The insolvency event ducks are now in a row at Sevco

While The People sometimes might have nightmares about Celtic doing ten in a row it is another type of alignment that should immediately concern them.

I have just learned that late yesterday the Sevco High Command came to an agreement with an insolvency practitioner.

My information is that the agreed fee will not exceed £500k.

The insolvency event ducks are now in a row.

That said,  the chaps in the Blue Room have not yet reached for the administration button.

However, it is on the desk and ready to be pressed.

If the Sevco High Command were not considering administration as a cost-cutting strategy then they wouldn’t have sourced a potential administrator and agreed on a fee.

For the avoidance of doubt, I do not believe that the pro-King faction in the Blue Room is in favour of this course of action.

Of course, if my information is erroneous then a formal denial from the basket of assets will assuage any concerns that The People might now have.

129 thoughts on “The insolvency event ducks are now in a row at Sevco”

  1. this is why Brighton wouldn’t agree a staged payment for their player, in administration he would have been a rangers player and their debt to brighton unlikely to be paid, but if on loan Brighton simply take back their player.

  2. I’m not a media professional in any way. But I am media savvy,
    Since time began there is one key rule for me, multi cross reference and do it as much as you can and look for previous credibility on the subject.

    I have looked elsewhere, as I’m sure many of you have. To other bloggers in the celtic family. With their different styles. Some are rather nasty but get “scoops” some are more easy going and reflective.

    Now il cut to it and say this, others have pointed out People. Of the Sevco persuasion, in the blogosphere, they have pointed out what they are saying about the possibility of a second insolvency event at their beloved place of worship, Ibrox Park/stadium/ whatever.

    Many of these guys have chosen to play the man, the man being Phil. I’m sure phil doesn’t care, he’ll, he’s even has the odd blogger of a more celtic persuasion, but not necessarily a celtic supporter play the man and give him pelters.

    But let me say this, and these comments have all came from the known ibrox sites out there, not by mad contributors like you and I fellow readers, this is from the actual bloggers themselves.


    I’m sure phil, when you read this comment, you

    but to me it’s rather instructive, of the thought process of these guys. Look, ordinary people on these sites is one thing but when the actual bloggers themselves, who in a way should be acting to standards that people like phil and a couple of other bloggers (one of them a decent bloke too is an ibrox man but his blog is less known than the Sevco sites out there).

    Then they shouldn’t be so vicious as they are hurting themselves and the craft they are meant to represent.

    For me this thought I’m posting is a sad reflection upon the thought process of most
    of those in the ibrox way.

    Keep up the good work phil. And through all this carnage, remember that deep down, humanity is the ultimate binder. And although harder to find amongst some certain groups, it exists everywhere.


  3. It seems to me that unlike with Oldco, where the main creditor was HMRC and the Oldco board had no control over events, the main creditors this time round with Sevco are the board of directors. Voluntary Administration will allow them to rape the company’s assets to get their money back and leave the brainless morons to pick up the tab for helping the entity/club/company survive in a more austere future.

    1. HZH – see where you’re coming from – but there are much easier, more predictable ways of ripping money out of a company if you have the ability to call Admin at anytime as a major creditor. For example, renegotiate the interest rate on your extended loan to 45% APR or accept free assets in lieu iof interest e.g. intellectual property, future ST income, lucrative franchises (catering, security etc). Granted there are issues of loyalty and personal safety to consider – but Admin is expensive, public and a tad risky. It is only to be done either because you have no choice (no mony left) or you have a very specific cunning plan. Only time will tell on that one.

  4. Phil, your blog has many good years to come. As long as there are ATMs and 1690 PIN codes some wise guy will take their money and feed them what they want to hear. Funny times ahead.

