probably going to be an underfunded operation with overly grandiose pretensions taking them right back into the vicious circle they seem condemned to repeat ad nauseam.
Ashley has the muscle to strongarm the various spivs to give up or greatly dilute their onerous contracts and I suspect that is what has been happening behind the scenes.
From Ashley’s point of view I believe that what is being sought is a stable, self-financing operation that he can then sell on whilst retaining income streams of importance to SD.
I also suspect that he will come to some arrangement with the SFA to dispose of his interest once he has stabilised the club.
The problem for RIFC/TRFC fans is that Ashley is not going to fund some mythical “return to where they belong”, though that is beginning to appear to be the second division of the SPFL where they are heading to have a regular gig.
Like at Newcastle, Ashley will cut their coat according to their cloth. This will mean, again like at Newcastle, a mid-table team with good runs every so often. If the finances can be fixed then they will have an advantage over most other Scottish clubs but in the main we will be back to actual footballing skills and good management being what is important (pace “honest mistakes”).
With recent results and footballing style clearly those are issues that will require attention and McCoist seems likely to present RIFC/TRFC with an early opportunity to address at least one aspect of that if he continues with his current “I’m a good guy” press campaign. It may take just one unguarded comment or action and he will be out.
But will the Bears go for Ashley’s plan? So far they seem antagonistic and still cling to their belief that the world owes them a top football club regardless of cost.
If the fans don’t get behind the current entity I can see Ashley deciding the game’s not worth it and cashing in his chips. Some ‘Rangers Men’ will probably turn up and create a new entity for The People to believe in and Ashley will continue to draw in income from shirt sales and, most likely, charging fans at the world famous Albion car park which he will then own.
The upcoming AGM is crucial and from what we have seen of Ashley so far he gets what he wants.
The crushing reality about to descend on The People is that there really is no Santa Claus. A Sanity Clause, perhaps but no Santa Claus.
easyJambo says:
January 5, 2015 at 8:54 am
1 0 Rate This
Share price up to 28p on prospects of a possible takeover. Will make it more expensive for anyone looking to gain control, including King and the Three Bears.
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An opportunity for those who took a chance on the shares at 17p and those who bought in at 20p to skedaddle with a tidy profit?
Has the metaphorical cat bounced?
I note that Mr Sarver is essentially a banker who loves basketball and owns a basketball team.
Can anyone think of any other foreign bankers who have may have owned a basketball team and failed in their bid to turnaround a Scottish football club that was some £20m in debt.
While you are at it can anyone recall any Scottish Banking professionals that brought any good to the Scottish game.
Is it just me but bankers (who love managing and spending others money and not their own)and Scottish football do not appear to go together well.
Carfins Finest says:
January 5, 2015 at 7:07 am
Had to double check but yes the announcement of the Easdale £0.5m loan says it is to help out over the NEXT FEW DAYS.
What would be so urgent that money was required in the next few days?
Disgruntled supplier demanding payment before winding up order, VAT or other Tax bill?
Still think money will be found to keep the show on the road but it does look things are getting desperate if the announcement is correct re timescales.
Ever Decreasing Circles
So Easdale has loaned RIFC £500,000 to be spent on day-to-day expenses – “over the next few days.”, secured against future stage payments for MacLoed from Brentford. http://rangers.g3dhosting.com/regulatory_news_article/432
Read that again “OVER THE NEXT FEW DAYS” i.e. before payday January 2015
This must surely make more January sales necessary (absolutely critical) to maintain solvency. Is it reasonable to assume that Mike has stepped away as lender of last resort.
Meanwhile Muumy Bear, Daddy Bear, Baby Bear and Goldilocks have still put ZERO money into RIFC. Their £6.5mil is still just talk.
And an American, Sarver (surely Sarviour) wants to buy the whole financial whirlpool of doom, but has not actually put an offer on the table, so presumably has not looked under the hood.
If you ignore the uninformed American chap and the theoretical £6.5mil and Mike stepping away, things could be seen as pretty bad – yet the share price has increased today as the chance of a free lunch excites the market bottom feeders and the MSM grasp at thin air for something to report, other than the obvious.
neepheid says:
January 5, 2015 at 8:56 am
Meanwhile, back in Scotlandshire, what are our 3 native red squirrels, and the King across the water, playing at? Having just spent £5m buying shares, they then stand by and watch Sandy Easdale pony up a £500k loan just to keep the lights on? Can anyone make any sense of that? Unless Goosy is spot on, and the Board are refusing external loans so that they can control an imminent insolvency event?
