chilledbear 16 Posted June 22, 2012 Share Posted June 22, 2012 http://www.heraldscotland.com/sport/football/creditors-retain-claim-on-rangers-season-ticket-cash.17946985 Ibrox season-ticket renewal money gathered by direct debit is being held in the oldco Rangers' bank account, where it can be claimed by creditors, after Charles Green's group failed to make the necessary banking arrangements. The chief executive said the funds were ring-fenced in a secure account, but Herald Sport can reveal the required legal process is only in the early stages and could take four to six weeks, meaning that fans' money is not being held securely for the newco club's use. Herald Sport also understands that the counter-offer made by Zeus Capital to the consortium backed by Jim McColl and Douglas Park last week valued the club at £16m, only four days after Green's Sevco group bought the business and assets for £5.5m. Negotiations between the two parties broke down after Zeus Capital, who were involved in the talks for Green's Sevco consortium, responded to a £6m offer by asking McColl to buy 50% of the club for £8m. As part of the deal, McColl's group would have been allowed two directors, while Sevco retained three, meaning decisions would not be made on an equal basis. McColl's consortium considered this an unrealistic bargaining position and withdrew. However, they do remain interested in buying the club. There remain concerns about Green's consortium having the working capital to run the club. The chief executive said yesterday: "I can reassure all fans season-ticket money will be ring-fenced in a secure account and will not be used before the current issues are resolved". However, Herald Sport can reveal that money that has already come into the oldco's bank account is not ring-fenced, and no means to transfer it to the newco have been established. The process of securing the season ticket funds requires legal agreements from Duff & Phelps, who currently run the oldco's business, BDO, who will move in as liquidators, and a guarantee from Green's newco. The process could take as long as six weeks to ensure proper protections are in place, meaning that the current funds are part of the oldco's assets and, so, within reach of the creditors, despite Green's assurances to the contrary to the Rangers Fans Fighting Fund in a private and confidential meeting last Wednesday night, and then again in a statement yesterday. Having set up the newco, direct debit mandates should have been sent out to all supporters informing them of a change in the banking details and requiring them to sign the mandates before money could be taken out by the newco. However, Sevco have been unable to arrange corporate banking facilities. Andy Kerr, the chairman of the Rangers Supporters Assembly, also raised concerns yesterday about the lack of guarantees from Green about his plans for the club and the identity of his investors. "The fans' contribution via season tickets is around £20m, and I am sure most are keen to plough that money in and get the club's coffers up," Kerr said. "But we don't just want to hear how much Mr Green and his associates plan to invest. We need evidence about what they plan to do." 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,914 Posted June 22, 2012 Share Posted June 22, 2012 The season ticket money can't be claimed by creditors. What a lot of crap. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted June 22, 2012 Author Share Posted June 22, 2012 The season ticket money can't be claimed by creditors. What a lot of crap. Is it just guess work on Wilsons part ? Will need a quick rebuttal by Green, these rumours could be the end, if supporters fear for the ST money. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,914 Posted June 22, 2012 Share Posted June 22, 2012 It's just another part of the drip, driip, drip campaign to turn fans against Green. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted June 22, 2012 Share Posted June 22, 2012 So there's not an issue or problem of any kind with the ST money going into the 'oldco' then Bluedell? 0 Quote Link to post Share on other sites More sharing options...
Craigy1881 79 Posted June 22, 2012 Share Posted June 22, 2012 Maybe I am being stupid here but why is it going to the oldco anyway. Surely we should be avoiding that. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,843 Posted June 22, 2012 Share Posted June 22, 2012 Maybe I am being stupid here but why is it going to the oldco anyway. Surely we should be avoiding that. Because the newco does not yet have banking facilities. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted June 22, 2012 Author Share Posted June 22, 2012 This was posted on FF last night. Something I know zilch about, any comments. I understand that....... ...........despite all the (secretive) promises to the RFFF, Green desperate to get access to this money to fund tax securities. What is a tax security? In a situation like ours, once the newco starts trading, the taxman will come along and serve something called a Notice of Requirement. This means that the newco will have to put up a cash security equivalent to say 4 months vat in advance. The taxman will keep this for say 2 years, if you like insurance that the newco pays the VAT on time. They will also do something similiar for PAYE tax. If the security is not paid, then the newco is trading illegally, and will be closed. Green urgently needs to find this money, as he had not considered this. Meantime, recently failed "bidders" continue to mount there next move. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,914 Posted June 22, 2012 Share Posted June 22, 2012 This was posted on FF last night. Something I know zilch about, any comments. I understand that....... ...........despite all the (secretive) promises to the RFFF, Green desperate to get access to this money to fund tax securities. What is a tax security? In a situation like ours, once the newco starts trading, the taxman will come along and serve something called a Notice of Requirement. This means that the newco will have to put up a cash security equivalent to say 4 months vat in advance. The taxman will keep this for say 2 years, if you like insurance that the newco pays the VAT on time. They will also do something similiar for PAYE tax. If the security is not paid, then the newco is trading illegally, and will be closed. Green urgently needs to find this money, as he had not considered this. Meantime, recently failed "bidders" continue to mount there next move. Again this was dismissed. There should not be an issue as the directors are not the same as before. Drip, drip, drip.... 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,914 Posted June 22, 2012 Share Posted June 22, 2012 So there's not an issue or problem of any kind with the ST money going into the 'oldco' then Bluedell? I couldn't say definitively that there may not be issues along the way, probably relating to timing, but the creditors can't get their hands on it. 0 Quote Link to post Share on other sites More sharing options...
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