Crowd-Funded Caterham Will Race In Abu Dhabi

And, probably, get a $40-million payday because of it.

The struggling Formula 1 squad went into administration and had padlocks on their doors. But a CrowdCube idea set forth the idea that if the Caterham F1 team (Kamui Kobayashi's car is pictured, thanks Caterham F1 Team) made a certain amount (2.35-million pounds), they could race in the last race of the 2014 season despite being in administration. That placement would put them top-ten in the standings for owners points and give them a mid-eight figure payday for their survival.

Much to the chagrin of F1 major domo Bernie Ecclestone- who thought the idea was a crock in the first place.

This coming from the guy who thinks social media isn't for his racing series, anyway...

“We set ourselves a major challenge, but it’s definitely been worth it! In only a week the fans have made the impossible, possible," Finbarr O’Connell of Smith & Williamson, joint administrator of Caterham Sports Limited. "We knew that the best way to keep this team alive and attract possible buyers was to show that it’s still a racing team and be in Abu Dhabi for the finale, and there aren’t enough words to say how grateful we are to all the fans that have made this possible.

“We now head to Abu Dhabi ready to show what a hard-working and positive group of people this is and to hopefully secure a future for the team. During the past few days the interest of many potential buyers has increased massively and by racing in Abu Dhabi the team will be showcasing itself as a live and functioning team that deserves to continue into 2015 and beyond. It has hard-working people, team spirit and experience and now it only needs a secure financial future which I’m very hopeful we can achieve. Once again, I’d like to reiterate that we are racing in Abu Dhabi thanks to all the fans out there – an achievement that will go down in F1 history and one that we can all be very proud of. We still need to raise a bit more cash so please do keep an eye on the Crowdcube website. Let’s go racing!”

Here was Craig Slater outside Caterham HQ just a few weeks ago when things were pretty bleak...
((HT: Sky Sports))


No idea on who will drive the car (or cars) for the team since Marcus Ericsson quit. Kobayashi has driven the other car, but his future was in doubt as well.

Caterham Can Skip US Grand Prix To Find New Owners (UPDATE: Marussia Skips As Well)

((HT: FIA/Sky Sports))

Let's face it...

The situation at Caterham's F1 team is a mess-and-a-half...

The old owner says the new owners are responsible for paying the bills. The new owners are saying the old owner never turned over the keys to the kingdom. As a result, Formula One Major Domo Bernie Ecclestone has given permission for the team to miss the next two races while they get their finances straightened out.

it's so bad right now that administrator Finbarr O'Connell closed the team's doors and no one and nothing is allowed in or out to tinker with anything.

Chief Executive Graham McDonald discusses the current mood


Part of a statement from FIA read:

"In a telephone conversation today between Finbarr O'Connell and Bernie Ecclestone, Mr Ecclestone agreed to support the administrators in their wish to sell the Formula One team to a party with the financial strength to sustain it into the future.

"Mr Ecclestone also agreed to give dispensation to Caterham F1 such that it could, if necessary, miss the US and Brazilian Grands Prix, but hoped that a new owner would be in a position to race the team at the Abu Dhabi Grand Prix."

Ecclestone has said in the past that FIA would be okay with ten squads. But the new owners who thought they were the new owners and have gone back and forth with the Tony Fernandes ("old") group in a war of words saying one group is responsible to pay bills and not themselves.

The lack of a Caterham side opens the door for both Sauber and Marussia to make more owners points in-roads and put Caterham in a deeper financial hole for the beginning of the 20125 racing season.

Especially, if no new owners are found by Abu Dhabi...

UPDATE: Looks like the Marussia squad is done with the US and Brazil GP's as well. The crash involving Juiles Bianchi in Japan has ricked the team to its core. At the last race in Russia- a race the home-owned squad wanted to have a stellar showing- they only ran one car in deference to Bianchi. The group hasn't seemed to be emotionally in the game and their financial issues are leaning them to regrouping for 2015 as well.

FIA rules say that you can sit out three races without violating the racing charter- looks Marussia might do that by choice and Caterham not so much so...

Is Coventry City In Rebellion...???

((HT: ITVNews))

From all reports, the Coventry City/Bristol City match was a good one if you like offense (5-4) in League One (think "double-a baseball" for your comparisons). But, at the same time, up to 7,000 home supporters stayed at home for a charity match benefiting the franchise that is playing its home matches this season 45 miles away because of ownership issues that are keeping the CCFC off the pitch at Ricoh Arena...

Here's your primer for the beginning of the season...


City's owners (Sisu) have decided to play their home games outside Coventry for the first time in the club's history after failing to reach a new rental agreement with the stadium's owners Arena Coventry Limited.

Only 2,204 - including 500 opposition fans - watched the match in Northampton at Sixfields...

