BlueMazza 0 Posted April 11, 2012 Share Posted April 11, 2012 Duff & Phelps, administrators of Rangers Football Club, issued the following statement today. Paul Clark, joint administrator, said: "As administrators 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, which is a serious matter. "Inevitably, bidders are now considering this information and will have to take a view as to whether it will affect their individual bids as they now stand. The result is a delay in the sale process. We hope to receive feedback from bidders as soon as possible in order for us to take the sale process forward as quickly as we can. "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 for the meeting on April 30 at this stage. However, the fact that such measures are being considered at such a sensitive point in the sale process at Rangers is disruptive and regrettable. We hope to issue a further update by the end of this week." .......... 0 Quote Link to post Share on other sites More sharing options...
BlueMazza 0 Posted April 11, 2012 Author Share Posted April 11, 2012 which is in response to this: Financial Fair PlayOn 30 April 2012 the SPL Clubs will consider a range of proposals to amend the Articles and Rules of the SPL. A brief description of the effect of adopting the Resolutions is provided below. Resolution 1 proposes an increase in the sporting sanction (points deduction) on any Club which suffers or is subject to an Insolvency Event from 10 points to the greater of 15 points and 1/3 of the Club’s SPL points in the preceding season. Resolution 2A proposes further sporting sanctions in the event that any Club undergoes an Insolvency Transfer Event (i.e. transfers its share in the SPL to a new company where this occurs because of the insolvency of the transferor) of 10 points in each of two consecutive seasons from the Insolvency Transfer Event. Resolution 2B proposes revisions to the fee payment arrangements i.e. SPL fees to any Club which has undergone an Insolvency Transfer Event will be reduced by 75% in each of three consecutive seasons from the Insolvency Transfer Event. Resolution 3 proposes extending sporting sanctions where an Insolvency Event is suffered by a Group Undertaking of a Member Club of the SPL (Group Undertaking is defined in Section 1161(5) of the Companies Act 2006). Resolution 4 proposes updates and extensions to the definition of Insolvency Event in the SPL Rules. Resolution 5 proposes updates and extensions to the definition of Insolvency Event in the SPL Articles and clarifies the process in the event that a Member which is the subject of an Insolvency Event is required to transfer its share in the Company. Resolution 6 proposes a specific requirement in the SPL Rules that Clubs must pay their Players in terms of their Contracts of Service on due dates and places a duty on any Club to report any failure to pay its Players in a timely manner to the SPL. Failure to pay Players and / or to notify such failure to the SPL would be a breach of SPL Rules. Resolution 7 proposes a requirement in the SPL Rules that Clubs report to the SPL any failure to make payments to HMRC in respect of PAYE and NIC (a Default Event). Any Club suffering such a Default Event will be subject to a Player Registration Embargo. Any failure to report a Default Event shall be a breach of the SPL Rules. Resolutions 2B and 5 require the support of a minimum of 11 Clubs to be adopted; all other Resolutions require the support of a minimum of 8 Clubs to be adopted. If adopted the amendments to the Articles and Rules will have effect from and including 14 May 2012 (the day after the last day of Season 2011/2012). No further comment will be made in respect of these proposals until after the General Meeting on 30 April at which they will be considered by the Clubs. http://www.scotprem.com/content/default.asp?page=s2&newsid=11256 0 Quote Link to post Share on other sites More sharing options...
andrew_2010 0 Posted April 11, 2012 Share Posted April 11, 2012 just read this. Sounds like the SPL/Celtic are trying to throw the book at us for having an accusation (despite no legal obligation - yet) of a debt. Don't think it will change the BK's but may effect the American bid? Typical though. I read an article this morning that said "in the next 48 hours", and I thought, well that's it jinxed!! oh well... 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted April 11, 2012 Share Posted April 11, 2012 Yet another delay. 0 Quote Link to post Share on other sites More sharing options...
gisabeer 409 Posted April 11, 2012 Share Posted April 11, 2012 so basically we have to be up and running with the new owners by the last day of the season? given that the bks are going to be very dependent on some sort of share issue scheme to fund the club it will put them out of the running if this is the case. the singapore bid looks to be in a very strong position given they have the cash upfront. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,679 Posted April 11, 2012 Share Posted April 11, 2012 How long does it take to review the rule changes? A day? Two days maximum? Sounds like an excuse. 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted April 11, 2012 Share Posted April 11, 2012 How long does it take to review the rule changes? A day? Two days maximum? Sounds like an excuse. These changes were mooted weeks ago, so why weren't the bidders pre-warned of their probability? It certainly points to at least one of the bidders favouring the newco route, maybe even the one they had already picked as the preferred one. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted April 11, 2012 Share Posted April 11, 2012 Load of bull. I take it I'm not the only one seriously starting to question the Admin teams handling of this. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted April 11, 2012 Share Posted April 11, 2012 How long does it take to review the rule changes? A day? Two days maximum? Sounds like an excuse. Agreed, you would think this would be an incentive to accelerate any potential deal not stop one in its' tracks. 0 Quote Link to post Share on other sites More sharing options...
Gers4Life 0 Posted April 11, 2012 Share Posted April 11, 2012 As Adminastrators at the club and and amount of money we are going to make blah blah blah! Get a bloody move on ffs! 0 Quote Link to post Share on other sites More sharing options...
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