Rangers' history will not be lost

[johnnyk 158]

http://www.dailymail.co.uk/sport/football/article-2138164/Rangers-look-set-newco-option.html

 

Manager Ally McCoist insists the history of Rangers will never be lost â?? even if the Ibrox club are reborn as a newco.

As another day passed without the appointment of a preferred bidder, McCoist expressed the view that a newco club, reapplying for membership of the SPL, now looks increasingly likely.

That was later denied by Brian Kennedy, one of the two bidders in the frame, who insisted that he and Paul Murrayâ??s Blue Knights consortium still believe they can achieve their goal of a Company Voluntary Arrangement (CVA) with creditors and exit administration before next season.

 

History boy: Ally McCoist is not concerned about the effects of a newco

 

With time running out, however, Kennedy or American Bill Miller cannot rule out the possibility of dumping the toxic debts of old Rangers and buying up the assets to establish a new club, playing out of Ibrox.

Supporters remain opposed to losing the heritage and history of the existing club, but McCoist believes it wouldnâ??t be a disaster. He said: â??If it happened, we would still have the history of the club, absolutely. I have done a bit of homework on it and newcos have happened at clubs like Plymouth and Crystal Palace.

â??I can imagine people would try to wind up supporters about it â?? thatâ??s part and parcel of the game.

â??But, make no mistake, we wouldnâ??t lose our history at all. We wouldnâ??t allow that to happen.

â??If there is a team playing at Ibrox in blue shirts, itâ??s Rangers. I think Iâ??m right in saying we only became a plc in 1899, which was 27 years after we were formed. Nobody really recognises that change, but there have been changes all the way down the years.

â??Rangers are Rangers and that would be the opinion of the vast majority of people.â??

 

Still in the game: Brian Kennedy is waiting to hear from the adminstrators

Kennedy submitted a â??materially increasedâ?? conditional offer to the Rangers administrators on Saturday night and he awaits news of its fate from Duff & Phelps.

The Edinburgh-born businessman has said all along that his offer is conditional on the delivery of a CVA and Craig Whyteâ??s shares and that remains his stance, despite McCoistâ??s view both bids could feature a newco structure.

Kennedy told Sportsmail: â??There is still time to do a CVA. That remains our preference, but it is very difficult.â??

Miller has proposed setting up an â??incubator companyâ?? into which he would transfer the clubâ??s assets. Asked if his plan involved a newco in any shape or form, Kennedy said: â??The fact is that when people talk about a newco they donâ??t mean an investment vehicle.

â??They mean that the SPL share will transfer from Rangersâ?? old company into a new Rangers company â?? and that is why they need to be accepted into the SPL.

 

In the running: Bill Miller

â??Itâ??s also why they canâ??t play in Europe for three years. Thatâ??s all it means.â??

Kennedy had hoped to be given the green light to move forward by Tuesday night, but McCoist believes the process could drag on until the end of the week.

He added: â??Two potential purchasers are still in heavy negotiations with the administrators.

â??They are really hopeful to have named preferred bidders very soon â??certainly before the end of the week and maybe before that.â??

â??I spoke to Bill Miller on Friday for an-hour-and-a-half. I also spoke with Brian Kennedy on Friday.

â??They are both seriously interested and they are certainly asking the right questions of myself and the administrators.

â??Right now, itâ??s looking like a newco. Iâ??m told that both potential purchasers have newco as part of their plan, but itâ??s not liquidation.

â??Thatâ??s a very important point because I think the vast majority of the fans do not want liquidation. I would imagine there are some of them who wonâ??t be happy with a newco.

â??I think if the newco is the best option without liquidation, then hopefully the fans will come round to it.â??

[Owain 0]

So we DEFINATELY won't loose our history. Is this a FACT or speculation.

 

Anyone know for sure?

[pete 2,499]

So we DEFINATELY won't loose our history. Is this a FACT or speculation.

 

Anyone know for sure?

 

Yes Leeds chrystal palace and plymouth i would think.

[der Berliner 3,263]

So we DEFINATELY won't loose our history. Is this a FACT or speculation.

 

Anyone know for sure?

 

This has been Hooped propaganda from the off. Despite the fact that you can easily see through their ploy. The club and its tradition ends when the club is shut down. As it happened with Third Lanark, to name the most prominent team in Scotland. There is a decent books series about now defunct clubs of Scotland. When you go through these, you find that the circumstances were pretty different to what we face. Despite all the deeds Whyte and SDM have done in the past, we still have a striving business, fill the stadium with nigh 50k each time we play at Ibrox, draw big (moneywise) media attention to Scotland and whatnot.

You wonder why it has to be repeated so often, but Rangers FC will only lose its history if the club is being closed down, the assets sold and the players' contracts ripped apart. The "liquidation", a misleading word in many ways, in any case forseen by the admins and/or potential buyers, will see the assets (name, history, Ibrox, MP et al) being moved to a new company before the old company is being liquidated (in the true sense of the word). Miller's idea is that a new or subsiduary company takes on said assets, while the old company of 1899 keeps the nasty stuff, much like a "bad bank" would. He'd offer a CVA for any creditors who can accept this or get nothing. Alternatively, he could propably keep the old company as it is, so the club has two companies in the background (similar to the Hooped Horrors).

 

In any case, "we" are the club and should not let others tell us differently. As has been said above, various clubs have been newco'ed or ever folded completely, yet carry forth the history and titles of the "liquidated" or even wound-up club of earlier days.