Rangers Have gone into Administration

idg this "when rangers die" meme

it is a reference to what some see as the endgame here - administration > receivership > liquidation > RIP big man heaven needed a dignified institution.

I don't think they will die. I think Whyte honestly believes he can get them into administration, fuck over his creditors and get back out in time to be debt free and getting a UEFA licence on 31st March.

i agree. though if he forms nu-rangers after march 31 he can apply for a new license

New clubs are not allowed to compete in European competitions for three full seasons.

I thought a new club couldn't play in Europe for three years?

xpost

ahh yeah, of course.

i was going by whatever news program said that they could re-apply.
I think if he is hoping HMRC will negotiate a lower bill by saying he will pull the plug and they get nothing, then he almost certainly will need to start over again as Nu-Rangers. I can't imagine HMRC agreeing to take a lower amount even if scottish media start saying its better the taxpayer gets something instead of nothing(i can honestly see that happening).

Imagine every business then trying to 'negotiate' like that? So not going to happen.

Aw, man, *finally* got SSN on. Gordon Smith!

btw, I'm trusting bloggers who appear to understand tax laws and financial rules and various related laws and guidelines above pishy hacks trying to flog papers/fill news reports who have done the square root of fuck all research into a guy with a well fucking dodgy history and any implications. It's not like they haven't had time to find this stuff out. It was only ever a case of when, not if.

cozen, more specifically, that song was originally about having a party when Thatcher dies and has been updated for the imminent demise of another scourge on Scotland. They might not die as such, but waiting for it has been entertaining.

I wish this had happened a week when I could give this my full concentration :-/

Traynor presumably not on Whyte's Christmas card list anyway as an employee of the Beeb (who he's fallen out with and keeps forgetting to sue) *and* the Record who finally broke ranks first on the Ticketus debt.

http://i.imgur.com/kIhsp.png

in the spirit of the community i volunteer myself as your token target-of-abuse rangers fan.

lol i was about to ask if ilx had any rangers supporters

Hi Merdeyeux, I am keeping my abuse for the dafties who didn't see it coming and still think it's a press/Kafflik/taxman conspiracy to defeat Ra Gers. Some of my best friends, etc, and I feel a teensy bit sorry for them that their club has been abused to this extent. But that's just because I am basically a nice person. The reality is, they fucked over the whole of Scottish football for years (and withholding taxes from the country to boot) so fuck 'em right back. And they are, by and large, horrible. Turns out I'm not that nice. I hope in an ideal world that my mates get to go and find a club with a less odious history to support and the world becomes a better place.

(this will not happen)

Can we get a quick summary of your views on it all?

Report in today's Sun that their game on Saturday might be off as they can't afford to have it policed. Byeeeee!

Ready cash is going to be a huge problem for them. Attendances are sliding and, like us, most of their ticket income is already in. Rumour hazzit Whyte has flogged the catering. It costs around £300k to put a game on so it might be a struggle...

Where's the 3/4/5 million they got for Jelavic a fortnight ago?

£300k! How does that break down?

Monaco xpost

Can't remember where I first read it but it was broken down, I'll have a look. Most of it was policing, which might be stepped up if there's an angry bears protest.

Turns out the 300k figure was unique to "old firm" games.

http://videocelts.com/2012/02/blogs/police-question-for-rangers-v-kilmarnock-match says it's it low tens of thousands but the police may want payment up front to avoid any pennies in the pound rubbish once admin kicks in.

I've no idea why anyone supplies to football clubs on any other basis tbh

HMRC applying to have an administrator appointed, statement due shortly.

What if they go in and out of administration before the BIG tax case is ruled? They'd need to go straight back in and would be docked an extra 25 points (using Dundee's precedent of second administration). That would put them alongside ICT in 10th.

Can we get a quick summary of your views on it all?

tbh i can't say i care very much. the head-in-the-ground self-destructiveness of the last few years combined with the consistent scumminess of general business and playing practices haven't made for something i've been enthusiastic about being invested in, and it feels like so long since i was seriously invested that i only feel the tiniest sliver of a connection to the club as it is today.

Yeah, most of the Rangers fans I know are such through family ties and are basically scunnered or embarrassed out of it by now.

I wonder if Whyte's pulling a proper flanker here.

