Tag Archives: arrangement

Graham Westley named Stevenage boss for third time

Look who's back! Westley returns to Stevenage for third spell as manager

By
David Kent

PUBLISHED:

10:24 GMT, 30 March 2013

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UPDATED:

11:01 GMT, 30 March 2013

Graham Westley has made a shock return to Stevenage.

The 45-year-old, who led Boro into npower League One with back-to-back promotions, succeeds Gary Smith as manager after the former Colorado Rapids boss was relieved of his duties last week following a poor run of form.

Westley opted to leave Broadhall Way in January last year in an attempt to further his career at Preston, but his 13-month stay at Deepdale ended when he was sacked with North End sitting just five points above the relegation zone.

Back again Graham Westley could return to Stevenage for a third time

Back again Graham Westley could return to Stevenage for a third time

Stevenage, 10 points above the League One drop zone in 15th place, host bottom-placed Hartlepool on Monday looking for a first win in four outings.

Chairman Phil Wallace said: 'Graham was keen to come back to Stevenage and, although I met some strong candidates, without doubt I think he's the best man for the job right now. The club enjoyed a great deal of success before he left last year and we moved forwards significantly in his time here on several levels.

'Since he left we've continued that progress in people and infrastructure off the pitch. So we spent a lot of time this past week talking about things we feel we could do better this time round and we've put many of those into our contractual arrangement.

Over it: Chairman Phil Wallace has put his annoyance at the timing of Westley's exit aside

Over it: Chairman Phil Wallace has put his annoyance at the timing of Westley's exit aside

'There are a lot of myths about
Graham and the 9-5 one is the biggest. Yes, he demands a high work ethic
and commitment from his players but the extra hour or two some may do
is spent on personal development subjects. As long as a lad wants to
improve himself and win medals that's never been an issue at our club.

'I'm looking forward to some exciting
times again! This is the first time our season has ended in April for
four years and that's a measure of how far we've come and what we're
about.'

Joey Barton says he"s not scared of David Beckham ahead of expected clash in PSG v Marseille in Le Classique

I'm not scared of Beckham… he's not the same player any more, says Barton ahead of expected clash in Le Classique

By
John Drayton

PUBLISHED:

17:23 GMT, 19 February 2013

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UPDATED:

17:41 GMT, 19 February 2013

Joey Barton insists he will not be running scared of David Beckham when title hopefuls Marseille play Ligue 1 leaders Paris Saint-Germain on Sunday.

One-cap England midfielder Barton will come up against a player who made 115 appearances for his country, should Beckham make his debut for the Parisians in the league fixture at the Parc des Princes.

Former England captain Beckham has joined PSG on a short-term arrangement until the end of the season and the big-spending capital club hope he can help steer them to the league title.

David Beckham

Preparing for debut: David Beckham in training with Paris Saint-Germain on Tuesday

Preparing for his debut: David Beckham was pictured in training with Paris Saint-Germain on Tuesday

Preparing for debut: David Beckham in training with Paris Saint-Germain on Tuesday

But Barton is relishing the chance to face the 37-year-old, confident his threat can be contained.

Barton said at a press conference today, according to Marseille's website: 'Paris have a lot of big names and big players. Beckham is a big star off the pitch but on the pitch it's not a big worry.

'He causes a lot less fear compared to when he played in the Premier League. It would be naive to concentrate on David Beckham.'

Brooklyn joins dad David in training

Brooklyn

Click here to read the full story as Beckham Jnr trains alongside his dad in Paris, just a month after undergoing a trial at Premier League giants Chelsea.

Barton, 30, has settled into the French game after a turbulent career in England, and third-placed Marseille stand five points behind this weekend's opponents in the league table.

The significance of the fixture is not lost on Barton but less so because of its traditional status as the most fiercely contested match in France and more because of its implications in points terms.

Barton said: 'I've experienced Manchester City-Manchester United, Sunderland-Newcastle and QPR-Chelsea. The electric atmosphere doesn't worry me, it's even the norm for me. I am experienced, I know the score. There's nothing new for me in a derby.

'The season has already given a lot of surprises and twists. And we're not the types to give up. Nor are (second-placed) Lyon.

French exile: Joey Barton is on loan at Marseille from Queens Park Rangers

French exile: Joey Barton is on loan at Marseille from Queens Park Rangers

'We remain motivated and concentrated even if we haven't been very strong in recent matches.

'This week could change our season.'

PSG and Marseille meet again in the Coupe de France quarter-finals on Wednesday week,
February 27.

'If we win on Sunday and go through on Wednesday, everything changes,' Barton said. 'The pressure will be on Paris. Even without superstars like at PSG, we are solid and when we play like a team, we play well.'

Alex Ferguson should know about another "wee club" called Bishop Auckland after Newcastle jibe

Newcastle are not the only 'wee club in the North East' – as Ferguson should know

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UPDATED:

00:39 GMT, 31 December 2012

There’s another wee club in the North East: they are called Bishop Auckland and they play in the Northern League. You may have heard of them — they won the Amateur Cup 10 times, the last in 1957.

Those were the days when the Wembley final would attract 100,000. Bob Paisley played for ‘Bishops’ in the 1937 final.

Bishop Auckland are known for another reason: their relationship with Manchester United. After the Munich air crash in February 1958 United were short of players. They were allowed to borrow some on a short-term arrangement.

Helping hands: Bishop Auckland stars Lewin (second left) and Bob Hardisty (centre)

Helping hands: Bishop Auckland stars Lewin (second left) and Bob Hardisty (centre)

Bishop Auckland’s greatest ever
player, Bob Hardisty, knew Matt Busby — when Busby managed the Great
Britain side at the 1948 Olympics, Hardisty was his captain.