Here's the Sky Sports report on the point deduction...


130 years of history aren't sitting well as Sisu seems to be screwing things up royally...
Here's the thoughts from the fans on the protest...
((HT: BBC1))

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...

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.

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...

Rangers Idea Of Staying Premier Fading

((HT: STV News))

Glasgow Rangers may have to find a new home outside the Scottish Premier League since the number of owners asked to allow the "newco" version of Rangers under their new ownership in Charles Green won't meet the desired 8-4 margin of approval...

Holly Hamilton describes what's up...


The new series of angst centers around the idea that Rangers is still Rangers even as the tax debt created by Craig Whyte is being settled by Her Majesty's Royalty and Customs (HMRC), administrator Duff and Phelps, and new owner Green.

This is turning out to be the largest opportunity for debate in Scottish soccer since... well, ever...

It's the opportunity for economic revenge on Rangers by the other SPL franchises. It's the opportunity for the league to lose at least a million pounds in the value of their TV deal without Rangers as a commodity to square off against Celtic. And it's the opportunity for every other level of Scottish soccer to extract some kind of corporate revenge against the team that has won more titles than any other team on the planet.

Here's the first ideas that Rangers would have to find a home elsewhere...


But, then, the larger question is: Where to put them...? If they're turned down by the SPL Wednesday- which is likely, they can't be relegated to the Scottish Football League below Premier because of the relegation ladder and its ups-and-downs that are law.

The thoughts by some fans are that Rangers just need to go to League Three- the baseball equivalent of Single-A- and just start over...

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."

Wednesday Rangers Update: Fine Stands, Embargo Stands... Team Screwed...???

And the Scottish Football Association sounds more and more like the NCAA every day...

The parent company for Scottish professional soccer is telling the Rangers football club that they can't bring in any players outside of the 40 they have access to already and can't sign anyone outside that roster over the age of 18.

The fine of 160,000 pounds stands even as the SFA recognized the financial non-payment of over 13-million in taxes was all Craig Whyte's doing...

The SFA also wants to find out just how many people (and who) are involved Charles Green's consortium. Green signed an irrevocable 8.5-million pound note to take care of creditors and appease administrator Duff and Phelps to get the team out of administration.

Here's Green addressing his desires for Rangers...
((HT: ITN News))

Friday Rangers Update: Back To Two Bids, Kennedy Pissed...

((HT: Rangers their own selves))

The appeal of Rangers in front of the SFA for the Craig Whyte-inspired punishments is set for next week. Administrators Duff and Phelps are still hacked that the league isn't differentiating between Rangers then and Rangers now...

The Blue Knights consortium went public today with their displeasure of not being considered for preferred bid status.

Here's part one of the Blue Knights presser...
((HT: youtube))


David Whitehouse, Duff and Phelps joint administrator, took an extraordinary step of commenting on confidential activity:

"Throughout the process Mr Kennedy told us repeatedly he would be the 'last man standing'. As Mr Kennedy today made a virtue of explaining publicly details of his bid we are in a position to comment on those remarks. Of the £5.5 million cash on 'day one' figure Mr Kennedy quoted, £3.5 million of that would be provided by us in any case from the Club's debtors.

"The bid structure also factors in performance in Europe, and reaching the later stages of the UEFA Champions League which cannot be achieved next season for example.

"We therefore find it extraordinary and very disappointing that Mr Kennedy in particular should assert that the amount being offered is irrelevant. Time and again he and others have been afforded the opportunity to become the best bid in play and it has not happened. We have a statutory duty to accept the best bid that is deliverable."

Preferred bidder status is now set for a consortium linked to former Sheffield United CEO Charles Green- known for his ruthless nature of guidance for business on the pitch.

Current manager Ally McCoist has been advised to watch his back if Green's group gets Rangers.

Here's the look at the Lap of Honour again...
((HT: SkySports/youtube))


One final thing, Ticketus finally got smart and is now chasing after Whyte for their 27-million pounds...

About time...

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...

Friday Rangers Update: Down To One Bid

Singapore businessman Bill Ng was looked at as one of the clubhouse leaders for the new ownership for Glasgow Rangers...

He's not any more...

Concerned over the "deliverability of shares on offer" Ng is removing his Singaporean consortium from consideration, which now leaves only American businessman Bill Miller to talk things over with administrator Duff and Phelps.

Here's the new special report on the status of Rangers with Alex Thomson on just how in debt Rangers are...
((HT: Channel4 Scotland))


Brian Kennedy and his Sale Sharks group said they had put another bid together, but D&P turned it away saying that the new paperwork hadn't been filed in the first place.