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We have to assume the 4B took advice on how to stop an attempt at a Prepack Admin controlled by a minority holding Ashley group.Indeed the only way MA could have secured the support of the Onerous Spivs for such a move would be a proxy buy out of their holding by a friendly 3rd party
(Carver?)
A deal that has not yet been reported to AIM.?…..Unlikely
and doesn`t square with todays loan which sounds like someone is buying time for more negotiations So there may be concurrent horse trading ongoing between the 4B and the Onerous Spivs re buying out their shares and contracts
It may all hinge therefore on who offers the most to buy out the bad guys
My money is on an event of some description before the Celtic match
mcfc,
To be clear Goldihawks and the 3bears recent investment isn’t just talk, they’ve invested big style purchasing the shares from different hawks. A much bigger investment for instance than
ever made.
Answering Hoopy7’s call fro clarity I have my own piece of paper.
Would GH, 3bear and the sarver saviour invest in a thing that has no money and continues through choice to lose money that it doesn’t have.
Answer – no, of course not. So how do you stop it losing money?
a/ Ask Mike nicely to give the badge back.
b/ Pay Mike handsomely to sell the badge back.
c/ ask the spivs nicely to give up their onerous contracts.
d/ pay the spivs handsomely (more) to sell their contracts back.
Goosey’s liquidation by passes c and d. b looks to be compulsory if any kind of commercial return is going to be made (Ashley knows fine well of course that if he sits tight and Sarver looks for a return then by default Ashley has to receive said return as well, unless they’re going to come up with a new badge and shirt of course – not the orange one!).
I still think they’re trying to buy everyone out from within and gaining 2 points on hearts probably will have encouraged them slightly. Its going to need a big budget though. Huge.
finally, just as an aside, couldn’t help but notice Wallace’ complete lack of celebration at his goal yesterday. Knows something?
Like most on here I am sceptical of this Scarver interest in TRFC, or is it RIFC? Regardless, what I think we are seeing here is the potential for an outcome that might lead to the re-emergence of a club at Ibrox spending the ego money of a millionaire, that, in turn, leads us back to the days of Murray forcing the other clubs, particularly Celtic, to decide whether or not they try to match the spending or just sit back in their new found prudence and watch their crowds dwindle.
There’s a way to go yet before we know how serious this Carver story is, and how successful his bid might be, but should the anticipated wealth appear then genuine Armageddon might be seen at all the clubs who previously sat back and allowed the SFA and others free rein to propel a Rangers back to ‘their rightful place’.
I’m sure every club chairman must have felt pangs of regret that they didn’t prevent the emergence of Green’s club once it’s true character became clear, even to them, but were appeased by the obvious decline in fortune and confident another all conquering giant was, at the very least, a very long time away and have, therefor, been content to allow the game’s governors free license to ignore their own rules (when it suited their ultimate aim) and the laws of the land to facilitate the remnants of a club that cheated us all.
Now, though, we have a hint of what might be about to hit Scottish football, and it could be the death nell of many of our clubs that have recently found a new way forward where even the far better funded Celtic are continuing with their common sense approach to finance. All it will take to blow that out the water will be a return to the days of David Murray.
This will have come about as a result of their own inaction. Only one man stepped forward and spoke out while other, much more influential, club chairmen and officials kept silent behind various excuses.
Make no mistake, the fallout from a new ‘Murray’s Rangers’ will be much greater than from the old one, as this time we will all know that our own clubs had it within their power to stop it ever happening, but instead allowed the authorities to run roughshod over the rules and integrity of the game because of their own, at best, complacency, but also greed for the blue pound.
We, the supporters, have now experienced a ‘Rangers free environment’, and it’s been just grand, it’ been exciting, it’s been clean. It’s been absolutely Armageddon free. We don’t want a return to the Murray years, and they don’t deserve to have them!
Timing is everything, and there’s been too much happening in the past couple of weeks to be unconnected. If the clubs sit back and do nothing, and they can start doing something by making their displeasure with Doncaster known, we will know that all sporting ambition has left the game, along with integrity, and that there’s nothing left to support.
Hopefully this latest ‘sensational development’ is just another red herring, but it does point to what might happen as a result of all our clubs’ complacency (and that’s putting it mildly) over the way the rules have been flaunted to the benefit of only one, well two, clubs.
easyJambo says:
January 5, 2015 at 8:54 am
Share price up to 28p on prospects of a possible takeover. Will make it more expensive for anyone looking to gain control, including King and the Three Bears.
