http://scotlandonsunday.scotsman.com/football/Sale-of-Rangers-FC-39will.6650410.jp

 

Quote

Sale of Rangers FC 'will go ahead by mid-January'

 

Published Date: 05 December 2010

By Tom English

 

A DEAL to sell Rangers Football Club to Scots venture capitalist Craig Whyte will go though by the middle of January, according to senior sources at the club.

Whyte, 39, met with Ibrox chairman Alastair Johnston in Glasgow to discuss the purchase of Sir David Murray's shareholding in the club.

 

The proposed £33 million deal will wipe out the existing debt that has stymied Rangers in the transfer market for two years.

 

Yesterday, sources at Rangers said the deal, barring any late hitches, could be completed before Christmas but it is more likely that it will be done by the middle of January. "We can't say with 100 per cent certainty, but Whyte has the money and is very convincing. We think the deal will happen," said the source.

 

Murray has presided over Rangers for 22 years but has been keen to sell his stake for some time.

 

Hopefully the debt thing is not true as that is what is holding them back at the moment.

Love it. 

Rangers Football Club has entered administration - meaning the club will be docked an immediate 10 points in the Scottish Premier League.

 

It follows a unsuccessful legal bid by HM Revenue and Customs (HMRC) at the Court of Session in Edinburgh to appoint its own administrator.

 

London-based firm Duff and Phelps was officially appointed at 14:50.

 

It will now take over the day-to-day running of Rangers while addressing the club's massive debt problems.

Who do they play this weekend?

 

God I wish it was us.

 

It's now imperative we make the top 6, just so we can laugh in their faces. 

BASTARDS..... knew they would do it themselves

 

Whilst not illegal by any means, it could be said to be immoral, which frankly sums up their 140 year existance of lieing, cheating and bigotry

 

Guess this has been always part of Craig Shites game plan

 

Simple solution for HMRC would have been top withhold the benefits payment of every Hun. surely one weeks worth would have more than cleared the indebtedness

Who do they play this weekend?

 

God I wish it was us.

 

It's now imperative we make the top 6, just so we can laugh in their faces. 

 

We'd need to make sure we get the cash off them for the tickets up front

I think these cunts are gonna get away with this.

Look at the timing, just after the January window so they don't have to sell players. Long enough before the end of the season to avoid being docked points next year and to be out of administation in time to get a UEFA license for next season to play in Europe. Whyte will buy back the assets with another of his companies... With them appointing their own administrator then all I can see is the creditors getting fucked over instead of the Huns. I'm fucking gutted they made the 3:30 deadline, if it was a court appointed administrator then I'm sure they'd be fucked.

 

Someone please tell me I'm wrong, someone please tell me they will be fucked anyway and they are gonna rot in hell, pretty pretty please... This should be a joyous day for all

Doubt they will be in Europe next season. Sure the deadline is end of March to obtain the licence. An administration on this scale is unlikely to be fully resolved in around seven weeks

Suggestions that the police have requested urgent meeting with RFC & SPL over policing costs which are already due, and costs which will be incurred over the upcoming matches.

 

No money = no police = no matches = kicked out.

 

dickofthedons, as administrators they still need to act in the best interest of the creditors and be open and transparent. While there must be a reason RFC rushed to get their guys in it's not going to be all rosy.

 

Also I'm hearing they only have around 6 weeks to come out of administration or they will miss the deadline to apply for a UEFA license for the 12/13 season. With HMRC involved and obviously not playing alone I can't see this being resolved in 6 weeks.

I think these cunts are gonna get away with this.

Look at the timing, just after the January window so they don't have to sell players. Long enough before the end of the season to avoid being docked points next year and to be out of administation in time to get a UEFA license for next season to play in Europe. Whyte will buy back the assets with another of his companies... With them appointing their own administrator then all I can see is the creditors getting fucked over instead of the Huns. I'm fucking gutted they made the 3:30 deadline, if it was a court appointed administrator then I'm sure they'd be fucked.

 

Someone please tell me I'm wrong, someone please tell me they will be fucked anyway and they are gonna rot in hell, pretty pretty please... This should be a joyous day for all

 

They've still got the tax bill to pay though. There's not a chance HMRC will accept 10p in the £.  Can you imagine the knock on effect for the Revenue if they did so? It would be disasterous.

I see, well that's sounding better already... Unfortunately even missing the UEFA license deadline will probably just mean lost revenue for one home game.

Also, did Daniel Cousin's international clearance come through in time? RFC were obviously hoping to have 10 days before administration but as of 14:50 today they can't sign players.

 

HMRC also wont take kindly to them offering a player a contract on (guessing) 5k per week while at the same time going to the courts to try and shaft their creditors.

 

Strathclyde Police: We are seeking an urgent meeting with the administrators to ensure that any payment for policing costs at future Rangers games is guaranteed. "Until we have such a guarantee we would not be in a position to commit public resources to policing an event unless we had a reassurance that our costs would be met."

