Rangers heading to Administration

Discussion in 'Soccer Board' started by El_Gato, Feb 13, 2012.

  1. El_Pato Nunca Caminaras Solo

    Gers prepare for administration

    February 13, 2012

    By ESPNsoccernet staff

    Scottish Premier League champions Rangers have served notice that they are to go into administration.

    [IMG]
    GettyImagesOwner Craig Whyte had recently warned Rangers were facing the toughest spell in their history
    Rangers agree Cousin deal
    Whyte: Toughest time in Gers' history
    Rangers share trading suspended
    Rangers are still awaiting the outcome of a tax tribunal hearing that could see the club fined up to £49 million and, though owner Craig Whyte had said recently he would fight the possibility of administration, the club have pre-empted any decision on the case by announcing their intentions to the Court of Session in Edinburgh.
    The court said that solicitors lodged the papers on behalf of the club's directors on Monday lunchtime, with the paperwork officially confirming the club's "intention to appoint an administrator".
    Over the coming days, Rangers will discuss the situation to determine whether they can reach an agreement with creditors. Should they fail to do so, they will officially be placed in the hands of the administrators and docked ten points.
    An SPL spokesman said: "At this point in time, Rangers are not in administration and we await developments. The instant that they are technically in administration there will be an automatic ten-point deduction and, perhaps of less relevance, an embargo on player registrations.
    "If administration is confirmed, as we have done previously, we would be looking to work with the administrators and would be looking for a very early meeting."
    The HMRC tax tribunal is centred on the use of employee benefits trusts (EBTs), which were in place before Whyte took over from Sir David Murray last May. Whyte, who bought Murray's shares for £1 and pledged to pay off £18 million of debt to Lloyds Banking Group, has seen his short tenure shrouded in controversy.
    Last week former Rangers chairman Alastair Johnston revealed he had asked the Government's Insolvency Service to clarify "certain financial arrangements" relating to the takeover of the club. Whyte had earlier admitted securing funds from loan company Ticketus in lieu of future season ticket sales.
    Johnston told the BBC: "Rangers' stakeholders are now demanding full transparency. I have had numerous approaches following the recent revelations in the press about the acquisition of Rangers Football Club and the use of future season ticket money.
    "I am not in a position to answer all the questions put to me, but I do recognise the issue is causing much concern.
    "I believe this is a prevalent view amongst Rangers' stakeholders who are now demanding full transparency about the funding of the acquisition of the club, its current financial status, and most importantly, the way forward."
    Rangers were crowned champions of Scotland in 2009, 2010 and 2011, and their 54 league titles make them the most successful club in the world in terms of domestic championships.
  2. ochosissoko cradle of fuckin civilization

  3. NittanyKnight This isnt a miracle. Its based on hard work

    Big punishment for them to lose 10 points. Going from 2nd place to........2nd place.
    DJ-Roomba and rainey like this.
  4. snowfx2 Mora

    Scotland needs overwhelming change in the way they do business and youth development. They need to look at the Denmark, Belgium, etc model, but UK Work Permit laws restrict them in non-EU signings.

    And I'm sure Edu will be sold this summer
  5. They embarrassingly underachieve at national team level given their resources. Although with neither of the Old Firm really caring about the Scottish National team it certainly doesn't help.

    10 points is peanuts really isn't it? I wouldn't be too sad to see either Celtic or Rangers just dying and this obviously helps neither.
  6. prerecordedlive Fan of: hoofball, good hair, two-footed tackles

    I'd be happy if one of them fell into obscurity. Old Firm is obnoxious and I'm tired of our players being in the SPL. Boca, Edu, and Bedoya are better than that.
  7. Shocker A free born man of the USA

    I'll have a go at anyone that says anything against Rangers you baby dick loving Celtic faggots
  8. tne Now tagging people with spaces in their name

    shhh shocker its ok, we ajax'ing now
  9. Corky Bucek Formerly known as TheFreak55

