((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."
Showing posts with label Paul Clark. Show all posts
Showing posts with label Paul Clark. Show all posts
Tuesday, June 12, 2012
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
Monday, April 23, 2012
Rangers Update: Whyte Gets A Ban, So Do Rangers
The administrators from Duff and Phelps broke out the word "draconian" in describing the decision that came down today from the Scottish Football Association...
The SFA decided that owner Craig Whyte was to be fined 200,000 pounds and was the proud owner of a lifetime ban after being deemed unfit to own or manage an SFA franchise.
Whyte's response to the sanctions...?
"Tell me how it is going to affect me? I couldn't care less. It makes no difference to my life whatsoever - and good luck collecting the money.
"It's a joke."
But that wasn't all... much like what the NCAA does when they hand out sanctions to schools, the SFA acted in the same manner- a 160,000-pound fine and a 12-month embargo on any player signings for Rangers...
D&P wasn't pleased at all... here's their response in full...
Paul Clark is given credit for the statement...
"All of us working on behalf of the Club are utterly shocked and dismayed by the draconian sanctions imposed on Rangers in respect of these charges.
"It appears that on one hand the disciplinary panel accepted our central argument that responsibility for bringing the Club into disrepute lay with the actions of one individual - Craig Whyte - as is evident from the unprecedented punishment meted out to him.
"During this hearing the Club produced compelling evidence from a number of sources that following his takeover, Craig Whyte ran the Club in a thoroughly unaccountable manner, rather than adhering to a long-established and proper form of corporate governance.
"The thrust of the charges against the Club focused on non-payment of payroll taxes and evidence was produced that all such decisions in this area were taken by Craig Whyte during his tenure.
"Given this evidence, it is difficult to comprehend that the disciplinary panel has seen fit to effectively punish the Club even more heavily than Mr Whyte. As everyone knows, it has already been decided he is not a fit and proper person to run a football club and any further punishment on him will have little or no impact.
"However, for Rangers, a ban on signing players will seriously undermine the Club's efforts to rebuild after being rendered insolvent.
"Furthermore, we do not know how bidders for the Club will react to these sanctions and what affect they will have on their proposals.
"The Club has asked for full written reasons for these decisions and intend to appeal against the findings."
Let's go back to the original adminstration presser for a reminder to the SFA what the Rangers actually are going through at the moment...
((HT: BBCNews/youtube))
Spaeking of one of the guys chasing after Rangers...
Towing major domo Bill Miller is proceeding with his 11.2-million pound deal to create two separate but operating equally Rangers franchises. He says he has had conversations with the SFA and the SPFA (the player's union), but wants to still talk to head coach Ally McCoist when he can between now and the time of the team's next game this weekend against Hearts.
The plot thickens...
The SFA decided that owner Craig Whyte was to be fined 200,000 pounds and was the proud owner of a lifetime ban after being deemed unfit to own or manage an SFA franchise.
Whyte's response to the sanctions...?
"Tell me how it is going to affect me? I couldn't care less. It makes no difference to my life whatsoever - and good luck collecting the money.
"It's a joke."
But that wasn't all... much like what the NCAA does when they hand out sanctions to schools, the SFA acted in the same manner- a 160,000-pound fine and a 12-month embargo on any player signings for Rangers...
D&P wasn't pleased at all... here's their response in full...
Paul Clark is given credit for the statement...
"All of us working on behalf of the Club are utterly shocked and dismayed by the draconian sanctions imposed on Rangers in respect of these charges.
"It appears that on one hand the disciplinary panel accepted our central argument that responsibility for bringing the Club into disrepute lay with the actions of one individual - Craig Whyte - as is evident from the unprecedented punishment meted out to him.
"During this hearing the Club produced compelling evidence from a number of sources that following his takeover, Craig Whyte ran the Club in a thoroughly unaccountable manner, rather than adhering to a long-established and proper form of corporate governance.
"The thrust of the charges against the Club focused on non-payment of payroll taxes and evidence was produced that all such decisions in this area were taken by Craig Whyte during his tenure.
"Given this evidence, it is difficult to comprehend that the disciplinary panel has seen fit to effectively punish the Club even more heavily than Mr Whyte. As everyone knows, it has already been decided he is not a fit and proper person to run a football club and any further punishment on him will have little or no impact.