  5. Mr Phil

    I write this after a strange day celebrating my45th birthday. By strange I mean 45 is a horrible number, nearer 50 than 40 and wondering what I have achieved in life. I’ve followed your output for years, really enjoy your exposes. Want to believe you have an inside track on the ibrox sitcom but find it hard as I can’t understand how someone would be so duplicitous. My belief is they are playing a game that involves pretending they are mega skint to ensure their punters pay, turn up and pretend all is well. When I say pretend I mean cover the cracks from month to month like many businesses and households do in the hope all will be better. Sir David was Sir smoke and mirrors, I knew that from about 2004. Same thing happening, when you have 50,000 crowds and a large fan base then it will never die fully, we want an enemy, our enemy is not Rangers* but the sphere around it is. One other thought, FFS it’s only Fitba and that has never paid my mortgage. I have been on the red wine so if this makes no sense then, sorry for the waste of 15 seconds of your life. All the best fir 2018, be happy, work hard, look after those dear to you and don’t post stuff when you have been drinking coz people migh5 pp think u or droonk ?

  6. Its quite remarkable that despite the evidence put in front of them there is no telling the Ibrox support.
    Has it not dawned on them that if Brighton had accepted their original offer a huge chunk of next year’s ST monies would have disappeared the minute the fans handed it over?
    Does that not ring alarm bells with them or are they so frazzled by Level 5 fake news that unless the DR or ET run with the story then it’s mince?
    Again despite knowing of the less than professional behaviour of Senor Pena not one of them had the balls to run with the story.
    The threat of the withdrawal of their Ibrox or Murray Park pass by The Fat Controller keeps them on message otherwise they would alienate themselves completely from their target audience.
    They are cowards, every one of them.
    They are not journalists, unless copying and pasting Level 5 pish now passes for journalism in the bestest wee country in the world.
    Even an admin event would be manna from heaven for Level 5.
    Imagine the chargeable hours they can put into spinning the event as a definite positive.
    Of course the downside would see their biggest client disappear from their customer base.
    Win some, lose some I suppose.

  7. My youngest just got the university offer he was praying for – just needs to get the grades now. The wait since the early Dec interview has been excruciating. The interview process seemed medieval in its obtuseness – zero feedback – we’ll let you know – but rumour has it is that if you think you did well after 40 minutes of interviews over three days then you didn’t. And if you think you did badly, then you probably did well. If you cried under pressure, it was either very good or very bad. If you got an interviw with a second or third college – that was good but bad – the first one didn’t want you – probably – but another thought you might be able to scrape it – or not. You work it out – it’s just the most important fork in your life so far.

    Meanwhile, the waiit for Admin X is much more fun – similar uncertainty reigns – but we don’t have a definite date to focus on.

    Will King make an offer? Of course not – it’s already too late – so contempt of CoS beacons

    Will the board announce an EGM on 22nd Jan to fire King to lessen the cold shoulder effect on them?

    Will the board call Admin before the 21st in an attempt to muddy the waters to shield King and themselves? Can an offer be made against a company in Admin?

    Will the board let King swing for contempt of court and only call Admin after the split to secure top six finish?

    Will a creditor force Admin sooner and scupper all cunning plans?

    Will King be that creditor if the board turn against him?

    Were the soft loaners really soft enough to make unsecured loans – that will be lost in Admin – save for a few pennioes in the pound in many years time?

    Will a simple Admin really wipe King out of the game? I very much doubt that.

    Will the SFA find a spine somewhere between their arse and their elbow? I think not.

    And will the SMSM form a realistic financial opinion BEFORE the next liquidation? Their coverage of the last Admin process was palpable pap until Lord Hodge called time. Then they went all factual, regretted it soon after and have been denying it ever since.

    The next month or so will certainly make up for the last one – anticipation wise.

    Today, I’ll mostly be singing “Good Times” by Chic

    “Good times. These are the good times
    Leave your cares behind, these are the good times”

  8. I see sevco have been granted a building warrant for repairs to the roofs of 3 stands. Could this rather expensive item be the feather that tips them into admin?
    Were the admin ducks lined up on the roof?
    Just too much for the roofs to bear.

  9. I doubt if the High Tories, The monarchy grovelers, The Judges, The Masonic lodges, The masonic Bankers, Police, The Orange Order, The Del Boy lenders like Green, Whyte, King and Ashley will be able to put Humpty together again if they crash and burn again. The DUP might, after blackmailing the Tory government be persuaded to launder some money and pass it to them.

