((HT: SkySports))
Just when you thought that Rangers was calming down, it's chaos over and over again...
First, a bit of a recap as to how one of the most storied clubs in all of football took it on the chin and fell down after 142 years of being a prize in Scotland...
((HT: Scotland Tonight/STVNews))
But Charles Green done come back...
Last week, he was given a new consultancy role and said that manager Ally McCoist's club should be "challenging for a cup as well as promotion this season." McCoist said what Green said was "embarrassing" and blamed his words as part of a shocking League Cup loss last week.
Add to that, non-executive chairman Walter Smith leaving, and McCoist is a little more than hot...
Here's Jim Whyte with Charles Green...
Showing posts with label Charles Green. Show all posts
Showing posts with label Charles Green. Show all posts
Friday, August 9, 2013
Saturday, April 6, 2013
Craig Whyte Is At It Again With Rangers...
((HT: Sky Sports))
Craig Whyte is at it again...
The man who is credited, single-handedly, with running Glasgow Rangers into the ground and sending them to the Scottish Third Division is planning legal action to get the club back in his clutches and away from current Chief Executive Charles White.
Whyte claimed this week that Green was acting as his frontman when he bought the remnants of oldco Rangers out of liquidation.
Green has vowed to resist any legal bid from Whyte to force his way back into Rangers.
Green also penned a lengthy letter and put it on the Rangers Facebook page... that read in part...
“We cannot understand why Mr Whyte keeps going to the media rather than the court. He has threatened to take Duff & Phelps to court, the SFA to court and now Charles Green and Imran Ahmad. We suggest he gets on with it.
“If he wants to go to court we would be delighted to see him there. It is a shame Mr Whyte keeps trying to destabilise the Club he very nearly destroyed.
“It is also a great pity the media outlets continue to give him platforms.’
Hugh MacDonald at Herald Scotland makes the point that"
The dispute centres on Whyte's claim he was behind the Sevco 5088 company which bought the business and assets of administration-hit oldco Rangers, of which he was majority shareholder, in June last year. The assets, which were bought for £5.5m following the failure of a Company Voluntary Arrangement proposal to creditors, were soon transferred to Green's Sevco Scotland company, which later became The Rangers Football Club. Whyte reportedly argues that this transfer was illegal.
Here's Green's early retort...
Whyte will argue (whenever his day in court comes) the £50-million assets were transferred illegally since Green didn’t have his or partner Aidan Earley’s permission. Whyte is now demanding the assets be returned to Sevco 5088 which could theoretically see Whyte get Rangers back...
And the next round begins...
Craig Whyte is at it again...
The man who is credited, single-handedly, with running Glasgow Rangers into the ground and sending them to the Scottish Third Division is planning legal action to get the club back in his clutches and away from current Chief Executive Charles White.
Whyte claimed this week that Green was acting as his frontman when he bought the remnants of oldco Rangers out of liquidation.
Green has vowed to resist any legal bid from Whyte to force his way back into Rangers.
Green also penned a lengthy letter and put it on the Rangers Facebook page... that read in part...
“We cannot understand why Mr Whyte keeps going to the media rather than the court. He has threatened to take Duff & Phelps to court, the SFA to court and now Charles Green and Imran Ahmad. We suggest he gets on with it.
“If he wants to go to court we would be delighted to see him there. It is a shame Mr Whyte keeps trying to destabilise the Club he very nearly destroyed.
“It is also a great pity the media outlets continue to give him platforms.’
Hugh MacDonald at Herald Scotland makes the point that"
The dispute centres on Whyte's claim he was behind the Sevco 5088 company which bought the business and assets of administration-hit oldco Rangers, of which he was majority shareholder, in June last year. The assets, which were bought for £5.5m following the failure of a Company Voluntary Arrangement proposal to creditors, were soon transferred to Green's Sevco Scotland company, which later became The Rangers Football Club. Whyte reportedly argues that this transfer was illegal.
Here's Green's early retort...