In North East folklore it is said
that when Jimmy Murphy, Busby’s assistant at United, visited him in a
Munich hospital in the days after the crash, Busby told him to ‘get Bob
Hardisty’.

Murphy did so, and Bishop Auckland
agreed to loan three players to Old Trafford — forward Hardisty, right
winger Warren Bradley and wing half Derek Lewin.

Proud: Hardisty clings to the Amateur Cup trophy after the 1955 final. He was one of the first players Matt Busby turned to after the Munich air disaster

Proud: Hardisty clings to the Amateur Cup trophy after the 1955 final. He was one of the first players Matt Busby turned to after the Munich air disaster

Recalling those desperate days,
Murphy is quoted in John Roberts’s The Team That Wouldn’t Die as saying:
‘People wanted to help but they could not give me the help I wanted. I
didn’t need people to open letters and help in ways like that. I needed
players. Liverpool and Nottingham Forest offered to do what they could
but I was left trying to sort out what I had, what I needed and what I
could get. Then the coffins started to arrive at the ground.’

Forced to fulfil fixtures, United’s
first reserve game post-Munich was at Old Trafford. There were an
estimated 25,000 there and all three from Bishops played. Bradley went
on to sign permanently for United and was then selected for England.
Busby and Murphy knew the quality of Bishop Auckland players.

Sir Alex Ferguson knows all this
because he knows his history. He sent a United XI to Bishop Auckland in
1996 as a fund-raiser in hard times.
A wee club in the North East Ferguson helped out in ’96 because he
knew that in their hour of need, big Manchester United were once
grateful for such a wee club.

Rant: Sir Alex Ferguson labelled Newcastle a 'wee club'

Rant: Sir Alex Ferguson labelled Newcastle a 'wee club'

Sir David Murray denies Rangers cheating allegations

There was no cheating! Former Rangers owner Murray denies financial allegations

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UPDATED:

15:30 GMT, 6 August 2012

Fantasy football 2012

Former Rangers owner Sir David Murray has denied cheating took place during his stewardship of the club after the Scottish Premier League appointed an independent commission to investigate alleged undisclosed payments to players.

Murray sold his majority shareholding in Rangers to Craig Whyte for 1 in May 2011, before the club was forced into administration in February of this year over an unpaid tax bill accrued during Whyte's tenure.

Failure to exit administration via a Company Voluntary Arrangement meant the club were consigned to liquidation over the summer, before a consortium fronted by Charles Green purchased the business and assets of Rangers.

Statement: Sir David Murray has spoken his mind

Statement: Sir David Murray has spoken his mind

The Ibrox side will play in the Irn-Bru Third Division this season after SPL clubs rejected the newco's application for entry to the top-flight.

Murray said: 'I have decided to issue this statement because of the concerns which I have at the continuing attempts to inflict further punishment on Rangers Football Club.

'While the 'Newco' Rangers was rejected for membership of the SPL on the publicly stated grounds of sporting integrity, I would question whether this was the underlying motive for many who took this decision.

'I am not totally convinced by the explanation that they were reacting to the opinions of the supporters of their individual clubs.

'This, in my opinion, is a suitable answer to cover many other agendas.

'I applaud the decision of the SFL to accept Rangers for membership and respect the decision of the member clubs of the SFL to admit Rangers to its Third Division.

'The problems at Rangers have brought no credit to Scottish football and are a tragedy for the club and for all those connected with it and who support it.

'They cannot be condoned and it is appropriate that there should be a proportionate penalty for the club for the events over the last year.

'However, I urge all those connected with Scottish football to bring this sad affair to a close – now. Bayoneting the wounded is neither justified nor proportionate.

'Nevertheless, I cannot be anything other than angered at the suggestion that Rangers should be stripped of titles or other competition victories.

'This suggestion is an insult to the staff and players who achieved these successes thanks to skill, hard work and commitment and for no other reason.

'It is also an insult to the thousands of Rangers supporters who spent their hard-earned money to support the club they love.

'I hope that those presently in charge of Rangers show sufficient resolve when it comes to resisting this move, despite the incentives being offered to do otherwise.'

FULL MURRAY STATEMENT

I have decided to issue this statement because of the concerns which I have at the continuing attempts to inflict further punishment on Rangers Football Club.

While the 'Newco' Rangers was rejected for membership of the SPL on the publicly stated grounds of sporting integrity, I would question whether this was the underlying motive for many who took this decision.

I am not totally convinced by the explanation that they were reacting to the opinions of the supporters of their individual clubs.

This, in my opinion, is a suitable answer to cover many other agendas.
I applaud the decision of the SFL to accept Rangers for membership and respect the decision of the member clubs of the SFL to admit Rangers to its Third Division.

The problems at Rangers have brought no credit to Scottish football and are a tragedy for the Club and for all those connected with it and who support it. They cannot be condoned and it is appropriate that there should be a proportionate penalty for the Club for the events over the last year.

However, I urge all those connected with Scottish football to bring this sad affair to a close – now. Bayoneting the wounded is neither justified nor proportionate.

Nevertheless, I cannot be anything other than angered at the suggestion that Rangers should be stripped of titles or other competition victories.
This suggestion is an insult to the staff and players who achieved these successes thanks to skill, hard work and commitment and for no other reason.

It is also an insult to the thousands of Rangers supporters who spent their hard-earned money to support the Club they love.

