Podcast Episode 5 – Hibs Takeover ?

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@16 Sodium atoms: “I suppose they could place the subsidiary …

Comment on Podcast Episode 5 – Hibs Takeover ? by jockybhoy.

@16 Sodium atoms: “I suppose they could place the subsidiary into administration in an attepmt to try to force someone into offering to buy it. With the threat being if no-one does then it would simply be liquidated” – if it got to that stage, surely the “real fans” would step in? That’s perhaps the end game – the spivs keep the assets, the “real fans” buy rRangers and have to pay the spivs to let them use various assets – stadium, training ground, badge (!).

jockybhoy Also Commented

Podcast Episode 5 – Hibs Takeover ?
@16 Sodium Atoms: “Secondly if it is TRFC then it wouldn’t change who owns or controls RIFC PLC which is the important thing. In fact if RIFC are the only creditor then they would either get all of the assets or anything raised in a CVA, which they would have to agree to anyway.”

I would bet my house on HMRC being stiffed again, whether it’s VAT or wages, I don’t know but in either case, I really think it unlikely that RIFC would be the only creditor, and given what happened before, I am fairly sure HMRC won’t rollover re. choice of administrator this time.


Podcast Episode 5 – Hibs Takeover ?
BT sponsoring Murrayfield for £20m was a few months ago, but that might have moved the issue up the agenda for anyone looing for someting, anything, that NewGers might be able to monetise.


Podcast Episode 5 – Hibs Takeover ?
Did McCoist not gift them to a supporters club? Or their votng rights/ I think there was some coverage of that…


Recent Comments by jockybhoy

Who Is Conning Whom?
“Take away non-reoccurring expenditure like stadium repairs and Sports Direct compensation and add historical retail profits plus some extra football prize money” – so take away actual costs and add hypothetical revenue and hey presto the books will balance!

With financial acumen like that, you should be on the NewGers board!


The Vice Closes
After these distressed assets, only of use to a football team, actively playing in a professional league, were bought, there were immediately revalued:
“Revaluation increase on land and buildings is put at £33.98 million in total, though the club also notes if those properties were to be sold at that value the tax bill would be £7.8 million.
…Finance director Brian Stockbridge said: “A revaluation process was undertaken during the period; Ibrox stadium and Murray Park were revalued at £40 million, and intangibles (brand and er history? JB) were valued at £19 million on acquisition.”
Administrators of the oldco Rangers, Duff & Phelps, sold the “intangible” assets to Green’s consortium for £1.” Source: http://www.insider.co.uk/company-results-forecasts/rangers-report-7m-operating-loss-9872346

Arguably the fact that it was sold to a football team who could make use of the facilities there was a greater value than £4.5m that wasn’t realised, but that may be being churlish.
What we do know is that all the assets of worth were bought for £5.5m and that included everything, property, brand, history, fixtures and fittings, seemingly playing contracts (people are assets too – I’ve been sold in my time! JB) as well as prize money apparently owed to the previous entity…
For the full breakdown I refer you to the sadly missed Paul McConville site: https://www.google.co.uk/amp/s/scotslawthoughts.wordpress.com/2012/08/25/for-sevcos-5-5m-it-bought-all-rangers-players-fixed-assets-goodwill-and-2-67m-prize-money/amp/
its clear the assets were hugely undervalued when sold. 


The Lost Voice of the Armageddon Virus
Hasn’t Chris Sutton also said Alves is going to Ibrox? He probably was tipped off by someone and obviously King’s statement was well crafted. Annual PR overdrive.
Remember what they say “loose lips sell tix”


THAT Debate, and the Beauty of Hindsight
IIRC if a loan is received to a company doesn’t it appear on both sides of the balance sheet? As cash in the assets but as a liability in loans liable? Now the interest would make the liability higher than the loan under normal circumstances but if the loan is interest free it’d just be equivalent. Why would anyone do this? As has been said the requirement is for short term cash, the presence of longer term liabilities is apparently of little consequence. Unfortunately, as we know, these liabilities add up over time, until the straw breaks the camel’s back…
I am sure my fellow Essex boy EBC can steer me right on this.

BTW these lessons apparently unlearned down Ibrox (and indeed Hampden) way…


THAT Debate, and the Beauty of Hindsight
I wonder how much will be due to NewGers players in terms of bonuses for qualifying for Europe? If they do fall at an early hurdle in the Europa League then that may leave them further out of pocket, given costs incurred and low prize money…


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