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Rangers Are Going Into Administration
Topic Started: Feb 13 2012, 03:13 PM (1,938 Views)
Phil
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YNWA
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not really
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KOL
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Big Daddy Welbz
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The flight would take no time at all. Britain is very small, it wouldn't be an issue.
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Homer
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Ally McCoist reflected on a 'black day' for Rangers after the club he loves was plunged into administration amid a series of shocking new developments.

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The Ibrox boss was left to try to remain upbeat about the future after:

* HMRC petitioned for Rangers to be placed in immediate administration over £9million of unpaid PAYE and VAT since Craig Whyte's takeover.
Black day: Rangers manager Ally McCoist arrives at Ibrox Stadium on Tuesday

Black day: Rangers manager Ally McCoist arrives at Ibrox Stadium on Tuesday

* Whyte managed to secure his preferred choice of administrator, London firm Duff & Phelps, at the Court of Session.

* Former owner Sir David Murray voiced his disappointment, and surprise, at Whyte's actions.

* Former director Paul Murray expressed a willingness to form a consortium aimed at getting the Motherwell-born businessman out of Ibrox.

* Celtic were all but crowned champions as Rangers were hit with an automatic 10-point penalty from the SPL.

* Proposed new signing Daniel Cousin was left in limbo as the rest of the Ibrox players wait nervously for the extent of the administrator's cuts.


McCoist attended meetings inside Ibrox before leaving at 6.50pm to loud cheers from the small band of fans who had gathered outside to barrack Whyte.
Show of support: A fan holds a flag outside the window of his home near Ibrox

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Show of support: A fan holds a flag outside the window of his home near Ibrox

The club's record goalscorer later insisted he would do all he could to help try to steer Rangers back on the road to recovery after one of the most traumatic 24-hour periods in its 140-year history.

'That's the aim,' he said. 'That's the thing we want to assure the fans and the players and the workforce of.

'We will be doing everything to make sure Rangers comes out the other side far better and far stronger.

'There's no getting away from it. It has been a very disappointing and black day.

'We have 140 years of fantastic history, but the most important thing is that we look to the future and the next 140 years.

'Going into administration obviously wasn't ideal, but it's the opinion of many people that it might be the best thing.'

A fourth successive title has now disappeared from sight for Rangers after the gap to Celtic grew to 14 points. Yet footballing issues are now very much secondary as livelihoods are placed at stake and the club battles for survival.
Under fire: Rangers owner Craig Whyte (back seat)

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Under fire: Rangers owner Craig Whyte (back seat)

'I'm very positive. I have to be and we all have to be in this situation,' McCoist told the Rangers website.

'There is no place for negativity. 'There is no hiding from the facts and you can't argue with those. But we are where we are - and we have to be positive.

'I've spoken to Craig, to the staff and to the players and we all agree we must do our best to take the club forward. That will be the case and I can assure all the fans of that.

'The players are professionals. We have a fantastic group and they are at home in training and on the pitch. That will not change.

'Obviously, there will be people concerned about their jobs and their welfare and we appreciate that.

'But everybody is of the same opinion: that we must rally together and take this great club forward.'

Rangers served notice of their intention to enter administration on Monday, with Whyte still talking in terms of a 10-day waiting period when he met the players at Murray Park on Tuesday morning.
Never say die: Rangers fans raise a banner with a message directed at HMRC

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Never say die: Rangers fans raise a banner with a message directed at HMRC

But his hand was forced by the HMRC move to have the court appoint their own administrator on the back of a newly-revealed £9m in unpaid tax.

After a legal exchange, Rangers were given until 3.30pm to name administrators - with Paul Clark and David Whitehouse of Duff & Phelps confirmed at 2.50pm.

Sir David Murray then released a statement questioning why administration was necessary now when there was still 'favourable' legal opinion about Rangers' chances of winning the major tax case, which Whyte has claimed could total £75m.

Murray also confirmed there was no legal mechanism for him to retake control of the club.