    That's retarded. Old Firm is easily a top 5 rivalry in all of sports.
    ochoseis likes this.
  10. I don't give a shit. It also means little scumbags in Ireland and Scotland can stop supporting those two showers and Scottish people can stop going on about famine and conflicts from many moons ago. If I went to Glasgow Id have to be careful of where I go, when I speak and what I wear because there's always a chance of getting the shit kicked out of you. Fuck that noise, I don't care even about a pair of SPL teams.
  11. Corky Bucek Formerly known as TheFreak55

    Lotta mad itp.
  12. ochosissoko cradle of fuckin civilization

    Apparently someone Scottish pissed in your cereal
  13. El_Pato Nunca Caminaras Solo

    Kenny Dalglish

    :warn:
    YNWA and DickPayne like this.
  14. arnold palmtree New Member

    A wild Italian Protestant appears
  15. El_Pato Nunca Caminaras Solo

    Reading they would also be banned from Euro competition. There's no reason for Edu and Bedoya to waste their time there. Boca should do a couple seasons in MLS to round off his career.
  16. Gunners Minding the gap

    The Scots I've met are the nicest people I've ever encountered, probably shouldn't judge things you'll never understand. Most the fans want to get rid of the religious part of the feud and just make it a pure sport rivalry but too much bad blood.

    What resources are they supposed to have? It's not a prosperous country and the population is 1/10 of England. Soccer is big but they are pretty huge into rugby and golf.
  17. arnold palmtree New Member

    Crazy to think Rangers and Celtic have the second and fourth largest club stadiums in the UK
  18. Gotch Yarbrough Canada eh?

    Isn't Tullow Irish? He might know a thing or two about this.
  19. prerecordedlive Fan of: hoofball, good hair, two-footed tackles

    I'd be terrified of Glasgow as well.
  20. IT New Member

    If I went to Glasgow Id have to be careful of where I go, when I speak and what I wear because there's always a chance of getting the shit kicked out of you. Fuck that noise, I don't care even about a pair of SPL teams.
    TullowTank likes this.
  21. clemsonvianj New Member

    meh. we were going to win the title anyway.
  22. Have they been liquidated yet? Well done to Her Majesty's Revenue and Customs for their sterling work here.:like:
  23. IT New Member

    not liquidated yet...

    seems like it pretty likely they could be.
  24. Principal McVicker Not so New Member

    No Celtic supporter should be really cheering this. No Rangers means no derby day gates or TV monies and games against Hearts, Hibs, or Aberdeen will not bring the same that Rangers did. And without the money, you can't attract players for European competiton and that money will dry up. In short, Scottish football will be a bigger version of the Welsh league.
  25. clemsonvianj New Member

    Celtic doesn't think short term, unlike Rangers. we know this isn't a good thing minus us being able to comfortably win the title this year.
  26. arnold palmtree New Member

    There is no way rangers just dissolves.
  27. Principal McVicker Not so New Member

    I know someone out there will come to the resuce, ala Middlesbrough, but I was trying to paint a picture of what life would be without 1/2 of the Old Firm. I read somehwere that those two clubs alone contribute 15% to the Scottish economy.
  28. Rangers players asked to take a 75% pay cut to avoid players getting sacked.

    I wonder will they be able to field a team in a couple of weeks.
  29. 2 players made redundant today. Pay cuts for the rest contigent of them getting free transfers at the end of the year. They obviously don't think that they'll make it until the summer.

  30. ochosissoko cradle of fuckin civilization

    disappointing as hell that Rangers is going to be no more
  31. prerecordedlive Fan of: hoofball, good hair, two-footed tackles

    What's the status on them? They wouldn't just fold, would they?

    Apparently Vancouver is lining up a bid for Boca if he's released.
  32. El_Pato Nunca Caminaras Solo

    Rangers have received a 1 year transfer embargo. They can sell players but are not allowed to purchase any 1st team players.
  33. clemsonvianj New Member

  34. prerecordedlive Fan of: hoofball, good hair, two-footed tackles

    What is this about?
  35. clemsonvianj New Member

    decimated them in the Old Firm Derby at Celtic Park. could be the last time we play in awhile.
  36. Corky Bucek Formerly known as TheFreak55

    American set to become Rangers owner


    [IMG]