I hope that those presently in charge of Rangers show sufficient resolve when it comes to resisting this move, despite the incentives being offered to do otherwise.

I believe that there is a misconception which may lie behind this suggested penalty and accordingly it is my duty to clarify certain matters.

During my stewardship of Rangers no rules were breached or circumvented and I reject and resent any suggestion that anything was done which amounted to cheating.

As was required of a PLC, all accounts were fully audited and made available to all entitled parties. All football rules were complied with. All enquiries from entitled parties or organisations were answered.

To those who criticise certain actions undertaken on behalf of the Club, I suggest that they familiarise themselves with all relevant rules before they come to any conclusions or express any opinions.

This is particularly relevant to the SPL rules where it would appear that there are efforts to retrospectively rewrite laws to incorporate items not previously covered.

The SPL rules variously required disclosure of all contract of service matters and all payments from a club to a player.

It would now appear that these are to be rewritten to incorporate non-contractual loans from independent third parties and other non-contractual matters.

If this is the case then press comment over the past few years would appear to indicate that several clubs other than Rangers may well have fallen foul of the soon to be changed historic laws.

It would also appear that the SPL is once again seeking to invest itself with a power of retrospective penalty beyond that prescribed in its own rules.

Much has been said and written about EBTs.

It should be noted that the tax treatment of these is an issue as yet unresolved and it is wrong to prejudge the outcome.

It must be stressed that the tax tribunal will determine the appropriate tax treatment in respect of the arrangements operated.

This is not a criminal matter and there is presently no question as to the legality of these schemes.

Rangers agreed contracts of employment with its players (and staff). The EBT scheme involved the contribution of funds into an offshore discretionary trust managed by independent trustees.

The trustees could and did make loans to individuals carrying interest with scheduled repayment dates.

There was no contractual or beneficial entitlement to the funds on the part of any individual and the monies paid to EBTs were not “remuneration” in terms of any rules applying to the Club.

Since 2001 when the EBT scheme was introduced, the amounts contributed were disclosed in the audited financial statements of the Club. These audited accounts were provided to the SFA and SPL as required.

As the law stands, it is the right of every taxpayer to minimise his tax liability.

For example, taxpayers are entitled to maximise contributions to pension funds and benefit from the resultant tax allowances. Tax AVOIDANCE is a right. It is tax EVASION which is a crime.

In December 2010, as a result of legislation changes introduced by HMRC, EBTs were rendered tax inefficient. Thereafter the Club made no further contributions to EBTs.

For the avoidance of doubt, many thousands of employees in many areas of business and commerce have benefited from EBTs.

Rangers sought only to provide financial security for players (and staff) within the rules of law and football. To suggest that this amounted to cheating in the sporting context is an allegation which is without any foundation.

I, of course, wish the 'new' Rangers every success for the future. I have no doubt that the present generation of players and staff will make a positive and beneficial contribution to the SPL and, in due course, return the Club to a position of pre-eminence in Scottish football.

However, I am determined to support those who served the Club with such dignity and integrity during my stewardship.

Police investigate Craig Whyte"s Rangers takeover

Rangers rocked again as police investigate Whyte takeover

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UPDATED:

14:06 GMT, 25 June 2012

The Crown Office has ordered a criminal investigation into Craig Whyte's takeover of Rangers and the subsequent financial management of the club.

Rangers went into administration on February 14 and were consigned to liquidation earlier this month.

A statement read: 'The Crown Office has today instructed Strathclyde Police to conduct a criminal investigation into the acquisition of Rangers Football Club in May 2011 and the subsequent financial management of the club.

Police probe: Former rangers owner Craig Whyte

Police probe: Former rangers owner Craig Whyte

'The investigation into alleged criminality follows a preliminary police examination of information passed to them in February this year by the club administrators.

'The Procurator Fiscal for the West of Scotland will now work with Strathclyde Police to fully investigate the acquisition and financial management of Rangers Football Club and any related reports of alleged criminality during that process.'

Whyte bought an 85 per cent shareholding in Rangers for 1 from the Murray Group and made several pledges in terms of future investment and paying off the club's bank debt.

No go: It looks as if Rangers will be denied re-entry to the SPL

No go: It looks as if Rangers will be denied re-entry to the SPL

The club was forced into administration following court action from Her Majesty's Revenue and Customs.

Immediately after being appointed, administrators Duff and Phelps announced the club had failed to pay about 9million in PAYE and VAT since the takeover.

They soon revealed that the club had paid off Lloyds Banking Group from a 24.4m capital injection from investment firm Ticketus, which was secured on the back of future season ticket sales.

The debt to HMRC was most recently listed at more than 21m in the failed Company Voluntary Arrangement proposal to creditors.

More to follow…

The Rangers Football Club bought by Charles Green

Welcome to 'The Rangers Football Club'… new name for crisis club as Green beats late Smith bid to seal deal

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UPDATED:

16:20 GMT, 14 June 2012

Charles Green has completed his purchase of Rangers' assets – shortly after former manager Walter Smith announced an 11th-hour bid.

Green completed his 5.5million newco acquisition after his Company Voluntary Arrangement was formally rejected.

The former Sheffield United chief executive stressed he wanted Ally McCoist to stay following reports that the manager was on the verge of quitting after apparently discovering that Green planned to replace him.

We've won: Charles Green says he has bought Rangers

We've won: Charles Green says he has bought Rangers

The club have also appointed Ayrshire-born pension fund manager Malcolm Murray as chairman.

Green is chief executive of the new company, while Brian Stockbridge will be financial director while Imran Ahmad of Zeus Capital will join the board as a non-executive director.