"However, for Rangers, a ban on signing players will seriously undermine the Club's efforts to rebuild after being rendered insolvent.
"Furthermore, we do not know how bidders for the Club will react to these sanctions and what affect they will have on their proposals.
"The Club has asked for full written reasons for these decisions and intend to appeal against the findings."
Let's go back to the original adminstration presser for a reminder to the SFA what the Rangers actually are going through at the moment...
((HT: BBCNews/youtube))
Spaeking of one of the guys chasing after Rangers...
Towing major domo Bill Miller is proceeding with his 11.2-million pound deal to create two separate but operating equally Rangers franchises. He says he has had conversations with the SFA and the SPFA (the player's union), but wants to still talk to head coach Ally McCoist when he can between now and the time of the team's next game this weekend against Hearts.
The plot thickens...
Sunday, March 11, 2012
Rangers Update: 20 Players Gone Without Salary Cuts
((HT: SkySports))
Harsh words from the administrators from Duff and Phelps over the financial woes of Glasgow Rangers... two players agreed to leave the squad voluntarily, but that was nowhere near the 1-million pound per month figure put out by D&P to secure Rangers future.
"We were looking at the decimation of the squad," Paul Clark said in interviews with the Sunday newspapers.
"There was mention over the last week of between eight and 11 players being made redundant had the players not taken pay cuts. If we'd made eight to 11 redundancies we would have still needed 50% pay cuts from the players who remained.
"If those cuts hadn't been made, and I couldn't do the sums until now, we would have been looking at cuts of up to 20 players in total."
Clark addressed the wage cuts to the press...
Duff and Phelps are trying to trim the folks who want to add Rangers to their portfolio within the next week...
Here was the initial announcement from Clark...
((HT: SkySports))
Harsh words from the administrators from Duff and Phelps over the financial woes of Glasgow Rangers... two players agreed to leave the squad voluntarily, but that was nowhere near the 1-million pound per month figure put out by D&P to secure Rangers future.
"We were looking at the decimation of the squad," Paul Clark said in interviews with the Sunday newspapers.
"There was mention over the last week of between eight and 11 players being made redundant had the players not taken pay cuts. If we'd made eight to 11 redundancies we would have still needed 50% pay cuts from the players who remained.
"If those cuts hadn't been made, and I couldn't do the sums until now, we would have been looking at cuts of up to 20 players in total."
Clark addressed the wage cuts to the press...
Duff and Phelps are trying to trim the folks who want to add Rangers to their portfolio within the next week...
Here was the initial announcement from Clark...
((HT: SkySports))
Monday, March 5, 2012
DEVELOPING: Rangers Not Taking Wage Cuts Yet
((HT: SkySports/STV))
This was supposed to be the day when Glasgow Rangers administrators were to announce budget cuts and redundancies when it comes to the Glasgow Rangers roster and personnel.
But... and this is a big but... no one agreed to anything... especially when the pay cuts for on-field players were to be anywhere from 25 to 75-percent...
The players asked for another day to negotiate something, and Duff and Phelps has agreed to it...
Administrator Paul Clark released a statement:
"Everyone involved in the administration process has been attempting to reach a consensual solution in regard to job losses within the playing squad. The prime reason for this has been to achieve essential cost savings while preserving the fabric of the first team.
"This has not been an easy balance to strike and we would like to thank the manager Ally McCoist, his players and the PFA Scotland for attempting to find a solution that would be workable for all. Every realistic option is being explored.
"Regrettably, it has not been possible thus far to reach a consensus where players could accept the necessary level of wage cuts to prevent job losses within the squad. We do not for a moment criticise the players for this as the wage reductions that would be required are very substantial and would have a significant impact on each individual.
"For clarity, we cannot enforce wage cuts. The players have to agree to this course of action. The players have asked us to consider a final proposal overnight for discussion in the morning and we have agreed to this request."
Charles Paterson was outside their training facility at Murray Park...
At the same time, both the Scottish Football Association and the Scottish Premier League are investigating the idea that players on the active roster from 2001 to 2009 received two contracts- which is a violation of the by-laws of the league.
Craig Whyte still is the preferred creditor, much to the dismay of supporters...
