Nowt to do with me says Walter "I spent thirty six million in four years even though I knew the club was deeply in debt" Smith.
They may well not yet survive. BDO can challenge the undervaluation of the assets, which can they be recovered and put to auction. Some of Greens backers are housing developers. Green is spending money on wages which is almost impossible to justify outside the SPL and is gambling on being in a restructured SPL 2, but I cannot see the current 12 clubs agreeing to dilute their income and spread it among another 12 clubs just to save SEVCO.. Although the twelve may gain from SEVCO returning quickly to the spl one season early, they would forever have to face the ongoing season after season dilution of their income. SEVCO will probably not be allowed to use the nomenclature rangers or anything approaching it, if the Insolvency Act is enforced properly. Assets such as Ibrox, MP, the club's branding and good will have all been grossly undervalued. Even Green has been daft enough to come out and claim the club iis worth £50million. BDO will do their job.
http://bleacherreport.com/articles/1...making-trouble Less than a month into the new Scottish soccer season, and the SFA’s newest member club is causing trouble. Before I go on, you may consider the repeated use of “Rangers Football Club,” and “The Rangers Football Club,” unnecessary. This is actually a necessary distinction to make, as “Rangers Football Club,” is the club formed in 1872 which is no longer a member of the SFA and will soon be liquidated. “The Rangers FC,” is the new name of Sevco Scotland, a consortium fronted by former Sheffield United FC Chief Executive, Charles Green, which purchased the assets of Rangers Football Club in June this year. They are two separate, unrelated legal entities, one of which has purchased the real estate of the other. A fiction has emerged amongst Rangers supporters that somehow the “club,” and the “company” are separate, and that The Rangers Football Club Ltd has purchased Rangers Football Club from Rangers plc. This is emphatically not the case. There is no legal distinction, or difference between the club and the company. They are one and the same. In 1872, Rangers Football Club was a club. That is, a group of individuals who have come together to form an association with members and run by a committee. A club’s members pay an annual subscription and its members are personally liable for any debts incurred by the club. Around the turn of the 20th century, most soccer clubs in the UK incorporated, partly to raise funds, and partly to protect members from having to pay debts from their own pockets. Incorporation means that the club sells shares in itself, and the new directors are not personally liable for any debts incurred. So it was that in 1899, Rangers Football Club incorporated. Investors bought shares in the club, which changed its legal status from a club, to a private company, limited by shares. The new investors owned shares in Rangers Football Club, which was now called Rangers Football Club Ltd, the wording which to this day adorns the gates of Ibrox Stadium. There was, and is, no separate company and club. In the early 1980’s, Rangers Football Club Ltd was floated on the stock market. This involved another change in legal status, from a private limited company to a public limited company. In the UK, the names of public companies are not allowed to end in “Ltd,” or “Limited,” so Rangers Football Club Ltd became Rangers plc. As a public company, a controlling interest in Rangers plc could be purchased by anyone with the cash to buy the necessary number of shares and a willing seller. So it was that in 1986, a controlling interest in Rangers plc was purchased by David Murray and Rangers plc became part of Murray International Holdings. Then in 2011, Murray’s shares in Rangers plc were purchased by Wavetower, owned by Craig Whyte. After completing the purchase, Wavetower adopted the name, “The Rangers FC Group Limited.” Neither of these takeovers required a transfer of Rangers’ membership of the SFA to the new company who had bought Rangers plc. Charles Green’s Sevco Scotland (now The Rangers Football Club Ltd) consortium did not buy Rangers plc, the legal entity formed in 1872. They purchased Ibrox Stadium, the Murray Park training complex, and a car park. That is why Rangers’ SFA membership had to be transferred from Rangers Football Club to The Rangers Football Club. You cannot "transfer" something from yourself, to yourself! The Rangers FC did not qualify for SFA membership as they do not have the three years’ worth of audited accounts required, so in a quirky deal, the SFA agreed to transfer the membership of the now defunct Rangers FC to the company who purchased the assets and business of the old club. As a condition of transferring the membership, The Rangers FC had to agree to pay all debts owed to Scottish soccer clubs by the now defunct Rangers FC. This