Whyte will argue (whenever his day in court comes) the £50-million assets were transferred illegally since Green didn’t have his or partner Aidan Earley’s permission. Whyte is now demanding the assets be returned to Sevco 5088 which could theoretically see Whyte get Rangers back...
And the next round begins...
Friday, July 13, 2012
Friday Rangers Update: BREAKING- Third Division For Next Year
((HT: SportsTonightLive))
So, now we know...
The Rangers have received what newco boss Charles Green is saying is the "ultimate punishment." 25 of the 30 teams in the Scottish Football Association voted for the team to start over at the bottom...
"I'm comfortable today that the Scottish Football League made a very, very decisive decision that was based on sporting fairness and I think the Scottish Football League were in the right place to make that decision," SFL chief executive David Longmuir said in a statement.
"This decision followed a tried-and-tested process and was taken in cognisance with the other options which were available for consideration.
"Today's decision has been one of the most difficult for all concerned but it has been taken in the best interest of sporting fairness which is the fundamental principle of the Scottish Football League.
"The Scottish Football League has been entirely consistent with our willingness to work with other bodies to ensure that we focus on rebuilding our game, restoring pride in our game and exploring revenue streams and our willingness to achieve these aims does not alter."
Here's the Forum discussion that includes Rangers and their future
And the anticipation of the vote from STVNews...
Nothing like starting over... and the same may be said about Scottish Football as conventional wisdom is calling that this act is the beginning of the end of Scottish football.
So, now we know...
The Rangers have received what newco boss Charles Green is saying is the "ultimate punishment." 25 of the 30 teams in the Scottish Football Association voted for the team to start over at the bottom...
"I'm comfortable today that the Scottish Football League made a very, very decisive decision that was based on sporting fairness and I think the Scottish Football League were in the right place to make that decision," SFL chief executive David Longmuir said in a statement.
"This decision followed a tried-and-tested process and was taken in cognisance with the other options which were available for consideration.
"Today's decision has been one of the most difficult for all concerned but it has been taken in the best interest of sporting fairness which is the fundamental principle of the Scottish Football League.
"The Scottish Football League has been entirely consistent with our willingness to work with other bodies to ensure that we focus on rebuilding our game, restoring pride in our game and exploring revenue streams and our willingness to achieve these aims does not alter."
Here's the Forum discussion that includes Rangers and their future
And the anticipation of the vote from STVNews...
Nothing like starting over... and the same may be said about Scottish Football as conventional wisdom is calling that this act is the beginning of the end of Scottish football.
Wednesday, July 4, 2012
BREAKING: SPL Votes Against Rangers Newco
Not really a surprise, but the Rangers FC did not get the required 8-4 margin for the newco to gain access to substitute themselves for the Craig Whyte-owned, pre-administration Rangers that holds the record for most titles by a team in any league around the planet.
The vote took about five hours of discussion and now the team has applied for entry into the Scottish Football Association. The team could be playing in any one of the three leagues not involved in the Premier League.
The fall of Rangers continues... and it's still a pretty big fall that's not over with since the owners are still trying to figure out just how much is owed to Her Majesty's Royalty Council (HMRC, the Queen's version of the IRS).
Here's the statement from John Brown as he tries to get Charles Green to sell Rangers and let the fans have them for the new start...
((HT: SkySports/youtube))
As the fans always are trying to keep the club's best interest at heart, it seems Rangers will have a long way back from a long way back...
The vote took about five hours of discussion and now the team has applied for entry into the Scottish Football Association. The team could be playing in any one of the three leagues not involved in the Premier League.
The fall of Rangers continues... and it's still a pretty big fall that's not over with since the owners are still trying to figure out just how much is owed to Her Majesty's Royalty Council (HMRC, the Queen's version of the IRS).
Here's the statement from John Brown as he tries to get Charles Green to sell Rangers and let the fans have them for the new start...
((HT: SkySports/youtube))
As the fans always are trying to keep the club's best interest at heart, it seems Rangers will have a long way back from a long way back...