  10. I wonder if there is no appeal on the TOP ruling, could the GASL have his fitandproper revoked? Once appeals are over ur effectively saying he acquired ‘the business’ by underhanded means. Niw the bookies have stopped taking bets on admin, what odds the SFA review GASL’s fit and proper status? 5000-1 anybody?

  11. As I’ve admitted before…I know 4/5ths of feck all about Business practices…whether its Admins…or Liquidations …or whatever.
    What I do know,however,is a total feck up when I see one …and boy…have I seen one.
    I watched BBC Scotland’s documentary on “Bankrupt Millionaires”…and if you haven’t….you should.
    Basically you can declare yourself Bankrupt…fill in a Questionnaire (putting down whatever answers you like ) and be fairly sure that your answers will never be checked or challenged.
    The lady Reporter from the BBC interviewed the guy in charge of this set-up and to say he was useless…is paying him a huge compliment.
    He left three major questions unanswered.
    He more or less admitted that there are no checks done on what people claim…
    and the system is a total joke.
    It made me think of a high profile footballer who recently declared himself Bankrupt….although there is nothing that remotely suggests he did anything wrong.
    The Documentary is worth a watch.

  12. Time for a Company name change back to Sevco (Scotland) Ltd? Might need to preserve that old “The Rangers” for future use?

  13. Meanwhile over in la la land Rangers are going to challenge Celtic for the signature of Hendry the young Dundee centre half.
    Two things will happen.
    Either Celtic won’t be interested and if he goes to Ibrox it will be portrayed that Rangers won the battle that never was.
    On the other hand both clubs make a formal offer…..
    £500k now, perhaps some add ons into the bargain.
    £50k down payment in May.
    The balance payable on CL Group Stage qualification sometime never, take it or leave it.
    How can these so called journos get away with the daily rubbish appearing in the media.
    Even after the McInnes debacle, followed by the Murphy farce and the other loan signing not one of them has the guts to call it as it is.
    There is no money, none, for transfer fees and linking Rangers in the same headline as Celtic won’t change that fact one little bit.
    Loan players have been recalled further swelling the wage bill but probably in anticipation of getting a few off the payroll who might bring in a transfer fee.
    Alves for instance, sitting pretty on good money, injured at present and hardly been outstanding in his few months here. He has no sell on value and with his place in doubt at the World Cup may decide to hang around and see out his contract.
    The bigger picture will be clear by the end of January. The transfer window will be closed, business done, and King will have either complied with the COS ruling or not.
    If it’s the latter we are in new territory and the impact on King and the club could be fatal, though Robertson and Richard Wilson remain confident that only King and not the club will be impacted.
    Oh really!

  14. Just had a look on a couple of Sevco forums.

    They are all adamant Administration can’t happen.

    They are slagging off Phil, the man who got it right the 1st time around and claiming the club is debt free and on sold foundations.

    So to recap, the people who got it wrong say everything is OK, the person who got it right says admin could happen again shortly.

    I suspect we will find out shortly who is right.

    THE very best thing about the timing of Rangers liquidation is that they waited for the invention of social media before dying. The jocularity would not be anything close to what it is if they had not.

  15. Time to bypass the SFA & THEIR corrupt or inept efforts to protect The Rangers. Celtic, Aberdeen & all other Clubs affected by the granting of a licence for champions league football, should report a fraud direct to the police with a request for forcescoutwith Scotland to carry Out the investigations. We are talking about a fraud which cost others millions of pounds.

  16. There seems little doubt the Sevconites would be displeased by an administration event. After all, They Deserve Better.

    But chin up – because y’know, administration is far from the worst outcome.

    The real problem – and it may be a very real problem – is what occurs if Dave King, displeased by this turn of events, decides to play hardball. Because it could well be that Mr. King’s particular interests were best served by – oh my stars, how to put it delicately – the nuclear option.

    Looking on the bright side, if that were to happen, at least “liquidity” would no longer be a problem…

  17. Loving the defence that is being put forward to “prove” it’s all lies. We’ve just bought 2 players – eh no you’ve no. You’ve taken 2 players on loan. We’re spending a fortune going to Florida – eh no your no. Your expenses are paid for by the tournament organisers and you get cash for going. That’s why your there. We knocked back £500k for Wideass – did ye aye.

