D-day for Ibrox club as deadline arrives to submit CVA to creditors

[ian1964 10,870]

TODAYâ??S the CVA Day for Rangers as Charles Green must show the colour of his money to the creditors.

 

The clubâ??s prospective new owner has until close of play today to table the offer that he hopes will drag Gers out of administration.

 

If he delays any longer Record Sport understands it will be too late to save the club from liquidation with the last of Gersâ?? revenue streams set to dry up on June 1.

 

With the club already operating at a loss of £1.5million per month, time is running out to complete the CVA with the process expected to take 28 days after the initial offer is made.

 

Creditors, including HMRC and Ticketus, have two weeks to consider their options from the moment they learn how many pence in the pound Green intends to pay them.

 

Green and his mystery consortium claim to have an £8.5m pot to share among the creditors â?? but they must find an additional £1.5m to cover the clubâ??s losses for the month of June while the offerâ??s considered.

 

But itâ??s unlikely Green could afford to keep lashing out that kind of money to prop up the club for another month if the CVA process is allowed to stretch into July.

 

Thatâ??s why time is of the essence today as Green strives to get the club back on stable footing and avoid having to go down the newco route.

 

Meanwhile, SPL bosses have done a U-turn by admitting Rangers will be allowed to compete in the top flight without an SFA club licence.

 

The clubâ??s failure to submit audited accounts for last year by March 31 breaches the SFAâ??s club licensing criteria.

 

But yesterday SPL secretary Ian Blair insisted that would not block Rangers from competing in the elite division next season.

 

Thatâ??s despite Blair writing to member clubs nine months ago insisting a licence would be essential for any team taking part in the 2012-13 season.

 

That would make the Glasgow giants the only senior club in the country operating without a licence.

 

Discussions seeking to close that loophole for the future are ongoing but for now Blair insists he and his colleagues canâ??t insist their members meet even the minimum conditions stipulated by the SFA.

 

Blair said: â??Itâ??s not a requirement of the SPL for members to be in possession of a licence from the SFA.

 

â??Whether clubs do or do not have that licence is not currently relevant to their participation in the SPL.

 

â??Over the next couple of years there may be more of a joined-up approach to financial regulations and licensing.

 

â??There is work going on behind the scenes with ourselves, the SFA and the Scottish Football League in order to establish a more unified policy.â?

 

Scottish League sources confirmed Rangers would be allowed to enter next seasonâ??s League Cup without a licence.

 

The SFA also admitted they would be allowed to take part in their flagship competition, the Scottish Cup, even though their licensing laws suggest they could be kicked out of

football.

 

And Under Article 35 it states: â??Clubs failing to comply with the requirements of the Club Licensing

Procedures shall be liable to a fine, to a suspension, to an expulsion, or such other sanctions as are provided for in the Judicial Panel Protocol.�

 

http://www.dailyrecord.co.uk/2012/05/28/rangers-in-crisis-d-day-for-ibrox-club-as-deadline-arrives-to-submit-cva-to-creditors-86908-23876346/

[the gunslinger 3,366]

not quite true. another bidder though would need to step in with actual cash before Thursday though.

 

 

I shudder to think of the consequences if d&p got this wrong again.

[BlueMazza 0]

With the club already operating at a loss of £1.5million per month, time is running out to complete the CVA with the process expected to take 28 days after the initial offer is made.

 

Huh? Is that sensationalism or just sloppy journalism? Last I checked that figure is no longer accurate...

 

The SFA won't kick us out of the Scottish Cup, they could have done that already and didn't. More garbage articles from the record. How many words does it take them to say nothing lol.

[the gunslinger 3,366]

Huh? Is that sensationalism or just sloppy journalism? Last I checked that figure is no longer accurate...

 

The SFA won't kick us out of the Scottish Cup, they could have done that already and didn't. More garbage articles from the record. How many words does it take them to say nothing lol.

 

it might be in underestimate if anything.