week, following rumblings of discontent over The Rangers FC signing several players beyond the price range of most SPL clubs, Green announced that The Rangers FC has paid all debts owed by the now defunct Rangers FC. That it seemed, was that. Until yesterday when Dundee United FC released a statement that contrary to Green’s announcement, they have still not received their full share of the gate money for the Scottish Cup tie played at Ibrox in February. This statement has sparked a great deal of confusion, with Green claiming that the SPL had earlier agreed to pay the money to Dundee United, which the SPL deny. The dispute hinges on a letter written by the SPL to Rangers FC on May 18, informing Rangers that their prize money from finishing in 2nd place in season 2011-12 would be withheld and distributed to those clubs owed money by the now defunct club. Green stated: “A letter from the SPL to the club - dated May 18, 2012 - stated: ‘The board decided to accede to the application of Dundee United and accordingly, the sum will be withheld from the next sum payable by the SPL Limited to Rangers and the sum will be paid by the SPL Limited to Dundee United.’ “Why the SPL have not paid Dundee United the outstanding sum as previously agreed is a question that they need to answer. We wrote to Dundee Utd on Monday explaining the SPL had previously confirmed they would pay it.” Not strictly true. On May 18, The Rangers Football Club did not exist. It was formed on May 29 (as Sevco Scotland) and did not buy the business and assets of Rangers Football Club until June 14. So the SPL wrote to Rangers Football Club, at a time when it was still a member of the SPL and clinging on to life by its fingertips. Working on the assumption that Rangers Football Club would still be a member of the SPL this season, the SPL agreed that they would withhold prize money from Rangers Football Club and distribute it to its Scottish soccer creditors. The SPL’s agreement then was with Rangers Football Club. No such agreement was made with The Rangers Football Club, which is a different club, so has no right to the prize money won by Rangers FC last season. Following protracted negotiations, The Rangers Football Club was granted Rangers FC’s membership of the SPL with several conditions, one of which was that The Rangers Football Club would pay any money owed by Rangers Football Club to other Scottish clubs. Charles Green and The Rangers Football Club agreed to that condition but are now claiming that they should not have to pay money owed to Dundee United. The Rangers Football Club appears to be in clear breach of the agreement by which they were granted membership of the SFA. The SFA must now either act to ensure The Rangers Football Club keeps its agreement to pay Rangers FC’s Scottish soccer debts, or lose control of the situation altogether. Whether there exists the will within the SFA to do so, remains to be seen. Breaking its own rules to admit The Rangers Football Club is turning out to be a major mistake by the Scottish Football Association.
http://scottishfootballmonitor.wordp...e-23/#comments From The Scottish Football Monitor courtesy of "Is Charlie Sheen Happy": Is Charlie Sheen Happy? says: August 15, 2012 at 17:22 Sevco didn’t exist on 18th May and a company cannot contract before it is incorporated. Some journos appear “confused” and are mixing up Newco (SevCo) Rangers and Oldco Rangers the same thing? Here’s an easy recap/Q&A for them…. Q. OldCo qualified to play in the Champions League. Are Newco allowed to play in the Champions League? A. No Reason:- New clubs are not allowed to play in Europe until at least 3 years after they have formed. Accounts are accepted as evidence of this. NewCo are a NewCo and can’t play for 3 years. Q. OldCo had £134m of debt. Do Newco now owe this £134m? A. No Reason:- The debt is due by the Liquidated company. There can be no obligation on a separate 3rd party (Newco) to pay this debt (albeit that there is nothing to prevent a 3rd party paying another person’s debts). Q. Was OldCo a “holding company” in a Club? A. No Reason:- A club cannot have a holding company. A club is a joint venture (more than one person/entity) with members (and a register of members), a committee and officials. All members are personally liable for the debts of the club, whether incurred by the committee or it’s agents. There were no members, officials or committee. No one but the company is on the hook for £134m. (Happy for someone to step up!) Q. Did the SFA membership need to be transferred from Oldco to Newco? A. Yes Reason:- The SFA membership was in the name of OldCo. It was OldCo’s who required to demonstrate that they adhered to the criteria for membership. This membership allowed only OldCo to play professional football in Scotland in Europe. It did not allow any 3rd party (whether it be NewCo or some fictional “Club” to play football in Scotland and Europe. In order to play professional