  18. Just read your piece there Phil and it’s left me confused to say the least.
    I’ve ran it past the missus to see if she can shed any light on it for me.
    She said i should have the raspberry jelly tonight and keep the strawberry one for the weekend.
    It did get me thinking mind you, why even bother calling it strawberry? I mean it’s the same colour as raspberry and pretty much tastes like raspberry, so fu.k it i’m calling it raspberry……well if you’re allowed to do it with football clubs then i’m doing it with ma jelly.
    Hail hail.

  19. If administration doesn’t get King off with the whole Take Over Panel thing, then he would surely do whatever he could to block it and force liquidation.
    Administration would drive the share price down to a negligible level, and then King’s offer of 20p per share, would surely be accepted by anyone with half a brain.
    Am I correct in thinking that King’s loans are secured against the Club’s assets?
    Would liquidation give King control of assets and save him from shelling out £11 million on 20p shares?
    I may be reading the whole situation wrong, but it’s how I see it.

  20. The bottom line is that expenditure exceeds income and only a cull of the big earners will address the situation.
    But the situation must be truly dire if they want to defer downpayments for the likes of Murphy till May.
    It’s crazy stuff.
    This year’s ST money has gone and May is 4 months away.
    Someone in the concert party or board will have to step up to the plate to meet January payroll with every likelihood that they can say bye bye to their cash.
    With King’s big day approaching any thoughts of a share issue is riseable.
    Any club with an interest in a Newco player will be sitting back waiting till the last few days/hours of the transfer window before splashing the cash and for the likes of Windass the £3.5m buy out clause in his contract is unlikely to be met and even the alleged £500k bid from Wigan may have a few quid knocked off it.
    Desperate times indeed but sympathy will be in short supply as no lessons have been learned from the previous debacle.
    With European football off the menu only a dose of drastic austerity will reduce the losses.
    Give the fans credit for turning out in numbers but there is no guarantee that will continue if 2nd or 3rd becomes the norm.
    Those who have been hailed as heroes for saving the club from Ashley and the Easdales will go down in history for a completely different reason and King will be fortunate to be domiciled in South Africa whilst his UK based chums will have to face the ire of the support.

  21. Not wanting to be a worry wart but if sevco hit the admin button would it open the door for them to unburden themselves of debt and over paid players etc and then do a share agency as Green previously did? Or was this only possibly due to the insolvency? Back in the day it was a slight worry that sevco had so much money banked and no debt following the demise of The team known as Glasgow rangers. Then obviously the asset stripping circus kicked in and the mayhem continued ! For all the joy of a further admin it would be a sickener if those shameless bastardos were lording it up on the hard earned cash that their unquestioning faithful who would no doubt fire into a new share issue post any admin.

      1. The fans only put in £4m of the £22m raised by Green’s IPO – and they will lose it all in Admin. The rest was “institutional investors” playing with OPM. So anyone hoping for the fans to fund Rangers III should think again. And II’s will be bloody scarce.

  22. So this could possibly be the plan then ….

    Cold shoulder to Dave, blame Dave, go into Administration, shaft Scottish football and it’s fans again, carry on regardless with no serious sanctions.

    If this is the case then every club that has played them in a cup or in the league has been shafted by financial doping……. yet the fans do nothing ( including Celtic fans .

    Like it or not despite the great intentions of the Res 12 campaign, money and only money talks and until fans start using it as leverage nothing meaningful will be achieved any time soon.

  23. You’ve been running rings round pretenders for a while now and all the too much protesting is a hoot for all of us.
    In a class of your own Phil.

  24. Small point I meant to bring up earlier, if they do enter into admin, then do those teams and individuals still getting payments as part of transfer fees get stiffed? I wonder the debt level for transfers at the current time?

  25. Administration gives them the opportunity to wipe the slate clean and start again in the top league with a full war chest. This is purely and simply to give them 3 seasons to stop 10-in-a-row.

    Might be better for Celtic if they keep bobbing along in financial mediocrity than kick-off an administration event.

    I hope our board don’t take their eye off the prize (10).

