54andcounting 0 Posted April 5, 2012 Share Posted April 5, 2012 What is "other" ?? Expenses?? 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,246 Posted April 5, 2012 Share Posted April 5, 2012 (edited) On a sidenote ... I think the Rapid Vienna boss said some time ago that we paid for Jelavic in full? How come that there's 1m still owed? Does Everton owe us money for Jelavic? While we are at it, the money still owed to other teams for transfers ... ain't that just because the deals were structured like this? That is, to be paid in instalments? The money to Dunfermline and Dundee United has been paid by now, hasn't it? Edited April 5, 2012 by der Berliner 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted April 5, 2012 Share Posted April 5, 2012 On a sidenote ... I think the Rapid Vienna boss said some time ago that we paid for Jelavic in full? How come that there's 1m still owed? This one is pretty unclear.. From what I can gather, it may well be that the (slightly bonkers) Rapid boss got it wrong or was misinterpreted. There was supposedly an issue with our scheduled installment being late last summer, but it was then paid and I think we can only presume that another payment is due this summer which makes Rapid one of our creditors under this administration. Does Everton owe us money for Jelavic? Apparently they still owe us several million (or at least half the transfer fee depending on how you look at it). While we are at it, the money still owed to other teams for transfers ... ain't that just because the deals were structured like this? That is, to be paid in instalments? Basically yes, you would have to think so, although there IS the possibility that Whyte didn't make certain payments that were due because not making payments was something he actually did very well while living it up as our owner. The money to Dunfermline and Dundee United has been paid by now, hasn't it? Dunfermline were paid the remainder of their due money from the Rangers Fans Fighting Fund and Dundee Utd were paid some of their money from Rangers and the SFA, but they are still due some cash as far as I know. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted April 5, 2012 Share Posted April 5, 2012 Expenses?? It was income, so that wouldn't make sense unless I'm missing something. It's not too important anyway, but I just wondered what "other" income was. 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted April 6, 2012 Share Posted April 6, 2012 (edited) http://www.scotsman.com/news/rangers-takeover-administrators-lay-bare-chaos-left-by-craig-whyte-1-2220017 THE ‘statement to creditors’ published by administrators Duff & Phelps on the Rangers website today not only documents the real and potential indebtedness of the troubled club. It also contains a wealth of detail about the increasingly chaotic state of the Scottish champions’ finances during Craig Whyte’s brief spell at the helm. Whyte, who bought the controlling interest in Rangers from Sir David Murray last summer, was in charge from the completion of that purchase until he put the club in administration on 14 February. He said then that the process of entering then exiting administration could be a painful but swift one, and predicted that it might all be over within a month. Nearly two months on, however, the club’s position is unchanged. As Duff & Phelps announced earlier today that they had narrowed the number of bidders for the club down to three, they also, for the first time, published information about a range of matters from the sale of the club’s shares in Arsenal to the date on which it could expect to own its own car park. And, while the scale of Rangers’ indebtedness captured most attention, Paul Clark and David Whitehouse of Duff & Phelps also quietly announced that they had submitted a request for the club to play in Europe, and had asked Whyte to agree to part with his shareholding. WHYTE’S SHARES FOR some time, Whitehouse and Clark have expressed a confidence that Whyte would be irrelevant to Rangers in the medium or long term. Their confidence has bemused many observers, who were sure that no legal mechanism could be found to force Whyte to part company with his majority shareholding. If yesterday’s statement is a true guide, the administrators themselves have not yet found any such legal mechanism, but are still trying to do so. In the meantime, they have simply asked Whyte to give up his shares. “It is likely that any purchaser wishing to invest monies into the club . . . will require the shareholding or substantially all of the shareholding of the club,” paragraph 16.6 states. “The joint administrators are investigating whether there are mechanisms by which they can compel existing shareholders to transfer shares to a purchaser, but no representation has been made that this can happen to purchasers. A formal request has been made of the current majority shareholder RFC Group [Whyte’s vehicle for running Rangers] which holds circa 85.3 per cent of the shares to make these available to a purchaser.” ARSENAL SHARES RANGERS’ holding of 16 ordinary shares in Arsenal dated back to the early years of the last century. They bought two to help out the London club when it was in financial difficulties, and Arsenal later gave Rangers another 14 by way of thanks. Whyte sold the shares, angering fans who saw them as a sumbol of friendship between the two clubs. The administrators’ statement reveals that the