Rangers News

First topic message reminder :

Updates on Rangers Transfer news.

No european football next season

It really looks like Rangers Mk 2 in the Scots Div 3 next year.

Looks like Duff and Phluffs have had enough.
Rangers may not be able to fulfil this years matches.

Yeah it's not looking good at the moment.

The way it is going it seems like the players/staff know that there is someone interested in buying and they were playing hardball.
The spat between Murray and King seems to have ended that.

As the old Chinese curse goes.....May you live in interesting times.

Rangers head for liquidation after players refuse pay cuts

• Administrators to 'accelerate' sale of the club
• Club may fail to finish this season's league campaign

Rangers have been warned they are sliding towards liquidation after the bleakest prognoses of their future arrived both from the club's administrators and a current director on Wednesday. Having failed earlier in the day to agree a crucial and significant pay-cut deal for the squad, the administrators admitted the club may be unable to fulfil their remaining fixtures this season, triggering a desperate plea for new investment.

Duff & Phelps, the Rangers' administrators, threatened that if that was not forthcoming then they would need a significant batch of redundancies just to allow the team to complete this Scottish Premier League campaign.

David Whitehouse, Rangers' joint administrator, said: "We are announcing we are accelerating the sale of Rangers Football Club. The club is in a perilous financial situation and that should not be underestimated. Regrettably, we have been unable to agree cost-cutting measures with the playing staff on terms that will preserve value in the business. We understand the players' position as the scale of wage cuts required to achieve these savings without job losses were very substantial indeed.

"In view of this, we are faced with a situation of making redundancies within the playing staff on such a scale that would materially erode the value of the playing squad. We are striving to strike a balance where cost-cutting measures can be implemented but do not destroy the fabric of the playing squad to the extent that it will inhibit the prospect of a sale.

"However, no one should be in any doubt that in the absence of sufficient cost-cutting measures or receipt of substantial unplanned income, the club will not be able to fulfil its fixtures throughout the remainder of the season."

Paul Clark, Whitehouse's fellow administrator, later confirmed Rangers have "no realistic hope" of being granted the licence which would allow them to compete in European football next season, in what represents a further financial blow. Clark added: "There has, perhaps inevitably, been speculation about Rangers Football Club facing liquidation. As we have stated previously, we remain very confident that Rangers will not cease to exist and the team will continue to play at Ibrox.

"If a company voluntary arrangement is not possible for any particular reason, any buyer of the club and its assets would complete that purchase through a sale by the administrators allowing the football club to continue to operate, with the old company then being placed into liquidation prior to dissolution."

Such a chain of events would have serious football and financial implications for Rangers, nonetheless. The desperate situation was spelled out by the administrators a matter of hours after Dave King, a Rangers director, labelled liquidation as a foregone conclusion.

In a statement, King said: "I do not believe that there is a reasonable prospect that the company can come out of administration. I believe that liquidation is inevitable."

Paul Murray, who is leading a consortium which hopes to take over Rangers, is understood to have met with Her Majesty's Revenue and Customs on Tuesday to establish its position. The clear wish of that consortium is to pick up the club from administration rather than liquidation, but it is now involved in a battle against the clock.

Ally McCoist, the Rangers manager, has been asked to be involved in the sale of the club. He said: "There are may be one or two people out there who are underestimating the situation, but it should not be underestimated. We are in a very serious predicament but we are still fighting for our lives and we'll continue to do that.

"I think the sale of the club has always been a measure that everybody knew would become inevitable, but what maybe wasn't inevitable has been the speed of it."

http://www.guardian.co.uk/football/2012/mar/07/rangers-administration-liquidation-wage-cuts

Presumably the creditors including HMRC (basically the general public?) are going to accept a heavy loss with the best returns obtainable through selling the club to the highest bidder. Presumably the council won't allow the stadium to be bull-dozed over with planning permission for chic appartments and a hotel.

Presumably it would be convenient for the next buyer of the club to buy it in administration rather than after liquidation?

Rangers in administration: Dave King statement

Having had the opportunity to visit key stakeholders and to properly consider the information now available to me I would like to comment on certain matters that I have hitherto refused to comment on.

My own visibility of the true state of affairs was being actively restricted and, as it turns out, falsified by Craig Whyte and I did not wish to add to the strongly held but unconfirmed rumours that were already being played out in the media.

Craig Whyte

I met with Craig Whyte during my recent visit and he provided clarity on the funding position. His true financial commitment was not by way of cash (as he had previously advised me) but rather guarantees that he and/or companies associated with him had given to Ticketus.

He confirmed to me that Ticketus has no recourse to the football club. Hopefully the administrators will be able to confirm this. The upshot of Craig Whyte’s confession is that the fans were duped.

Immediately upon the acquisition of the club by Craig Whyte (far from being debt free as was trumpeted by the Murray Group and Craig Whyte at the time) the club was in a much worse economic position than before and had no chance of survival even if we had progressed in Europe.

The Murray Group

I purposely did not meet with David Murray but did meet with Mike McGill who was a member of the Rangers board at the time of the acquisition and was intimately involved on behalf of the Murray Group in securing the sale to Craig Whyte.

I am absolutely satisfied in my mind that Mike McGill (and hence the Murray Group) had no knowledge that the proof of funds supplied by Craig Whyte’s attorneys was secured by season ticket sales. I am further satisfied that the Murray Group would not have proceeded with the transaction if the true source of the funds had been disclosed.

The Murray Group had every right to rely on the proof of funds letter that was supplied by Collyer Bristow.

Collyer Bristow

The role of Collyer Bristow requires further investigation as this legal firm appears to have behaved in a manner inconsistent with its natural duties and responsibilities.

I met with Gary Withey, on two occasions, during my recent visit and I do not believe that it is plausible that he was actively involved in an attempt to deceive the shareholders, fans, and creditors of the club.

I do however continue to have concerns about the discharge of his duties as company secretary for Rangers. There is a true version that has yet to emerge regarding Collyer Bristow’s role and knowledge of events.

Administration

I do not believe that there is a reasonable prospect that the company can come out of administration. I believe that liquidation is inevitable.

