Rangers Have gone into Administration

Aye, we must get our hair cut in the same taxis, or something.

Cheerio Matt McKay, we hardly knew ye.

http://sport.stv.tv/football/scottish-premier/rangers/298295-matt-mckay-to-leave-rangers-for-south-korea/

Could post links to lolsome Daily Ranger stories about Matt McKay but I think you can guess the content

Would it possibly be along the lines of "he's the Australian Iniesta/Messi" type hyperbole?

Rangers Supporters Trust is led by Mark Dingwall, ffs, a man whose fanzine is banned from Ibrox.

Corrected for accuracy - Dingwall is on the board, but he's not the heid yin, though is often their mouthpiece to the media.

http://news.stv.tv/scotland/west-central/298288-owner-of-sale-sharks-rugby-club-makes-tentative-enquiries-about-rangers-takeover/

you'd think they'd have had enough of sharks

Brian Kennedy, thought it said Brian Dempsey there for a moment

And Sales.

More digging into the past of the multi-billion-zillion-off-the-radar-trillionaire:

http://scotslawthoughts.wordpress.com/2012/02/21/craig-whyte-gold-dealer-leavebritain-com-or-the-tale-of-a-suave-bullionaire/

Brian Kennedy is one of those hard to tell but sounds a wee bit Timmy names.

Be putting a shiver up the spine of many a bluenose

i play that name game with referee's names but usually 5 minutes of refereeing makes my mind up

Brian Kennedy is one of those hard to tell but sounds a wee bit Timmy names.

http://www.bbc.co.uk/cbeebies/timmytime/img/timmytime_slide_main.jpg

SFA enquiry to be headed by William Nimmo Smith, which doesn't sound at all Timmy if you're the sort of person who likes to play that game. Also doesn't have a great track record of finding evidence during enquiries.

http://www.bbc.co.uk/sport/0/football/17110781

http://en.wikipedia.org/wiki/William_Nimmo_Smith,_Lord_Nimmo_Smith

I just read that on twitter, initially misread Lord Nimmo as Leonard Nimoy.

Moonbeam me up!

Spocktacular!

"...to explore strange new worlds, to seek out new life and new civilizations, to boldly go where no man has gone before."

... Lord Nimmo Smith instructed to visit Govan as part of his inquiry

"it's life, Jim, but not as we know it"

"it's life, Jim Tim, but not as we know it"

Craig Whyte has released a statement of sorts, perhaps more notable for what it omits to say than what it says

http://t.co/gqfC8l5i

Beat me to it again, was reading before posting!

He's bought into the notion of the wee tax case and the big tax case, I see.

he doesn't walk away - in a statement sent from Monaco in which he "resigns" from the board

Other than that I genuinely don't know where to start? He thinks he's been doing the right thing? He thinks he's going to get hit for £27.5m himself? He sees losing the income for the first 25000 season tickets of each of the next 3/4 seasons as a viable way of generating working capital? If he's genuinely ponied up his own dosh and this Ticketus thing is working capital, why the fuck are they in administration? Why offer to pay up the bits of the £9m bill not in dispute in instalments if you've raised all this working capital?

I am very keen on the idea of gifting the majority of my shares to a supporters’ foundation.

http://youtu.be/WRNYqsMIbg0

Mike Farrell@mikefstvReply
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Administrators confirm Craig Whyte did not pay off Rangers' £18m bank debt with any of his own money

Link soon as I find one.

Whyte a couple of weeks ago: http://www.bbc.co.uk/news/uk-scotland-glasgow-west-16816246

cash to buy Rangers came from his own company.

To be fair to him, he probably didn't borrow the pound it cost him to take over the club.

Oh look, Mark Dingwall is on the telly talking about the supporters running the club. That'll work....

watching it just now actually. first time ive seen stv news in years

Oh, sorry, they need a rich bastard to do it for them. Do more research than you did into Whyte, eh?

btw, Whyte strongly rumoured to have sold some shares and fucked off (in a not-walking-away sort of a way) to Costa Rica, courtesy of all the usual sources.

lol

a historic link between the clubs dating back to 1910

Arsenal have kept this very quiet!

Now I don't feel so bad about hating my local club!

Maybe Wenger's been keeping the transfer budget so low out of solidarity?