money did not even go to Rangers. “The club was the owner of 16 ordinary shares in Arsenal,” it is stated in paragraph 9.33 and subsequently. “The company instructed [financial firm] Pritchard to act as its broker for the sale of these shares during January 2012. It should be noted that Craig Whyte was the company secretary of Pritchard. “The shares were sold for £223,214. However, the funds relating to the sale of these shares were not transferred to the company.” The joint administrators have since begun a legal bid to recover the money for Rangers. EUROPE REQUEST TO be able to play in European football next season, Rangers, like every other club, had to be given a licence by their national governing body. To receive that licence, it appeared that they would have to be out of administration and otherwise in good financial order by 31 March – last Saturday. Despite the fact that they did not meet that condition, Duff & Phelps have still asked the SFA to license the club. Paragraphs 8.14 and 8.15 state: “The joint administrators have been in dialogue with Uefa, and Uefa have stated that generally speaking they are unlikely to grant a licence to any club whilst it is in administration given the Uefa Club Licensing and Financial Fair-play Regulations. The joint administrators have nevertheless submitted a licence application to the SFA.” VALUATION OF RANGERS BESIDES the worth of Ibrox Stadium and Rangers’ training ground at Murray Park as sporting venues, the administrators have sought to value everything owned by the club at those two locations down to “fixtures and fittings and chattel assets”. The latter term refers to anything owned by the club which might not be deemed fixtures and fittings – for example, furniture and other movable items. The club’s freehold property including Ibrox and Murray Park is valued at £109.6m. The Albion Road car park next to Ibrox is on a leasehold and is valued at £2.93m. “It is anticipated that the club will gain right, title and interest to the car park in 2023.” TICKETUS DEAL THE London-based company which loaned Rangers a multi-million-pound sum in return for the rights to future revenue from season-ticket sales has been a major stumbling block to the administrators’ hopes of achieving clarity preparatory to selling the club. Paul Murray and his Blue Knights consortium have reached an agreement with Ticketus to include them in the purchase of the club, but other bidders may choose to play hardball instead of treating Ticketus as major creditors. Duff & Phelps accept that breaching the Ticketus deal could result in a claim for damages, but say that Ticketus would then become ordinary unsecured creditors (paragraph 10.15). PLAYER WAGE CUTS AFTER lengthy negotiations, Rangers’ playing staff agreed to their salaries being cut. The most highly paid players took the biggest cuts. Together with voluntary wage cuts from coaching staff, this process is stated (paragraph 8.21) to have saved the club £1m per month. In addition to those cuts, Gregg Wylde and Mervan Celik agreed to an early termination of their contracts. Australian player Matt McKay was sold to South Korean club Busan I’Park for $100,000. A good piece from The Scotsman which goes deeper than the '£134m in debt' headlines. Edited April 6, 2012 by caseyjones 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,246 Posted April 6, 2012 Share Posted April 6, 2012 These are just figures laid bare to the open, as the administrators have to do. The figures need to be seen in context and have to be structured according to a timetable. The biggest part remains the HMRC money, BUT neither the press nor the admins nor we know how much we do and how much way may owe them, as the largest bit in here is the unresolved "big case". How credible is a source that goes for the meanest possibility, yet fails to name the best? And while I am at it, does anyone really want to see the current detailed stats for Manchester City or indeed, Manchester United? I reckon their fans would pay to travel to Erskine Bridge for a jump if those figures were revealed and splashed all over the papers. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted April 6, 2012 Share Posted April 6, 2012 I take it if we Liquidate all monies owed to us also go away as well? 0 Quote Link to post Share on other sites More sharing options...
CumbernauldGers 0 Posted April 6, 2012 Share Posted April 6, 2012 Can somebody that knows about this stuff tell me something? If we agree a CVA for say 10p, 20p, 30p in the pound, what happens to the big tax case if we lose it? Do we pay that back at the same rate as per the CVA? 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted April 6, 2012 Share Posted April 6, 2012 Can somebody that knows about this stuff tell me something? If we agree a CVA for say 10p, 20p, 30p in the pound, what happens to the big tax case if we lose it? Do we pay that back at the same rate as per the CVA? I believe it could be agreed with HMRC to be included - think the Admins stated this a while back.... 0 Quote Link to post Share on other sites More sharing options...
CumbernauldGers 0 Posted April 6, 2012 Share Posted April 6, 2012 I believe it could be agreed with HMRC to be included - think the Admins stated this a while back.... Cheers mate, my head is pickled trying to keep up with this all. 0 Quote Link to post Share on other sites More sharing options...
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