European football

The club will not meet its financial requirements before the UEFA deadline. There will consequently be no European football next year and liquidation might extend that by another two years.

The harsh reality is that Craig Whyte has abused the loyalty of the fans by trading that future loyalty for cash in a manner that has excluded the club’s ability to provide the very product that the fans were expected to pay for.

To have done this, and then blatantly lied about it, is an abuse that no fan of any club should have to suffer.

HMRC

Now that I have evidenced the true position I wish to commend HMRC for showing the maximum restraint that it possibly could have under its mandate to collect taxes that are due.

The empathy that HMRC has demonstrated to the club and its fans is particularly gratifying given the abuse perpetrated on HMRC by Craig Whyte in withholding ongoing tax payments to fund the club- while simultaneously pretending that he was using his own funds.

Going forward

It grieves me to state that it seems inevitable that the footballing institution will survive but the company won’t. This will entail many hurdles (that will be overcome) including ‘Rangers (2012) Ltd’ having to reapply for membership of the SFA etc.

It is a sad point to have reached, but if managed sensibly, it can result in Rangers returning to its former glory as a football club in the shortest time possible. We must all strive to ensure that an appropriate ownership structure guarantees that this event is never repeated.

We must remember that our footballing friends across the city came very close to the point that we now find ourselves in. Scottish football needs a strong Rangers and Celtic - but perhaps in a slightly humbler form.

My own present position

I seem to be one of the few people who actually invested cash into the club. I have made a claim of £20 million on the basis of non-disclosure by the then Chairman, David Murray, of Rangers true financial position as far back as 2000.

Other shareholders may feel deceived like I do and wish to take similar action. (David Murray will no doubt argue to the contrary and the merits of this will be dealt with in due course in the appropriate forum.)

For present purposes however, I simply want to advise the fans and fellow shareholders that any benefit I receive from my claim will be fully reinvested into the restructured football club. I remain 100% committed to the Rangers football club and will do whatever I can to advance its interests.

My own future position

I intend to remain involved with the club, at least on my present basis, post-reconstruction if that is at all possible under the new ownership structure. I am however alert to the raw sentiment around the need for Rangers to have ‘fit and proper’ persons at its helm.

In view of my own well-publicised and acrimonious legal disputes with the authorities in South Africa I have taken it upon myself to approach the SFA in that regard in advance of considering an increased role in the club going forward. I will be guided by the SFA’s response in that regard.

Paul Murray

In the interim I will be putting my full support behind Paul Murray’s initiative to secure the future of the club. Paul is a very smart businessman of undoubted integrity and a man who holds all that is sacred and traditional at Rangers football club very close to his heart. He is exactly the type of man the club needs at this time.

The previous board

I worked happily with the previous board and was immensely saddened by the way that some of them were excoriated by the media for no reason other than that they strongly opposed the sale of the club to a man who appeared to have insufficient funds to take the club forward.

Martin Bain, Paul Murray and Alastair Johnston were fired immediately upon the takeover for voicing their concerns. The Rangers spin doctoring machine then started to work overtime to discredit them, both individually and collectively.

We now know the truth and hopefully those three loyal Rangers fans can now be fully welcomed back to Ibrox Park with full appreciation for the role that they have played in working tirelessly behind the scenes to expose Craig Whyte for what they truly knew him to be- and what all fans now know him to be.

This cancer might have continued longer without their continued probings.

Martin Bain

Martin deserves particular mention. I have chatted to him a few times since he was forced to resign. Despite the lies and untruths that were being leaked about him to the press he never wavered in his loyalty and commitment to the club.

He never wavered in his commitment to the fans and he was determined to expose what was really going on.

The club was fortunate to have Martin at the helm as CEO for many years and was even more fortunate to find him continue to act in the interests of the club after he was unjustifiably removed from that position and unjustifiably deprived of his fair contractual settlement.

John Greig and John McClelland

Both of these gentlemen were, like me, not fired from the board after the acquisition and soldiered on in the best interests of the club until they reached a point where they reluctantly resigned rather than be associated with the failing governance at the club. That was the early warning sign.

I haven’t spoken to John McClelland but I can confirm (from my recent discussions with him) how pained John Greig is to have been unable to attend his beloved Ibrox. Hopefully he will shortly be able to resume his rightful iconic place in the director’s box.

Previous titles

I have noted the recent media comment about Rangers being stripped of previously earned titles. While this makes good headlines, I am absolutely confident (now that I have a good sense of the true position) that this will not happen.


http://www.telegraph.co.uk/sport/football/teams/rangers/9129002/Rangers-in-administration-Dave-King-statement.html

Nore Staat wrote:Presumably the creditors including HMRC (basically the general public?) are going to accept a heavy loss with the best returns obtainable through selling the club to the highest bidder. Presumably the council won't allow the stadium to be bull-dozed over with planning permission for chic appartments and a hotel.

Presumably it would be convenient for the next buyer of the club to buy it in administration rather than after liquidation?

Certainly, not really sure who would be willing to step in at the moment though.

It seems a little late for the Scottish FA to deem that Craig Whyte was not a fit and proper person to run a club (after an "independent" enquiry into the matter): http://www.bbc.co.uk/sport/0/football/17302801

There are probably quite a few other owners of clubs in Scotland and elsewhere (e.g. in the Premiership) that are not fit enough to run a club (I'm thinking of a certain chicken farming family).

Rangers administration: ‘Huge gesture’ lets Rangers finish campaign

RANGERS last night staved off the immediate threat of liquidation when a wage-cutting deal was finally struck between the club’s administrators and the first-team playing squad, which will allow them to complete their SPL fixtures this season.

A dramatic and draining week of negotiations was concluded to the satisfaction of Duff and Phelps who say the salary reductions will meet their target for savings of £1 million a month and preserve the jobs of non-playing staff at the club while they continue their efforts to secure a new owner.

Rangers players have agreed to temporary contracts for the next three months, which will see wages cut by 75 per cent for the highest earners, 50 per cent for middle earners and 25 per cent for those on the lowest pay scale. Manager Ally McCoist, his coaching team and backroom staff have also accepted significant drops in salary.