The hook with the Miller group is that he apparently favors liquidation since debts could reach 135-million pounds. That would create another new group of headaches- players could walk without Rangers being compensated, Rangers starts the season with a 10-point deduction, and they would only get 25-percent of their normal league revenue share.

Miller's plan in full thought is hyah, thanks to the Daily Mail...

D&P Chasing After Craig Whyte Now...

The hubris and ego of current and maybe former Rangers owner Craig Whyte is a real piece of work- earlier in the week he said openly that any new owner of Rangers, after administration, would still have to go through him to get full ownership.

Cute...

Not taking any of his gruff and huff Rangers administrators, Duff and Phelps, are now suing Craig Whyte’s company and his lawyers for more than £25-million in damages.

The legal firm of Collyer Bristow was facing the initial claim from the administrators, but it now extends to Whyte and the financiers both. Collyer Bristow is going to challenge the claim set for the London High Courts.

There's another 3.6-million pound claim that Her Majesty's Revenue and Customs (The crown's version of the IRS), Ticketus and two businesses connected to Whyte are all laying claim to in High Court- separate from the 25-million D&P is chasing.

Here's the BBC1 Scotland documentary on Whyte...
Just because...

Wednesday Rangers Update: Bids Are Due (4 In House)

((HT: SkySports))

Today is the day where we all see who is bidding for the opportunity to take over Glasgow Rangers and get them out of administration and into solid ownership...

The HQ knows of the Blue Knights/Ticketus bid- which makes sense for the ticket broker since it keeps them around with the promises they got from current owner/pariah Craig Whyte in regards to revenue.

A statement from Ticketus read: "The Blue Knights Consortium, led by Paul Murray and supported by fans' representatives (from the Rangers Supporters Assembly, the Rangers Supporters Association and the Rangers Supporters Trust) and Ticketus, confirms that it has this morning submitted its best and final bid for the acquisition of Rangers Football Club ahead of today's deadline, as requested by the administrators."

Brian Kennedy is staying out for now, but if administrator Duff and Phelps decides that the Blue Knights bid (or any other bid for that matter) doesn't work for the administration or with the HMRC, then he'll jump back in with a bid on his own.

There are also bids from, supposedly, groups in Singapore, Germany, and the United States but neither have given word officially. D&P have admitted that four bids, not including Kennedy, are on the table...

David Whitehouse, joint administrator, said on the Rangers website: "Following our announcement on March 30, that best and final bids for control of Rangers Football Club should be submitted by April 5, I can confirm we have received four bids by close of business today. The bids are structured in various ways but I would describe them as positive and constructive.

"The administration team will now analyse these bids over the forthcoming days and hold discussions with relevant parties to gain further understanding of the details of their bids.

"It will be our intention to accept an offer next week and this will be followed by a period of due diligence and exclusivity. At this stage, we cannot be precise in timescale but estimate that an exit from administration before the end of the season is achievable.

"We appreciate the need to conclude this process as quickly as possible. It is, however, most important to secure the best possible outcome for creditors, Rangers Football Club and its supporters."

It's optimistic to see if this will be settled by the end of the regular season. Financial advisors have admitted that the end won't be seen unless each of the four bidders (and/or Kennedy) have agreements with the HMRC and Duff and Phelps...

More when we know more...

Here's the Rangers win over Celtic- just because...
((HT: FoxSoccer/youtube))

Friday Rangers Update: BREAKING- Ticketus Deal Stands

And that may knock three of the four current bidders out of their interest in picking up Glasgow Rangers...

The Court of Session in Edinburgh decided that they wouldn't intercede and give any legal advice in the £24.4million season ticket deal with Ticketus.

Judge Lord Hodge said he wasn't "given sufficient legal information" to do anything, and Hodge also decided not to give Ticketus preferential treatment as a creditor.

Administrators Duff and Phelps went to court to try and get the Court to give advice and tear up the club's agreement with Ticketus. D&P claim that having the deal with Ticketus is preventing any serious bidders from taking over ownership.

The investment firm's eight-figure cash injection (60-percent of ticket sales over the next three seasons) allowed embattled owner-on the way out-Craig Whyte to pay off Rangers bank debt and complete his takeover in May.

The HQ knows this ain't over and it could get a whole lot messier before it gets any better... and all that is coming is the game against Celtic this weekend
Here's your flashback...
((HT: BBCNewsScotland/youtube))

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))

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...

Administration Update: Rangers Need To Cut A Million A Month

((HT: SkySports))

And now the Scottish Football Adminstration is taking in a new investigation over an allegation by former director Hugh Adam that payments made to players were not disclosed to the governing body.

Adam claimed in a newspaper interview that some payments had been excluded from contracts filed with the SFA.