Tuesday, June 12, 2012
Tuesday Rangers Update: HMRC Rejects Settlement Terms
((HT: STV News))
What both Rangers administrators Duff and Phelps and new owner Charles Green were looking for was an agreement with HMRC (the Crown's version of the IRS) where a Company Voluntary Agreement (CVA) would settle the team's debts at a percentage.
HMRC didn't go for it. That now means that liquidation will probably be the only resolution for the unpaid tax bill the team has and the "new" Rangers will be a "newco" set-up under a new corporate structure.
So, here's the next step...
Paul Clark, Duff and Phelps joint administrator, said: "It was a very disappointing day but we must deal with these things and move on.
"I can understand where this has come from, the position that HMRC have taken throughout is that until the final proposal was put to them they wouldn't confirm for sure whether they would vote in favour or against.
"They saw a proposal in a draft format and agreed it should be circulated.
"We were very hopeful because it showed the best possible financial result for creditors that vote in favour but they decided because of the delinquent tax debt from the past that on this occasion they were not prepared to vote in favour.
"So the decision was to reject the CVA on Thursday.
"This wasn't about personalities, we've had that absolutely confirmed by HMRC, it's also not about the fact they can't be certain as to what their debt is.
"Of course the big tax case has still to be decided, we still don't have the tribunal decision. We did make sure it wasn't just a case of timing or individuals and they confirmed to us that that is the case."
Here's the text of a Charles Green interview with Rangers TV about the challenges of the new era at Ibrox:
"One of the frustrations I have is we've spent a week explaining to people who believed we were using season ticket money to buy the club that that wasn't the case.
"There is a huge amount of negative energy being spent and what we have to do now is say that these are the cards we've got, not what we'd like or where we wanted to be.
"We need to say what we have, get behind it and move forward and after the CVA proposal is formally rejected on Thursday as you'd expect, I'll name my investors.
"We'll reveal who is on the board, what the names of the directors are and all of the things the fans, the SFA and the SPL are looking to see.
"The consortium's capabilities are not affected at all. There's obviously a reduction of £3million in price but we'd more than happily have paid the higher price.
"The support, commitment, willingness and ambition of the investors are all still there to take this club forward.
"The history of Rangers is not going to disappear just because HMRC decided to do an about turn on what they have been suggesting over the last few weeks.
"This club's history and traditions are based around its fans, their support and their loyalty and we're going to ensure the new structure preserves that."
What both Rangers administrators Duff and Phelps and new owner Charles Green were looking for was an agreement with HMRC (the Crown's version of the IRS) where a Company Voluntary Agreement (CVA) would settle the team's debts at a percentage.
HMRC didn't go for it. That now means that liquidation will probably be the only resolution for the unpaid tax bill the team has and the "new" Rangers will be a "newco" set-up under a new corporate structure.
So, here's the next step...
Paul Clark, Duff and Phelps joint administrator, said: "It was a very disappointing day but we must deal with these things and move on.
"I can understand where this has come from, the position that HMRC have taken throughout is that until the final proposal was put to them they wouldn't confirm for sure whether they would vote in favour or against.
"They saw a proposal in a draft format and agreed it should be circulated.
"We were very hopeful because it showed the best possible financial result for creditors that vote in favour but they decided because of the delinquent tax debt from the past that on this occasion they were not prepared to vote in favour.
"So the decision was to reject the CVA on Thursday.
"This wasn't about personalities, we've had that absolutely confirmed by HMRC, it's also not about the fact they can't be certain as to what their debt is.
"Of course the big tax case has still to be decided, we still don't have the tribunal decision. We did make sure it wasn't just a case of timing or individuals and they confirmed to us that that is the case."
Here's the text of a Charles Green interview with Rangers TV about the challenges of the new era at Ibrox:
"One of the frustrations I have is we've spent a week explaining to people who believed we were using season ticket money to buy the club that that wasn't the case.
"There is a huge amount of negative energy being spent and what we have to do now is say that these are the cards we've got, not what we'd like or where we wanted to be.