Only two players have left the club, Gregg Wylde and Mervan Celik having both volunteered to terminate their contracts earlier this week. Two non-playing staff were made redundant yesterday. Misha Sher, appointed global operations director in January, has lost his job along with a secretary following the closure of Rangers’ recently opened London office where they were based.

Co-administrator Paul Clark expressed his gratitude at the co-operation of the players and believes their collective decision will retain enough value in Rangers to make them more attractive to potential buyers who have a deadline of next Friday to register their interest in the club. However, he admitted Rangers remain in a grave financial position as they attempt to emerge from the insolvency event they were placed in on 14 February by discredited owner Craig Whyte’s failure to pay £9 million in PAYE and VAT to HMRC.

“This has given us breathing space so we can have proper and ongoing discussions with the interested parties,” said Clark. “There will be discussions next week. The plan has been to avoid liquidation. We firmly believe Rangers Football Club will continue to operate and that’s why it was so important to get necessary cuts in place so we can keep the club in operation long enough to enable a party to come in and make an acquisition.

“The decision of today and the other cuts of the last few days will deliver those £1 million of savings we identified. It has been a difficult decision for many. The players have made significant sacrifices and it is has been difficult for them to understand why they should do it, given the position of the club was not of their making.

“Those discussions have been long and difficult at times but I’m pleased to say we got a successful outcome. It was worth waiting for. The easy option was to make swingeing cuts and leave a much reduced playing staff but that would have destroyed the value of the club.”

Sources close to several Rangers players claimed that they had demanded clauses in their new contracts which would grant them a free transfer if Craig Whyte was to retain control of the club following administration.

“There’s no condition to that effect,” insisted Clark. “I’m not sure Craig Whyte is in control of the club, anyway. The administrators are in control of the club.”

Not every player has put pen to paper on the new contracts yet but Clark said that was purely for logistical reasons.

“I’m not going to talk about individual cases, but some of the players just weren’t available today,” he added. “For instance, some of them are no longer in Glasgow so we haven’t got every single signature.

“But they are very much the minimum, very, very few, and we expect them to be dealt with over the next few days. If we had to, we could move ahead now without complete consensus, but I don’t think that’s going to be an issue. We believe there is complete consensus, it’s simply people not yet available to sign the necessary documentation.”

PFA Scotland chief executive Fraser Wishart spent most of yesterday at Murray Park helping to thrash out the deal and praised his members for their efforts to try and help secure the future of Rangers.

“It’s a huge gesture by the players to the club and fans,” said Wishart. “They knew from the word ‘go’ that at some point there was going to be a massive hit. They knew they were the biggest cost at the club but one of the points they have stuck steadfastly by is they wanted to protect as many jobs as possible at the football club.

“There is word tonight that there are not going to be any redundancies among staff at Ibrox and Murray Park and the players are thankful for that, as it was their number-one priority in this process.

“There are some players whose contracts expire in May anyway, who would have been better off leaving and getting a better deal elsewhere. But their commitment from the start of this process has been to stick together as a collective.

“What it also does is buy time for the administrators to find a new owner for this club. It’s still in a perilous position but I think this a huge step forward for Rangers. The players have made a massive contribution. Now it’s up to others to make a huge step too.”

http://www.scotsman.com/sport/football/spl/rangers-administration-huge-gesture-lets-rangers-finish-campaign-1-2164434

So is the 16th march still d day for rangers and buyers or is it a stay of execution till end of season?

I doubt they will be ready to rock come the 16th, i think they will still be at it come the end of the season to be honest.

Rangers administration: Walter Smith endorses Paul Murray’s consortium

FORMER Rangers manager Walter Smith has backed Paul Murray’s consortium in their bid to take over the troubled Glasgow club.

Murray said on Friday that Ticketus, whose money allowed Craig Whyte to complete his takeover, were backing his consortium along with the main supporters’ groups.

Yesterday Murray revealed that motoring tycoon Douglas Park was among those who have expressed interest in his group, along with two London-based businessmen - fund manager John Bennett of the Henderson Group and property adviser Scott Murdoch of CWM.

Smith guided Rangers to three successive Clydesdale Bank Premier League titles before stepping aside to be succeeded by Ally McCoist and believes Murray is the right man to be Rangers’ new figurehead.

Smith said in the Daily Record: “When I came back to Rangers five years ago the make-up of the board had changed completely from what it was during my previous stint as manager.

“That was the first time I met Paul Murray. I think he had been on the board for a couple of years by then.

“Throughout the four and a half years that I was there I was always really impressed by the way he handled himself at the board meetings. What came across more than anything else was that everything he did was for the good of Rangers Football Club.

“If you are looking at somebody stepping in to sort this out, I don’t think anyone could question both Paul’s own integrity and the fact that he is without a doubt a big Rangers supporter.

“He will only do what he believes to be best for the club. That’s the biggest thing the fans should know.”

http://www.scotsman.com/sport/football/top-football-stories/rangers-administration-walter-smith-endorses-paul-murray-s-consortium-1-2169035

Goian snubs China offer

Gers stopper enjoying life at Ibrox

Rangers defender Dorin Goian has turned down a big-money move to China despite seeing his wages cut at Ibrox, according to his agent.

Gers' players recently accepted pay cuts of up to 75 per cent for the rest of the season to prevent mass redundancies at the financially-stricken club, who entered administration last month.

Romania international Goian was among them having arrived at Ibrox from Palermo last summer.

The 31-year-old's brother, Lucian Goian, signed a lucrative deal at Chinese club Tianjin Teda in January.

But Goian's agent, Florin Manea, claims the Rangers stopper has spurned a similar offer which would have seen his wages doubled.

Manea told the Daily Record: "Dorin received an offer from a club in China that would have doubled the wages he received at Rangers.

"They would have paid him £1.5million a year but he decided not to go because he likes it at Ibrox."

http://www1.skysports.com/football/news/11095/7592514/

Fair play. Everyone seems to be pulling in the 1 direction over there. Keep that up and rangers just might get out of this in one piece.