  26. I see it, read it and get it….kinda. Having made the occasional comment on here regarding the prophecy this Newco going the way of their ancestor being my earnest wish I am still waiting for it to come about. Impatiently waiting. So too, I have written in noting that they were still polluting Scottish football spite of predictions that death is imminent.

    They are here as I write.

    So FFS tell me this is it, Hun Armageddon is upon us and we can rejoice.

    1. In fairness Phil stressed the unlikelihood of Admin for months last year as most of the debt was internal and soft loans were available. This was before the TAB ruling and the Going Concern warning in their accounts, though…

    2. Wither it’s the 2nd, 3rd or 10th version of the Rangers this bile of a club will ALWAYS be with us.

      It’s like they keep repeating there cycle. Bought shit players, Paid over the odds, Got the managers choices wrong. WOW we cant pay for this failure, We will just go into administration.

      It’s an absolute disgrace. the country is even more of a laughing stock than normally for allowing this.

  27. Hi Phil when rangers tried to get a cva king voted against it as a creditor , now sevco will be trying to get one if king votes against it again could he force liquidation on sevco

  28. If Newco do go into liquidation, the other SPFL clubs would be well within their rights to deny any transfer of SFA membership and entry to the league. No lessons have been learned from overspending in the past.

    1. But if TRFC is sold to a newco then the membership is not transferred. This is the crucial difference between 2012 and now. The”club” & the “holding company” are now two separate legal entities.

      Makes a huge difference.

    2. Since the Edinburgh knighted one took over all sense of financial prudence went out the window.
      The smoke and mirrors used by Murray, aided of course by a complicit media, led the fans to believe that he was using his own money to finance the running of the Ibrox club, when in reality his mates at HBOS were answering his frequent calls for more cash.
      No more so than when the Oldco share issue, underwritten by MIH, flopped and immediately added £50m to MIH’s overdraft as a result.
      When Lloyds took over HBOS that was the end of the easy money and the end of MIH.
      No lessons have been learned and those who have ponied up the soft loans will wonder how they ever got involved with King in the first place.
      It will prove to be an expensive lesson as the best outcome they can hope for down the road is to swop the debt for equity in a company that has never made a profit, has no credit line from a bank, etc etc.
      Even then they may find themselves in contravention of TOP rules and in exactly the same position as King currently finds himself in and having to make an offer for the shares currently not owned by them.
      There must be serious infighting going on behind the scenes as the various parties try to position themselves in the event of an admin event.
      4 months to go before ST renewals and a stark realisation that the only way the company/club/thingy will ever make a profit is to qualify for CL Group Stage. Catch 22 because to achieve that aim a major investment is required in the playing squad.
      In the meantime someone, anyone, will have to fund the losses to keep the show on the road.

    3. Can’t see youant appetite for that from the vast majority of clubs in the league sadly, including my own.

      They’ve all been suckered by the narrative that a strong old firm is essential to achieving tv revenue which is the primary driver for chairmen in the modern game.

  29. It all makes sense to do the deed in January. Money can be recouped from Pedro’s Diddies and perhaps a few others.
    On a lighter note, none of the tabloids or STV Sport/BBCSport seemed remotely interested in Carlos “Cryuff” Pena relieving his hooter on a pair of Sevco shorts. Strange.

    1. A more calculated insult to Newco FC could barely be imagined.
      Wait for the right moment close to the cameras, take an item of the football strip from your “employer” and wipe some excess body fluid onto said item.
      Is everything connected to this /company/club just plain toxic?

  30. If or when Sevco announce they have to go into Administration who takes centre stage?It wont be Dave King.Carlos Pena anyone?Blue shirt in hand.Hope you are hurting Sevconians.Well deserved Gullibillies.Loving it.You used to call us beggars who are the tramps now.

  31. A phrase from J Forrest Esq springs to mind “can you imagine the state they’d be in if they hadn’t banned green boots”….On a serious note, any thoughts on who the next spiv/wideboy to don some brown brogues and cardi’ is…??

  32. Monday the 15th Jan is officially Bright Blue Monday. Many will encourage dressing up in bright clothes, not just blue, to offset what is deemed potentially the most depressing day of the year. Dark cold January, credit card and other bills arriving, etc.