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And that hits two ways. Firstly when buying existing shares and also when it comes to purchasing any new shares issued because the price for them will go up as well. Perhaps designed as a knock-out blow for consortiums with a limited budget.
We really are a privileged audience watching this master class in spivvery unfold. If I had the required financial ability I would be writing a book which would become the standard textbook on the whole shebang.
They often say that Arran is a microcosm of Scotland and it seems to me the Sevco Saga brings all the international, UK and peculiarly Scots nuances together in a Perfect Con.
No more dry and dusty uni or college textbooks – this is the stuff that will actually fire-up young accountants to get down and dirty and either expose the bad guys or join them.
I’ll donate the book title free gratis btw – Sevco Saga Unfolded or Unfolding the Sevco Saga have a nice kerching about them IMO 😆
The staid accountancy/legal title front could easily be spiced-up with much meatier sub titles hinting at the secret world of spivvery exposed.
The interest from Sarver I really think it will come to naught, but either way, as has been detailed before, the American experience of professional sports ownership (the college athletics system providing a ready made supply of top quality players that the teams take turns in “selecting”) is soooooo different from the European football system of identifying kids and backing them through years of development (and indeed physiological changes!) and nurturing them through their formative years with the hope that they may eventually develop into the player you hope for, or indeed paying multi-millions of pounds up front for the rights to a player rather than just “selecting” them.
ALL the American owners of British teams have been criticised by fans for not spending or at least not spending in a timely fashion…
Another slant on the Easdale loan
it may be the calculation suggests that to become the biggest Creditor and control a Perpack Admin the Ashley/Easdale needed to lend another £500k just to be on the safe side
Smugas says:
January 5, 2015 at 10:01 am
mcfc,
To be clear Goldihawks and the 3bears recent investment isn’t just talk, they’ve invested big style purchasing the shares from different hawks. A much bigger investment for instance than
ever made.
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but, share trading between spivs, crims and RRMs doesn’t put a bent penny into the till to pay the bills past “the next few days” 🙂
wottpi says: January 5, 2015 at 9:16 am
I didn’t LOL but did raise a knowing smile at your post…
Don’t know about professionals from Scottish banks but when Brian Quinn, former Deputy Governor of the Bank of England, was Celtic’s chairman he had one look at EBTs and “called a halt to the EBT for Juninho at an early stage and accounted to HMRC for relevant tax” and declined to sanction any further such schemes.
He was of course a Central banker rather than commercial which might explain his risk averse and long-term take on things…
mcfc,
Oh yes, absolutely re RFC*’s cashflow. But to be fair they (King and the 3Bs) are currently sitting -5m that they seemingly had no real need to be. I genuinely can’t see that Ashley was going to fold ’em that’s not his style. The shirt contract for 20 years is worth more to him than a car park and office block that would be virtually unsaleable, surely? Yes he had the vision of an austere RFC* in the mould of NUFC. Yes I can understand why moonbeams king and teddy pals wouldn’t want that, but the key jigsaw piece missing was how they intended to finance the continued moonbeams? Were they going to fleece Sarver in the same way Murray fleeced King for instance?
Rangers update Chris McLaughlin BBC Sport Rangers’ latest crisis loan was taken to avoid being wound up by HMRC, BBC Scotland has learned.
It’s understood the club received a seven-day notice letter at the end of December for the payment of national insurance.
At what point do the SFA step in with punishments……..as they have with Livingston FC recently?
I suspect that like a number of posters/lurkers on this blog I am in business and have some experience of what goes on in terms of companies and contracts.
Someone a little time back made the comment that we were at a disadvantage as (a) we did not have ‘perfect knowledge’ of the situation and (b) we weren’t spivs.
We tried to approach things as ‘rational man’ and this left us scratching our heads at the seemingly odd twists and turns.
Trying to find logic in the swamp of recent activity, Neepheid has today queried the sense in the 4B’s making their ‘investment’, not a penny of which goes to Rangers and Goosy speculates that this action is aimed at stopping a pre-pack administration being pushed through by MA. The fact that MA is not involved in what sounds like crisis funding tells me that he is now calling some bluffs and brinkmanship is underway.
In the circumstances I don’t think we are going to get as far as the 2 Feb deadline for Mr Sarver to make his intentions clear.
That is unfortunate as I am sure that what Scottish Football needs just now is another Sarvco. 😀
“These questions — and many others — will probably not be answered in the next episode of…Sevco.”