Green, who made no mention of Smith's bid in a lengthy statement, said: 'Following the formal decision of the creditors' meeting at Ibrox Stadium today, the consortium I represent has fulfilled its agreement with the administrators and has completed the acquisition of the business and assets of The Rangers Football Club plc.

'The transfer of the business and assets to a new company structure has taken effect immediately and the new company is The Rangers Football Club.

'An application has already been made by the company to register with the Scottish Football Association and to participate in the SPL.'

Smith had earlier confirmed he was leading a bid – believed to be worth about 6million – and urged Green to step aside.

Green could conceivably make a quick profit by agreeing to sell Rangers to Smith's group immediately but his statement pointed to a longer-term involvement.

The Yorkshireman named several of his investors and addressed the future of McCoist, who has remained tight-lipped on Thursday.

'Our consortium wants Ally McCoist to remain as manager and we firmly believe he is the man to take Rangers forward,' Green said.

End of the road Rangers boss Ally McCoist leaves Ibrox on Thursday morning

End of the road Rangers boss Ally McCoist leaves Ibrox on Thursday morning

'He embodies everything that is great about the club and without question we want him to continue as the Rangers manager.

'I fully understand that other people have courted Ally who do not wish to see my consortium succeed, however I believe time for decision and rancour is over now that the club has been sold and everyone with the interests of Rangers at heart should unite.

'The rebuilding of the Club will happen from today.'

Green added: 'In terms of investors in the company, to date our investors include Chris Morgan, a UK-based businessman representing family trusts; Glenmuir, the renowned Scottish clothing company; Ian Hart a Glasgow-based businessman; Alessandro Celano of Blue Pitch Holdings and Zeus Capital.'

Murraay's experience in football comes from his purchase and stewardship of a 25 per cent shareholding in Manchester United which led to him working closely with the executive management team.

End of an era: Rangers will be forced to reform as a new co after liquidation

End of an era: Rangers will be forced to reform as a newco after liquidation

Murray said: 'It is a great honour to be invited to become non-executive chairman of an iconic football club.

'I am intensely proud to have been a supporter since my father took me to Ibrox for my first match and Colin Stein scored a hat-trick on both our debuts.

'I was hooked from that moment on and as a supporter and season ticket holder I have been – like all Rangers fans – utterly appalled by what has happened to the club.

'Those responsible for bringing the club to its knees should start by apologising to supporters who have been left to face the consequences.

'I have spent most of my working life developing a long-term investment philosophy, taking stakes in companies and working closely with the boards while imposing the highest standards of corporate governance.

'It is my firm intention to ensure high standards of transparency and probity are adopted and the club will be managed with a prudent long-term strategy avoiding the fiefdoms and excesses of the past. With that approach I am sure that Rangers can look forward to better days.'

FULL CHARLES GREEN STATEMENT

Following the formal decision of the creditors' meeting at Ibrox Stadium today, the consortium I represent has fulfilled its agreement with the administrators and has completed the acquisition of the business and assets of The Rangers Football Club plc.

The transfer of the business and assets to a new company structure has taken effect immediately and the new company is The Rangers Football Club.

An application has already been made by the company to register with the Scottish Football Association and to participate in the SPL.

These applications will be considered over the next few weeks and I will continue to have discussions with the football authorities in relation to the club's position.

This day is bitter-sweet for the consortium I represent. From our first involvement we made it clear we would have preferred to acquire this great club through a CVA.

The decision by HMRC to vote against the proposal was, in my view, counter productive and did nothing but visit the sins of the past on the owners of the future and indeed the supporters who care so much for Rangers and deserve better.

It was however prudent for us to prepare for this outcome and we are proud and honoured to acquire Rangers and begin a new chapter in its illustrious history.

These are early days and there is a huge amount of hard work to be done to rebuild Rangers.

It will take time and effort, passion and commitment. Rangers will rise again and that journey began in earnest at Ibrox today.

First I must address the issue of the Manager's position at the club. Our consortium wants Ally McCoist to remain as Manager and we firmly believe he is the man to take Rangers forward.

He embodies everything that is great about the club and without question we want him to continue as the Rangers manager.

I fully understand that other people have courted Ally who do not wish to see my consortium succeed however, I believe time for decision and rancour is over now that the club has been sold and everyone with the interests of Rangers at heart should unite.

The rebuilding of the club will happen from today.

As I have stated previously, it is our intention that no single investor or institution will own more than 10-15% of the shareholding.

One of the saddest aspects of the refusal by HMRC to support a CVA is that small shareholders have lost their shares in The Rangers Football Club plc.

However, supporters and shareholders will have the opportunity to invest in the new company.

My consortium has been determined from the outset that from now on Rangers will be run to the highest standards of corporate governance.

To that end, the club will have two boards in the future – a company or plc board and a football board with appointments announced in due course.

In terms of investors in the company, to date our investors include Chris Morgan, a UK-based businessman representing family trusts; Glenmuir, the renowned Scottish clothing company; Ian Hart a Glasgow-based businessman; Alessandro Celano of Blue Pitch Holdings and Zeus Capital.

We are looking to expand that investor base and are in discussions with a number of interested parties.

I have been greatly encouraged by the enthusiasm investors have shown and their belief that Rangers can have a great future. I believe that too and I, along with everyone at the club, will work tirelessly to make it happen.

Ally McCoist on the brink at Rangers

McCoist on the brink at Rangers as crisis club hurtle towards liquidation

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UPDATED:

10:28 GMT, 14 June 2012

Rangers' creditors meeting began on Thursday morning amid increasing uncertainty over the future of manager Ally McCoist in Charles Green's new regime.