    What a good day for them to press the button. It’d make it fully of jelly, ice cream and bright bright green.

  33. Great news,and it’s no even Valentines Day,thought they might have had a
    VD mk.ll day in their sights.

    They’re worse than a STD,at least you can cure an STD.(I’m led to believe)

  34. Phil; I’m not questioning your reporting and sources on this – you have been too good for too long. However, there is something here that doesn’t feel right about this Admin event.

    Are you able to say whether your sources are telling you that what is under consideration is Admin for TRFC or RIFC or both?

  35. its cold outside but I’m warming to the Administration.

    Guess they will be really good at filling in the forms etc with all that knowledge gained in the last few years. No wonder they were able to negotiate a cheap deal.

  36. Am I being paranoid or is there the danger of SFA/SPFL/SNAFU actually ignoring an Admin by saying that ‘we have not been informed by the club concerned and so cannot act blah blah blah’. We know they have form on being blinkered, why would this be any different?

  37. Could TGASL threaten to blog a CVA and liquidate sevco 2012 mid season unless he is bought out .
    The sevconions have been living in fairy land since 2012 with the club never died fantasy .
    A mid season meltdown would surely put paid to that MYTH .
    How much do you think avoiding that scenario would be worth to RRM and the SFA .
    £20m or thereabouts

  38. Phil gotta say as a Jambo and a fan of non old firm this is very pleasing, I would also like to say how are the so called authorities not brought to justice? Oh wait…

  39. We would normally had a statement o clock by now dismissing any notion of an impending admin event.
    Some bears are blogging that why would Goss and Murphy be brought in if things were that bad.
    Short memories indeed as did Oldco not bring in Jelavic as their financial situation worsened and the wee tax bill was ignored and never paid.
    It’d as if the right hand and left hand are working on different agendas.
    If it all goes tits up again the players can kiss goodbye to their hefty contracts and the providers of the soft loans will be mourning the loss of millions and kicking themselves for climbing into bed with a convicted criminal.
    Of course no doubt Level 5 will be feeding the line to their media lickspittles that admin is good news for the club/company/thingy and that they will emerge from this set back stronger than ever.
    This will put the SFA back in the spotlight. They allowed King to act as the de facto Chairman of the football club without any hindrance whereas any other club would have found themselves hauled over the coals if a convicted criminal eas acting as a shadow director.
    Lest we forget it’s now a couple of months since the SFA Compliance Officer was tasked with looking at the circumstances surrounding the UEFA licence awarded to Oldco in 2012.
    The facts around the non payment of the wee tax bill are clear and were made public during the Whyte trial.
    There was no agreement with HMRC about deferred payment or a payment plan plus Regan’s claim that the tax bill had not crystallized at the appropriate UEFA cut off date has been shown to be a nonsense.
    The application was fraudulent from the start.
    The Compliance Officer should be identifying those who initially perpetrated the fraud and those involved in the subsequent cover up before handing his findings to Police Scotland Fraud Squad then let justice take it’s course.
    Pethaps the lack of statement o clock denying any imminent admin event is because anyone making such a claim will land themselves in serious trouble if the denial turns out to be fake news.

  40. They are in denial on several sevco sites, ridiculing the notion of administration and suggesting it’s simply wishful thinking from ‘Timothy’. But regardless of their public utterances they are living in fear. They once asked Lenny what that was like , well they know , they know better than any fan base. To lose one Rangers is careless , to lose two , well that would be a tragedy . I’m being selfish now but I would rather they continued to exist , taking regular thrashings and humiliations whilst watching Celtic go from strength to strength in and off the field. Sporting justice for their horrendous vitriolic past.

  41. Administration during this transfer window allows Administrators to sell players rather than releasing them for free due to wage reduction.

    Wage reduction breaches the players contracts and they can walk for free.

    An immediate Administration, now, gives the Administrators the higher chance of recouping money for Creditors (King and 3 bears) by selling players.

    1. There was no interest in getting all creditors their money with the last administration bollocks

      This one will be the same.

      I’m telling you all, they should be kicked out for good. The biggotdome flattened and them wiped from memory

    2. I would have thought that admin would only be a back up plan if the fire sale doesn’t raise enough / reduce the wage bill enough.

