Rangers â?? The Fight Continues

[Frankie 8,148]

An abridged version of this Gersnet article appeared in today's Herald sport pages.

 

Rangers â?? The Fight Continues

 

Usually when my season ticket renewal pack arrives through the letter-box, a tingle of excitement occurs amidst the gloom of the Scottish â??summerâ?? close season. Obviously £400+ is a lot of money to most Rangers fans but the anticipation of another battle with Celtic for the SPL title and the unknown challenges of European competition more than compensate for the financial outlay.

 

This summer is different.

 

After what seems to have been an eternity of coming and going, it has now been confirmed that the always doubtful CVA proposal submitted by Charles Green and his investors has been rejected by Her Majestyâ??s Revenue and Customs - the main creditor of the mismanagement of Rangers in recent years. This means a â??newcoâ?? situation appears to be inevitable given Duff & Phelps, the Rangers administrators, have suggested HMRC would not have accepted any of the CVA offers from the other bidders in any case.

 

Indeed, D&P have already said that their exclusive â??bindingâ?? contract with Charles Green et al means that his bid automatically defers to a £5.5million purchase of the club assets (including the stadium and training ground) as the 1899 Public Limited Company is liquidated. Of course, as the date of the existing company shows, the club has changed name before so the suggestion our history is under threat is arguably a mischievous one. Iâ??m optimistic the Rangers as we know will survive in some form.

 

Unfortunately, despite a newco seemingly inevitable, much uncertainty remains and the depression along with it. Will Greenâ??s investors still be as keen to go ahead? Can other bidders challenge the transaction? How will outstanding SPL and SFA investigations into dual contracts and disrepute charges affect the process? Will Rangers fans prefer a move into the SFL Division Three instead of being hamstrung by other stakeholders keen to apply â??sporting integrityâ??? In any case, itâ??s vital that HMRC and BDO are directly involved in the asset sale to enable serious potential owners to negotiate alongside Green.

 

In that respect, going back to the season ticket packs, can Rangers fans renew as it stands? After all, the price may have been frozen but the package offered may be somewhat different from the norm. For example, staff contracts may revert to the newco but will it be possible to afford the wages of our key players â?? even if they put further loyalty ahead of TUPE (or their careers)? Moreover, the concept of a â??newâ?? Rangers battling their way through the lower Scottish Leagues may be a romantic one but it remains to be seen just how many of our fans would buy into this for at least three seasons. Those that do agree with such a future donâ??t always appreciate the risks involved â?? both to our heritage and our future.

 

There are also questions for non-Rangers fans. What happens should the punishment of Rangers be so severe that the club is suspended from Scottish competition, the newco refused access to the SPL or our fans demand a move down the divisions? Will the TV and sponsorship contracts be fulfilled and will our national game really be better off without its most successful club?

 

Letâ??s be clear. The Rangers support understands the need for our club to be punished (and we have been already some have forgotten). Dubious tax avoidance schemes, fishy advance season ticket sales and the general bending of rules by the last two owners isnâ??t something any of our fans are proud of. However, we werenâ??t responsible for such corporate vandalism and any censure is essentially because of the egotistical whim of our last two owners (and their associates). Not to mention those who run the game shirking their responsibilities alongside the less than convincing performance of the administrators.

 

To that end, HMRC refusing the CVA on the basis they wanted to pursue â??those responsible for the companyâ??s financial affairs in recent yearsâ?? should satisfy those who are genuinely worried about integrity. Indeed, Iâ??d imagine Rangers fans will be happier than most when the â??custodiansâ?? who allowed this dreadful situation are brought in front of the court to answer for their alleged crimes. So, yes, letâ??s have justice but letâ??s ensure it is the right people who are punished.

 

The blame game aside, at this stage clearly there are still many more questions than answers and a final solution seems no closer than before. Most importantly, this isnâ??t now just about the future of Rangers Football Club but of Scottish Football as a whole. It isnâ??t just Rangers fans who should be worried.

 

The fight for survival continues and it could arguably be said the gloves havenâ??t even come off yet.

[foggy dewhurst 0]

a very good article a good read ,but this binding contract thing is getting at me yesterday was the first i had heard of it it looks to me that mr green is on a winner all the way.

[Frankie 8,148]

a very good article a good read ,but this binding contract thing is getting at me yesterday was the first i had heard of it it looks to me that mr green is on a winner all the way.

 

Yes, the 'binding' contract may be exactly that.

 

But does Green have the money to complete? That's still not certain.

[foggy dewhurst 0]

Yes, the 'binding' contract may be exactly that.

 

But does Green have the money to complete? That's still not certain.

 

 

do you think others might come in with a decent bid if allowed and take the club on .

[the gunslinger 3,366]

surely he has at least the 5.5.

 

I find it hard to believe even d&p could get it that badly wrong.

 

I will say this yesterday I heard green had been telling all sorts of lies to potential investors about who was putting what in.

 

it could be unraveling for him.

[the gunslinger 3,366]

do you think others might come in with a decent bid if allowed and take the club on .

 

still at least two interested parties.

[chilledbear 16]

do you think others might come in with a decent bid if allowed and take the club on .

 

I think others have been waiting for this to happen.

 

It will be interesting to see who comes out of the woodwork.

[GovanAllan 0]

surely he has at least the 5.5.

 

I find it hard to believe even d&p could get it that badly wrong.

 

I will say this yesterday I heard green had been telling all sorts of lies to potential investors about who was putting what in.

 

it could be unraveling for him.

 

Heard from where you can't come on and spout statements willy nilly to suit your agenda. Where's your heros on their white chargers surely TBK can scrap together enough money to step in, but then I heard yesterday they were arguing over who's round it was at lunchtime (see what I did there).

[the gunslinger 3,366]

Heard from where you can't come on and spout statements willy nilly to suit your agenda. Where's your heros on their white chargers surely TBK can scrap together enough money to step in, but then I heard yesterday they were arguing over who's round it was at lunchtime (see what I did there).

 

I can't really say and as such I understand if you don't believe me.

[andy steel 0]

Moreover, the concept of a ‘new’ Rangers battling their way through the lower Scottish Leagues may be a romantic one but it remains to be seen just how many of our fans would buy into this for at least three seasons. Those that do agree with such a future don’t always appreciate the risks involved – both to our heritage and our future.

 

What risks are you talking about here? I suppose a failure to come back from demotion would impact the future, but I fail to see what - imo - a deserved punishment could have on our heritage. Plus, I just can't see us failing to come back, unless a huge percentage of fans walk away from the club.