Sir David Murray admits 'huge mistake' in selling Rangers to Craig Whyte

Sir David Murray has admitted making a "huge mistake" in selling Rangers, saying: "I wish I'd never done the deal with Craig Whyte."

Murray insists he was "duped" by the Motherwell-born businessman before he handed over his majority shareholding to him for £1 last May.

Since then the club has collapsed in chaos. Rangers entered administration on Feb 14 after HMRC lodged its petition over non-payment of about £9 million in PAYE and VAT following Whyte's takeover.

Whyte, previously disqualified as a company director for seven years, admitted selling tranches of future season tickets to the London investment firm Ticketus for £24.4 million to effectively finance his takeover, using the money to wipe off Rangers' £18 million bank debt to Lloyds Banking Group.

Last Friday administrators Duff and Phelps confirmed management and players had agreed a wage-reduction deal ranging from 75 per cent to 25 per cent to secure jobs throughout the club, which needs to save £1 million per month to stave off the threat of liquidation while new owners are sought.

At a press conference at his Edinburgh offices on Tuesday afternoon the former Rangers owner distributed a letter from Whyte's solicitors, Collyer Bristow, dated Jan 3, assuring Murray that obligations were being met by Whyte, who last week was found by the Scottish Football Association not to be "a fit and proper person" to run a football club.

The letter was signed by Gary Withey, who has since quit as a partner at the firm.

Whyte's pledges included paying off the bank debt and investing money in the squad and stadium but joint-administrator Paul Clark said at the weekend that they could see "no evidence of any investment by Whyte into Rangers".

"I was primarily duped," said Murray. "My advisers were duped, the bank was duped, the shareholders were duped. We've all been duped."

Asked why he thought Whyte was the right man to take the club forward, after previously saying he would only sell to someone with Rangers' best interests at heart, Murray replied: "Because he met the criteria that were in his offer document. He's quite affable and plausible.

"I always remember someone said, 'Does it pass the sniff test?' He was Scottish, he wasn't a foreigner, he was supposedly a Rangers supporter, he had the money.

"There is a Stock Exchange offer document there. If you can't believe that, what can you do?

"Craig Whyte made a statement that the club was never in better financial state when he took it over.

"This is a guy saying he's going to spend money on players, on health and safety, do the ground up. That is a legal offer document. You would expect that to be honoured.

"The letter on Jan 3 is quite dynamite, because what they've done is confirm that they would deliver the deal they signed up to."

Murray insists he had no idea that Whyte had used Ticketus money to buy the club.

"The first I knew about Ticketus was when Martin Bain (former chief executive) asked me to do a precognition on his defence (in a legal case) against Craig Whyte, and it was brought to my attention at the end of December," he said.

"I signed a precognition in January with our lawyers present.

"But if we'd known of the Ticketus thing, we'd not have done the deal."

Murray was at a loss as to how Whyte was able to raise money from Ticketus before he bought the Ibrox club.

"That's a good question," he said. "People can be puzzled. But genuinely, none of us knew."

Murray was then asked if alarm bells did not ring when former chairman Alistair Johnston and former director Paul Murray warned that the deal with Whyte was not the right one for the club.

Paul Murray failed in his bid to buy Rangers before Whyte took over but now heads the Blue Knights consortium who have expressed their interest in rescuing the club from the threat of liquidation.

"We did check, to the best of our ability," he said. "After someone has been disqualified for seven years, it's not that easy to check. And it is also down to the individual, is it not, to make us aware of that?

"I'm not defending me - because I've made a huge mistake here. And I deeply regret, I deeply regret, selling the club to Craig Whyte now. Deeply.

"And if the information had been available to me at the time I wouldn't have done it. I did it in good faith."

The steel magnate, who lost both legs in a road accident, tried to put his disappointment about the way things have happened at Rangers into some context.

"It's ironic you should meet me today: it's 36 years today since I had my accident, March 13," he said.

"I'm not trying to be some tough or arrogant person, but I've had quite a few obstacles put in my life. And I would say that I'm very disappointed.

"Again, I can only apologise how this has turned out. And if I could turn the clock back, of course I would. There's not much more I can say than that."

Murray, who took over Rangers in 1988, admits the state the club finds itself in has tarnished his legacy.

"Of course it has," he said. "It's 22, 23 years, and I think the first 15 or 16 were fantastic. Then we went into a tight period financially when I put a lot of money into the club.

"I have genuinely put just short of £100 million into Rangers in my tenure. We all enjoyed a lot of success together. Now all of a sudden it's all my fault.

"I accept at the end of the day I was the captain of the ship, and I take my share of criticism."

Collyer and Bristow refused to comment. Whyte was unavailable for comment.

http://www.telegraph.co.uk/sport/football/teams/rangers/9143629/Sir-David-Murray-admits-huge-mistake-in-selling-Rangers-to-Craig-Whyte.html

Murray says he has put £100m in to Rangers, I wonder how much he has taken out?

Reports say that Sale Sharks owner Brian Kennedy would reluctantly bail out the club. May I just say now that he the most bent man in sporting finance who has ruined the town of Stockport. He would only spread his cancer further if he ended up bailing Rangers out.

To be honest Phil i don't want a man who says he will buy Rangers but basically only if nobody else wants them, not sure if i want the Blue Knights either.

Goian's agent in talks with clubs on the continent

DORIN GOIAN'S agent claims he is holding talks with clubs in Germany and Turkey in order to facilitate a move away from Rangers for his client.

The Romanian defender has agreed to take a 75% pay cut after the Ibrox club went into administration.

Goian has intimated a desire to remain in Glasgow having been so impressed by Rangers supporters' diligent efforts to help their stricken club, turning down the chance to join his brother in Chinese football. That move would reportedly have allowed him to double his wages.

However, Florin Manea, his agent, appears to be working in the background to secure a move away from Rangers, although Goian will continue to play for the club for the remainder of the season.

"Dorin couldn't risk leaving Rangers now because there is a good chance FIFA wouldn't allow him to play for another club until next season," said Manea. "For now, he has accepted the pay cut, but there are certain conditions attached to it and we will wait to see if Rangers adhere to them.

"There was that proposal from China that was financially tempting, but Dorin refused that from the start because he doesn't want to lose his place in the national team.

