Rangers owner Craig Whyte admits he sold four years' worth of season tickets to keep Ibrox club running
http://www.dailyrecord.co.uk/football/s ... -23728301/
Not looking good for Rangers
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PierremontQuaker03
- Posts: 2189
- Joined: Sun Jul 19, 2009 11:53 am
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Re: Not looking good for Rangers
this really infuriates me as does the Darlo situation.
Its clearly the players wages that have got Rangers into the situation they are in - why doesnt he
(a) set budget that is realistic
(b) all new players brought in are within this budget
(c) admit to the fans that he can't afford the club to be ran at a loss - so if there are any buyers out their that can do this then buy it from him or then he will run the club with a strict budget.
Its clearly the players wages that have got Rangers into the situation they are in - why doesnt he
(a) set budget that is realistic
(b) all new players brought in are within this budget
(c) admit to the fans that he can't afford the club to be ran at a loss - so if there are any buyers out their that can do this then buy it from him or then he will run the club with a strict budget.
“If you can't hit a driver, don't.”
Greg Norman
Greg Norman
Re: Not looking good for Rangers
Portsmouth seem to of lurched into yet another problem too.
Re: Not looking good for Rangers
portsmouth's debts are ridiculous. The problem with owing HMRC is that an administrator must wait for final details of the full HMRC claim before any dividends in a voluntary arragement can be made so it slows down the whole process.
They basically never got out of their previous CVA it was barely paid at all from my understanding as the associated company that owned them went into admin themselves almost immediately (due diligence...hummm). Pompey will likely find a way out they are definately more high profile than most other clubs struggling as it says there is definately a way to make that club sustainable but it will need somebody to effectively invest capital and write off that as a donation!
The debts they have are NOT repayable in full so they cannot afford for someone to buy them on credit they need somebody to pay the money and just accept it is just a loss - basically they need a very rich fan! Fortunately the bigger the club the more likely you are to have one of those!
They basically never got out of their previous CVA it was barely paid at all from my understanding as the associated company that owned them went into admin themselves almost immediately (due diligence...hummm). Pompey will likely find a way out they are definately more high profile than most other clubs struggling as it says there is definately a way to make that club sustainable but it will need somebody to effectively invest capital and write off that as a donation!
The debts they have are NOT repayable in full so they cannot afford for someone to buy them on credit they need somebody to pay the money and just accept it is just a loss - basically they need a very rich fan! Fortunately the bigger the club the more likely you are to have one of those!
Re: Not looking good for Rangers
the fact that may owe £50million in unpaid tax doesn't help eitherPierremontQuaker03 wrote:this really infuriates me as does the Darlo situation.
Its clearly the players wages that have got Rangers into the situation they are in - why doesnt he
(a) set budget that is realistic
(b) all new players brought in are within this budget
(c) admit to the fans that he can't afford the club to be ran at a loss - so if there are any buyers out their that can do this then buy it from him or then he will run the club with a strict budget.
Re: Not looking good for Rangers
Can HMRC be included as part of a CVA? I know they challenged last time, but tbh I dont know the result of that challenge.lo36789 wrote:portsmouth's debts are ridiculous. The problem with owing HMRC is that an administrator must wait for final details of the full HMRC claim before any dividends in a voluntary arragement can be made so it slows down the whole process.
They basically never got out of their previous CVA it was barely paid at all from my understanding as the associated company that owned them went into admin themselves almost immediately (due diligence...hummm). Pompey will likely find a way out they are definately more high profile than most other clubs struggling as it says there is definately a way to make that club sustainable but it will need somebody to effectively invest capital and write off that as a donation!
The debts they have are NOT repayable in full so they cannot afford for someone to buy them on credit they need somebody to pay the money and just accept it is just a loss - basically they need a very rich fan! Fortunately the bigger the club the more likely you are to have one of those!
Re: Not looking good for Rangers
the problems with these clubs is these debts are going to hang over them for ever under a CVA! They need to clear them with capital investment if they can't find a fanatic who has that money to lose this is the best way for clubs such as Rangers/Pompey!
it's a shame we can't all just start again with football - interest rates on borrowing is killing the game more than anything now. Rules need to come into place about future borrowing - that might be a start - i.e. cannot increase your current borrowing levels and additional borrowing may only be taken at a lower interest rate (so long as that is being used to pay off previous debts)...it's very controlling but I think it actually needs to happen.
Get back to a sustainable model - the amount of money is coming into the game should be a benefit unfortunately all it lead to was heightened borrowign and people just living beyond their means.
HMRC are included in IVA's I know that much...CVA is effectively the same but on a company level - as far as I am aware HMRC is not a preferential creditor they just happen to usually be the biggest one!
it's a shame we can't all just start again with football - interest rates on borrowing is killing the game more than anything now. Rules need to come into place about future borrowing - that might be a start - i.e. cannot increase your current borrowing levels and additional borrowing may only be taken at a lower interest rate (so long as that is being used to pay off previous debts)...it's very controlling but I think it actually needs to happen.
Get back to a sustainable model - the amount of money is coming into the game should be a benefit unfortunately all it lead to was heightened borrowign and people just living beyond their means.
HMRC are included in IVA's I know that much...CVA is effectively the same but on a company level - as far as I am aware HMRC is not a preferential creditor they just happen to usually be the biggest one!
Re: Not looking good for Rangers
And the irony of the Rangers situation is that the HMRC issue was all the doing of the previous regime, when the new owner took over he sacked both the Financial Director and Chief Executive for mis-management so they both sued Rangers for unfair dismissal and got funds frozen in case we went bust! You couldn't make it up!!
Re: Not looking good for Rangers
and then there are other tax bills that HMRC have arrested funds for.
the 50 million is over EBT's.
the 50 million is over EBT's.