This is just the gift that keeps on giving.

lolz continue:

http://www.stv.tv/news/scotland/west-central/298831-ali-russell-and-gordon-smith-leave-rangers/

http://www.stv.tv/news/scotland/west-central/298826-crisis-hit-rangers-tax-bill-is-6m-higher-than-previously-thought/

http://www.stv.tv/news/scotland/west-central/298830-police-passed-dossier-on-rangers-finances-by-administrators/

• If that's right there's no way hmrc won't be majority or at least blocking minority creditor, whatever happens with the tribunal.
• I had understood hmrc vote against x-in-the-pound CVAs as a matter of policy
• how are rangers supposed to exit administration at all, never mind in time for Europe?

These were to include recruitment, scouting, transfer negotiations and youth development. I wasn't in control of any of these activities despite constantly making it clear to Craig Whyte that this was to be my remit. I outlined my medium to long term strategies for the Club on numerous occasions to no avail. There's no point in being a Director of Football unless you can control these areas, so, in that respect I'm totally comfortable with being made redundant at this time."

Totally comfortable with taking a huge salary for not doing his job in any way, shape or form. Well done Mr "It's Rangers For Me"

He's not been there long enough to have been made redundant, surely?

http://www.bbc.co.uk/news/uk-scotland-17146506

So...there are three tax bills. The "wee" tax bill of around £4m, the "big" tax bill - yet to hit - relating to misuse of EBTs and estimated anywhere up to £75m, and the unpaid PAYE/NICs since Whyte took over, originally thought to be around £9m but now estimated at around £15m.

HMRC froze £4m of their assets for the wee tax bill. This has now been paid to HMRC, but not in settlement of the wee tax bill, this was in settlement of tax due on the Ticketus deal. So all three tax bills above remain outstanding. Let's round it down to around £70m owed to Hector, who has made it clear he's not a bank and doesn't do credit facilities.

They will be losing the money off the first 25k season tickets for the next four years. That's (conservative estimate) 25k x £450 = just over £11m per year not coming to them. They won't have a licence to compete in Europe, even if they had a team. They are already running a loss of £10m a year (if we can trust Craigy on this one, but whatever it is, that was *without* them paying their taxes properly).

Now, I'm no accountant, but, er, they're fucked. That's a technical term, right? And that's before any of these mysterious allegations re. contracts are taken into consideration.

ALmost impossible to see how Rangers can survive. Awesome.

"Rangers" probably can't survive, still every chance a liquidation and newco leaves everyone unpaid and allows them to restart. The question then is how that is done - could be anything from "straight into SPL nothing to see here integrity what integrity?" to "SPL but you start four seasons on -10 points" to "lol you're below East Stirlingshire!"

re the season tickets - aiui Rangers can still sell them, but because they're in administration they won't pass the money to Ticketus. Instead it'll go into the administrator's pot to be shared out with all their other revenue. Ticketus (or whoever the money's committed to) joins the queue of creditors.

Aye, I was looking at what would happen if they somehow survived this period of administration and tried to then function as a going concern.

I think seeing the terms of the Ticketus deal is u&k to a lot of speculation.

Mutterings that the police weren't paid last week (bad administrators!), meaning future home games now in jeopardy. Imagine the furore if the next derby game gets cancelled (unless it's a cunning ruse to not have a title decider at Ibrox?)

apparently the police are fine with not being paid as they have a very good relationship with Rangers

Police costs will likely be an expense of the administration which, aiui, come off the top of any monies raised by the administration. If they haven't been paid, they'll have had the assurances that they will be paid (before the creditors).

So... the Sun say they have seen one
of these EBT letters showing
contractual payments dependent on
the player playing and basically
therefore tax-dodging. They claim that this letter was sent to a player, but then say it's a draft? Eh?

http://www.thescottishsun.co.uk/
scotsol/homepage/news/4154479/
Gers-in-crisis-Player-deals-
uncovered.html

Pro-tip: cutting and pasting on opera mini is a formatting nightmare.

http://www.thescottishsun.co.uk/scotsol/homepage/news/4154479/Gers-in-crisis-Player-deals-uncovered.html

Charity gives its money to a business full of millionaires who don't pay tax. Classy. I wonder how many of the Rangers Legneds used EBTs.

http://www.rangerscharity.org.uk/index.php?option=com_content&task=view&id=434&Itemid=85

wtf?

(also 'legned' is never going to stop making me smile)

no missing millions, every penny accounted for (but with no published accounts)

https://www.youtube.com/watch?v=fPzkys9GYmU