Ex-director Paul Murray - who joined forces with Dave King to try to launch a late counter-bid to Whyte last year - has now appealed for support to submit a rival offer for Rangers to the administrators.
Tensions rising: Rangers supporters gathered outside Ibrox in protest

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Tensions rising: Rangers supporters gathered outside Ibrox in protest

'This wouldn't be Paul Murray coming forward to buy the club, it would be Paul Murray as one of many stakeholders putting together capital,' said Murray.

'However, I'm still digesting the events of the last 24 hours, so it's too early to come to a judgment. It's very difficult to know the scale of the liability the club now faces.

'There is a real lack of clarity on finances. Whyte first denied having sold the season tickets, then he was forced to admit it.

'If he paid off the bank debt of £18m and then raised £24.4m from season tickets and he's also sold various players, including our star striker, where has all the money gone?

'The transaction (selling Rangers to Whyte) was always going to be a disaster.'

Meanwhile, striker Cousin's £7,500-per-week deal could be off as the registration process is not complete.

'The player has not yet been registered,' the SPL said in a statement.


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AntMcfc
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Administrators says Rangers are not at risk of being liquidated.
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DaG
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They own some shares in Arsenal apparently, wonder if they'll be selling those to raise funds. Usmanov bought a few shares last week, and if he gets a few more he'll be at 30% and would have to be invited onto the board of directors.
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AntMcfc
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Glasgow Rangers have been ordered to put anything that's got a value up for sale. On the bright side, at least no players will be sold.
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Homer
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SFA inquiry rules Rangers chairman Craig Whyte is "not fit and proper person to hold a position in football."
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AntMcfc
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Bill Miller, the favoured bidder, has withdrawn his bid to buy Rangers. Bad news for the club, I think there's only one bidder left now.
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AntMcfc
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Miller has stated that Rangers financial situation is much, much worse than he was ever lead to believe. Massive blow, Rangers are finished.
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Homer
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It's the Blue Knights or nothing :tremble: :tremble: :tremble: :tremble: :tremble: :tremble:
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Crouchy
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Yea it looks disasterous for them. The fans were emailing Miller telling him not to go near the club :laughcry:
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AntMcfc
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Rangers have been saved :cheers:
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Rangers have been saved after a deal was agreed to sell the club to a consortium led by former Sheffield United chief executive Charles Green.

The deal was officially announced at 10am on Sunday when the club issued the following statement:

"We are very pleased to announce that we have accepted an offer from a consortium headed by Mr Charles Green for the purchase of Rangers Football Club.

"Mr Green has secured, via a substantial financial commitment, a period of exclusivity to complete the purchase of the club and this is expected to be finalised at a creditors' meeting on June 6.

"The structure and quantum of the offer from Mr Green is such that it is acceptable to us as administrators and, having been in discussions with major creditors throughout the process, we believe this presents the best prospect of financial recovery for creditors."

Green will form a Company Voluntary Arrangement, which will allow the club to carry on trading so long as it keeps to a repayment schedule agreed with creditors, though if the creditors do not agree a CVA deal then Green will still take over.

"If the creditors do not approve the Company Voluntary Arrangement, the agreement obliges Charles Green's purchasing vehicle to acquire the business and assets of the club on agreed terms, through a newco structure. It is Mr Green's strong preference to achieve a CVA."

Green said he was thrilled to have secured a deal, and added that he has already agreed a transfer of shares from former owner Craig Whyte.

"I am delighted our proposal to purchase Rangers has been accepted and we are working night and day to finalise matters," he said.

"This is a great football club with a tremendous history and we will preserve that while building a solid platform for the future.

"Rangers supporters have every right to believe their club should be a success on and off the pitch and that is exactly what we will strive to achieve.

"At all times we will make decisions that are in the best interests of the club. Not every decision at a club can be popular but I can tell every Rangers fan now that whatever decision is taken they will always be told the truth.

"We will do everything in our power to achieve a CVA and we already have a detailed written commitment from Mr Craig Whyte for the transfer of his shareholding.

"I look forward to working with everyone at Rangers, staff, players and supporters, in building a better future. It's what this great club deserves."
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KOL
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Big Daddy Welbz
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Good stuff
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Kevin
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Wonder if they will sign Gattuso now
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