SPFL chief executive Neil Doncaster said: “The tax default and reporting rules are an integral part of maintaining a fair league competition.”
Bawsman
@ 10.19
Though I always feel inclined to take MSM breaking news with a pinch of salt, this one seems likely to be acurate. Very, very precarious situation now. Unless the board lay down their arms and surrender, and there’s money instantly available from the suitors, then something appears darkly on the horizon!
Smugas says:
January 5, 2015 at 10:17 am
Oh yes, absolutely re RFC*’s cashflow. But to be fair they (King and the 3Bs) are currently sitting -5m that they seemingly had no real need to be. I genuinely can’t see that Ashley was going to fold ‘em that’s not his style. The shirt contract for 20 years is worth more to him than a car park and office block that would be virtually unsaleable, surely?
================================
And really, that’s the saga in a nutshell. None of them have a financial plan that is credible beyond the next news-cycle – because there isn’t one. Even severe austerity is looking too little too late. G&3B have some credibility but do they have £50mil to blow on a hobby, funding the dreams of the ungrateful.
Mcfc,
meant to add but edit timed out
Of course I’m immediately reminded of ex chairman W Smith and his lecture on “Spend, and the money will come”
Bawsman,
Neil Doncaster, rules, fair league competition? Seriously?
By Chance I stumbled upon this quote today:
You go bankrupt two ways, a character in Hemingway’s The Sun Also Rises observes: “Gradually and then suddenly.”
The overriding feeling in my bones is that now, having limped along for so long we are at the end game. Emergency loan to avoid a winding up order!!!!! This will set alarm bells ringing with other creditors. How soon before they use the same tactic to get their money?
The squad likely to be decimated in coming days whilst MA calls everyone’s bluff.
I think we will finally know where this is going before the semi final, either:
a) the end of days
b) a MA controlled sustainable entity
c) NMR – New Murray Rangers (c) Allyjambo
Stay tuned for the next exciting episode
You’ve got to laugh at Laxey, Artemis and all the other hedge funds. They eventually sell up after taking a hit and a few days later the price goes up 50%. Investment experts, indeed.
Smugas says:
January 5, 2015 at 10:29 am
Of course I’m immediately reminded of ex chairman W Smith and his lecture on “Spend, and the money will come”
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Rangers Men really have learned so little from their experiences. Species that will not adapt, will become extinct.
Laxey and they others may well think they have been conned.
If I was HMRC watching this farce I would be sorely tempted to demand TRFC immediately lodge a bond to secure all money due up to Dec 30
If they were taken to the cleaners again it would be a disaster for them
The following are extracts from the SPFL rules. This reads to me that the league need to be informed of such a failure to pay HMRC or the club is subject to sanction. I look forward to hearing from the SPFL
Any club that does not within twenty eight days of a Tax Liability becoming due by the Club on or after 1 June 2014 pay to HMRC the full amount of that Tax Liability;
shall report each such Default Event in writing to the Secretary within 2 days of the Default Event arising.
When a Club reports a Default Event to the Secretary it shall at the same time provide in writing to the Secretary details of any and all amounts of Tax Liabilities then due by that Club together with the period(s) to which they relate and if the Default Event shall occur by reason of Rule E20.5 the Club shall at the same time as reporting the Default Event provide a written explanation of the circumstances of the Default Event and copies of the Time to Pay Agreement and all relevant correspondence with HMRC.
E26 A Club which fails to report a Default Event to the Secretary in accordance with Rule E25 within 2 days of the Default Event occurring and/or fails to provide a non-time constrained original irrevocable authority in accordance with Rule E27 shall be in breach of these Rules.
Except with the consent of the Board, any Club which takes, suffers or is subject to a Default Event or Events shall not be entitled or permitted to Register any Professional Player with the League and the League shall not Register such a Player until the Board is satisfied that such Default Event or Events shall no longer continue or subsist.
Smugas says:
January 5, 2015 at 10:01 am
mcfc,
To be clear Goldihawks and the 3bears recent investment isn’t just talk, they’ve invested big style purchasing the shares from different hawks. A much bigger investment for instance than
ever made.
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IIRC Green never actually invested a penny in Rangers. Indeed in the early days he said he wouldn’t be investing.
And of course like everything Green said it was difficult to pin a lie on him as it would always have several meanings and when that failed him he would resort to Old French 😆
I even seem to remember that the payment for his penny shares came out of his golden cheerio.
So you’re right everyone has invested more than Green in terms of hard cash.
Hoopy 7 says:
January 5, 2015 at 7:19 am
They are on life support and the machine is about to be switched off.
