Glasgow Rangers close to administration

http://www.bbc.co.uk/news/uk-scotland-glasgow-west-17015966

Rangers Football Club has lodged legal papers signalling its intention to go into administration.

It now has five days to confirm whether administrators have been appointed to take over the running of the club.

The move comes while Rangers awaits a tax tribunal decision over a disputed bill plus penalties totalling £49m.

If the club is formally put into administration it faces an immediate 10-point penalty from the Scottish Premier League.

That would place the Ibrox club 14 points behind first-placed Celtic in the race for the championship.

It's a sad day for Scottish football and tells its story about European football in general a little bit.

one horse league

it doesnt mean they will disappear, they will still be there

Sad to see a big club with such rich history suffer like this, I fear that they will do a Monaco if they are not careful.

I know some Rangers fan and they are very passionate about their club, they don't deserve this.

halamadrid2 wrote:one horse league

it doesnt mean they will disappear, they will still be there

Also in the article:

Mr Whyte is understood to be the club's main secured creditor via a floating charge over its assets.

This would allow him to pursue other avenues such as receivership or pre-pack administration to satisfy the debts which the club owes him.

These would involve transferring Rangers assets out to another company or companies to satisfy outstanding debts to the floating charge holder and leaving the club behind with the debt.

In such scenarios, it would be likely that Rangers FC - formed in 1873 - would be formally wound up.

that is just in worst case scenario

HAHAHAHAHA

F*ck Rangers!!!

Rangers fans were left in a state of shock after the club lodged legal papers signalling their intention to enter administration, according to Rangers Supporters Assembly president Andy Kerr.

The Scottish champions filed the notice with the Court of Session in Edinburgh at lunchtime yesterday.
Craig Whyte, who took over ownership from Sir David Murray last May, is waiting on the verdict of a tax tribunal which if it goes against Rangers could, according to the club, “result in liabilities and penalties substantially more than the £50 million reported”.

Part of a long statement released by Rangers yesterday said: “It is extremely disappointing the club finds itself in this position but decisions have to be taken to safeguard the long-term survival and prosperity of the club both on and off the field.”

Kerr said the news was perhaps expected but no less “devastating”. “I am shell-shocked,” he said. “Every message I have had on my mobile has mentioned how sad it is.

“Some of us fans had expected that we might face this day but that it has happened so quickly has been shocking. It is devastating and it leaves us with more questions than answers. I wonder what the trigger was? People want to know what it means.

“How quickly can we get out of the situation? Where do we start with the debts and playing squad?
“There are around 200 employees at Ibrox, what will happen to them?”

Kerr is hoping that administration, which would incur an automatic 10-point penalty from the Scottish Premier League and a threat to the club’s European status, is the worst fate that will befall the Govan club.
“I always believed that liquidation would be the worst-case scenario,” he said. “If it is all going down the swanny then the ramifications are horrendous.”

A number of Rangers players are believed to have contacted PFA Scotland seeking advice over their future should Rangers go into administration and what would happen if they lost their jobs.

But Gordon Smith, director of football and a former Rangers player, emerged from Ibrox last night confident of the long-term future of the club.

“As an ex-player and a member of staff as well, obviously it is very disappointing,” he said. “But it might be the positive way ahead.

“This is to try to take care of the short-term financial problems the club has and once that financial problem has been sorted, this club will be stronger and go forward in a strong manner.”

It was reported last night that Murray could buy the club back under the terms of his deal with Whyte.
Former Rangers chairman Alastair Johnston confirmed there was a possibility Murray could regain control, but he was unlikely to step forward in the current climate.

“There is some recourse that could allow Sir David Murray to buy the club back,” Johnston told STV.
“Options are available to Sir David under certain circumstances. But I don’t think he wants to do it and I don’t think the banks would allow it.”

Meanwhile, a football finance expert has backed Rangers to respond with the help of their supporters should they enter administration.

Professor Tom Cannon of the University of Liverpool believes a fan ownership model, like those adopted in Germany, could be the way forward to boost the club’s long-term health.

Cannon said: “It will be the biggest club in the world to have gone into administration. “It is a giant which has been felled. It shouldn’t be a surprise, but it is a tragedy because they are a great club with great tradition.

“It won’t be the end of Rangers. It’s possible that gives the opportunity to create a German-style sports club out of the ashes.“None of this stops Rangers being, in terms of the fan base, one of the giants of world football.” As exclusively revealed by The Daily Telegraph on Jan 20, Rangers will add over 6,000 of their own fans, at a cost of nearly £8 million, to their list of creditors should they elect to enter administration.