This is fucking hilarious 

BBC

Mr Whyte is believed to be a secured creditor of Rangers and could collapse the club if HMRC block a creditors agreement.

 

The chairman could opt to pursue the legal routes of receivership or pre-pack administration to avoid paying any tax liabilities.

 

These routes would involve Rangers' assets being transferred to a new company or companies and the old club - formed in 1873 - being left behind with the unpayable debts. It would, almost inevitably, be wound up.

 

In these cases, HMRC, as an unsecured creditor, would receive very little if anything.

 

They've still got the tax bill to pay though. There's not a chance HMRC will accept 10p in the £.  Can you imagine the knock on effect for the Revenue if they did so? It would be disasterous.

 

Not so sure on that Bobby, have seen it before, albeit not on such a high profile and value case.

HMRC become a creditor like any other now that they have entered voluntary administration. Thats why I posted my comments earlier. It is now up to self appointed administrator to review the business and decide upon what can be realised and work out a payment in the pound for distribution.

 

It really was crucial for HMRC to get in ahead of Rankgers in terms of an appointment

BBC

 

Mr Whyte is believed to be a secured creditor of Rangers and could collapse the club if HMRC block a creditors agreement.

 

The chairman could opt to pursue the legal routes of receivership or pre-pack administration to avoid paying any tax liabilities.

 

These routes would involve Rangers' assets being transferred to a new company or companies and the old club - formed in 1873 - being left behind with the unpayable debts. It would, almost inevitably, be wound up.

 

In these cases, HMRC, as an unsecured creditor, would receive very little if anything.

 

So basically what I said earlier today?

One way or another they're royally fucked.  Pun intended.

 

HMRC just won't walk away from £50m they're owed, especially in these times of financial crisis whilst the same guy has companies and assets in his pocket.

 

Even if he gets out of paying it by some miracle or loophole, he'll be lucky if he can spend a penny without them breathing down his neck.

 

They'll get what's coming.  One way or another. 

Not so sure on that Bobby, have seen it before, albeit not on such a high profile and value case.

HMRC become a creditor like any other now that they have entered voluntary administration. Thats why I posted my comments earlier. It is now up to self appointed administrator to review the business and decide upon what can be realised and work out a payment in the pound for distribution.

 

It really was crucial for HMRC to get in ahead of Rankgers in terms of an appointment

 

That's true, and obviously it will come down to whether 75% of creditors (I believe this is 75% of the value of creditors) agree to the settlement.  HMRC must make up 75% alone, no?  They are going to have similar cases down south supposedly, would they really be happy to take a small settlement?  I really can't see it mate, they're not just any other business that has to recover any part of a bad debt possible.

 

Obviously this is best possible scenario. Penfold's post earlier points to a grimmer outcome for the rest of us however and i have no doubt that's exactly what they'll attempt to do.

That's true, and obviously it will come down to whether 75% of creditors (I believe this is 75% of the value of creditors) agree to the settlement.  HMRC must make up 75% alone, no?  They are going to have similar cases down south supposedly, would they really be happy to take a small settlement?  I really can't see it mate, they're not just any other business that has to recover any part of a bad debt possible.

 

Obviously this is best possible scenario. Penfold's post earlier points to a grimmer outcome for the rest of us however and i have no doubt that's exactly what they'll attempt to do.

 

HMRC will have to weigh up the value of the assets and what percentage of that they are entitled too, if the club is liquidated, against the the value offered by a set amount in the pound with a given timescale that a going concern can pay at.

Smells a lot like Airdrie to me.

Smells a lot like Airdrie to me.

 

Airdrie does smell pretty bad.

Is Whyte's plan not predicated on a Rangers 2012 being automatically accepted back into the SPL because "scottish football will be dead without rangers"?

Or will the HMRC allow then to do a Motherwell/Dundee and pay 2p in the pound?

I assume if its blue filth that have appointed the administrator then they will still be in control of the process so can still shaft HRMC. As others have said I have a bad feeling that they are going to end up emerging from this debt free and in a stonger overall position.

I see old Dougie Bader has resorted to the "a big boy did it and ran away" total denial excuse already, classic stuff. Absolutely pishing myself at all this, absolutely brilliant watching these fucking bastards dying on their arses. I fucking love this.

 

 

that is all....

Central Ayrshire MP Brian Donohoe, secretary of the Rangers Supporters Club, told the BBC: "It's absolutely devastating information that's come out today that the Inland Revenue would take such a silly decision.

"I just think they have moved far too quickly in this one and as a consequence they're almost debarring any possibility of anyone else taking over the club.

"The worst case scenario is that they could be put into liquidation and as a consequence we'll lose the name and we'll lose their place in the premier division in Scotland."

If the club is liquidated a new club could be formed to take on the Rangers name, and would have to reapply to take its place in the Scottish league structure.