chilledbear 16 Posted March 4, 2012 Share Posted March 4, 2012 From the RSA Site and copied from FF. SUMMARY OF A MEETING WITH THE ADMINISTRATORS ON SATURDAY 3 MARCH 2012 1. Details of cuts to meet the £1m shortfall will be announced on Monday - new investors unlikely to want to inherit the current cost base of the Club - hence the need to implement the cuts. 2. Liquidation is "unlikely" but can't be ruled out - a CVA far more preferable to liquidation as that puts at risk future European monies for a number of seasons. 3. Pursuing the whereabouts of funds - focussed on what was promised by Craig Whyte in the Takeover document - "highly unlikely" Craig Whyte would be involved in the Club going forward. 4. The contracts, security, legal charges and financing of the Craig Whyte takeover are all being challenged, however, any security Whyte has or had is not likely to be an impediment to a sale. 5. The £3.6m ring-fenced from Collier Bristow is subject to legal claims from other parties as well as Rangers FC Plc. 6. Good interest in acquiring the Club and criteria will be based on fully financing the acquisition and be able to sustain the business going forward. 7. Key role for the Administrators is to put the business in a good state for acquisition. 8. Big tax case not a key issue in the sense that liability will be part of the creditors share out - far example, if there is a pot of £20m to share out - each party will get a dividend whether the total liability is say £40 million or £100 million. 9. Best way of contributing finance at the moment is through match-day sales - tickets, hospitality, catering, etc. 10. Suspect that the Arsenal shares money is lodged in Pritchard Stockbrokers accounts - assets of that firm are now frozen by the FSA and it will require legal argument to recover. 0 Quote Link to post Share on other sites More sharing options...
johnnyk 158 Posted March 4, 2012 Share Posted March 4, 2012 A bit more hope there than what we've been hearing recently..... 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted March 4, 2012 Author Share Posted March 4, 2012 Fingers crossed mate. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,461 Posted March 4, 2012 Share Posted March 4, 2012 No Surrender. We need to keep positive,although all this shit is coming out,and there will be more to follow,I believe we will come out of all this mess stronger than ever. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,302 Posted March 4, 2012 Share Posted March 4, 2012 A bit more hope there than what we've been hearing recently..... These people are the only source of genuine information. While they do leave a fair amount of possibilities, it is not exactly the doom-and-gloom end of days scenario we are fed by the media for days. We and any potential buyer should keep a sharp eye on who is amongst the prime offenders with regard to the doom-singing and giving of wrong information. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted March 4, 2012 Share Posted March 4, 2012 Personally I think most people are missing the first statement. 1. Details of cuts to meet the £1m shortfall will be announced on Monday - new investors unlikely to want to inherit the current cost base of the Club - hence the need to implement the cuts. That makes me very nervous as we don't know the debt we are in. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,302 Posted March 4, 2012 Share Posted March 4, 2012 Maybe so ... still there is a "unlikely" involved, so that is an assumption by the admin. Not saying that this might not be a stumbling block, but people like Paul Murray will know this and IMHO taking over a football club is hardly ever a venture that makes money. You can try to keep losses at a minimum, and possibly hope for some transfer income and European money in days to come. But anyone willing to invest into the club will know that money needs to be spend to make it attractive for fans too. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted March 5, 2012 Share Posted March 5, 2012 Not that this has anything to do with things at this moment but Michael van Praag KNVB(Dutch FA) chairman and UEFA board member was on dutch TV tonight. The new rules over clubs playing in the black is kicking in in 2013. After that all clubs will have 3 years to get living within their means. After 2016 there will be no more room for cash injections from rich toy boys. Clubs will have to live on what they bring in from football and commercial dealings. If we can sort this out without going into insolvency then it will put us years in front of many other top clubs. 0 Quote Link to post Share on other sites More sharing options...
juffery 0 Posted March 5, 2012 Share Posted March 5, 2012 Not that this has anything to do with things at this moment but Michael van Praag KNVB(Dutch FA) chairman and UEFA board member was on dutch TV tonight. The new rules over clubs playing in the black is kicking in in 2013. After that all clubs will have 3 years to get living within their means. After 2016 there will be no more room for cash injections from rich toy boys. Clubs will have to live on what they bring in from football and commercial dealings. If we can sort this out without going into insolvency then it will put us years in front of many other top clubs. Mibbes, but working our way through the divisions should we drop to Div 3 would seriously hamper our income. We could realistically be playing to crowds a third of the size at Porkheid. Add in the potential loss of interest - which is feasible - and by default the loss of a 'generation' or so of fans whose family ties become severed and this maybe isn't as positive as at first sight. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted March 5, 2012 Share Posted March 5, 2012 Mibbes, but working our way through the divisions should we drop to Div 3 would seriously hamper our income. We could realistically be playing to crowds a third of the size at Porkheid. Add in the potential loss of interest - which is feasible - and by default the loss of a 'generation' or so of fans whose family ties become severed and this maybe isn't as positive as at first sight. Personally I don't think we will drop to division 3 as nobody wants to drop the Sky money. Clubs also cannot blackmail us on this account. 0 Quote Link to post Share on other sites More sharing options...
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