The meeting is a formality given Her Majesty's Revenue and Customs had already rejected Green's reduced payments offer and the Ibrox crisis shifted to the future of boss McCoist.

McCoist could be poised to resign due to uncertainty over his future once Green completes his 5.5million newco purchase of the club's assets.

I'll get me coat: Ally McCoist could leave his post at Rangers after a torrid season

I'll get me coat: Ally McCoist could leave his post at Rangers after a torrid season

McCoist arrived at Ibrox without making comment while Green briefly told reporters he wanted the manager to stay as he arrived for the creditors meeting.

Green has held talks with Scottish Premier League officials after it emerged his Company Voluntary Arrangement was doomed to failure but his plans to stay in the top league suffered a blow this morning.

Aberdeen updated their position on a potential newco vote by stating that 'integrity' was their central criteria.

Dons chief executive Duncan Fraser told the club's official website: 'Yesterday's announcement that Rangers FC will reform as a new co brings a degree of clarity to the situation.

'However there are a number of other investigations ongoing. Like everyone we wish to see them resolved as soon as possible.

'A large number of our supporters have made their views and feelings very clear and as a club I can assure everyone that these are being taken into account.

'The integrity of sport in general and football in particular must be central to any decision.

'This issue has our full attention and
we will communicate any decisions we take in relation to this situation
with our supporters in a transparent way at an appropriate time.'

However,
fresh reports claimed that the SPL's broadcasting deal, which is due to
be renewed this summer, would be in serious doubt if Green's Rangers
are forced to start in the Irn-Bru Third Division.

End of an era: Rangers will be forced to reform as a new co after liquidation

End of an era: Rangers would be forced to reform as a new co after liquidation

Green would need seven other clubs to accept his application to acquire Rangers' share in the competition if he pushes through with his newco deal.

McCoist left Ibrox through the main door at about 10.45am and shook his head and said nothing when asked about his future by waiting reporters and fans, before driving away.

The creditors meeting is believed to have lasted less than 10 minutes with HMRC's decision to reject the CVA having already ensured Green would not receive the 75 per cent backing required.

Unsecured creditors are owed a confirmed 55million and the vast majority of Green's 5.5m payment will go to administrators Duff and Phelps and on legal costs, although liquidators will pursue other avenues to recover cash.

Some of the 26,000 small shareholders who have seen their stake in the club disappear with the failure of the CVA deal will also attend a subsequent meeting at 1pm, although the club have claimed it will last about five minutes.

Green has previously promised to name more of the investors in his Sevco consortium after the CVA meeting having so far confirmed only two – a Malaysian hotelier and Middle Eastern lawyer.

Rangers liquidation danger after CVA deal is rejected

Blow for Rangers as CVA deal denied… leaving club in danger of liquidationUEFA will ban a 'new' Rangers from European competition for three years
SPL clubs will vote on whether Rangers can stay in the league, if they are liquidated

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UPDATED:

13:53 GMT, 12 June 2012

Her Majesty's Revenue and Customs have told Rangers they will vote against a Company Voluntary Arrangement.

Charles Green, who is leading the Sevco consortium aiming to acquire the club, confirmed the news about the CVA deal on Tuesday.

UEFA will ban the club from entry into European competition and SPL clubs will vote on whether they can remain in Scotland's top flight.

Blow: The CVA deal will not be allowed

Blow: The CVA deal will not be allowed

HMRC's 'no' vote is enough to deal a
fatal blow to the CVA proposal and Green will now push ahead with plans
to buy the club's assets and form a new company.

Green said in a statement: 'I am
hugely disappointed by the decision of HMRC not to support the CVA
proposal and that disappointment will be felt acutely by Rangers fans
across the world.'

HMRC, who are currently owed more than
21million, believe their decision to force liquidation will allow them
to pursue individuals for the debt.

A statement from the tax authority
read: 'A liquidation provides the best opportunity to protect taxpayers,
by allowing the potential investigation and pursuit of possible claims
against those responsible for the company's financial affairs in recent
years.

Bad news: Charles Green confirmed the blow

Bad news: Charles Green confirmed the blow

'A CVA would restrict the scope of such action.

'Moreover the liquidation route does
not prejudice the proposed sale of the club. This sale can take place
either through a CVA or a liquidation.

'So the sale is not being undermined, it simply takes a different route.

'Liquidation will enable a sale of the
football assets to be made to a new company, thereby ensuring that
football will continue at Ibrox.

'It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA.

The decision brings into doubt the continued existence of an Ibrox club competing in the Scottish Premier League.

If Green forms a new company, he will
have to apply to the SPL to acquire Rangers' share in the competition.
The clubs themselves will decide whether to accept.

A new Rangers would not be able to compete in Europe for three years under UEFA rules.

Green said: 'Frankly, I do not see what benefit will be achieved by this decision.

'My consortium's offer for a CVA amounted to a total of 8.5million.

'Now
that we will have to complete the purchase via the formation of a
newco, the purchase price and therefore the amount available to
creditors will be 5.5million.

Takeover turmoil: Rangers future hangs in the balance

Takeover turmoil: Rangers future hangs in the balance

'I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years all that will happen is that there will be less revenue generated by the club and consequently less money paid over to the taxman.

'Also, I do not believe that by opting to vote against the CVA proposal, HMRC will generate more cash by pursuing those they believe as responsible – but that is a matter for them.'

Green said he would explore ways of allowing the club's 26,000 shareholders to buy into his new company.

