Bluedell 5,348 Posted May 18, 2012 Share Posted May 18, 2012 Frankie and I attended a meeting at Ibrox with around 20 other fans attended by Charles Green (CG), Sandy Jardine (SJ) and Jim Hannah. CG spoke for around 40 minutes and then allowed questions for around 20 minutes. This was nowhere near enough time to address the many questions that the fans in attendance had, but CG said that he had to go. This is unfortunate as there were still very many questions unanswered. CG confirmed that there would be no season ticket rises. He advised that the administrators had written to Ticketus advising them that the agreement was terminated. He expects the administrators will put out a statement to this effect. SJ spoke about the SFA appeal. The club made a 75 minute presentation to the panel and asked for a quick decision. The SFA then made their argument (I thought it was independent committee that found against us but it seems that the SFA are happy to argue against us). The panel adjourned for 90 minutes before giving their decision. The club are waiting for the written findings from the judge before they decide on their next course of action. It would not be in the clubâ??s best interests for any protests to take place on Saturday. CG wants to go down the CVA route, although it is more expensive. It is dependent on both Ticketus and HMRC. Cash from CG consortium has been paid to the administrators. A letter will go out from the administrators to the creditors by the end of next week and creditors have 14 days to decide. If a CVA is agreed the administrators will stand aside and let CG take over the running of the club, although he would not be legal owner at this point. The creditors have a 28 day cooling off period but is not expected that either HMRC or Ticketus would change their minds. CG said that the administrators have said that the feedback from Ticketus and HMRC was positive in respect of a CVA, although I felt that this answer was a bit bland but there may be confidentiality reasons for this. He said that the administrators would not go to the expense of a CVA if they felt it would fail. I do not have a huge amount of confidence that a CVA will be accepted. they should know by know whether it will be accepted and they are spending a lot of time on the newco scenario. The current court cases being raised by the administrators will be for the benefit of creditors only. The club will come out of administration when the creditors accept the deal. We need to be out of administration by 4th August. If a CVA is not accepted by the creditors then there will be a newco structure. It differs from the Bill Miller proposal as his would still have a CVA running as well (I didnâ??t understand this point). CG said that he club would still carry on with its history intact and made the good point that the club had been unincorporated when it was set up in 1872. He mentioned that there had been 4 changes in structure along the way, which I donâ??t agree with. He had a diagram which highlighted re-registration in 1981 but this was just the existing company changing from private to PLC so his point doesnâ??t hold up. CG said that he had been working on this since 18th February. Existing shareholders would be given the opportunity to buy shares in the event of a newco. CG wants the situation that no single investor would have more than 15% of the club. He wants to relist the club and his (unnamed) advisers would be looking into this given Plus Markets is closing. He said that the investors did not want to be named, partly due to the intrusive nature of the press, and commented that his own children had already been named. He mentioned that Shepherd and McDonald had made their names public but that had not come from him. He said that there was a bank account with £20m that had been shown to the administrators and there were safeguards that this cash could only be used for the club. After questioning he admitted that there were only â??5 or 6â? investors who had put in cash already but up to 20 had expressed interest. Shepherd and McDonald have not put in any cash yet. I am not sure why he is so vague on the number of investors (which he had to confirm with his advisers). The number who have paid cash already should be fairly clear in his own mind and this has to raise questions. He said that not all 20 would necessarily be accepted as he wants people that would be able to work together. There are some from Middle East and Far East who could bring expertise in developing marketing in these areas and also set up academies. There are also some Rangers fans, and some of the names will be â??majorâ?. He was not concerned about the risk of all the players walking away in the event of a newco as he believes it would be easy to get a team together due to the pulling power of the club and his contacts. He confirmed that he had a legal agreement to buy CWâ??s shares in the event of a successful CVA, and CW was unable to back out of this. CG seems to firmly believe that a newco would have to play in the SPL as the SPL would be in trouble if they didnâ??t and he gave the impression that playing in the 3rd division would not be an option. He also gave the impression that he wants to leave everything that has happened to us in the past and would not be looking for retribution against those who have had a good kick at us recently. Overall I thought CG spoke well but was light on details and it was extremely unfortunate that he cut short the Q&A as there was no chance to ask about funding of the club going forwards together with many other questions. We are all sceptical about anyone who buys are club and he needs to work harder at overcoming this, although it was great that he is willing to sit down with fans and explain some of what is going on. I do think that he is planning to go forward and buy the club as I think that being CEO of Rangers appeals to his ego, something he himself alluded to. It is a promising start and it sounds like he will be open to sensible suggestions (eg the change in policy on season ticket prices) and letâ??s hope that he can continue this interaction with the fans and explain more going forward. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,173 Posted May 18, 2012 Share Posted May 18, 2012 A very fair and accurate account mate. Thanks for posting. 0 Quote Link to post Share on other sites More sharing options...
Juancornetto 1 Posted May 18, 2012 Share Posted May 18, 2012 "The current court cases being raised by the administrators will be for the benefit of creditors only." Glad CG or anybody else isn't relying on monies from these actions, I doubt any of it will ever be found let alone returned. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted May 18, 2012 Share Posted May 18, 2012 "The current court cases being raised by the administrators will be for the benefit of creditors only." Glad CG or anybody else isn't relying on monies from these actions, I doubt any of it will ever be found let alone returned. Maybe why he's said it's yours to the creditors knowing full well we have little or no chance of getting any. Not that bad a meeting about all he could say at the moment IMO, the investor bit doesnt worry me too much things like this can be very fluid and continually changing before any money changes hands. It would appear he has a lot of contacts around the world which can only be a good thing. 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted May 18, 2012 Share Posted May 18, 2012 "The current court cases being raised by the administrators will be for the benefit of creditors only." Glad CG or anybody else isn't relying on monies from these actions, I doubt any of it will ever be found let alone returned. I'm positive that the creditors will also be aware of that. 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted May 18, 2012 Share Posted May 18, 2012 Thanks for posting this, Bluedell. 0 Quote Link to post Share on other sites More sharing options...
Tumshie RFC 0 Posted May 18, 2012 Share Posted May 18, 2012 It seems things are moving in the right direction but no doubt there will be a few more twists and turns along the way. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted May 18, 2012 Share Posted May 18, 2012 Any idea what Whyte gets out of this agreement he has with Green? 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,348 Posted May 18, 2012 Author Share Posted May 18, 2012 Any idea what Whyte gets out of this agreement he has with Green? CG said that he paid CW £1 for the shares. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,271 Posted May 18, 2012 Share Posted May 18, 2012 He advised that the administrators had written to Ticketus advising them that the agreement was terminated. He expects the administrators will put out a statement to this effect. So Ticketus is out of the running of a CVA and will instead pursue Whyte (or the company that backed the deal) for their cash? 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.