"We need to say what we have, get behind it and move forward and after the CVA proposal is formally rejected on Thursday as you'd expect, I'll name my investors.
"We'll reveal who is on the board, what the names of the directors are and all of the things the fans, the SFA and the SPL are looking to see.
"The consortium's capabilities are not affected at all. There's obviously a reduction of £3million in price but we'd more than happily have paid the higher price.
"The support, commitment, willingness and ambition of the investors are all still there to take this club forward.
"The history of Rangers is not going to disappear just because HMRC decided to do an about turn on what they have been suggesting over the last few weeks.
"This club's history and traditions are based around its fans, their support and their loyalty and we're going to ensure the new structure preserves that."
Wednesday, May 30, 2012
Wednesday Rangers Update: Looking To Leave Administration...
((HT: BBC Scotland))
There are a couple of items that are of concern in the Glasgow Rangers...
First the courts have agreed with the administrators and the franchise that the lockdown on signing players older than 18 was harsh punishment for a franchise looking to move forward.
From the Rangers website...
Paul Clark, Joint Administrator said: "We welcome the decision by Lord Glennie today that vindicates the Club's position that the original SFA judicial panel tribunal and the appellate tribunal acted beyond their powers in imposing a transfer embargo on the Club.
"The costs for this legal action have been awarded against the SFA and it is our position it is very regrettable that court action was required.
"Both we, and the SFA, will have to study the full ramifications of the judgment when it is published and either side has 21 days in which to decide the next course of action or whether they wish to appeal."
Charles Green, the new bidder at the top of the pecking order to take over for Rangers, wants creditors to accept the terms of the Company Voluntary Agreement (CVA) without having looked at the terms of it. A 75-percent majority have to decide if they want something without knowing what exactly that "something" may be in percentage...
Duff and Phelps, who hold secure creditor status, have legal fees of over £5.5-million which has to be paid while the outcome of a tax tribunal could send the club's debt above £134-million... thanks to Craig Whyte's shenanigans.
The CVA is being sent to approximately 400 trade creditors, over 6,000 fans holding debentures and all shareholders within the club.
If the plan is approved at the June meeting, another 28-day cooling-off period would be involved before Rangers could come out of administration.
If the CVA is not agreed to, Green plans to push through a newco purchase of the assets. Green, though, may have to fight the SPL's new rules against newco franchises... which would be a big problem...
Here's the BBCSI investigation on the past year of Craig Whyte's mismanagement
There are a couple of items that are of concern in the Glasgow Rangers...
First the courts have agreed with the administrators and the franchise that the lockdown on signing players older than 18 was harsh punishment for a franchise looking to move forward.
From the Rangers website...
Paul Clark, Joint Administrator said: "We welcome the decision by Lord Glennie today that vindicates the Club's position that the original SFA judicial panel tribunal and the appellate tribunal acted beyond their powers in imposing a transfer embargo on the Club.
"The costs for this legal action have been awarded against the SFA and it is our position it is very regrettable that court action was required.
"Both we, and the SFA, will have to study the full ramifications of the judgment when it is published and either side has 21 days in which to decide the next course of action or whether they wish to appeal."
Charles Green, the new bidder at the top of the pecking order to take over for Rangers, wants creditors to accept the terms of the Company Voluntary Agreement (CVA) without having looked at the terms of it. A 75-percent majority have to decide if they want something without knowing what exactly that "something" may be in percentage...
Duff and Phelps, who hold secure creditor status, have legal fees of over £5.5-million which has to be paid while the outcome of a tax tribunal could send the club's debt above £134-million... thanks to Craig Whyte's shenanigans.
The CVA is being sent to approximately 400 trade creditors, over 6,000 fans holding debentures and all shareholders within the club.
If the plan is approved at the June meeting, another 28-day cooling-off period would be involved before Rangers could come out of administration.
If the CVA is not agreed to, Green plans to push through a newco purchase of the assets. Green, though, may have to fight the SPL's new rules against newco franchises... which would be a big problem...
Here's the BBCSI investigation on the past year of Craig Whyte's mismanagement
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