Rangers Have gone into Administration

Wait, I misread you. They want to boycott their away games and you take that to mean they won't pretend to be home supporters of wee teams. I thought you meant, as that dude meant, that there wouldn't be away fans at other teams' games against Rangers.

Sorry, v. sleep-deprived.

Think they'd better get used to v. few away fans at Ibrox as well, btw.

no no i mean they buy tickets for our end but they still are rangers fans. the club want their money. they even move accies fans AND season ticket holders from their usual seats to accommodate them. Club directors dont give a shit about the fans.

obv it will mean they dont buy tix for away end. hey maybe the fans wont influence the refs even more! its getting better!!!!!!!!

Ah, got you. So you *don't* need their money then?

I used to get moved out of my seat at Celtic Park for them. And for other teams with big travelling supports - I was moved for fecking Caley Thistle once :-(

(xpost, thought that was just a mental paranoid tinfoil-hat-sporting Celtic theory)

oh the club does. but the fans dont.

xp

naw we apply it to not just the old firm tbf. we got the breaks in the scottish cup once against a wee team (cernys hand ball outside the area)

god i hope rangers dont sign tomas on a free next season. they could pay him crap wages and still he'd earn more than he was

BBCJamesCook: "Rangers manager Ally McCoist has left Murray Park. Statement imminent. Apparently. #Rangers #RFC"

2229:

BBCJamesCook: "David Whitehouse refuses to name the players who are holding out but Davis and McCulloch left Murray Park a short time ago. #Rangers #RFC"

2228:

Our reporter Al Lamont at Murray Park says that some players' advisers have blocked the deal that the administrators thought they had struck. The administrators say they are disappointed with the situation but they hope to move things on in the morning.

no doubt abuse from rangers fans might change their minds

2236:

There is a statement by administrator David Whitehouse on the Rangers website: "Today has been a very frustrating day. Earlier in the day, we believed we had agreed in principle a basis of cost-cutting measures with the players accepting substantial pay cuts and we are very grateful for their efforts in reaching that point.

"Sadly this evening we have been unable to reach agreement on the personal conditions sought by the advisors to the players in respect of those wage cuts.

"There is still some hope these issues can be resolved first thing in the morning but it is extremely disappointing we haven't been able to get there tonight."

http://www.bbc.co.uk/sport/0/football/17221172

Rangers administrators ended a "very frustrating day" of talks by announcing that they had failed to agree on cuts with some members of the squad.

David Whitehouse emerged from Murray Park late on Tuesday to say talks would resume early on Wednesday.

BBC Scotland believes seven or eight players have yet to agree to a deal.

if some players agree to a cut, how are they going to feel about players who dont take a cut or a cut as big as them?
I cant see a harmonious dressing room there.

http://celticunderground.net/index.php?option=com_content&view=article&id=884:craig-whyte-agrees-p10-million-rangers-investment-with-tommy-in-glasgow&catid=47:season-2011-2012&Itemid=83

Dying here at the idea that they've been stalling redundancies waiting on this dude's £10m cheque popping through.

They've apparently done another two calls to him (this was at the end of last week, I think, last one was a day or so ago).

Daily Record's gone front page with that, absolutely superb "if they aint eating the succulent lamb one way they can be fed the horse's head another!"

Dave King saying liquidation is inevitable and that Murray had no idea the Ticketus money bought the club.

Apparently the next tommy in glasgow call, which'll be released later today, features a conference call and a consortium :)

Amazing that a couple of internet bampots ((c) H. Keevins) managed to do what all the papers have failed to do and get hold of Craig Whyte on the phone and ask him a few questions.

Need to get more popcorn at the ready for whatever the next instalment of this story is - it seems now like it's never EVER going to stop giving. xpost - oh look, there it is!

Dave King, now there's a man I'd trust to know the ins and outs of a financial situation.

King also planning to sue Murray for £20m :D

presumably some mix-up between them about how much tax each of them was dodging to invest in the club.

full statement here, fill yer boots

http://www.clyde1.com/on-air/dave-king-statement/

Stop it, really! I actually have work to do!

(not really, I'm loving this)

Gregg Wylde won't sign for club who isn't trying to sign him

http://sport.stv.tv/football/scottish-premier/rangers/299992-gregg-wylde-no-chance-id-sign-for-celtic/

Love this quote: "The Rangers fans have been great to me, especially since the decision was taken that I should leave. I wouldn't want to turn my back on them."

Paul Murray, who is backed by Dave King in his statement, has issued a statement disagreeing with Dave King's statement.

*considers career in statement-writing*

BBC are covering all the important news on Rangers in their live feed:

"1304: A cheese van has arrived at Murray Park..."

I read it as "cheese man" and was thinking all this shite needs is Alex James showing up.

Murray Group expressing "incredulity" at King's intent to sue them for £20m. Their statement essentially says "King was up to his neck in these shenanigans, same as everyone else!"

http://news.stv.tv/scotland/west-central/299994-rangers-director-plans-to-sue-former-owner-sir-david-murray-for-20m/

Duff & Phelps, the Administrators of
Rangers Football Club, today issued
the following statement.

David Whitehouse, Joint Administrator,
said: "We are announcing today we
are accelerating the sale of Rangers
Football Club.

