Lionel J. Botch Posted April 5, 2012 Report Share Posted April 5, 2012 Just been reading on Twitter that according to D&P, the total debt of Rangers, including the exposure if they lose the Tax Case with HMRC is................£134.5 million. Jeez oh. http://www.rangers.co.uk/staticFiles/fe/a8/0,,5~174334,00.pdf Can they possibly survive this? Quote Link to comment Share on other sites More sharing options...
Lindau Posted April 5, 2012 Report Share Posted April 5, 2012 Can they possibly survive this? Hope not, but knowing that lot they will come out of this smelling of roses and everything will be hunky dory in the bigots garden. What has happened over there is astonishing and they really should be kicked out of Scottish football Quote Link to comment Share on other sites More sharing options...
stolenscone Posted April 5, 2012 Report Share Posted April 5, 2012 Can they possibly survive this? It depends entirely on who owns the debt, and whether enough debt holders by value are willing to piddle it away in a CVA (which is essentially a voluntary debt write off between the company and its creditors). If they can agree the voluntary write off, then they'll come out of it in a much stronger position than they went in. If not, then it's liquidation and a debt free phoenix company, which is when the shenanigans really begin as the SFA and SPL bend over backwards to keep the new company in the top league. Either way, the small trade creditors are in for a shafting. Quote Link to comment Share on other sites More sharing options...
yoda-jag Posted April 5, 2012 Report Share Posted April 5, 2012 (edited) The 65 page report/letter to creditors is a goldmine of information and confirmation in certain parts, on a number of aspects. Well worth a read through if you have the time. It's not even just £134.50 million in debt when two tax cases are included....upon entering admin, the debenture holders are potentially entitled to claim their full money back......another £7,736,000 that can conceivably added to the amount in the red this odious excuse for a football club end up in. Duff & Phelps were brought in, and one of their proclamations was "the club must reduce costs by £1 million per month to get to end of season" ..... yet in the 6 weeks they have been in place, D&P have amassed a bill of £1.2 million ..... not exactly cancelling out the £1mill/month saving, but as a net result equates to a saving likely to be closer to £200k/month, and certainly under £250k/month. They haven't even got the £5million for Jelavic....got half in January, will get 500k end of May, and £1million end of May 2013 and May 2014. But they still owe Rapid Vienna over £1million for him, and thats due in summer. Lots of whats in the 65 pager hasn't been exposed or discussed in the MSM, but a fair whack of it has been in the public domain through the likes of rangerstaxcase already (and there will be more revelations yet before this story reaches a conclusion). Such is the depth of deceit, lack of sporting integrity, cheating, tax avoidance and lies that have emanated from ibroke (both in the Murray years and the Whyte (almost a) year), there really is no justifible reason for rankers to continue, and if a newco is formed, it must, at the very least, be made to apply to join the SFL, at 3rd division level. The SFA, SPL and SFL MUST grow a sizeable set and ensure true punishment to rankers and justice to all of Scottish Football is applied. Any special dispensation/parachuting straight back into the SPL, or any division other than the bottom league of the SFL, would send out the wrong message, and see many followers of the other 41 clubs walking away from the game for good in disgust. West of Scotland Junior leagues would be an even more just starting point on reflection. Thats if they were allowed and able to continue in some form. Ideally they won't and they will cease to exist (and with any luck, some similar fate will befall the other half of the ugly sisters arse cheek, in a year or two, and Scottish Football can truly be reborn). The sooner the BTC FTT(T) is publically announced, the sooner this can all come to a conclusion. So, just phucking die Rankers. And make it soon. To slightly borrow Potty's signature, if Rankers was a pet, you'd have got a vet to put it down by now. Edited April 5, 2012 by yoda-jag Quote Link to comment Share on other sites More sharing options...
Lindau Posted April 5, 2012 Report Share Posted April 5, 2012 (edited) The 65 page report/letter to creditors is a goldmine of information and confirmation in certain parts, on a number of aspects. Well worth a read through if you have the time. It's not even just £134.50 million in debt when two tax cases are included....upon entering admin, the debenture holders are potentially entitled to claim their full money back......another £7,736,000 that can conceivably added to the amount in the red this odious excuse for a football club end up in. Duff & Phelps were brought in, and one of their proclamations was "the club must reduce costs by £1 million per month to get to end of season" ..... yet in the 6 weeks they have been in place, D&P have amassed a bill of £1.2 million ..... not exactly cancelling out the £1mill/month saving, but as a net result equates to a saving likely to be closer to £200k/month, and certainly under £250k/month. They haven't even got the £5million for Jelavic....got half in January, will get 500k end of May, and £1million end of May 2013 and May 2014. But they still owe Rapid Vienna over £1million for him, and thats due in summer. Lots of whats in the 65 pager hasn't been exposed or discussed in the MSM, but a fair whack of it has been in the public domain through the likes of rangerstaxcase already (and there will be more revelations yet before this story reaches a conclusion). Such is the depth of deceit, lack of sporting integrity, cheating, tax avoidance and lies that have emanated from ibroke (both in the Murray years and the Whyte (almost a) year), there really is no justifible reason for rankers to continue, and if a newco is formed, it must, at the very least, be made to apply to join the SFL, at 3rd division level. The SFA, SPL and SFL MUST grow a sizeable set and ensure true punishment to rankers and justice to all of Scottish Football is applied. Any special dispensation/parachuting straight back into the SPL, or any division other than the bottom league of the SFL, would send out the wrong message, and see many followers of the other 41 clubs walking away from the game for good in disgust. West of Scotland Junior leagues would be an even more just starting point on reflection. Thats if they were allowed and able to continue in some form. Ideally they won't and they will cease to exist (and with any luck, some similar fate will befall the other half of the ugly sisters arse cheek, in a year or two, and Scottish Football can truly be reborn). The sooner the BTC FTT(T) is publically announced, the sooner this can all come to a conclusion. So, just phucking die Rankers. And make it soon. To slightly borrow Potty's signature, if Rankers was a pet, you'd have got a vet to put it down by now. Agree 100% Yoda. They have been proven to be the biggest cheats in world football and football is finished in this country if they wipe out these debts by forming a New Co and stay in the SPHell. It will be the biggest disgrace in world football if this is allowed to happen. The very least must be a restart in Div 3....but I aint holding my breath!! Edited April 5, 2012 by Lindau Quote Link to comment Share on other sites More sharing options...
jagfox Posted April 5, 2012 Report Share Posted April 5, 2012 Bye bye rangers, bye bye.... Quote Link to comment Share on other sites More sharing options...
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