Another wage bill due in three weeks.
The SFA (laugh now) could end it all by asking them to prove that they have sustainability till the end of the season. If they cannot then the license should be withdrawn.
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Not so sure about that
Donkeys unchallenged comments about the immortality of Rangers the club provide enough wriggle room for the license to be suspended until the mess is sorted out to the satisfaction of the governing authorities.
A well orchestrated PR campaign supporting the 4B group and tacitly backed by Hampden could possibly persuade the Bears to go along with that idea
Was wondering why the loan might be taken/given if there was, indeed, an insolvency event on the horizon, but then I remembered what we’ve learned over the past 3 years and how, if HMRC got a winding up order, they would control the admin/liquidation. Definitely something none of those involved would want!
ecobhoy says:
January 5, 2015 at 10:56 am
Except, as far as I can see, the only people who have actually invested a sizeable chunk of their own money in this business, as opposed to buying shares from others, or buying shares with other folks money, are the Easdales.
I have no brief for the brothers grim, but, the treatment they get from the fans is a tad ungrateful, to cap it all, Phil is reporting that KingCo have told them they are not required.
If it were me, I’d do everything in my power to feck KingCo up.
On a purely technical note,
Easdales loan is to be repaid when the proceeds of the Lewis Macleod transaction come through. This is of course entirely separate to the £1m December loan received from MA which is repayable from the proceeds of the Lewis Macleod deal.
And for the absence of doubt, the first instalment of the Lewis Macleod deal isn’t big enough to repay either of them!
More kwality reportage
oddjob says:
January 5, 2015 at 10:47 am
Laxey and they others may well think they have been conned.
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Laxey are very good at what they normally do. For some reason – as yet unexplained – they entered a different arena and were eaten by the lions.
And then of course there is Hargreave Hale and Enic. I did a post back in January 2013 which some may find of interest and of course HH has ditched their wonder shares.
I have never ever figured-out why so many Institutional Investors pumped money into Rangers.
http://scotslawthoughts.wordpress.com/2013/01/14/past-links-between-enic-and-rangers-2nd-biggest-shareholder-by-ecojon/
A little taster from Giles Hargreaves:
Dammit Allyjambo you beat me to it!
I was thinking this too and either the Easdales genuinely want the Clumpany to survive or there is a serious amount of dodgy stuff (rumoured money laundering etc) going on that HMRC would be very interested in. Therefore it is better to make sure things are all clear with them if admin is coming.
Of course I’m usually wrong and it seems the normal rules of business do not apply here.
A USA view on The Phoenix bid
http://arizonasports.com/41/1795922/Report-Phoenix-Suns-owner-Robert-Sarver-attempting-to-buy-Scottish-soccer-club
Interesting that it says its source is the BBC
The pantomime season usually ends in January, I wonder if this one will.
I note that Killie may be interested in taking Kris Boyd back.
Being reported no fee deal is most likely but at least it may get him off the wage bill.
With news of the tax men breathing down their necks trying to get any decent money for the likes of Wallace may be even more difficult than before.
A buyers market if anyone was even interested in under performing players who can’t raise their game and have been beaten in the last three games with their top of the table rivals. By all accounts T’Rangers were dire against Dumbarton and the third was only scored because Dumbarton were pressing for an equaliser.
Every little helps I suppose. However that just keeps you going.
How much is going to be required to rebuild and who is going to finance that?
Call Me Nae Idea
@ 11.14 am
Wasn’t quite thinking along the same lines as you, as I was more thinking of which Insolvency Practitioner might be appointed and who’s interest they’d most seek to protect. I’d no thought of any illegality and doubt there is anything of a criminal nature involved though some rules may have been broken.
Still, it’s always nice to add a little spice to the proceedings 😛
A few questions:
could it be Doncaster made the same club statement to ensure the SPFL received its fine from Rangers?
also if/when administration occurs that there is no doubt how many points are deducted?
if you think back to the early 1980s who remembers average gates at Ibrox of sub 15,000?
Rangers fans are very fickle, they will not turn out to watch a team that isn’t winning – I think the boycott is a subset of those who have realised that their beloved Gers are in fact a pretty poor side and feel very uncomfortable turning up at Ibrox and the other Championship stadia with a serious doubt that they will be leaving with 15 minutes to go with 3 points in the bag.
Purely on a housekeeping note, and its possibly just my dodgy colour monitor but the snowflakes are starting to irritate particularly the (majority 😈 ) green and blue ones!
