Generic clubs in financial crisis Thread

[weybridgewanderer]

"It is now understood that on the back of a briefing SPL chief executive Neil Doncaster and SFA counterpart Stewart Regan gave to clubs last week that the SPL will introduce a plan for SPL 2 - which would include Rangers - and invite existing Division One members to join."

[Wax Jacket]

lol

those two blokes are utter pcunts, how deep into the purse have they got their fingers

[Silver Fox]

Disband the whole thing if that happens, absolutely disgraceful shenanigans

[TBM]

tbf, this bloke has a point

"Interesting word, integrity. Hearts £30m debt, HMRC winding up orders and failure to pay players. Motherwell in admin receive NO punishment and avoid relegation despite finishing bottom in 2003. Dundee allowed back in SPL despite double admin record. Pacific shelf 595 ltd change their corporate structure in the 90s but nothing is mentioned about that. Meanwhile, Rangers deducted 10 points, kicked out of spl and europe, lose their whole team, fined and that's still not enough punishment. Sporting integrity..."

[TBM]

[cmonurz]

"It is now understood that on the back of a briefing SPL chief executive Neil Doncaster and SFA counterpart Stewart Regan gave to clubs last week that the SPL will introduce a plan for SPL 2 - which would include Rangers - and invite existing Division One members to join."

You should be ashamed to follow such a disgusting club.

[weybridgewanderer]

SFL PRESIDENT JIM BALLANTYNE
"We don't have any control over the SPL. And they are entitled to do whatever they wish, within their own rules.
"But it's important to mention that the Division One clubs went out of their way to make it clear that their route regarding a solution involved all 42 teams.
"I think that says a lot for them.
"Other bodies are going to have to look at the decision we've taken and decide what view they are going to take.
"As far as we're concerned, it's crystal clear and it was a massive majority.
"The talk of financial meltdown is scary for everybody but that completely ignores the views of the fans.
"The fans have been vociferous in their view of what this whole situation may bring.
"Every single club would be happy to tell you about the amount of contact they have had from supporters, expressing concern.
"I've never know anything like it in the 10 years I've been involved in football."
"This one particular completely covers every single club and the message coming across from every club is exactly the same, even from Rangers fans themselves: if they had their choice it would be Division Three.
"That reflected the views of First, Second and Third Division clubs.
"You have to consider what the actions of fans may be if sporting integrity is challenged.
"Who has put a price on what will happen if they do not come to watch games?
"Yes, clubs are worried about figures in one direction but there is a huge concern about figures in the other direction.
"It's a very brave decision from the SFL but I'm not surprised."

[weybridgewanderer]

CHARLES GREEN STATEMENT:

"We are grateful to be accepted as members of the SFL and accept their decision to vote us into Division 3.
"It is a matter of regret for all of us involved with Rangers that the issues surrounding the club resulted in the SFL and its members being placed in a very difficult position not of their own making.
"From the outset, we made clear we would play where we were told to play and we just want to get back to playing football.
"This decision maintains the sporting integrity that clubs and fans across Scotland have been calling for but it also impacts massively on Scottish football as a whole and only time will tell what the consequences will be.
"Rangers has been handed the ultimate punishment of starting again from the bottom of the leagues but there is an overwhelming feeling among fans and within the club of 'wiping the slate clean' as a club free of sanctions.
"The people who brought shame on this great club are no longer part of it and everyone at Rangers is focused on rebuilding the club on top of a solid financial foundation.
"We wish to play a constructive part in Division 3 and encourage our fans to support the other clubs within the league by attending matches and delivering to them the benefits of having Rangers within their league. "

[Ark Royal]

:lol:

Queen's Park must be rubbing their hands at the thought of a bumper pay day at Hampden. Going to be their first really big crowd since 1930.

[Super_horns]

How many teams will get into trouble themselves and presume Rangers are going to bounce back before too long.

Bet the local police of the 3rd division sides aren't looking forward to the fans visiting in large numbers.

[sandman]

Mark Dingwall of the Rangers Supporters Trust has just been on SSN and claimed that the implications of Rangers going into the Third Division is a "holocaust" for the SPL.


You stay classy Mark Dingwall.

[AthleticoSpizz]

I think it will be great.