"I am currently in discussion with teams in Germany and Turkey, although I don't want to specify which ones. I can say that if Dorin had known what was going to happen at Rangers this season, he would never have left Palermo."

http://www.heraldscotland.com/sport/football/goians-agent-in-talks-with-clubs-on-the-continent.17078058

Rangers administration: Bidder set to pull out if Ticketus deal remains, court told

ONE OF the bidders for crisis-hit Rangers has warned it will not pursue its interest in the Ibrox club if the Ticketus season-ticket deal remains in force, a court heard yesterday.

Agreements reached with Ticketus were used by Craig Whyte to finance his takeover from Sir David Murray at Ibrox last year before the crisis-hit club was placed into administration last month.

The administrators Paul Clark and David Whitehouse, of Duff and Phelps, have now gone to the Court of Session in Edinburgh seeking guidance on a potential move to end the contract with Ticketus.

David Sellar QC, for Rangers’ administrators, told Lord Hodge yesterday: “Of the four bids one has said that it will not carry on if Ticketus were involved, by that I mean if the Ticketus contract were in force.

“Given the amounts of money involved that makes perfect sense. If Ticketus is indeed to be paid £20-odd million that does have an effect on a business, which as we know, was loss-making.”

He added: “What would be less than satisfactory is if matters proceeded, through nobody’s fault, but proceeded to such an extent that other bidders walked away leaving one bidder in the form of the Ticketus consortium that could then offer as little as possible.”

But counsel for Ticketus urged the judge not to make a ruling in the case that could lead to Rangers administrators going back on a season ticket deal.

Ronald Clancy QC, for Ticketus, told Lord Hodge: “As of today there are three, possibly four, investment proposals including one involving Ticketus. It is impossible to say that none of these could pave the way for the company coming out of administration as a going concern with the Ticketus agreement still in place.

“The real issue behind this application is the desire of the administrators to terminate the contract in such a way that if the company emerges from administration it would not have to be performed.”

But he maintained that such a breach would not have the effect being sought by the administrators’ lawyers “namely the opportunity for the company to come out of administration without having to honour the contracts”.

Clancy said: “If Parliament had intended administrators should have such a wide power to terminate contracts it would have granted those powers expressly.”

The Ticketus deals over season tickets provided an initial sum of more than £20 million plus VAT in May last year.

Ticketus have now linked up with the Blue Knights consortium, headed by former Rangers director Paul Murray, to take control at Rangers. The Blue Knights have confirmed that they lodged a bid before last Friday’s deadline for offers, and one of the other bids is from Sale Sharks owner Brian Kennedy. Another is believed to be from Club 9 Sports, a Chicago investment firm.

Rangers went into administration last month when facing a £9.3 million bill from Her Majesty’s Revenue and Customs. The club also faces a further potential £49 million bill over an EBT scheme, known as the ‘big tax case’.

Mr Clancy told Lord Hodge: “I would suggest it is not appropriate to make any ruling in the present state of play.”

Meanwhile, the administration of Rangers was put on a sound legal footing yesterday, after a flaw in the appointment of Duff & Phelps last month was corrected.

Clark and Whitehouse have been operating as joint administrators, although they had been brought in without the required notification being given to the Financial Services Authority. The Ibrox club returned to the Court of Session in Edinburgh to rectify the situation. Sellar told the court: “The interests of the creditors would not be served by the confusion of potentially invalidating the steps that have already been taken.”

Lord Hodge agreed to make a new order and said it would apply retrospectively, from 14 February. He is expected to give a ruling on the Ticketus issue in due course.

http://www.scotsman.com/news/rangers-administration-bidder-set-to-pull-out-if-ticketus-deal-remains-court-told-1-2183076

In full: Rangers administrators’ statement on takeover process

Rangers Football Club administrators Duff & Phelps have issued the following statement on the latest situation at the club.

Paul Clark, Joint Administrator, said: “As administrators we are obliged, as part of our statutory duties, to put forward our initial report and statement of proposals to creditors by April 5. The report will be uploaded to the Rangers Football Club website (www.rangers.co.uk) from that date.

All creditors will have the opportunity to vote on the proposals. In essence, the proposals consist of a set of legal and technical resolutions which relate to routine housekeeping matters, for which the Joint Administrators are required to seek creditors’ approval. The proposals if approved, will allow the Joint Administrators to continue the administration process until an appropriate exit from administration can be found.

Advertisements will be placed in relevant newspapers tomorrow, giving notice of a meeting of creditors. This will not be a physical meeting of creditors. The meeting is to be held solely by correspondence in accordance with Rule 2.28 of the Insolvency (Scotland) Rules 1986. Voting forms and statutory notices along with the Joint Administrators’ statutory proposals will be available from 5 April 2012 from the website www.rangers.co.uk.

Votes by correspondence must be submitted by 12pm on April 20 and the process is part of standard administration procedure. For clarification this is not a creditors’ meeting at which a Company Voluntary Arrangement will be proposed, nor will any other form of exit from administration be determined at this juncture. Such matters will be formally considered once the sale process has reached a conclusion.”

http://www.scotsman.com/news/in-full-rangers-administrators-statement-on-takeover-process-1-2212903

Galveston Oh Galveston.

Looks like you are going to squeeze through with Ticketus and Paul Murray striking a deal.
Seems unfair to the other SPL clubs if it is only going to be a 10 points deduction.

This is turning into some saga. Thing is, noone knows what their buying. What kind of debts and tax bills rangers are going to have. Who is going to buy a club like that? I see liquidation myself.

Still a long way to go Doon, don't think they are clear of any trouble/further punishment yet.

The news this morning said 'if David Whyte is prepared to sell'.
I thought he was out of the equation, what has he got to sell?

Sell his shares to Murray i think. I'm not sure if he does or if he doesn't, surely not.

West Brom continue to monitor Glasgow Rangers stars

West Brom are continuing to monitor Steven Naismith’s situation at Rangers.

Sources in Scotland yesterday claimed that Albion had a bid of around £2million rejected for the forward by Rangers’ administrators sometime last week.