Here was his stance when all this went down in the first place...
This was supposed to be the day when Glasgow Rangers administrators were to announce budget cuts and redundancies when it comes to the Glasgow Rangers roster and personnel.
But... and this is a big but... no one agreed to anything... especially when the pay cuts for on-field players were to be anywhere from 25 to 75-percent...
The players asked for another day to negotiate something, and Duff and Phelps has agreed to it...
Administrator Paul Clark released a statement:
"Everyone involved in the administration process has been attempting to reach a consensual solution in regard to job losses within the playing squad. The prime reason for this has been to achieve essential cost savings while preserving the fabric of the first team.
"This has not been an easy balance to strike and we would like to thank the manager Ally McCoist, his players and the PFA Scotland for attempting to find a solution that would be workable for all. Every realistic option is being explored.
"Regrettably, it has not been possible thus far to reach a consensus where players could accept the necessary level of wage cuts to prevent job losses within the squad. We do not for a moment criticise the players for this as the wage reductions that would be required are very substantial and would have a significant impact on each individual.
"For clarity, we cannot enforce wage cuts. The players have to agree to this course of action. The players have asked us to consider a final proposal overnight for discussion in the morning and we have agreed to this request."
Charles Paterson was outside their training facility at Murray Park...
At the same time, both the Scottish Football Association and the Scottish Premier League are investigating the idea that players on the active roster from 2001 to 2009 received two contracts- which is a violation of the by-laws of the league.
Craig Whyte still is the preferred creditor, much to the dismay of supporters...
Here was his stance when all this went down in the first place...
Saturday, February 18, 2012
Saturday Administration Update: Pompey And Rangers
((HT: SkySports/johngreig))
First, here's the Sky live shot before the Rangers game against Kilmarnock...
But Killie got the 1-0 win at Ibrox to put Rangers 14 points behind Celtic in the SPL ladder. Manager Ally McCoist said he would not surrender the league title at this point, and he would not make any finger-pointing toward the front office at present.
It was a packed house and the supporters were in full throat...
((HT: youtube))
Craig Whyte chose not to show at Ibrox for the loss, and there seems to be some movement on the issues of "visibility" when it comes to some finances... 24-million pounds worth of "visibility" that had come from a deal on future season ticket sales with the firm Ticketus.
Duff and Phelps administrator Paul Clark said before the game to BBC News:
"We have received some information overnight in relation to various monies and various transactions in relation to Rangers Football Club.
"We're going to be looking at all of that information over the coming days and we expect to give some form of announcement during the course of next week.
"But, at the moment, from the financial side of things, we are still working so that we can prepare a proper statement for delivery next week."
"It's in relation to several transactions in relation to the takeover and other issues in relation to the financial affairs of the football club over the past few months."
Portsmouth lost 2-0 at Barnsley... combined with the Nottingham Forest win against Coventry City, they are now in a relegation battle with Coventry City and Doncaster with Forest three points clear...
First, here's the Sky live shot before the Rangers game against Kilmarnock...
But Killie got the 1-0 win at Ibrox to put Rangers 14 points behind Celtic in the SPL ladder. Manager Ally McCoist said he would not surrender the league title at this point, and he would not make any finger-pointing toward the front office at present.
It was a packed house and the supporters were in full throat...
((HT: youtube))
Craig Whyte chose not to show at Ibrox for the loss, and there seems to be some movement on the issues of "visibility" when it comes to some finances... 24-million pounds worth of "visibility" that had come from a deal on future season ticket sales with the firm Ticketus.
Duff and Phelps administrator Paul Clark said before the game to BBC News:
"We have received some information overnight in relation to various monies and various transactions in relation to Rangers Football Club.
"We're going to be looking at all of that information over the coming days and we expect to give some form of announcement during the course of next week.
"But, at the moment, from the financial side of things, we are still working so that we can prepare a proper statement for delivery next week."
"It's in relation to several transactions in relation to the takeover and other issues in relation to the financial affairs of the football club over the past few months."
Portsmouth lost 2-0 at Barnsley... combined with the Nottingham Forest win against Coventry City, they are now in a relegation battle with Coventry City and Doncaster with Forest three points clear...
Subscribe to:
Comments (Atom)