"The Club is in a perilous financial
situation and that should not be
under-estimated. Regrettably, we have
been unable to agree cost-cutting
measures with the playing staff on
terms that will preserve value in the
business. We understand the players'
position as the scale of wage cuts
required to achieve these savings
without job losses were very
substantial indeed.

"In view of this, we are faced with a
situation of making redundancies
within the playing staff on such a
scale that would materially erode the
value of the playing squad. We are
striving to strike a balance where cost-
cutting measures can be implemented
but do not destroy the fabric of the
playing squad to the extent that it will
inhibit the prospect of a sale.

"However, no one should be in any
doubt that in the absence of sufficient
cost-cutting measures or receipt of
substantial unplanned income, the
Club will not be able to fulfil its
fixtures throughout the remainder of
the season.

"As a result, we are expediting the
sale process and over the next few
days we will be holding discussions
with prospective purchasers who have
declared their interest. The Manager,
Ally McCoist will play an integral part in
these discussions.

"If however it becomes apparent that
the sale process cannot be
accelerated there will be no choice
but to implement very severe cost
cutting measures at the Club."

oof

Well' in the champions league if the administrators statement is right:

Administrators' statement continued: "Second, the company accounts cannot realistically be signed off by auditors in a manner that would meet the criteria required by the footballing authorities. Even if the audited financial statements are issued prior to the end of March 2012 we would expect them to be qualified by the auditors such that under UEFA requirements the club will have to satisfy a going concern test confirming how it will continue to be funded until the end of next season. Without knowing who will be the owner of the Club at 31 March, it is impossible to provide suitable comfort in this respect.

"Thirdly under UEFA regulations the club must have paid or come to a satisfactory settlement with all social taxes that were outstanding at 31 December 2011. We estimate those social taxes (being PAYE and NIC) to be at least £5m. We cannot now see a scenario where those taxes will have been paid or compromised to the satisfaction of HMRC by the end of March 2012

It's really happening. Who on earth would buy it in its present state?

*battens down the hatches in preparation for pfunkboy explosion*

http://i.telegraph.co.uk/multimedia/archive/02161/rangers_2161446e.jpg

This does not look like a man in control of events.

That does not look like a man in control of his bowels.

1832:
BBC Scotland's Chick Young

"There are serious players monitoring the situation and are determined Rangers won't fall into the abyss"

http://a5.sphotos.ak.fbcdn.net/hphotos-ak-ash4/419897_327852697266640_100001257381587_973255_1397331010_n.jpg

^cracking me up every time I look at it.

SFA statement:

http://www.scottishfa.co.uk/scottish_fa_news.cfm?page=2111&newsCategoryID=36&newsID=9459

Basically, bringing game into disrepute, Whyte not fit & proper (good detective work!), Dundee United still not paid for Scottish Cup yet.

am i right in thinking Whyte's the first ever owner in British football to be officially deemed not fit and proper? so he's worse than Thaksin Shinawatra :DD

He made a manful attempt to head it off by selling those Arsenal shares to Usmanov

Today so far: "We've struck a deal with the players" "wait, no, we haven't".

Get the fuck on with it. You owe people money! This is taking longer than the takeover!

oh ffs, spoke too soon about not much happening:

http://www.dailyrecord.co.uk/football/spl/rangers/2012/03/09/rangers-in-crisis-ticketus-backing-paul-murray-consortium-bid-to-buy-cash-stricken-ibrox-club-86908-23781661/

Paul Murray (ex-director from when some of this alleged impropriety was taking place) and an assortment of supporters clubs/trust/assembly goons are trying to take over. Ticketus are in to try and ensure they haven't shelled out £24m for tickets to a club that doesn't exist. This can only end in hilarity.

One or two things bothering me. Does Whyte have to get out since the SFA have found him not fit and proper? And how do you get his shares off him when trading in Rangers shares is suspended?

I'm not quite sure of the mechanism, but aiui he's lost the club already by it going into administration - it's inherent in the process that the administrator sells the business on, if he can, as the end-point of administration. I assume all share capital becoming vested in him is the first thing that happens in an administration. Whyte's involvement now is as secured creditor only.

(also, the bar on being listed only prevents shares being sold through a public exchange. You can still conduct private sales (and isn't this how Whyte bought the club in the first place anyway?))

Cheers, was just looking into that elsewhere.

So in administration the assets of the club can be sold off to someone else (currently the stadium, training ground and players on some weird-ass contracts) from under him, but he thinks he can get his money back, though it is unclear if he's actually put in more than the £1 he paid for them. If they can trade back out of admin (big if) without a sale of the club, Whyte can still own them but can't sit on the board?

He'd have to buy it from the administrator, same as anyone else. The sale would be done as part of a CVA, and it's got to be unlikely that the shafted creditors would agree to him picking up the club again cheap. I don't know what'd happen if a solvent, unindebted entity were to exit administration - I'd guess it must almost never happen, because such a thing shouldn't be in administration at all.

His interest now is only as mortgage-holder over Ibrox/any other assets aiui, if that's even true.

I thought Motherwell had come back out of administration solvently after a longish period of trading in administration. I accept the chances of this happening to Rangers are slim, just basically doing my working out loud here.

Paying off all debts in full? I imagine that's rare. Calumerio might know a bit more, he seems to work in the area.