Naismith, like other players at Ibrox, recently took a pay-cut to help ease the financial burden on the club.

The trade-off in doing so included heavily reduced exit-clause fees for all players.

Naismith has not played since October because of knee ligament damage.

He is under contract at Ibrox until May 2015.

The Baggies are keen to bring in a wide player this summer, mindful that Rangers’ perilous position should enable players to leave for cut-price fees.

Albion have also keeping close tabs on Allan McGregor.

The highly-rated goalkeeper was one of the players who Albion asked about last summer when they were searching for Scott Carson’s replacement.

McGregor eventually signed a new deal to stay at Rangers but, like Naismith, could also be available for a lower fee.

With Ben Foster’s future still uncertain, Albion are keeping their options open regarding their goalkeeper position for next season.

Read More http://www.birminghammail.net/birmingham-sport/west-bromwich-albion-fc/west-bromwich-albion-fc-news/2012/04/04/west-brom-continue-to-monitor-glasgow-rangers-stars-97319-30691265/#ixzz1r5hF7156

Whyte comes out fighting as he defends record over debt

RANGERS owner Craig Whyte has claimed that the club’s liabilities decreased by more than £10million during his time as chairman.

The majority shareholder blamed the supposed intransigence of Her Majesty’s Revenue & Customs (HMRC) for putting Rangers into administration, and claimed the tax authority was “on a different planet from the rest of us”.

Speaking in a radio interview, Whyte also said he thought he could do business with the Blue Knights consortium, led by former Rangers director Paul Murray. But he refused to commit himself to selling or giving away his shares in the club, leaving open the possibility that he would remain a massive stumbling block to the attempts by potential purchasers to put Rangers back on a firm footing.

Whyte, who bought Rangers from Sir David Murray for £1 last year, was responding to the announcement on Thursday by administrators Duff & Phelps that the club’s total debt could go as high as £134m. That sum included a hypothetical £75m which Rangers could owe if they lose the so-called big tax case, which was the subject of a tribunal in January, the result of which has yet to be announced.And, while the big tax case is still unresolved, Rangers definitely owe HMRC more than £14m for unpaid income tax, VAT and related sums.

It was the club’s failure under Whyte’s chairmanship to pay those taxes which led to the process of putting Rangers into administration. Despite that fact, and the evident disarray of Rangers’ finances, he insisted that his time in charge had seen an improvement at the club. “I’m not sure why yesterday’s figures surprised anyone and actually, since I’ve been involved, Rangers’ total liabilities have been reduced by between £10-14m,” Whyte said on Radio Clyde.

“The accounts prove that. It’s factual: anyone can look at the figures. The liabilities have actually reduced, not increased as the media have been implying.”

When it came to the money owed to HMRC, Whyte insisted he had been willing to come to a satisfactory arrangement to pay it. “They refused to discuss the case ahead of the tribunal, so it was impossible to have a sensible discussion with them,” Whyte said. “I offered to pay them in full the current liabilities by the end of August this year, and £2.5m a year towards the big tax case whether that be for ten years, five years or whatever. If they’d accepted that deal they would have been paid in full, but of course they don’t live on the same planet as the rest of us.”

Duff & Phelps have claimed for some time that Whyte is irrelevant to Rangers’ medium- and long-term future. Whyte did suggest he would be amenable to agreeing a deal with the Blue Knights, but refused to confirm that any such deal would involve him disposing of his shareholding.

“I will do what’s best for Rangers in the long term,” he said. “I’ve spoken to members of the Blue Knights and I don’t think there will be a problem long term in doing something with them if that’s the best deal on the table.”

Then asked if he would definitely have no part to play at the club after it had exited administration process, he added: “You can never say never, but you’d have to say it’s unlikely. Whether I remain as a shareholder or not though, let’s wait and see.”

He also claimed that Rangers would receive £220,000 for the sale of their shares in Arsenal, conducted via financial firm Pritchard, of which he was secretary. “The money is there. It’s in a segregated client account and that money will absolutely, definitely end up back with Rangers. If you’re inferring that I have somehow profited from selling those Arsenal shares personally, then that is absolutely not true.”

Whyte yesterday failed to attend a Scottish Football Association judicial hearing, which went ahead in his absence. The hearing was a preparatory meeting to discuss charges against Whyte and Rangers which are scheduled to be held over three days later this month.

http://www.scotsman.com/news/rangers-administration-whyte-comes-out-fighting-as-he-defends-record-over-debt-1-2221839

Miller clarifies position and answers critics

BUSINESSMAN Bill Miller has confirmed he is the sole party in the American bid for Rangers. Miller, who was due to speak to manager Ally McCoist last night, said he hoped the club could come out of administration via a Company Voluntary Arrangement (CVA).

He also denied a claim yesterday that previous sports ventures of his had failed, and clarified the role of Club 9 Sports, the company that had previously been regarded as the major element of the US bid.

“I am the sole bidder,” Miller told The Scotsman. “Club 9 Sports contacted me to see if I wanted to be an investor in the consortium they were organising. Because the group did not feel it could quickly agree to terms of investment and other issues, they decided not to go forward and disbanded. I decided to pursue the Rangers on my own.

“My preference is a CVA exit. I am working with the administrators and lawyers to find a creative solution that protects the history and future of the Rangers, but does not have the club hampered by large amounts of debt going forward.”

McCoist said yesterday he hoped to meet Miller and a representative of the Singapore bid as soon as possible, and Miller responded by saying he was about to speak to McCoist, who was very much a part of his plans for the club.

“My plans certainly include Ally McCoist,” he stated. “The success and long-term viability of the club and the wage bill are linked. The amount of money invested in the squad needs to be directly related to the revenues generated by the club in order to remain solvent and so as to meet the new requirements of Uefa, which prevent teams from operating at a loss,” he continued.

“Any Rangers fan should be alarmed by this [potential debt of £134m]. It totally hampers the club’s ability to be successful in the future. It is my intention to clean this up. Any time you negatively affect the future revenues by mortgaging the future of a team, you are endangering its very survival.