Rangers apparently transferred the £2.8m "wee tax bill" money to HMRC recently. They owe Whyte's company £18m and owe Ticketus £20-24m. Has he borrowed all that money to ensure HMRC can be outvoted in a CVA? Doing this now means the big tax bill doesn't factor, meaning HMRC own less than 25% of the debt and can be shafted into taking a fraction of what they are due.

Dunno what the end game there is once the big tax bill actually lands but it sounds like at least half of a strategy.

Whyte is the secured creditor wrt to the club itself, so he is in the driving seat in terms of administration. Looks like a relatively canny move on Whyte's part - take the preliminary steps, forcing HMRC (as unsecured presently contingent creditor) to make their move, which means that Whyte's "only choice" is to appoint an administrator as secured creditor and then pre-pack the thing into a new entity.

The only problem with pre-pack is the issue of not being able to play in Europe for three years - though that comes to a lot less than the debt they're trying to kill - but it allows Whyte to effectively own all of Rangers assets (presumably getting his catering business back and not paying HMRC or Ticketus anything like they're owed - meaning he gets to keep future season ticket sales).

(though Ticketus might well be with Whyte on the whole thing and will get their share)

How much is Ibrox Stadium valued at? I remember a few years back it was around £180m on their balance sheet - does post-pre-pack Whyte get that for using £18m of (allegedly) someone else's money.

HMRC and Rangers are currently in court arguing about who gets to appoint an administrator. Rangers are attempting to do so immediately, HMRC are seeking assurances Rangers won't appoint one until the hearing is over. They have accused Rangers of trading while insolvent.

They have stopped for 20 minutes and the HMRC brief is concerned Rangers will appoint an administrator during the break!

I was wondering how much it can be worth - terrible part of town, part-listed building, only one feasible tenant. It must be worth something, but can't be that much surely. iirc it has lots of waste ground with it fwiw. The training ground I know nothing about.

Whyte would get his debt satisfied out of a sale if he's secured, then the rest goes into the administration.

HMRC told the court that it had applied to the court to appoint an administrator on Monday, before Rangers lodged their intention to appoint an administrator.

Where are you getting this?

STV court reporters on twitter, summary here

http://news.stv.tv/scotland/west-central/297531-rangers-appointing-administrators-today/

Anyone interested in the whole tax case shebang should start here http://rangerstaxcase.com/2011/03/28/what-is-rangers-tax-case-all-about/ - this is the first entry from almost a year ago and the entire blog has been completely ignored or derided by mainstream media until recent events. Loads of good stuff from then on - lots of triumphalist crap in the comments but some really knowledgeable people in there too.

I love the tagline

"What they are saying is 99 percent crap" Craig Whyte

boo

https://twitter.com/#!/carasulieman/status/169415914364739584

#Rangers given until 3.30pm to appoint administrators. If they do HMRC's application will no longer stand.

29 point turnaround in the league since 6th November. Neil Lennon is some manager.

The stadium and associated land are not going to be saleable assets, for a number of reasons. Murray Park, though...

weird for the league to be virtually over by valentine's day.

Statement from Duff and Phelps:

http://www.creditman.biz/uk/members/news-view.asp?newsviewID=15248&id=1&mylocation=News&chksrc=NNow4251

Duff & Phelps advised Whyte's company throughout the takeover. You can see why HMRC wanted their own man in.

http://images.mirror.co.uk/upl/dailyrecord3/feb2012/0/3/david-grier-far-left-with-craig-whyte-and-rangers-advisers-at-ibrox-940788559.jpg

David Grief, far left, in the director's box shortly after the takeover, is expected to be the administrator.

https://p.twimg.com/AlnucUbCAAETiQs.jpg

HMRC withdraw petition, Duff and Phelps in apparently...

RadioClydeNews Radio Clyde News
Strathclyde Police seek urgent meeting with Rangers to ensure that any payment for policing costs at future Rangers games is guaranteed.

Just been past Ibrox on a bus. They're not exactly out in their, um, dozens.

http://i42.tinypic.com/2vdse8h.jpg

On a related note, Pompey fan on Sky Sports News just described their administration as "déjà vu all over again"

Sheesh, third don't seem to be any closer

http://tinyurl.com/7pxclbg

Should've read that 'Little Miss Lucky' book.