He added: 'The solemn promise I can make to Rangers fans today is that this club will continue as Rangers Football Club and will continue to play at Ibrox Stadium.

'We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL.

'I, along with my investors who believe that Rangers can have a bright future, will fight tooth and nail to ensure the club recovers from this catastrophic phase in its proud history.

'The fans deserve better and we will work tirelessly to realise their ambitions.'

Rangers' administrators, Duff and Phelps, confirmed a 'binding' sale and purchase agreement with Green would now come into effect.

In a statement, joint-administrator Paul Clark said: 'As we have always stated, administrators have a primary objective to ensure the survival of the company and in this case, this would have been achieved through a CVA.

What next Rangers face liquidation

What next Rangers face liquidation

'It was with HMRC's approval, that a proposal was placed before creditors for consideration.

'However, it is the commercial view that
the level offered within the CVA was not enough to merit departure from
their normal policy of seeking a detailed investigation via a
liquidator.

'However, we have been left in no doubt by HMRC the fundamental reason for the rejection of the CVA proposal is the historical non-compliance with tax liabilities by the former owners and directors of the club.'

Clark said Green's consortium will move to acquire the club's assets immediately after the formal rejection of the CVA proposal at a creditors' meeting at Ibrox on Thursday morning.

'That transaction will be completed within a few days,' Clark added.

'The sum payable to creditors will be 5.5million, most of which has already been paid over to us by the Green consortium.

'Over the coming months, we as administrators will continue to finalise the administration of the club and we will work in conjunction with BDO, who will undertake the liquidation process.

'While the club will continue to face difficulties in the short term, it will survive and continue to play at Ibrox.'

HMRC's court action forced Rangers into administration on February 14 after the club failed to pay millions of pounds in PAYE and VAT following the takeover by Craig Whyte in May last year.

Men for the job: Paul Clarke and David Whitehouse from Duff & Phelps administrators

Men for the job: Paul Clarke and David Whitehouse from Duff & Phelps administrators

Whyte also failed to pay a tax liability of around 4million resulting from payments made to Ronald de Boer and Tore Andre Flo around the turn of the century.

Rangers could also face an additional tax bill of up to 75million over their use of Employee Benefit Trust payments to players and staff between 2001 and 2010, which were the subject of a tax tribunal in January.

This scheme, which was administered by the company of former owner Sir David Murray, is also the focus of an SPL investigation into alleged undisclosed payments to players.

The CVA document showed Rangers owe more than 55million to unsecured creditors with investment firm Ticketus accounting for almost half of that total.

The London-based firm, who plan to pursue Whyte for the money, had been due to hold a board meeting today to discuss their approach to the CVA.

Rangers owe money to several football clubs, including Hearts, who have yet to receive 800,000 of the transfer fee agreed when Lee Wallace moved to Ibrox last summer.

The CVA document shows that less than 1million will be shared between creditors as a result of a newco deal.

FULL STATEMENTS FROM ADMINISTRATORS & HMRC

Duff & Phelps, administrators:

We have been informed by HMRC they will not support the proposal for a Company Voluntary Arrangement at the meeting of creditors on Thursday, June 14.

As a result of this decision, the Sale and Purchase Agreement in place with the consortium led by Charles Green will take effect and Rangers Football Club will continue within a new company structure.

The reasons HMRC have given to us for their decision to vote against the proposal are as follows. HMRC has cited its general policy of not agreeing to a CVA where there is strong evidence of non-compliance by a company with its tax liabilities.

HMRC had agreed to consider a CVA proposal along with all other options in the case of Rangers but having taken into consideration the extent of funds which will be made available to creditors through the CVA option, they have decided that it is not acceptable given The Rangers Football Club plc's level of indebtedness to HMRC.

It has also been made clear to us that other offers tendered for the Club, which took the form of a CVA, would have been treated in the same way and that the rejection is not a reflection of the Green consortium bid.

HMRC has taken the view that the public interest will be better served with the liquidation of The Rangers Football Club plc as a corporate entity. The Club will continue to operate as it has always done but within a new company structure.

HMRC consider that the decision will enable a liquidator to instigate a wider investigation into all of the financial affairs and management of the Club in recent years and to bring to task those they believe are responsible for its collapse.

Furthermore, HMRC believes there will be an enhanced recovery of funds for creditors by pursuing those individuals who they believe are responsible.

The consequence of the rejection of a CVA outcome is that sanctions will be applied to the Club by UEFA and that the Club will not be able to participate in Europe for three years and the new company will need the consent of the other SPL clubs to the transfer of the share in the SPL, in order for Rangers to continue playing in the SPL.

As we have always stated, administrators have a primary objective to ensure the survival of the company and in this case, this would have been achieved through a CVA.

It was with HMRC’s approval, that a proposal was placed before creditors for consideration. However, it is the commercial view that the level offered within the CVA was not enough to merit departure from their normal policy of seeking a detailed investigation via a liquidator.

However, we have been left in no doubt by HMRC the fundamental reason for the rejection of the CVA proposal is the historical non-compliance with tax liabilities by the former owners and directors of the Club.

As we have stated previously, there is a binding contract between ourselves as administrators and Charles Green, who is leading a consortium to acquire the Club.

The creditors’ and shareholders’ meetings will take place at Ibrox on Thursday but the results of those meetings will now be entirely academic given HMRC’s decision.

As soon as the CVA proposal is formally rejected, Mr Green’s consortium will move towards completion of an acquisition of the business and assets of The Rangers Football Club plc. That transaction will be completed within a few days. The sum payable to creditors will be 5.5 million, most of which has already been paid over to us by the Green consortium.