      No point paying admins 500k to sell players (likely at a reduced rate due to admin) when they have a DoF and board to handle that.

      If they can’t trim / sell enough admin then becomes cost effective for them as once the admins release the unwanted players at no cost they would balance the books and would save a few million in wages / pay offs to guys like Alves etc

    3. The problem is the value of the sellable players would still leave the loan providers way short of what they have ponied up.

  42. They’ve no dosh but the Admin button now in play serves two purposes. Firstly hold King’s feet to the fire. Stump up promised funds or we go to Administration, there’s no joking here. Secondly, yeah they need it anyway. Stony broke, too many debts and costs. Let’s reset.

    1. Thirdly, if they do it in under 12 days it gets King off the shares court ruling.

      That would mean Phil is wrong on this regarding the King faction not being onboard with Admin.

      1. I believe you are wrong on an Admin event getting King off. Only a total liquidation would do that and that isn’t what is being proposed.

        1. Court appointed Administrators take control of the shares. And can sell the shares/company to a new owner.
          The existing shareholders have zero worth as the club is bankrupt.
          Failure to exit Admin with an acceptable offer to creditors forces liquidation.

      2. How does it get King off the shares offer? Genuine question as I’m not an expert but I don’t see what relevance Admin has with the ruling? Also he is their largest creditor and could force Admin at any time. If there was anything to gain from it surely he would have done so?

        1. Administrators take ownership of shares.
          Shareholders no longer own the company. King cannot offer 20p to anybody.

      3. I don’t see why?

        King / NOAL have been ordered to offer for the shares. Short of liquidation the shares still exist to be bought?

      4. Only if they sell TRFC to a newco and then liquidate RIFC. Saving it via a CVA will still make King liable for an offer for all the shares.

        Any and all options still need a fresh dose of capital to either buy TRFC or make up the ongoing losses and provide some payoff for the creditors. The role of the administrator is to maximise returns for the creditors not to keep the company going at all costs. No one is saying where this cash is going to come from?

    2. Agreed sussing it out. However, if King calls their bluff ( personally don’t think a. He has the money; b. Won’t be allowed to take that amount out of South Africa (£7.9m + £11m into escrow in one swell swoop. c. What will the judge say about a penniless guy suddenly coming up with £18.9m?) where do the three bears go from there?
      I think administration is a threat but don’t think a squeaky clean guy like Park ( he really should have listened to his wife) wants that on his record and King knows it.
      King’s end game is to get all his money back and then leave but how? Johnston brought in by the three bears to protect them as he seems to have his card marked.
      Still think Murray is there in the back ground. I notice that Auchenhowie has once or twice been referred to as Murray Park in the last couple of days. A slip of the tongue/ keyboard? All the best to everyone.

  43. FFS, Phil! Could you at least give them a bit of warning next time – not cricket, mhate!

    Drop a line to tedermeatballs, bbcchrismac, kennymac, bfdj, bbctomenglish or even chris_89jack!

    Unfair not to share info between fellow journos!

    Hold on … they aren’t proper journos, puppets is what I meant to say!

    Oh aye, chief puppet (after Jack) …neilcameron5 (he didn’t dare put the other 5 on!)

  44. Yet signings are still being mentioned in MSM ? What will Brighton think if the news on Martin and the guy at Fulham are true ??

  45. Phil am I right in thinking , if the rangers international 2012 go into administration a European ban comes into play

  46. If it goes down, then it will be interesting to see how much those who move on a different level have screwed out of the fear factory for their laughable spins. Now might be a good time for some involved in reporting (loose use of the term here) to look for property abroad, the dignified ones will be looking for heads to roll for the perpetual bullshit they have been digesting.

  47. Phil. Don’t you think with your news, that the SFA/SPFL are in dereliction of their duty to the other clubs, if they don’t ask to see the books?
    Surely with the bookies suspending bets and all the other rumours, the bosses in Glasgow can’t sit on their hands any longer.

