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Rangers' administrators have reacted with fury!


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Blue fury! SPL plans to hammer newco Rangers grow fears move may scupper sale

By STEPHEN MCGOWAN

PUBLISHED: 23:11, 11 April 2012 | UPDATED: 23:13, 11 April 2012

Rangers' administrators have reacted with fury after the SPL revealed plans which would see any proposed Ibrox 'newco' face tough sporting sanctions.

One source described the timing of the SPL announcement as tantamount to throwing a 'hand grenade' into the takeover plans for the troubled Ibrox club.

It forced administrators Duff & Phelps to delay the naming of a preferred bidder from a shortlist of Paul Murray's Blue Knights, Bill Miller's Chicago group and Bill Ng's Singaporean consortium.

Unrest: Rangers fans take part in a anti-liquidation demo on Saturday

In a statement, joint administrator Paul Clark reacted to the announcement of plans to hammer 'newco' entrants to the SPL by describing the timing as 'disruptive and regrettable'.

The SPL revealed that the 12 top-tier clubs will meet on April 30 to consider new penalties for clubs enduring an 'insolvency transfer event'.

The proposal would see a 'newco' Rangers hit with a 10-point penalty for the next two campaigns, plus the slashing of SPL commercial revenue by 75 per cent for three seasons.

That would have savage implications for Ibrox budgets, with this season's likely television revenue of £2.4million for finishing second in the SPL slashed to just £600,000.

Crucially, however, it would appear to preserve their top-flight status. In rules regarding clubs going into administration, the SPL propose that in future a 15-point penalty be imposed or the loss of a third of a club's points tally from the previous season - whichever is greater.

If adopted, the new measures would take effect from May 14, but would not be imposed retrospectively. So Rangers would see no change to the existing penalty of 10 points if they are still in administration next season.

Wary of the time and complexity involved in completing a company voluntary arrangement (CVA) with creditors, however, Duff & Phelps have asked the SPL to clarify whether the club would face a 10-point penalty if a deal was agreed in principle, but not completed before the new season.

To be passed, the key proposals require an 8-4 majority and would also see a transfer embargo imposed on any club which fails to make PAYE and National Insurance Contributions to HMRC and new rules governing the payment of players' wages on time.

Duff & Phelps have consistently expressed confidence that a preferred bidder will be appointed and a CVA reached to take the club out of administration before next season.

Hold up: The naming of a preferred bidder for the club has been delayed

And, in a strongly-worded statement, Clark said: 'We had hoped to announce today the acceptance in principle of an offer for the purchase of Rangers Football Club, which would be followed by a period of exclusivity while due diligence is undertaken.

'Regrettably, this is not now possible as we were informed over the Easter holiday period that the SPL is proposing to consider at a general meeting on April 30, significant rule changes in relation to clubs which find themselves in an insolvency situation.

'The effect of such revised measures being considered at this juncture is that we, as administrators, are duty bound to inform those parties who have submitted bids of the proposed resolutions the SPL intends to consider.

'Failure to do so would constitute material non-disclosure on our part.

'Inevitably, bidders are now considering this information and will have to take a view as to whether it will affect their bids. The result is a delay in the sale process.

'We fully respect the right of the SPL to review its own rules and regulations and will not comment on the detail of what is being proposed.

'However, the fact that such measures are being considered at such a sensitive point in the sale process at Rangers is disruptive and regrettable.'

Prospective owners Paul Murray and Bill Miller told Sportsmail they were digesting the SPL proposals before making any comment.

Unpaid bill: Rapid Vienna are still owed money for Nikica Jelavic

The decision by the SPL to reveal their proposals was also criticised by Rangers fans. Andy Kerr, president of the Rangers Supporters Assembly, said: 'I am appalled by the timing of this announcement.

'When the club entered administration, we fully expected to have the existing rules applied in a fair and proper manner. The proposed changes seek to move the goalposts at a critical time and seriously affect the plans of those seeking the buy the club.

'Our fans are extremely angry and we all seriously question the motives and timing of the proposed changes.

'We will be asking searching questions of the SPL and we will consider what other action may be appropriate before the SPL meet to consider the changes on 30 April.'

Sportsmail understands such action could include the boycotting of away grounds.

The SPL announcement came as Rapid Vienna, still owed money for the transfer of Nikica Jelavic in 2010, warned that they will vote against any pence in the pound offer from a CVA.

Threatening to take the matter to UEFA, the Austrian club released a statement yesterday saying: 'Rapid assumes that Rangers want to play in European competitions in the future.

'The quoted rate of 10-20 per cent may well apply to general creditors who are outside the boundaries of UEFA.

'Rapid Vienna continues to believe, however, that the outstanding amount of money will be transferred in full.

'This is necessary under the regulations outlined by UEFA'S Financial Fair Play rules.'

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Apart from the Rapid Vienna piss, It is quotes from Duff & Phelps and Andy Kerr, what is wrong with it? <cr>

It doesn't name one good reason for the administrators not to name a preferred bidder, that is enough to be going on with.

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It doesn't name one good reason for the administrators not to name a preferred bidder, that is enough to be going on with.

Eh?

'The effect of such revised measures being considered at this juncture is that we, as administrators, are duty bound to inform those parties who have submitted bids of the proposed resolutions the SPL intends to consider.

'Failure to do so would constitute material non-disclosure on our part.

'Inevitably, bidders are now considering this information and will have to take a view as to whether it will affect their bids. The result is a delay in the sale process.

Read between the lines! ;)

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Eh?

'The effect of such revised measures being considered at this juncture is that we, as administrators, are duty bound to inform those parties who have submitted bids of the proposed resolutions the SPL intends to consider.

'Failure to do so would constitute material non-disclosure on our part.

'Inevitably, bidders are now considering this information and will have to take a view as to whether it will affect their bids. The result is a delay in the sale process.

Read between the lines! ;)

Isn't that for learners. :sherlock:

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If adopted, the new measures would take effect from May 14, but would not be imposed retrospectively. So Rangers would see no change to the existing penalty of 10 points if they are still in administration next season.

If that is true, there is no change to what we are already facing.

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That should calm some of the wee ragers who were saying we would be getting 40 points taken away for 12/13. :D

true. but 10 still makes the league an irrelevance.

its as sugested earlier 15 points or one third of previous seasons points if higher for any club going into admin from now on.

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10 points for two seasons. specifically designed to be bad but better than going to the 3rd division.

fuck them. go anyway.

Why would we want to stay in "top flight " football with 10 points every year just to hand them our fucking money??

Are they Insane?

I would prefer to relegate ourselves and fuck them.

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The Masked Crusader cometh,

Those that have sinned, confess!

I will accept your confession and you will be spared.

Otherwise the wrath of the "Blue furry" will be unleashed upon you!

The Masked Crusader speaks and thou better listen.

Now that is a tidy shirt!

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