Just a wee thought.
Once again the club from Ibrox appears to be struggling to pay the taxes that go to fund our public services (and as intimated by Phil Mac may also have a line of creditors shortly queuing up at the door) yet can afford to have the most expensive gardener in Scotland and his laddie still on their books but contributing nothing.
Came onto TSFM earlier expecting a drab day of disussion about Sarver and reading some gloating from the usual fairweather bears. Hasn’t quite turned out that way.
Twelfth Night tonight?
PS
I wonder if Graham Wallace ever settled on his bonus /termination package.
If not will we see another Bain /Ahmed situation?
wottpi
For a company trying to fold with as few influential creditors as possible they do seem to have to have hacked off a few big hitters don’t they?
TommyB says:
January 5, 2015 at 11:19 am
The pantomime season usually ends in January, I wonder if this one will.
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As befits an eternal club the panto season never actually dies but keeps returning year on year. the auld jokes are always the best ones 😆
PPS
Given all the announcements I note that while it was announced on the 2 Jan that King had acquired shares through New Oasis there is yet to be an announcement issued with the TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES.
Clearly more important fish to fry this morning!!
The move by HMRC must really set alarm bells ringing. Even those shareholders who want an insolvency event want one that they control. If HMRC wind this lot up, then I anticipate an administration of the standard type for a hopeless loss making business- shut it down immediately, 90% redundancies, just a few kept on in the finance department for a month or two to help with the paperwork, then into liquidation (see City Link). That is the nightmare scenario for the Ranjurs men, but it seems that emergency funding is being restricted to the inner circle. Other creditors will surely pile in now, no properly run business is going to trust to luck this time round.
I think this will have to be resolved this week, before a queue of creditors forms at the door. It has to be a controlled insolvency or a large (£10m minimum) soft loan by Friday, surely. But with Ibrox and MP clearly unavailable as security, who will loan them £10m? Ashley holds all the aces, in my opinion.
vascodapars says:
January 5, 2015 at 11:26 am
could it be Doncaster made the same club statement to ensure the SPFL received its fine from Rangers?
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Could be but the reality is that I doubt if Rangers can actually voluntarily pay the money because it’s skint. And any Board that pays it effectively commits suicide as far as the fans are concerned – the issue being a major act of faith in the blue perspective of OC/NC.
So the only place it can be resolved is either in a court or with a liquidator/adminstrator I reckon. And I’m not really sure that either Doncaster or any Rangers Board – present or future – wants a definitive legal ruling on the issue.
But it could be all about the points deduction penalty I reckon which to an extent keeps the argument in-house in a footballing sense and also under-wraps with no public proceedings. Just the usual back room cabal doing deals.
The real priority must be to find out who in hmrc talked to the BBC ??
The Name Game
So roll up, roll up, roll up and place your bets. What will the “vehicle” be called ?
2 / 1 Sarvco Scotland
4 / 1 The Sevco Scotland
8 / 1 Sarvco 5088
12 / 1 The Sevco5088
“The Company notes recent press speculation and confirms that it has received an approach from Robert Sarver (or a vehicle to be established and controlled by him) (“Mr Sarver”)” http://rangers.g3dhosting.com/regulatory_news_article/433
Phil MacGiollaBhain @Pmacgiollabhain · 12m 12 minutes ago
Remember Andrew Ellis? Well I hear he has a lovely singing voice.
Ok toooo much now
Who the hell was Ellis again? I need a PA just to keep up!
Can any of our bean counters estimate how much RIFC might owe in NI, PAYE, VAT based on known salary costs, due dates etc. For example, how many weeks/months can you go overdue before due process produces a winding up order – and how much of the arrears would need to be settled to appease HMRC.
I’ve checked the MSM but sadly no-one is thinking in that direction – you see there’s this American chap who owns the Dallas Cowboys and wants to buy a football club with huge potential. Soros I think his name is.
P.S. NI PAYE VAT – is that an executive instruction, as in NI PAYE NI and NI PAYE PAYE. They never learn, do they?
Smugas says:
January 5, 2015 at 12:55 pm
Who the hell was Ellis again? I need a PA just to keep up!
=================================================================
Andrew Ellis sorry for bringing Craig Whyte to Rangers …
http://www.dailymail.co.uk/…/Andrew-Ellis-sorry-bringing-Craig-Whyte-Ranger...