Murray mainly funded the building of the Club Deck on top of the Main Stand in 1991 with a debenture issue.
Fans were asked to pay between £1,000 to £1,650 for the right to be able to buy a season ticket in the new extension until 2026.

The club’s most recent audited accounts – for the year ending June 30, 2010 – confirmed that liability and revealed that there are 6,050 debenture holders, who would be due a total of £7.736 million.
Rangers confirmed the signing of 35-year-old Gabon striker Daniel Cousin yesterday.

Didn't see the other thread...

https://goallegacy.forumotion.com/t17005-glasgow-rangers-close-to-administration

There is more information in my thread, so I'll leave it up anyway if people are interested in what is looking like story of the biggest club to ever go bankrupt.

It has something to do with an unpaid tax bill from what I have gathered.


I doubt it will have too much long term consequences, their chairman has a fair ammount of money. It will kill this seasons title hopes though.

So sad, Rangers are a great club. I hope they can recover.

Never liked Rangers.

BhritanniaBhlue wrote:

:lol!:

Creative.

TomJuve wrote:
I doubt it will have too much long term consequences, their chairman has a fair ammount of money. It will kill this seasons title hopes though.

If the chairman pays off the debt then there will be consequences FFP related, no european football for Rangers.

As I understand it, Rangers have a rather large unpaid tax bill and invested money in players that they didn't have. A bit like Portsmouth.

Their chairman has also had one of his comapny's charged for some dodgey business, apparently.

There are rumours of Rangers reforming under the English FA should they actually go out of business, though I don't think there is much truth to those.

In any case, regardless of how Rangers are seen as a club, to see such a big club reduced to such a state is very unfortunate.

quite sad, rangers are a great club.. hopefully the worst case scenario doesnt enact itself

thanks for moving my posts

i cant believe spl has two cl spots

Neutral wrote:i cant believe spl has two cl spots

you mean you can't believe Rangers and Celtic have a CL spot

Do you know that Rangers have(had) shares in Arsenal FC??

http://www.bbc.co.uk/sport/0/football/17996474

Bill Miller has withdrawn his bid for Rangers, blaming fan opposition and fresh information that revealed the seriousness of Rangers' finances.

The American businessman had been named the preferred bidder to buy Rangers by administrator Duff & Phelps last week.

But some Rangers fans greeted the news with anti-Miller banners at last week's game against Dundee United.

And he has now said that "preliminary information" given by the Duff & Phelps was "more optimistic than reality".

A little update.
They are a mess.
Miller was their preferred bidder.
A while ago Scottish FA imposed a year-long transfer ban on Rangers.
How long until it will be justified to ask whether Glasgow Rangers will take part in next season - and at what level?

Art Morte wrote:http://www.bbc.co.uk/sport/0/football/17996474

Bill Miller has withdrawn his bid for Rangers, blaming fan opposition and fresh information that revealed the seriousness of Rangers' finances.

The American businessman had been named the preferred bidder to buy Rangers by administrator Duff & Phelps last week.

But some Rangers fans greeted the news with anti-Miller banners at last week's game against Dundee United.

And he has now said that "preliminary information" given by the Duff & Phelps was "more optimistic than reality".

A little update.
They are a mess.
Miller was their preferred bidder.
A while ago Scottish FA imposed a year-long transfer ban on Rangers.
How long until it will be justified to ask whether Glasgow Rangers will take part in next season - and at what level?

Also, the administrators have been accused of withholding evidence from the police. This old club has been ran into the ground with awful financial management and the fans now suffer because of it. I think starting from scratch with a new name would be best. Either that or whore themselves to a sugar daddy owner.

Former Sheffield United chief executive Charles Green has agreed a deal to buy Scottish Premier League side Rangers.
The deal will be announced at the club's training base Murray Park on Sunday when the 59-year-old is due to outline his plans.
It is understood Green wants to form a company voluntary arrangement (CVA) and he is backed with finance from Singapore businessmen.
He plans to watch Sunday's final SPL match of the season at St Johnstone.

http://www.bbc.co.uk/sport/0/football/18049325

urbaNRoots wrote:Former Sheffield United chief executive Charles Green has agreed a deal to buy Scottish Premier League side Rangers.
The deal will be announced at the club's training base Murray Park on Sunday when the 59-year-old is due to outline his plans.
It is understood Green wants to form a company voluntary arrangement (CVA) and he is backed with finance from Singapore businessmen.
He plans to watch Sunday's final SPL match of the season at St Johnstone.

http://www.bbc.co.uk/sport/0/football/18049325

so much for celtic running away with the league next season, good news for SPL though

Good to hear. Gattuso wants to return to Rangers, hopefully the club can stabilise so that he gets his wish and to maintain the integrity of such a successful club, though I've no particular attachment to them.