Posted on Monday, 13th February 2012 by Joe McHugh
STV news are reporting that Rangers have applied to be placed in administration.
The news come hard on the heels of Celtic chief Peter Lawwell offering a bullish statement that the club isn’t dependent on the survival of their city rivals.
Administration will come with a 10 point penalty from the SPL with further sanctions certain to follow.
According to STV papers were lodged in Edinburgh on behalf of the club. An administrator will be appointed to look into the prospects of the clubs survival with creditors likely to be offered a pennies in the pound deal rather than face non-payment.
Amongst the largest creditors are season ticket holders and fans holding debentures. Appointing an administrator won’t be easy as it’s likely that season ticket holders will be asked to pay into matches to provide day to day funds to keep the club alive.
Player contracts are certain to be casualties with injured players like Steven Naismith particularly at threat since they provide the club with no current return.
Statements to the PLUS market are expected as Scottish football prepares to brace itself for probably the biggest story in history.
The troubled club were sold last May for £1 by Sir David Murray to Craig Whyte who was originally billed as a billionaire.
Whyte’s finances have come under greater scrutiny in recent times with the sale of Nikica Jelavic and revelations about a four year season ticket sale to Ticketus raising alarm amongst some of the clubs supporters
The forced sale of Jelavic brought further focus on the clubs’ troubled finances with Whyte revealing that the club has a £10m black hole/funding gap to deal with.
Last years the club failed to hold an AGM for shareholders with the clubs accounts upto 30 June 2011 remaining unaudited forcing the PLUS Stock Market to cancel share dealing.
Bizarrely at almost the same time as STV broke the news of administration the Rangers website announced that Daniel Cousin has resigned for the club although paperwork has still to be completed.
Further news is expected throughout the day.
CLICK HERE for Lambert dismisses Rangers bid for Grant Holt
CLICK HERE for Whyte: This moment has been coming
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Posted in Blogs | Comments (23)
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February 13th, 2012 at 3:33 pm
Don’t know about you’s but I’m getting smashed tonight, then tae chad hogons chip and dips spring break.
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Stevie Reply:
February 14th, 2012 at 12:39 am
You got an empty.
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February 13th, 2012 at 3:48 pm
Does this mean that HMRC get a “pennies in the pound” settlement…or does it have no bearing….??
notuponthesethingsCSC
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February 13th, 2012 at 3:52 pm
Mike, it’s got nothing to do with HMRC
If the administrator can plot a viable future for the club living within their means then they will have to face HMRC at the other end.
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February 13th, 2012 at 3:53 pm
GET ALL THAT THEY DESERVE.
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February 13th, 2012 at 3:57 pm
What a day to be a Tim!
“Bye Bye Rangers”
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February 13th, 2012 at 3:57 pm
LOL the buns are in melt down just tryed to get on to there sites and the servers are overloaded I JUST CANT GET ENOUGH so much for it will never happen to us and for the HMRC it is there policy not to do deals its everything or close down. looks like its JELLY AND ICE CREAM all round . hail hail
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February 13th, 2012 at 4:02 pm
A TREBLE helping of jelly and ice cream all round!!!
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February 13th, 2012 at 4:02 pm
HAHAHAHAHAHAHAHAHA YAAASSSS…. Been shouting that this day would happen for a year and a half… I’m with Stuarts idea… Everybody get smashed tonight and enjoy this day… Dont worry about going to your work tomorrow with a hangover… The manky mob will be feeling a lot worse than us
Hail Hail troops
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February 13th, 2012 at 4:16 pm
neil lennon legend 29 point turnaround in 3 months, wheres ma jelly and ice cream!!!
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February 13th, 2012 at 4:16 pm
Does anyone know then if Celik and Wallace will return to their clubs if they aren’t paid for yet or about the Cousin deal?
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O'Cahan Reply:
February 13th, 2012 at 5:26 pm
Ha Ha what about that stupid wee …t Aluko, he payed to join the bigotdome. haha
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JoeG Reply:
February 13th, 2012 at 8:52 pm
Cousin was reportedly on 7500 a week. Who is paying that? He isn’t worth 7500 a year, so this typified where their corrupt little brains dragged them.
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February 13th, 2012 at 4:23 pm
ice cream and jelly , pass the parcel and pin the tail on fat sally tonight , what a swell time this is to be a tim , lmao , h.h.
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February 13th, 2012 at 4:32 pm
This has turned out to be one of the best days of my life.to be a wittness to the death of the most bigoted club in world football is a privilge and one which too many CELTIC men who ar`nt around today and are able to savour.lady karma takes her sweet time.but she gets the job done. the IRISH translation for OURSELVES ALONE. SINN FEIN. IRONIC OR WHAT
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February 13th, 2012 at 5:09 pm
Certainly one of best February’s I’ll ever have! Just had a wee champagne afternoon tea with my wife in Harrod’s to enjoy the moment, sorry boys, ice cream and Jelly doesn’t do it justice today!
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February 13th, 2012 at 5:13 pm
Joe, what happens to the bigotdome??? Surely this has to be sold to pay off all their their creditors.
ICECREAM and LIME JELLY TIME
Hail Hail
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February 13th, 2012 at 7:09 pm
Heard Craig Whyte was seen kneeling at the main alter at the Vactican( his thinking was he needed all the help he could get), he started to pray. when to his astonishment Jesus appeared before him, he said to Jesus , can you help me get rangers out off this mess that we find ourselfs in, jesus replied no my son i cannot, Whyte answered back , is it because im a protestant, jesus said no my son , i only do miracles. hail hail
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February 13th, 2012 at 8:49 pm
I bet that quid Whyte paid seems like a bad deal now! Frankly, I thought he’d been rped off at the time. After all, rangers worth that much? Not in today’s society they aren’t.
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February 13th, 2012 at 8:51 pm
Joe
Can their latest signing AMIN ADMIN play on Saturday?
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February 13th, 2012 at 9:04 pm
I posted here last week that SNP would do what they could to assist ragers. They’ve got previous congratulating their support at league cup final & their anti sectarian or ‘timmy trap’ act as its known, even stating that they wanted to arrest I’m equal numbers, not according to culpability. Not to mention the deafening silence when lennons assailant was aquitted for an assault he admitted.
Now this:-
Commenting on the situation at Rangers, Sports Minister Shona Robison said: “I understand that Rangers and HMRC are continuing dialogue and we obviously want to see an agreement which will protect jobs and enable the club to stay in business. Rangers is a crucial part of Scotland’s national game, and our interest is ensuring that a resolution can be arrived at between HMRC and the club to deliver these vital objectives.”
An Independent Scotland would be s timmite nightmare, we know how this country’s psyche works! A government pandering to the wishes of ‘the people’ as we have already seen us a horrible thought!
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February 14th, 2012 at 12:47 am
Let them reap what they have sown.
Scotland will be a far better place without the shame.
It’s it just me that thinks Craig Whyte is shafting them big style.
Come in agent Whyte your mission is complete.
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February 15th, 2012 at 12:15 am
HMRC Swallow Swallow , they will swallow rangers.
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