Rangers given more time by SPL to meet requirements to play in top flight

[ian1964 10,870]

Rangers have not yet met the necessary criteria to play in the Scottish Premier League in the 2012/13 season.

 

STV can reveal the league's board has responded to the club's request for a "period of grace", in order to submit audited accounts and adhere to the SPL's financial disclosure requirements.

 

SPL rules allow for a time extension to be granted and Rangers have been given until mid-June to satisfy the rules, having missed the original March 31 deadline.

 

A spokesperson for the league told STV: "Rangers FC made an application for a period of grace in terms of SPL Rule A2.7 in which to provide certain documents required by the SPL Financial Disclosure Requirements.

 

"The SPL Board granted a period of grace until Friday 15 June 2012 for the documentation to be provided. The matter will be reviewed further at that time."

 

Appendix three (Financial Disclosure Requirements) of the SPL rules state member clubs "are required to comply with...all of the Finance Criteria in section eight of the Scottish FA's national club licensing manual".

 

Although clubs do not need to be in possession of a Scottish FA national club license, the SPL's rules clearly state they must comply with the governing body's criteria in the area of financial disclosure.

 

Rangers, to date, have not yet met the criteria as they have not provided audited accounts for the year ending 2011.

 

To satisfy the SPL's membership criteria to play in the division, clubs must comply with the financial disclosure requirements of the league.

 

The SPL board has the power, contained within rule A2.7, to relax the criteria when it deems it applicable, stating: "The board may in its absolute discretion waive, relax or grant a period of grace in respect of any club's or candidate clubâ??s requirement to comply with any part of the membership criteria and/or rules A2.6 and H6.1."

 

If a club which is already a member of the league fails to meet the membership criteria, the SPL is able to impose any sanction it sees fit from its list of potential punishments, which range from a fine or censure to expulsion from the division.

 

The decision to punish Rangers if they ultimately fail to meet the membership criteria would be decided by a general meeting of all SPL clubs.

 

http://sport.stv.tv/football/clubs/rangers/103557-rangers-given-more-time-by-spl-to-meet-requirements-to-play-in-top-flight/

[craig 5,199]

I highly doubt we will have audited financials by mid-June.

[Guest superrcooper7]

I thought there was another post saying they would let us in regardless. This whole palava is just doing my head in.

[the gunslinger 3,366]

I don't see why we can't produce these its figures for what was essentially a good year.

[craig 5,199]

I don't see why we can't produce these its figures for what was essentially a good year.

 

Audited accounts require sign-off from the auditors.

 

The fact we may be going into liquidation will have the auditors stalling on signing off the financials as we are a going concern problem. Now, if we just accept a qualified audit report on the basis of an uncertain going concern (we wont be getting into Europe anyway....) then we probably CAN issue them.

[the gunslinger 3,366]

Audited accounts require sign-off from the auditors.

 

The fact we may be going into liquidation will have the auditors stalling on signing off the financials as we are a going concern problem. Now, if we just accept a qualified audit report on the basis of an uncertain going concern (we wont be getting into Europe anyway....) then we probably CAN issue them.

 

yeah but its accounts up to last June we need. surely our current plight doesn't affect that period.

[craig 5,199]

yeah but its accounts up to last June we need. surely our current plight doesn't affect that period.

 

If the auditors were to issue an unqualified audit report i.e. one without a going concern qualification, they need to be reasonably satisfied that the club will last for at least a further 12 months.

 

The accounts to be issued are the ones for the year ended June 30, 2011. That year doesnt expire till end of June, which is beyond the date being mentioned in the above article. IF we could get a CVA agreed and signed on prior to June 30 I would imagine that would give the auditors far more comfort that we would still be considered a going concern. However, unfortunately, the extension the SPL have granted is only till mid June and the CVA may not be in place by that time.

[foggy dewhurst 0]

they are giving us time, and time is running out its my understanding that in the next few days green will have to find the money to keep the club going ..