Over the coming months, we as administrators will continue to finalise the administration of the Club and we will work in conjunction with BDO who will undertake the liquidation process.

We would like to thank the staff and supporters at Rangers for their great determination and professionalism during a very difficult period for the Club. While the Club will continue to face difficulties in the short term, it will survive and continue to play at Ibrox.

HMRC: A liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company's financial affairs in recent years.

A CVA would restrict the scope of such action. Moreover the liquidation route does not prejudice the proposed sale of the club.

This sale can take place either through a CVA or a liquidation.

So the sale is not being undermined, it simply takes a different route.

Liquidation will enable a sale of the football assets to be made to a new company, thereby ensuring that football will continue at Ibrox.

It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA. Rangers can make a fresh start.

Rangers CVA deal rejected

Blow for Rangers as CVA deal denied… leaving club in danger of liquidationUEFA will ban a 'new' Rangers from European competition for three years
SPL clubs will vote on whether Rangers can stay in the league

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UPDATED:

11:03 GMT, 12 June 2012

Her Majesty's Revenue and Customs have told Rangers they will vote against a Company Voluntary Arrangement.

Charles Green, who is leading the Sevco consortium aiming to acquire the club, confirmed the news about the CVA deal on Tuesday.

UEFA will ban the club from entry into European competition and SPL clubs will vote on whether they can remain in Scotland's top flight.

Blow: The CVA deal will not be allowed

Blow: The CVA deal will not be allowed

HMRC's 'no' vote is enough to deal a
fatal blow to the CVA proposal and Green will now push ahead with plans
to buy the club's assets and form a new company.

Green said in a statement: 'I am
hugely disappointed by the decision of HMRC not to support the CVA
proposal and that disappointment will be felt acutely by Rangers fans
across the world.'

HMRC, who are currently owed more than
21million, believe their decision to force liquidation will allow them
to pursue individuals for the debt.

A statement from the tax authority
read: 'A liquidation provides the best opportunity to protect taxpayers,
by allowing the potential investigation and pursuit of possible claims
against those responsible for the company's financial affairs in recent
years.

'A CVA would restrict the scope of such action.

'Moreover the liquidation route does
not prejudice the proposed sale of the club. This sale can take place
either through a CVA or a liquidation.

'So the sale is not being undermined, it simply takes a different route.

'Liquidation will enable a sale of the
football assets to be made to a new company, thereby ensuring that
football will continue at Ibrox.

'It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA.

The decision brings into doubt the continued existence of an Ibrox club competing in the Scottish Premier League.

Takeover turmoil: Rangers future hangs in the balance

Takeover turmoil: Rangers future hangs in the balance

If Green forms a new company, he will have to apply to the SPL to acquire Rangers' share in the competition. The clubs themselves will decide whether to accept.

A new Rangers would not be able to compete in Europe for three years under UEFA rules.

Green said: 'Frankly, I do not see what benefit will be achieved by this decision.

'My consortium's offer for a CVA amounted to a total of 8.5million.

'Now that we will have to complete the purchase via the formation of a newco, the purchase price and therefore the amount available to creditors will be 5.5million.

'I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years all that will happen is that there will be less revenue generated by the club and consequently less money paid over to the taxman.

'Also, I do not believe that by opting to vote against the CVA proposal, HMRC will generate more cash by pursuing those they believe as responsible – but that is a matter for them.'

Green said he would explore ways of allowing the club's 26,000 shareholders to buy into his new company.

What next Rangers face liquidation

What next Rangers face liquidation

He added: 'The solemn promise I can make to Rangers fans today is that this club will continue as Rangers Football Club and will continue to play at Ibrox Stadium.

'We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL.

'I, along with my investors who believe that Rangers can have a bright future, will fight tooth and nail to ensure the club recovers from this catastrophic phase in its proud history.

'The fans deserve better and we will work tirelessly to realise their ambitions.'

Rangers' administrators, Duff and Phelps, confirmed a 'binding' sale and purchase agreement with Green would now come into effect.

In a statement, joint-administrator Paul Clark said: 'As we have always stated, administrators have a primary objective to ensure the survival of the company and in this case, this would have been achieved through a CVA.

'It was with HMRC's approval, that a proposal was placed before creditors for consideration.

Men for the job: Paul Clarke and David Whitehouse from Duff & Phelps administrators

Men for the job: Paul Clarke and David Whitehouse from Duff & Phelps administrators

'However, it is the commercial view that the level offered within the CVA was not enough to merit departure from their normal policy of seeking a detailed investigation via a liquidator.

'However, we have been left in no doubt by HMRC the fundamental reason for the rejection of the CVA proposal is the historical non-compliance with tax liabilities by the former owners and directors of the club.'

Clark said Green's consortium will move to acquire the club's assets immediately after the formal rejection of the CVA proposal at a creditors' meeting at Ibrox on Thursday morning.

'That transaction will be completed within a few days,' Clark added.

'The sum payable to creditors will be 5.5million, most of which has already been paid over to us by the Green consortium.

'Over the coming months, we as administrators will continue to finalise the administration of the club and we will work in conjunction with BDO, who will undertake the liquidation process.

'While the club will continue to face difficulties in the short term, it will survive and continue to play at Ibrox.'

More to follow.

FULL DUFF & PHELPS ADMINISTRATORS STATEMENT

We have been informed by HMRC they will not support the proposal for a Company Voluntary Arrangement at the meeting of creditors on Thursday, June 14.