    All signs point to another American joining the fold at Rangers, only this one won't be playing on the field. He'll be sitting in the owner's box.
    After a drawn out process that has seen the legendary Scottish club go into administration and reach the brink of liquidation, the club's administrators have approved the sale of the team to American Bill Miller, a Tennessee-based businessman. The completion of the sale has not yet taken place, but Miller and the club are hopeful of the takeover of the club that employs Americans Carlos Bocanegra, Maurice Edu and Alejandro Bedoya happening by season's end.
    Miller, whose £11.2 million, unconditional bid was preferred to that of a group led by former Rangers director Paul Murray, is tasked with taking the club out of its darkest time. In addition to going into administration and owing up to £135 million in taxes (depending on a court ruling), Rangers were hit with a year-long transfer ban and could see a mass exodus of players this summer, despite the takeover.
    "What Rangers, which includes supporters, players, staff and anyone with the club at heart, have been put through, particularly in recent months, is a travesty, and from what I can see they have been badly let down by a number of individuals," Miller said in a statement. "This will not happen on my watch should I become the custodian of this great club.
    "Under my stewardship, Rangers will be managed with fiscal discipline such that the club not only conforms to UEFA Financial Fair Play regulations, but also such that Rangers will never have to suffer this kind of anguish again. From now on, Rangers will live within its means - no excuses."
    According to a club statement, the assets that Miller purchases will be put into a new company for shelter purposes, and he will work with the club's creditors to ensure that all debts are paid and order is restored going forward.
    "The bid submitted by Mr. Miller is substantially greater than any other proposal and provides the best return to creditors, a fundamental part of our duties as administrators," the club's administrators wrote in a statement. "Importantly, the structure provides a stable platform through which new investment can be deployed to ensure that the club thrives again in the future."
  37. snowfx2 Mora

    Gotta be frustrating for MLS when some of these Americans invest or completely own some of these Euro clubs, especially a guy like this from the South.

    Regardless, hope it happens for Rangers fans.
  38. James the Saint WE SEC NOW

    Don't follow the SPL much but why would it be the last time?
  39. clemsonvianj New Member

    they could be heading to the bottom of the Scottish soccer pyramid due to administration. would have to hope for matches in Cup football then.
  40. Arrec Bardwin An odd crime for a Jew to commit.

    MLS will have to become more profitable for any guys like that to actually give a fuck.
  41. James the Saint WE SEC NOW

    Ahh didn't know that. I figured the point reduction was going to be the extent of their punishment in that regard.
  42. prerecordedlive Fan of: hoofball, good hair, two-footed tackles

    Merely the punishment for entering administration. You have to exit administration or you continue to get butt-fucked.
  43. snowfx2 Mora

    Gotta jump on that MLS bandwagon now.

    The Montreal owner (Saputo) was offered to join the league for $10 million about 4 years ago. He thought that fee was too high, then paid $50 million to join this year.
  44. Corky Bucek Formerly known as TheFreak55

    The NY2 franchise will probably be $75 mil or more from what I have heard.
  45. You'd probably make more money running an MLS team.

    Soccer clubs in Europe make serious losses.

    I have no idea why this guy wants Rangers.
  46. snowfx2 Mora

    I think they're even shooting for $100 million.

    Looks like Garber and some of the owners (i.e. AEG) are willing to finance the stadium, then the bidders will probably line up. Many potential owners probably don't want to deal with the hassles of building a stadium in any of the boroughs. I've even read MLS has their eye on a redevelopment site in Manhattan, but could be some environmental/infrastructure concerns obviously.

    Really like what Orlando is doing in the Citrus Bowl as a 3rd Division team. They just need some more big money investors and get a stadium plan going.
  47. Arrec Bardwin An odd crime for a Jew to commit.

    Hopefully when Atlanta builds this new retractable roof stadium for the falcons they will give Atlanta a team.
  48. Corky Bucek Formerly known as TheFreak55

    2016 or 2017 is when it is supposed to open if it is built.
  49. Arrec Bardwin An odd crime for a Jew to commit.

    Having a team in Atlanta is the only thing that will make me really start paying attention to the MLS. The level of play is definitely starting to get better, but I just can't connect to any domestic team that is 600+ miles away.

Share This Page

Users Viewing Thread (Users: 0, Guests: 0)