football in Scotland in (eventually) Europe, NewCo required to have a licence in their name. They elected to do this through transferring the membership of a separate company which was soon to be liquidated. Q. Have NewCo been deducted 10 points for being in Administration? A. No Reason:- OldCo are in administration. They are no longer members of the SFA. NewCo are a separate company and a new club. They are not in Administration and therefore cannot be deducted 10 points. Q. In order to transfer membership, Newco have agreed to pay some footballing debts and fines. Is this because they are the same club? A. No Reason:- New clubs should apply for fresh membership of the SFA. NewCo couldn’t do this as they didn’t have 3 years accounts. They asked if they bypass this and have OldCo’s membership transferred to them. They were told that couldn’t be done while OldCo owed money to the SFA, members and UEFA members. There may also be further monetary sanctions taken against OldCo for matters still under investigation. If these monies were paid, the licence would be clean and capable of being transferred to the NewCo. Undertaking to pay a 3rd Parties debts does not make you a 3rd party. (It is now doubtful whether they will/have paid this) Q. When were NewCo formed? A. 21st June 2012 Reason:- Check companies house Q. Are there any benefits to NewCo and OldCo being separate companies? A. Yes Reason:- NewCo do not have to repay £134m of debt. They have no titles that can be stripped. They do not have the shame of having run a tax scam. They do not have the shame of having cheated through financial doping. They have never had a sectarian signing policy. Their fans have never rioted at any European finals. Q. If you believe enough and clap you hands, do fairies/Rangers still exist? A. Yes Reason:- Don’t worry your pretty little head about the reasons. Just pay your season book money and put your teeth under your pillow and in the morning Daryl King will have placed a shiny new penny/team there for you. Go back to sleep. Q. If I bake some wafers, cover it in chocolate and wrap it in some paper that I coloured in red and call it a Kit Kat, is that a Kit Kat? A. No Reason:- You may have made a biscuit. It ain’t a Kit Kat.
These are the facts that The Rangers fans won't/can't accept. The penny will drop eventually, no doubt before the end of this football season, but the incompetent Scottish Journos are hindering the ability of these morons to accept the truth of the situation with their inaccurate reporting. Of course there's nothing natural about Rangers or their successor, The Rangers. Good article
Q. If I bake some wafers, cover it in chocolate and wrap it in some paper that I coloured in red and call it a Kit Kat, is that a Kit Kat? A. No Reason:- You may have made a biscuit. It ain’t a Kit Kat.
Here is a progress report for the creditors of Rangers Football Club. http://www.rangers.co.uk/images/sta...angers - Progress Report - 24 August 2012.PDF Page 6 Rangers / the Company / the Club.........THE...CLUB
Think we have to be a bit pragmatic here and realise that if the media, SPL, SFL, SFA were to come out and admit that rfc had died, then SEVCO fans would possibly dessert Scottish football bringing about financial hardship for many clubs and for the media itself which would have to downsize, as would the footballing organisations. Although this would not be the end of Scottish football a la Doncaster, it would mean that the playing field would lower. We have to be realistic about that, however none of this changes the facts outlined in the bleacher report etc above. It would have been more honest in the long run and better for Scottish football in the long run had the media etc been open, SEVCO fans are now adopting a victim role and spouting all kinds of revenge on SPL clubs by boycotting away games. This attitude will become entrenched and Scottish clubs outwith Celtic will lose out over decades possibly. Honesty would have in the long run been better. BDO or UEFA if debts to its member clubs remain unpaid may well put an end to all of this finally.
Stewart regan was asked the question and said it was up to the fans. I took that as being yes they are dead but im not going to admit that.
They may be dead but are things any different with referees and Newco? "Some in the Berwick camp were left mystified by referee Mike Tumilty's decision to rule out a late winner after Chris Townsley found the net." http://www.bbc.co.uk/sport/0/football/19384956
Great to see at least one of them finally stick their head above the parapet and admit they are no more [video=youtube;_FfSUoW6Mb4]http://www.youtube.com/watch?v=_FfSUoW6Mb4[/video] Definition of LEGENDARY : of, relating to, or characteristic of legend or a legend Definitions of LEGEND a story coming down from the past; especially : one popularly regarded as historical although not verifiable a popular myth of recent origin That confirms it folks