The extra revenue for the wee teams will be immense. , and can only help the Scottish development game

[Royal Monk]

Here is the Football League's ruling on Portsmouth ...

The Board of The Football League has agreed to make an offer of membership to the eventual purchaser of Portsmouth Football Club.

The offer is subject to the successful bidder accepting a number of conditions that seek to ensure the sporting integrity of league football and the financial viability of the Club going forward.

The Football League Board has absolute discretion as to whether to admit any new company as a member of The League. In doing so, it has to strike a balance between giving a club another chance and the effect this has on sporting competition between clubs. Through its Insolvency Policy, The League aims to secure the continuation of the club in its local community. In seeking to achieve this it requires that:

a) all football debts have been settled in full (although these may be compromised by mutual agreement).

b) creditors have been given the opportunity to indicate their satisfaction (or otherwise) at the proposed arrangements (normally through the acceptance of a Company Voluntary Arrangement (CVA)).

In Portsmouth's previous administration, a significant amount of unsecured debt was compromised in a CVA approved by creditors in June 2010, with an anticipated outcome of twenty pence in the pound. In the event, these creditors had not had their claims settled prior to the Club's further administration in February 2012.

Under the new CVA these claims would be further compromised to less than one penny in the pound without creditors having the opportunity to indicate whether they find this acceptable. This is because the claims rest in the liquidation of the previous company and the liquidator of that company has voted to accept the terms of the new CVA.

Therefore, the Board were faced with the prospect of numerous unsecured creditors receiving less than one penny in the pound, without having the opportunity to indicate their satisfaction (or otherwise) in the normal way. In the Board's view, these arrangements do not respect a key principle of The Football League's Insolvency Policy (as described above in b).

Therefore, as a condition of membership, any new company established to apply for ownership of Portsmouth Football Club's share in The Football League will be required to:

1. Accept a deduction of 10 points in the 2012/13 season;

2. Agree that only a limited proportion of the secured debt from the previous club can be carried forward into the new company as secured debt.

3. Pay all football creditors in full, unless mutually acceptable compromise agreements are put in place.

4. Agree to a range of other restrictions on playing budgets, future borrowing and loan repayments for the next 5 seasons.

It will now be for the administrator to seek to finalise arrangements for the sale of the club with interested parties. The Board will consider the application for transfer of membership once the administrator has selected the final purchaser


Looks like its the end of the road for them , cant see them getting away with it this time

[TBM]

Yes

[Rev Algenon Stickleback H]

tbf, this bloke has a point

"Interesting word, integrity. Hearts £30m debt, HMRC winding up orders and failure to pay players. Motherwell in admin receive NO punishment and avoid relegation despite finishing bottom in 2003. Dundee allowed back in SPL despite double admin record. Pacific shelf 595 ltd change their corporate structure in the 90s but nothing is mentioned about that. Meanwhile, Rangers deducted 10 points, kicked out of spl and europe, lose their whole team, fined and that's still not enough punishment. Sporting integrity..."

Motherwell didn't go down because Falkirk's stadium wasn't up to scratch. There was no leniency towards them, and automatic relegation has never been a punishment for going into administration.

There had never been a rule about not being allowed back into the SPL for going into admin twice, and Dundee took a huge points hit for doing that.


Rangers folded.

NewCo is a completely new club, as they've been keen to stress, so they are not liable for any old punishments or any old debt. They were not "kicked out" of the SPL. The new club's application to rejoin the SPL directly was rejected.


The new Rangers re being treated just as any completely new club would be treated if they applied to join.

Rangers "cheated" to the tune of £134 million worth of financial advantage which they couldn't afford to pay back, then attempted to wriggle out of the whole lot on a legal technicality. They are in no position to lecture anybody about integrity.

[weybridgewanderer]

A potential debt if 134m

[sandman]

Fascinating.

[Tony Le Mesmer]

So what will the new club be called? Surely they cant adopt the name "Rangers Football Club" whilst the old club is in the process of liquidation?

[TBM]

The old club is Glasgow Rangers

The new one is just Rangers

[Maquisard]

Mark Dingwall of the Rangers Supporters Trust has just been on SSN and claimed that the implications of Rangers going into the Third Division is a "holocaust" for the SPL.


You stay classy Mark Dingwall.

Dammit, you made me spill my wine