“With regard to the claims by others of sports flops, that is highly inaccurate,” he continued, referring to the report in one newspaper yesterday. “First, we offered to buy a hockey team in the US and move it back to San Diego where it had a long and great history.

“Unfortunately AEG did not want to enter into a lease and they did not want to share in the cost to refurbish the arena for the hockey club, so we did not buy it. That is not a failure.

“With regard to TRAC, that was a great business concept. Unfortunately, we discovered malfeasance from certain insiders and so we resigned. After being sued by this group for untrue allegations, I counter sued and eventually prevailed. If you care to research it, you’ll see that several of those people behind the suit are now in federal prison for securities fraud, which is what we had discovered.”

http://www.scotsman.com/news/rangers-administration-miller-clarifies-position-and-answers-critics-1-2222096

Just out of interest if Rangers can't get into Europe next year, what will happen to the place they will qualify for? Does it drop down to the next team or does that spot go down as a bye for next year?

Yours sincerly
A Dundee United fan with no vested interest (honest)

The 3rd place team will get the second champs league spot and 4th gets uefa spot.

They definately will not be playing in Europe next season, woukd be a pointless exercise apart from the cash anyway.

Rangers owner Craig Whyte says that he has spoken with two of the three parties bidding to buy the club but has had no formal offer to buy his shares.

"I am assuming that a preferred bidder can be announced subject to a deal being done with me."

Whyte purchased an 85% shareholding in the Glasgow giants for £1 from Sir David Murray in May 2011.
http://www.bbc.co.uk/sport/0/football/17670783

So I guess this is how Whyte expects to make a personal profit (?) over Rangers? I assume as (majority) shareholder he is not liable for any of the clubs debts?

He needs to leave Ibrox asap before people start trying to hurt him.

I'm, surprised he's no received any mail bombs yet.

In all fairness the man is a genius. He's going to come away with a wad of notes for a club he bought for a £1 and brought to their knees without putting a penny of his own cash in.

Daryl King at the Herald who has been the most reliable source for info on this reckons he could walk away with as much as £30m because he holds a floating charge over the club.

It's shocking Kev the man is an idiot, the quicker he leaves the better.

Mate if it was any other company and not Rangers you would be with me and say he was a genius.

A £30m return on £1 you'll no get that down William Hill!

He's got some balls I'd say that much. For the record I'm not one of those that wants to see you lot go bust my mates Mum works at Murray park and is only 2 years away from retirement and if Rangers go bust she loses her pension and her loyalty payment which leaves her on a state pension after 40 years hard graft.

I want punishments but the league relies on Celtic and Rangers. Without they 4 Old Firm games we are on a level with the Welsh and Irish leagues.

Rangers fans group threaten away boycott if SPL rule changes approved

The Rangers Supporters Trust say they will give "serious consideration" to calling a boycott if plans to punish newco clubs are voted through this month.

Rangers supporters have threatened a boycott of away games if plans for new sanctions on insolvent SPL clubs come to fruition.

Proposals have been made to impose stricter points penalties on clubs which go into administration, as well as punishing clubs who fail to pay their players or meet obligations to pay tax.

Clear consequences for teams choosing to form a newco and transfer their league share have also been set out in the resolutions, with a planned ten point deduction for two consecutive seasons.

The proposals for newco clubs have been viewed by many Rangers fans as too severe and the Rangers Supporters Trust say they will consider suggesting travelling supporters avoid away travel, if clubs vote through the amendments.

A statement from the group read: “The board of the Rangers Supporters Trust, like other fans of the club, are not in the least surprised by the actions and timing of the SPL decision to vote on rule changes which has now further delayed a future takeover of Rangers.

“Given the severity of the possible sanctions, and their impact on any club who may also fall on hard times through mismanagement, it leaves us little option to give serious consideration of calling for a boycott of away fixtures by Rangers fans next season; specifically targeting those clubs who have rushed through the proposals to punish our club with these excessive and draconian penalties.

“We will discuss this in the near future with our sister organisations the Rangers Supporters Association and Assembly to maximise impact and collate ideas on how a boycott could be facilitated if deemed necessary.

“There appears to be a change in attitude within our support and a unified determination not seen before as we again see another attempt to persecute our club whilst we are at our most vulnerable.

“It may also be important to consider how these severe penalties, currently aimed at one club in particular, will impact future league and club sponsorship and have a secondary impact on all clubs reducing the stature of Scottish football as a whole.

“With this in mind we will contact several of the main sponsors to seek their thoughts on how these sanctions would affect their level of investment given the obvious inevitable decreasing level of competitiveness in the SPL in future.”

The proposed changes also include provision to deduct 75% of league-generated revenue from newco clubs for three years, on top of the points deduction.

Clubs will vote on the proposals on April 30. If successful, the amendments will become rules as of May 14, one day after the 2011/12 season.



http://sport.stv.tv/football/scottish-premier/rangers/303335-rangers-fans-group-threaten-away-boycott-if-spl-rule-changes-approved/

As I said on an earlier thread, It would be wrong for Rangers to get away with just a 10 point penalty for all the jiggery pokery they have been up to.
I think the proposed changes are much more in line with natural justice.

Livingston went down to Div 3 for a lot less than Rangers did.

I would have thought the Rangers fans would be relieved to stay in the Premier with a 10 point deduction for two years. To boycott away matches will only make the club more reviled by the other league teams and could backfire badly on them.

Rangers directors call for resignation of owner Craig Whyte

• Andrew Ellis and Dave King contact club administrator
• 'He will not do the right thing for the club in the future'

The Rangers directors Andrew Ellis and Dave King have called for the resignation of the club's owner, Craig Whyte. Ellis, a London property developer, and King, a South Africa-based businessman, have contacted the club's administrator, Duff and Phelps, with their demand.

They said: "We can confirm that as directors of Rangers, we [Andrew Ellis and Dave King] want Craig Whyte to step down with immediate effect in order to safeguard the future of the club. He has been found not to be a fit and proper person to be an official at a football club by the Scottish Football Association.

"Moreover, he has not done the right thing in the past for Rangers and we believe that he will not do the right thing for the club in the future. It is abundantly clear that Craig has misled the Rangers board and the fans but by walking away immediately we believe and hope it will make the sale of the club easier."

