54andcounting 627 Posted June 1, 2012 Share Posted June 1, 2012 Gers funding 'in place'Administrators says club can operate normally until sale is completeLast Updated: June 1, 2012 5:41pmRangers have enough money to cope with a return to full wages, according to administratorsRangers administrators Duff and Phelps have insisted the club have enough money to cope with the players' return to full wages.The Ibrox squad and management took cuts of up to 75 per cent in March in order to help the club through the administration process, which took a step closer to conclusion on Tuesday when the administrators published the Company Voluntary Arrangement (CVA).If successful, Charles Green's consortium will take over the club in mid-July although even if the CVA is rejected by Rangers' creditors, it appears the consortium will take over by buying the club's assets.However, it emerged that £8.3million of the £8.5million put forward by Green's group is in the form of a loan, while Duff and Phelps are due £5.5million before any money is paid to creditors.Concern about how the club would be funded after this week, when the wage bill rises back to normal levels at a time when there was no gate money coming in, were raised by fans.FunctionHowever, a spokesman for the administrators claims money is available.He said: "The funding is in place for the club to operate and function normally until the sale is complete, which should be in July."We shall not be moved!!! Quote Link to post Share on other sites More sharing options...
stampyurie 203 Posted June 1, 2012 Share Posted June 1, 2012 Are they still claimin 5.5mil for d&p? Quote Link to post Share on other sites More sharing options...
Bluepeter9 5,167 Posted June 1, 2012 Share Posted June 1, 2012 Anti green sham boys won't be happy Quote Link to post Share on other sites More sharing options...
StuartM6 279 Posted June 1, 2012 Share Posted June 1, 2012 Oh would you look at that.Rangers till july they said?Get it up the lot of them. Quote Link to post Share on other sites More sharing options...
thebooler 4,509 Posted June 1, 2012 Share Posted June 1, 2012 Anti green FF sham boys won't be happy Quote Link to post Share on other sites More sharing options...
ForeverBlue_Since91 2,895 Posted June 1, 2012 Share Posted June 1, 2012 Oh would you look at that.Rangers till july they said?Get it up the lot of them.Another fail by them. Just like there We're having a part when Rangers die. :lol: MUTANTS. Quote Link to post Share on other sites More sharing options...
simplythebest 11,453 Posted June 1, 2012 Share Posted June 1, 2012 TBK fanb.oys won't like this. Quote Link to post Share on other sites More sharing options...
Jimfanciesthedude 24,540 Posted June 1, 2012 Share Posted June 1, 2012 gunslinger wont like th................... oh wait Quote Link to post Share on other sites More sharing options...
sprotson11 147 Posted June 1, 2012 Share Posted June 1, 2012 The funding is in place, but where is it coming from?According to the CVA proposal it would either be coming from Season Ticket money or from the creditors pot Quote Link to post Share on other sites More sharing options...
Gaz92 966 Posted June 1, 2012 Share Posted June 1, 2012 The funding is in place, but where is it coming from?According to the CVA proposal it would either be coming from Season Ticket money or from the creditors potWell it can't be "in place" if it's coming from the season ticket money, and if it's from the CVA pot, it really is whittling down the pence in the pound rate. Quote Link to post Share on other sites More sharing options...
Spacecowboy 92 Posted June 1, 2012 Share Posted June 1, 2012 I wish the release clauses could be written out when the full pay returns Quote Link to post Share on other sites More sharing options...
nachothelegend 1,932 Posted June 1, 2012 Share Posted June 1, 2012 Nah, a Positive Headline ,canny be right that .I await the BBC latest negative Spin on this little Gem. Quote Link to post Share on other sites More sharing options...
El Carpintero 546 Posted June 1, 2012 Share Posted June 1, 2012 Nah, a Positive Headline ,canny be right that .I await the BBC latest negative Spin on this little Gem."Creditors pot gone as player power wins.""D+P fee goes from £500k to £5.5m in space of few months.""Rangers FC, where every player is greater than the club.""Rangers on verge of extinction as players steal creditors pot." Take your pick. Anything is possible from that shower mate. Quote Link to post Share on other sites More sharing options...
Guardian 4,281 Posted June 1, 2012 Share Posted June 1, 2012 Looks like Green paid the money in for this. Quote Link to post Share on other sites More sharing options...
iain1712 336 Posted June 1, 2012 Share Posted June 1, 2012 So when we come out of admin we still have a massive debt hanging round our necks ?What happened to starting again with a clean slate after the cva/newco ? Quote Link to post Share on other sites More sharing options...
Bertent 2,081 Posted June 1, 2012 Share Posted June 1, 2012 Massive debt? I thought that the Blue Cashlights leading man Murray minor stated many times that the debt of over 18 million was manageable, plus wasnt he getting a loan from Ticketarse Quote Link to post Share on other sites More sharing options...
Jimfanciesthedude 24,540 Posted June 1, 2012 Share Posted June 1, 2012 So when we come out of admin we still have a massive debt hanging round our necks ?What happened to starting again with a clean slate after the cva/newco ?8,5mill loan from greens mob over 8 years is massive Quote Link to post Share on other sites More sharing options...
sprotson11 147 Posted June 1, 2012 Share Posted June 1, 2012 Massive debt? I thought that the Blue Cashlights leading man Murray minor stated many times that the debt of over 18 million was manageable, plus wasnt he getting a loan from TicketarseYeah but Green did state we would be debt free Quote Link to post Share on other sites More sharing options...
sprotson11 147 Posted June 1, 2012 Share Posted June 1, 2012 Well it can't be "in place" if it's coming from the season ticket money, and if it's from the CVA pot, it really is whittling down the pence in the pound rate.This is what the CVA proposal states re these running costsIf a request for consent is made by the Joint Administrators pursuant to paragraph 5.15 above(such consent not to be unreasonably withheld) and there are insufficient monies in the Account to meet CVA Trading Costs, then the Joint Administrators may require that the sums paid to their solicitors pursuant to paragraphs 4.20.2 and 4.20.3 above be used to cover CVA Trading Costs. In the event that any sum is released pursuant to this paragraph, the Conditions are subsequently satisfied and the Loan is formally drawn.Monies in the account refers to transfer fees coming in and season ticket money. We have been told that Rangers are running out of money and Season Ticket money is not coming in yet, so the funding gap money must be coming from the creditors pot or Green has put more money in. Quote Link to post Share on other sites More sharing options...
californiadreamin52 339 Posted June 1, 2012 Share Posted June 1, 2012 BBC article begins Rangers administrators CLAIM they have enough money to cover the players return to full wages.......casting doubt on D&P's integrity and honesty surely not Quote Link to post Share on other sites More sharing options...
airdriebluenose 351 Posted June 1, 2012 Share Posted June 1, 2012 Mid July my fucking arse, The 12th of July!! Be more specific! (Obviously not the OP, but the article ) Quote Link to post Share on other sites More sharing options...
Daniel Amokachi 14 Posted June 1, 2012 Share Posted June 1, 2012 Talk's cheap. Quote Link to post Share on other sites More sharing options...
Chef 436 Posted June 1, 2012 Share Posted June 1, 2012 Priceless Quote Link to post Share on other sites More sharing options...
caseyjones 3,009 Posted June 1, 2012 Share Posted June 1, 2012 Cash at bank - £3.4m. Quote Link to post Share on other sites More sharing options...
Daniel Amokachi 14 Posted June 1, 2012 Share Posted June 1, 2012 Cadh at bank - £3.4m.I really hope there's some sort of backup plan for this mate Quote Link to post Share on other sites More sharing options...
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