24 Feb 2012 – Rangers director Andrew Ellis has apologised to beleaguered fans for his part in bringing Craig Whyte to Ibrox – and claims he was also …
Rangers director Andrew Ellis claims he was ‘duped’ by …
sport.stv.tv/…/rangers/298900-rangers-co-owner-i-was-duped-by-craig-…
24 Feb 2012 – Rangers director Andrew Ellis says he was “duped” by owner Craig Whyte and has issued an apology to supporters for introducing the …
IMO
The 4Bs need liquidation to clean out the Spivs including Ashley
Their hidden ace is a promise of support from the governing bodies even to the extent of suspending the license
If HMRC have only been paid because of a WU threat I would not be surprised if yet another Creditor prompted by the 4Bs now seeks a WU order If he gets paid another Creditor will apply for WU and so on until all TRFC Creditors except Ashley have been paid up to Dec 2014
Concurrently
I also expect a call to Bear shareholders to proxy their shares to the 4B group ahead of an EGM for an RIFC MVL vote painted as a once and for all attempt to “clean out the Spivs”
pau1mart1n says:
January 5, 2015 at 12:30 pm
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1
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The real priority must be to find out who in hmrc talked to the BBC
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Paulmartin,
I’m afraid I was about to take issue with your post, until I realised it was made with tongue firmly in cheek.
And then along came Phil and perhaps identified who the source might have been.
Down to Boots for another box of chill pills I’m afraid.
Any significance in the NomAd declaration on RNS this morning
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12203574.html
Also not only has there been no TR1 (not yet overdue) for the New Oasis purchase there is still no indication of the share transaction.
Finally, the bit of the Sarver notification that grabbed my eye was that his timetable would be shifted should another buyout offer occur. He couldn’t be a stalking horse to smoke out an offer from King and the the 3 Bears could he?
Roddy Forsyth of the Telegraph writes that the latest loan was necessary after a petition was threatened by HMRC to place ‘Rangers’ in ‘administration’. The BBC on the other hand reports, correctly in my opinion, that the loan was to prevent the ‘windind up’ of the company. Now the MSM was always happy to refer to ‘Winding Up Orders’ from HMRC when reporting on Hearts problems, so why the difference from Forsyth now? Is it that a ‘Rangers’ can only ever face administration and is immune from being wound up, or liquidated? Has anyone else ever heard of an ‘administration order’ being issued, or sought, by HMRC, or anyone else for that matter?
Quick question,
Can any of our Hearts lads on this site remind me what action if any…Hearts faced when they were facing regular HMRC winding up orders?
Just curious…
Much has been said today about liquidity problems at Ibrox partly caused by the delay in receiving funds from Brentford re Lewis McLeod’s ” £1million transfer”.
Many will not be aware that Brentford fc sites last week were reporting the transfer as worth £850K with an agreed repayment schedule as follows:-
£425k payable within 7 days followed by
£425K payable in 3 instalments due on 1/7/15,1/1/16 and 1/7/16 respectively.
Hardly helps the cash flow.
http://m.stv.tv/sport/football/clubs/rangers/305416-spfl-seek-answers-from-rangers-over-claims-of-late-payment-of-tax/
The board really should act with dignity and transparency at this difficult time………..will the authorities? I won’t hold my breath!
Paulmac2
1.22pm
If I recall coorectly, there was no penalty issued, as no rules existed to cover this at the time. This may well have changed with the raft of recent run ins with the tax man and the inception of the SPFL. Livingston recently suffered a 5 point penalty due to tax problems but I don’t think they mirrored the TRFC problem.
I’m wonderin if Dungcasters same club hokum is motivated primarily by the headache caused by a MID-SEASON liquidation. . .?
They are left with only 9 clubs to complete the season in the 2nd tier. .
And a league cup semi with only one legitimate partjcipant. .
‘History + trophies’ may be incidentally albeit fortuitously linked .
Paulmac2 says:
January 5, 2015 at 1:22 pm
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http://spfl.co.uk/spfl/
Rules and Regulations p47,E29
Player registration embargo, subject to Board’s discretion by the looks of things.
When would this payment have been due?.
Paulmac2 says: January 5, 2015 at 1:22 pm
===========================
I can’t recall Hearts actually being sanctioned regarding HMRC payments as they always managed to resolve the issue or agree a payment plan in advance of the order becoming effective. However, it was an outstanding HMRC bill that forced Hearts over the edge when it went into administration in June 2013.
Sanctions were imposed by the SPL when Hearts failed to pay wages on time with three separate hearings, imposing a censure, a 60 day registration ban and finally a six month registration ban. (also in the lead up to administration).