Whyte has repeatedly denied any wrongdoing since taking over Rangers last May and since the club was plunged into administration on 14 February.

A spokesman for Duff and Phelps, which is in discussions with three parties over a takeover of the club, told the Daily Record: "The powers of all directors are effectively removed when a company goes into administration – unless the administrators decide otherwise.

"We will consider the request of Messrs Ellis and King and, if necessary, will review the position of any or all directors should it be a material issue for the preferred bidder, once that party is selected."

http://www.guardian.co.uk/football/2012/apr/13/rangers-directors-resignation-craig-whyte?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+theguardian%2Ffootball%2Frss+%28Football%29

Doon the Water wrote:As I said on an earlier thread, It would be wrong for Rangers to get away with just a 10 point penalty for all the jiggery pokery they have been up to.
I think the proposed changes are much more in line with natural justice.

Livingston went down to Div 3 for a lot less than Rangers did.

I would have thought the Rangers fans would be relieved to stay in the Premier with a 10 point deduction for two years. To boycott away matches will only make the club more reviled by the other league teams and could backfire badly on them.

I think Rangers are going to have to take what they get on the chin, they shouldn't be treated any different unless it is going to have a negative impact on the whole league. If fans do boycott away games for a long peroid it will affect some of the smaller clubs.

HIlarious decline in Scottish football. Told you it was all rubbish.

Come on now behave, i know deep down you like Rangers.

SR
You never miss a chance to berate your country. [assuming that you really are Scottish]

Why?

Doon, what's so good about it that I should blindly defend it? I'm Scottish by an accident of birth, that's all. It gives me no pride to be Scottish.

What I am saying is that if you care so little for Scotland why do you continually knock the country at every chance. makes no sense to me.

I don't care about Nigeria but I don't go out of my way to say so.

Of course there are certain aspects I like, hence why I still live here, however there is a lot not to like, and its worth raising it.
On this very topic I've slated Scottish football for being rubbish and pointless, and with the collapse of one of the biggest teams its been borne out.
As you said, I slate it when I get the chance. The originator of the post gave me that opportunity.

Blue Knights step back from Rangers bidding race

The Blue Knights consortium seeking to gain control of Rangers says it is "stepping back" from the process.

The group led by former club director Paul Murray had tabled one of three bids being considered by the club's administrators, Duff & Phelps.

The Blue Knights anticipated being named preferred bidder on Friday and was asked to provide a £500,000 non-refundable deposit for exclusivity.

But the group now says it cannot compete with Bill Ng's consortium.

American businessman Bill Miller has also been vying for control of the Ibrox club.

Duff & Phelps says it is disappointed by the withdrawal of the Blue Knights and insist that its bid had placed it in "a strong position".

“At all stages of the process, The Blue Knights/Ticketus bid has been given the most serious consideration, particularly due to the fact that it was being encouraged by supporters' groups”

Duff & Phelps

Ticketus, the firm whose money financed Craig Whyte's takeover, with funding set against revenue from future season ticket sales at Ibrox, has been working alongside the Blue Knights but has also opened talks with Ng.

And the Blue Knights claim its Singapore-based rival had made the offer of a "substantially" better deal.

"We have been speaking to both groups," Ticketus told BBC Scotland. "Those discussions are ongoing and ultimately we are willing to work with whoever the administrator decides has made the best offer for the club and the creditors."

A statement from the Blue Knights read: "On the evening of 12 April The Blue Knights Consortium ["the consortium"] was asked by Duff & Phelps to reconfirm its "best and final" offer of 4 April. We reconfirmed our position and we believed that we would be awarded preferred bidder status on Friday morning.

"As part of the process of awarding exclusivity Duff & Phelps had requested a non-refundable deposit. During the course of Friday Ticketus informed us that they were not prepared to provide this deposit.

"During the course of the weekend individuals within the consortium offered to put up the deposit subject to a small number of conditions which were broadly agreed with Duff & Phelps.

"During the course of the weekend we were also made aware that Ticketus had been in discussions with the Singaporean consortium who, on Friday, had offered Ticketus a 'substantially' better deal to the one offered by us. We confirmed that we were not prepared to increase our offer to Ticketus which we believe to be in the club's best interests.

“We still believe that a partnership with Ticketus represents the best opportunity of the club exiting administration via a CVA”

Blue Knights

"The consortium believes that the whole deal process has become incredibly complex and it is critical that a preferred bidder is appointed this week.

"As a consequence, and in the best interests of the club, the consortium has decided to take a step back to enable Duff & Phelps, Ticketus and the Singaporeans to conclude a deal as quickly as possible or not.

"We stand ready to complete our offer of 4 April which included a deal in principle with Ticketus. We still believe that a partnership with Ticketus represents the best opportunity of the club exiting administration via a CVA [company voluntary arrangement].

"We firmly believe that, in the best interests of the club, the whole process has to move forward as a matter of urgency. We are stepping back to assist with this but we stand ready to re-enter the process if a deal can not be reached."

Duff & Phelps responded: "We were surprised that their [Blue Knights] offer to pay an exclusivity fee was withdrawn and although discussions over the exclusivity fee continued over the weekend, no agreement was reached.

"At all stages of the process, The Blue Knights/Ticketus bid has been given the most serious consideration by us as administrators, particularly due to the fact that it was being encouraged by supporters' groups.

"We are aware that Ticketus has also been, at their own instigation, in parallel discussion with one of the other bidders over the last few weeks and it remains to be seen whether these discussions will be taken forward."

Earlier on Monday, Whyte, who owns around 85% of Rangers' shares, warned that any bidder for the club will have to "thrash out a deal" with him.

http://www.bbc.co.uk/sport/0/football/17736718?

As far as I can tell (which might be wrong) Ticketus have been very fair in their dealings, considering they gave £30 million odd pounds to Craig Whyte / Rangers and haven't yet had any return / guarantees (?) for their monies.

Or am I missing something? Can I also assume that Craig Whyte has no links with Ticketus (i.e. is not a major shareholder of Ticketus either directly or indirectly?).