Takeover Deal For Rangers Agreed

[Lite Beer]

Takeover deal for Rangers agreed

Former Sheffield United chief executive Charles Green has agreed a deal to buy Scottish Premier League side Rangers.

The deal will be announced at the club's training base Murray Park at 10:00 BST on Sunday when the 59-year-old is due to outline his plans.

http://www.bbc.co.uk...otball/18049325

[smokie36]

Does this mean no Division 3 next season then?

[MrMuddle]

As a life long Rangers fan, hopefully the first thing Mr Green will do will be to get rid of this sectarian idiot.

http://www.dailyreco...86908-23848978/

As for us being put down to the third division, it could have a hugely positive effect on some of Scotland's smaller teams finances, as well as diminishing any Celtic "success', while we're away.

[smokie36]

Good post almost right until the end when your Glaswegian myopic tendencies shone through. Never mind.

[Jockstar]

Rangers to be re-formed

June 12, 2012

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By ESPN staff

Rangers appear set to be liquidated and re-formed as a newco after Her Majesty's Revenue and Customs decided to vote against a Company Voluntary Arrangement put forward by the prospective new owners.

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Buyer Charles Green has been informed that HMRC - the most significant of the club's creditors, owed more than £21 million - will not accept a CVA, which would see a small percentage of the money repaid as a compromise arrangement.

As a result of HMRC's decision, Green - who leads the Sevco consortium hoping to buy the club - will press ahead with his plans to purchase the club's assets and form a new company.

Green said in a statement: "I am hugely disappointed by the decision of HMRC not to support the CVA proposal and that disappointment will be felt acutely by Rangers fans across the world."

HMRC has said that it will pursue individuals for the money owed in the belief that it stands a greater chance of receiving the funds it is due.

A statement from the tax authority read: "A liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company's financial affairs in recent years.

"A CVA would restrict the scope of such action. Moreover, the liquidation route does not prejudice the proposed sale of the club. This sale can take place either through a CVA or a liquidation, so the sale is not being undermined, it simply takes a different route.

"Liquidation will enable a sale of the football assets to be made to a new company, thereby ensuring that football will continue at Ibrox. It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA.

"Rangers can make a fresh start."

Rangers' administrators, Duff and Phelps, said in a statement that a "binding" sale and purchase agreement with Green would now come into effect.

Joint administrator Paul Clark said: "As we have always stated, administrators have a primary objective to ensure the survival of the company and in this case, this would have been achieved through a CVA. It was with HMRC's approval that a proposal was placed before creditors for consideration.

"However, it is the commercial view that the level offered within the CVA was not enough to merit departure from their normal policy of seeking a detailed investigation via a liquidator.

"However, we have been left in no doubt by HMRC the fundamental reason for the rejection of the CVA proposal is the historical non-compliance with tax liabilities by the former owners and directors of the club."

Clark said Green's consortium will move to acquire the club's assets immediately after the formal rejection of the CVA proposal at a creditors' meeting at Ibrox on Thursday morning.

"That transaction will be completed within a few days," Clark added. "The sum payable to creditors will be £5.5 million, most of which has already been paid over to us by the Green consortium.

"Over the coming months, we as administrators will continue to finalise the administration of the club and we will work in conjunction with BDO, who will undertake the liquidation process. While the club will continue to face difficulties in the short term, it will survive and continue to play at Ibrox."

[nev]

So is this right that Rangers will not be playing in the SPL this season, i heard they have been left out of this seasons fixtures.

So gone from two who can win the league to handing the trophy to celtic before the season begins.

[Lite Beer]

Rangers replaced with 'Club 12' in SPL fixture list

Rangers will not appear on the official Scottish Premier League fixture list for 2012-13 when it is published at 09:00 BST on Monday.

Instead, the soon-to-be liquidated club will be replaced with "Club 12".

http://www.bbc.co.uk/sport/0/football/18476930

[CelticBhoy]

Club 12!!!! Are they moving to Paraguay?

Edited June 18, 2012 by CelticBhoy

[smokie36]

Its just a complete farce.

When do we have a decision on them playing football next season?

[salty]

Rangers will not be playing football any more. They have been liquidated. THE NEW RANGERS application for admittance to the SPL will be voted on July 4th.

Indepence Day.

It seems there is a case for the liquidated club to answer re dual contracts.

http://www.bbc.co.uk/sport/0/football/18496571

[ScotsExpat]

As a life long Rangers fan, hopefully the first thing Mr Green will do will be to get rid of this sectarian idiot.

http://www.dailyreco...86908-23848978/

As for us being put down to the third division, it could have a hugely positive effect on some of Scotland's smaller teams finances, as well as diminishing any Celtic "success', while we're away.

You gotta laugh.. See who is lawyer is? Liam O'Donnell.. Christ, you couldn't make this shit up.....

[Jockstar]

All joking aside. I don't mind starting in Division 3. This from soccernet,.

Rangers dealt Hearts blow

June 21, 2012

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By ESPN staff

Hearts owner Vladimir Romanov has revealed his club are set to vote against a newco Rangers being accepted into the SPL.

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The 12 SPL clubs - including Rangers - will vote on the issue at a general meeting on July 4, with an 8-4 majority required for the newco to be included.

In a 500-word statement on Hearts' official website, Romanov said: "Supporters deserve a new beginning and have to accept the fact that their club has to start from the lower league, keeping order in the SPL and without creating unfair competition with other clubs."

While expressing sympathy for supporters of Rangers, Romanov - who pointed the finger of blame at various figures - was adamant the Glasgow club should be punished.

He added: "As regards the club itself, we can only express our deepest condolences to its supporters, who have been lied to for so many years. It had to happen sooner or later. They have lived beyond law and all morals, and should now be declared beyond the pale.''

Later on Thursday, Dundee United struck a further blow to Rangers by indicating they will join Hearts in voting against the proposal.

In a statement, Dundee United said after discussing the situation with supporters' groups, they reached the conclusion that the sporting integrity of the competition required the newco Rangers not to be included.

The statement said: "The board... are unequivocal in the belief that a form of sporting punishment must form part of the reasoning behind any decision made and, therefore, cannot vote the newco into the SPL.

"General sporting integrity and, more importantly, the integrity of Scottish football must also play a significant part in the decision-making process. It is our belief that any form of sporting punishment must be unambiguous in the message it displays.''