    1. If Sevco go under what does it say about the SFA’s/SFPL’s “fit and proper” test?

      If other clubs kick up a fuss about the 2 admin events and demand that action be taken for Sevco overspending there will be nothing the governing bodies can do because they played a part in this shambles by approving King in the first instance.

      What will stop a club overspending then every 5 years wiping out their debts?

  48. The lads that installed the WiFi system will be paid buttons,they were absolutely correct in trying to get their money owed ringfenced.

    1. Surely, the decision not to ring fence based on assurances provided that the club was breaking even, will have to be reviewed for veracity as an alternative judgement would have been reached had the true position of the club’s finances been properly disclosed. Does the lie told here constitute perjury?

  49. Brilliant stuff Phil although I do think that i would prefer them to keep going on lurching from one crisis to the next for another season or 4 until we’ve done the 10. Oldco have gone and newco are on the way out. Wonder what’s next?? evennewerco, followed by newbornco, then fetusco and finally glintinthemilkmanseyeco…

  50. My bet is 21st January 2018

    It’ll be a cold shoulder and a cold day on Govan.

    The Club owned by multiple HCVs ( Holding Company Vehicle ) must be running out of people willing to do business with them !!!

  51. Phil

    How can the anti-King faction be against The Honest Chairman? he has always been up front and loyal when it comes to all matters at Ibrox as he is a”Real Rangers Man” with wealth “Off The Radar”

    Lets look at the positives shall we?

    He took over in 2015 and ousted the non “RRM” Board
    He provided Pedro Caixinha with a Transfer War-Chest which has proved highly successful.
    He said that Celtic have only won 2 in a Row.

    His time in charge has been highly successful and it calls for a celebration of Jelly & Ice Cream.

    1. I read somewhere that Ronaldo and his Real Madrid team mates were devastated to discover that the three CL titles they won in the last four years don’t count because sevco didn’t play in them!!!

  52. High drama in the Blue Room.

    I’m curious if the arrangement for Administration is being motivated by the presumed cash flow crisis, or if this is more of a power-play to force DK out the door.

    The immediate practical result will be the same of course. A 15 point deduction and prohibition on Europa League should they manage to otherwise qualify on sporting merits.

    However the long term result and end-game for Administration would be dramatically different if this is driven by cash flow, or lackthereof, concerns. Without a line of credit, they will still need external financing to continue operations. This, of course, is true with or without administration. But one would think finding external financing would be exponentially more challenging while the club is under court protection from creditors. The end game could very well be liquidation simply for no other reason than a failure to find the necessary funds to pay contractual obligations as they come due.

    1. Some shyster with a few bob will buy the bones if liquidation threatens, a la Charles of Normandy, form a huns3 tell the gullibillys what they want to hear, and they’ll buy in again. They’re that fuckin thick!!!

  53. Hi Phil. Can you give your thoughts on this. The old rangers are still going thru the process of liquidation . It’s still not been completed etc . And then you have the new rangers. Does this mean there is in fact 2 rangers ?If Liquidation means death then the old co stop exist ? And when the old co finally do get liquidated will the death of rangers old co be changed from 2012 to the day .

  54. Once again what about the Clubs and more importantly the supporters of these Clubs, who if this administration goes ahead, have been watching a rigged game devoid of any regulatory intervention. It’s simply disgraceful from our Clubs and (cough) football authorities and heads must roll this time surely.

    1. Correct! They’ve been breaking Financial Fair Play rules to buy success on debt over other rules abiding clubs.

  55. I did find it odd over the last 24 hours that Sevco didn’t release a statement denying all these vile rumours of imminent Administration… it was a concomitant risk that Jabba’s invoices haven’t been paid up to date yet!

    1. Hi Mr Jhedi, Can you forward the Craig White stuff to me please. I sent you an Email around the 26th Dec. Thanking you in advance. Ian

  56. The People won’t have any concerns. History shows us that rather than give credence to any number of Celtic-leaning bloggers, including one who produced a book titled ‘Downfall’ based on a number of blogs that turned out all to be true, they would prefer to believe a Daily tabloid with a particular talent for cut-and-paste and a history of printing stories to which the description ‘accurate’ could not be applied.

    ‘Motherwell-born billionaire…wealth off the radar? That’ll do me.’

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