Duff and Phelps Administrator Paul Clark released the following statement on the Rangers website:

"In short, the Rangers business is trading at a substantial loss and we have no alternative but to fill an approximate £4.5 million shortfall by the end of the season. It is therefore imperative that we find savings of approximately £1million per month to ensure the ongoing viability of the business.

"As has been widely publicised, there have been a number of discussions this week in an effort to achieve the necessary cost reductions. We are determined that all realistic options should be explored and today discussions have been ongoing with Ally McCoist who, in turn, has been speaking to his players and the PFA Scotland."

Any financial decision in regard to player redundancies, which is the next step in the process will be laid out next week- and not discussed since there is a game this weekend against Hearts.

The next questions will be involved around possible players' deferring wages until matters can be straightened out...

The first shocking live report is here from Murray Park...

Rangers administrators are set to seize £3.6m from Craig Whyte's lawyers. The money is from the sale of advanced season tickets to the ticket broker Ticketus. The original value of the deal is thought to be around £24-million and is the subject of roughly a missing 6-million. The money was transferred to solicitors Collyer Bristow.

David Cowan is outside Ibrox for STV

And here's more from the initial movements of Rangers...

Administration Update: Add Port Vale And Dunfermline (Maybe)

((HT: ITV/BBC))

It's now four...

We've covered the administration efforts of Portsmouth and Rangers. Now, we can add League Two Port Vale to the stacks...

They've even gone to the Stoke city council to see about a 300,000-pound loan. The team is under a transfer embargo, since they failed to pay the players for their February work. And they're currently two points away from the play-off for promotion into League 1, but administration would move them down to 16th in League 2's table.

Here's ITV's coverage and recap


And the version from BBC Midlands


Here's your Portsmouth update, where they maintain that only a grass roots effort of support will keep them around long term...
Here's Captain Liam Lawrence and Manager Michael Apppleton...
((HT: PortsmouthFC))


But word from administrator Trevor Birch isn't good at all from the Portsmouth end... from the Portsmouth website itself...

"We had previously stated that there was a real danger of the club running out of cash before the end of the season.

"The risk of this happening increases substantially without the money from the football authorities.

"Unless something significant happens, there is a real possibility that we may not be able to fulfill the season's fixtures.

"One potential issue appears to come from the assignment of £2.2-million of parachute payments that was made by the old company to a previous owner.

"We have instructed lawyers to challenge this, but the process may take time."

SkySports has done a longer-length story on the "Taxman" and the HMRC's quest to get the "outstanding 100-million pounds unclaimed every year..."


Portsmouth, after their 10-point deduction for administration, sit only one point out of the cellar from Doncaster Rovers. A bottom two finish means they would be demoted from the Championship League to League 1- the equivalent of going from triple-a to double-a in baseball parlance...

Dunfermline is the second team in the Scottish League to take it in the chops- the team approached the League after the Glasgow Rangers' issues reportedly left an £84,000 hole in ticket revenue from a match three weeks ago - three days before Rangers went into administration.

Dunfermline players, management and staff are still getting their February wages in full - 60% has been paid, with 20% more set to follow on Monday - with the club vowing to pay the remaining balances within 10 days.

The front office calls the situation "temporary."

Thursday Administration Update: Rangers Have Redundancy

((HT: STV/SkySports))

And, as a result, Chief operating officer Ali Russell and Gordon Smith, director of football, are leaving their roles with Rangers.

Smith said he was "undermined" through his association with owner Craig Whyte...

Here's Smith statement from the Rangers website:

"It was a great thrill to be offered the Director of Football role at Rangers. As a fan it was a wonderful experience to play such a big part in our treble winning season of 77/78. However like my transfer in 1980 my leaving at this time comes as a tremendous wrench.

"I admit that under the current circumstances it has not come as a major surprise to me. I was brought in by Craig Whyte but because his control and reputation has been damaged by recent disclosures, I feel my own position has been undermined by association.

"However, I would make the point that I was very frustrated in my job as I was unable to fulfill the job specification which was originally outlined for me. This was to control the major aspects of the football department outwith the first team operations.

"These were to include recruitment, scouting, transfer negotiations and youth development. I wasn't in control of any of these activities despite constantly making it clear to Craig Whyte that this was to be my remit. I outlined my medium to long term strategies for the Club on numerous occasions to no avail.

"There's no point in being a Director of Football unless you can control these areas, so, in that respect I'm totally comfortable with being made redundant at this time.

"The main thing for me is that Rangers survives and continues to operate as a great football club and I offer my full support going forward to ensure this happens."

Both are staying until the end of the month to finish up their jobs and administrators Duff and Phelps are handing over findings to local police for their own investigations.

And it now appears that the tax liability may be more into the neighborhood of 15-million pounds instead of 9-million...

Here's looking back at the preview of game one after administration, thanks johngreig...
((HT: SkySports))