The biggest issue for clubs is the SPFL’s insistence that you advise them of any defaults within days of the event. Failure to do so is likely to result in heavier sanctions being applied, e.g. Livingston were recently docked 5 points for non disclosure.
Scotland’s finest sports reporter 🙄
@tedermeatballs: SPFL satisfied Rangers are NOT guilty of breach of rule E20 on defaulting on NI payments. Curiouser and curiouser.
Ah the speed and urgency to offload McLeod suddenly makes sense.
SPFL Rules demand that a club inform them if they are more than 28 days in default of tax and the have to inform the SPFL within two days of going into default.
This ‘default event’ means that the club is subject to an immediate registration embargo.
http://sport.stv.tv/football/clubs/rangers/305416-spfl-seek-answers-from-rangers-over-claims-of-late-payment-of-tax/
Apparently SPFL now demanding answers from Rangers.
Another revenue source dries up.
Why would any club now waste their time and money in Jan to pick up players from The Rangers who may soon have a TUPE decision to make.
Things move at increasing, dizzying speed as you approach the plug hole.
Good to see Dundee United making decent profits off the back of their Bank debt deal, making £1.2M to June 2014, which was before the Gauld and Robertson transfers.
http://dufc.co/news/dundee-united-record-1-2m-profit-2014/
http://sport.stv.tv/football/clubs/rangers/305416-spfl-seek-answers-from-rangers-over-claims-of-late-payment-of-tax/
They can react quickly when the need is there!
It looks as if RIFC have covered this in the short term with the Easdale loan (although the Ashley loan may well also be secured on the Lewis MacLeod fee) but the relevant section of the SPFL rules is:
Laxley
I am thinking they knew to get out with something rather than nothing
ecobhoy says:
January 5, 2015 at 10:02 am
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The Phoenix ‘smoking gun’ thought makes a lot of sense to me. It attempts to simultaneously get the 4Bs to make a move, whilst potentially restricting any further serious transactions on their part (if purchasing significant quantities of additional shares was possible or desireable). This Phoenix chap has come completely out of the blue – pal of Ashley anyone?
I for one am extremely interested in the role played, and currently being played, by the SFA and SPFL. As football supporters we need to realise that all our clubs (bar Raith) are complicit in this corrupt farce. I am genuinely horrified at it, I thought this sort of brazen establishment nonsense was a thing of the past – obviously not.
Horrified – but thanks to this site, hoping that something good can come out of it all.
Sorry if already posted.
Fri, 2nd Jan 2015 16:53 RNS Number : 2121B Rangers Int. Football Club PLC 02 January 2015 ? Rangers International Football Club plc (“Rangers” or the “Company”) Holding in Company The Company was informed on 2 January 2015 that New Oasis Investments Limited (“New Oasis”), a Company 100% owned by the Family Trust of Dave King, acquired 11,869,505 Ordinary Shares in the Company on 2 January 2015. Following the transaction, New Oasis will be interested in 11,869,505 Ordinary Shares in the Company, representing approximately 14.57% of the Issued Share Capital.
I see the name of Andrew Ellis is making a re-appearance. This is from Corsica in 2012:
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corsica says:
20/07/2012 at 11:07 pm
Well that’s that, I have now officially retired and all thanks to this blog! Right, enough moping…
Wee question for you all: what do Charles Green, Craig Whyte, Dave King and Andrew Ellis all have in common?
That’s right they all own property and have investments in the Republic of South Africa. What a coincidence, eh?
What’s that I hear? You would like another coincidence? Well, okay, how about they have all at various times
threatened to sue each other and other players in this farce but curiously not a single writ has been delivered.
Ask your uncle Max (Clifford) about that little deflection trick…
Another coincidence? How about they were all in Switzerland this week?
As my grandson’s favourite comedian would say “what are the chances of that?”
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Chances or chancer… (?)
Hamerdoon,
My immediate reaction to the Doncaster fairytale at new year was to facilitate a club buy out by the real Rangers men who came equipped with brogues, moonbeams and everything.
It appears he is approximately 2 months worth of PAYE late with that offer of assistance and, if my reading of ‘solvent transfer’ regulations are correct, is also surprised to learn that apparently the shareholders of RIFC didn’t fancy writing off £17m either.
Make no mistake, they are assisting their asses off right now. But its all far too late and they’re now learning the hard way that the real spivs of this world couldn’t give a monkey’s right toe for what’s best for Rangers after all.
Chapeaux Charlie, a bloody huge chapeaux from me!