As a result of this decision, the Sale and Purchase Agreement in place with the consortium led by Charles Green will take effect and Rangers Football Club will continue within a new company structure.

The reasons HMRC have given to us for their decision to vote against the proposal are as follows. HMRC has cited its general policy of not agreeing to a CVA where there is strong evidence of non-compliance by a company with its tax liabilities.

HMRC had agreed to consider a CVA proposal along with all other options in the case of Rangers but having taken into consideration the extent of funds which will be made available to creditors through the CVA option, they have decided that it is not acceptable given The Rangers Football Club plc's level of indebtedness to HMRC.

It has also been made clear to us that other offers tendered for the Club, which took the form of a CVA, would have been treated in the same way and that the rejection is not a reflection of the Green consortium bid.

HMRC has taken the view that the public interest will be better served with the liquidation of The Rangers Football Club plc as a corporate entity. The Club will continue to operate as it has always done but within a new company structure.

HMRC consider that the decision will enable a liquidator to instigate a wider investigation into all of the financial affairs and management of the Club in recent years and to bring to task those they believe are responsible for its collapse.

Furthermore, HMRC believes there will be an enhanced recovery of funds for creditors by pursuing those individuals who they believe are responsible.

The consequence of the rejection of a CVA outcome is that sanctions will be applied to the Club by UEFA and that the Club will not be able to participate in Europe for three years and the new company will need the consent of the other SPL clubs to the transfer of the share in the SPL, in order for Rangers to continue playing in the SPL.

As we have always stated, administrators have a primary objective to ensure the survival of the company and in this case, this would have been achieved through a CVA.

It was with HMRC’s approval, that a proposal was placed before creditors for consideration. However, it is the commercial view that the level offered within the CVA was not enough to merit departure from their normal policy of seeking a detailed investigation via a liquidator.

However, we have been left in no doubt by HMRC the fundamental reason for the rejection of the CVA proposal is the historical non-compliance with tax liabilities by the former owners and directors of the Club.

As we have stated previously, there is a binding contract between ourselves as administrators and Charles Green, who is leading a consortium to acquire the Club.

The creditors’ and shareholders’ meetings will take place at Ibrox on Thursday but the results of those meetings will now be entirely academic given HMRC’s decision.

As soon as the CVA proposal is formally rejected, Mr Green’s consortium will move towards completion of an acquisition of the business and assets of The Rangers Football Club plc. That transaction will be completed within a few days. The sum payable to creditors will be 5.5 million, most of which has already been paid over to us by the Green consortium.

Over the coming months, we as administrators will continue to finalise the administration of the Club and we will work in conjunction with BDO who will undertake the liquidation process.

We would like to thank the staff and supporters at Rangers for their great determination and professionalism during a very difficult period for the Club. While the Club will continue to face difficulties in the short term, it will survive and continue to play at Ibrox.

Charles Green pledge to Rangers fans

Green makes pledge to Rangers fans: I will not abuse your money in takeover

|

UPDATED:

21:06 GMT, 8 June 2012

Pledge: Prospective Rangers buyer Charles Green

Pledge: Prospective Rangers buyer Charles Green

Charles Green has told Rangers fans he will not 'abuse' their money and insists he will not use cash from season ticket sales to fund his takeover.

The former Sheffield United chief executive – who is leading the consortium in place to buy the administration-hit club – was responding to comments made by Ibrox director Dave King.

King urged fans to reject the Company Voluntary Arrangement (CVA), which will be voted on by creditors next Thursday, while calling on supporters not to renew their season tickets until Green reveals the details of his plans.

Craig Whyte completed his own takeover of Sir David Murray's majority shareholding last May with money from the sale of future season ticket income to investment firm Ticketus.

Green told Rangers' official website on Friday night: 'On the basis the receiver is already holding cash and we haven't put the season tickets up for sale yet, I struggle to see how I can use season ticket money to buy the club.

'The season ticket renewal letters are actually going out today and I have already deposited money with the administrator to buy the club.

'We have provided the money to buy the club and we have documented the fact we are going to raise another 20-30million on top of that.

'The important thing – which is in the letter I've sent out to fans – is that season ticket money, when it comes in, will actually be sat in an account specifically to hold it there.

Takeover turmoil: Rangers future hangs in the balance

Takeover turmoil: Rangers future hangs in the balance

'For legal reasons, there is a 28-day cooling period after next Thursday should the CVA go ahead.

'Until that period ends, any monies that come into the club are held in a secure account and I have no access to that money.

'The season ticket money is crucial. The very suggestion we would be using it to buy the club is ridiculously untrue.

'The more season tickets any club sells, the more that can be invested back into the club and into players.

'If we are looking and speaking to the real, true Rangers fans, I'd say to them if there was ever a time to support the club it is now.

'They will know for the first time in many, many years that their money will not be abused the way it was before.'

Green is adamant his consortium will complete its purchase of Rangers, whether the CVA is accepted or whether the club has to opt for a newco route instead.

He added: 'We said from day one that our intentions were to acquire Rangers and the CVA was always the preferred option.

'I have no control over that. Only creditors have and next Thursday there will be a meeting and either the CVA will go ahead or it will be rejected.

'If it is rejected, we will immediately default into a newco route.

'There is nothing anyone can say on the outside to change the fact my consortium will acquire the business next Thursday.'

Green says King's comments were 'disruptive' at a time when he is attempting to gain the trust of a disillusioned Rangers support.

He said: 'Dave is someone I've never met but I contacted him last Friday in South Africa and we had a conversation.

'I sent him a copy of the presentation we've made public to tell him what our vision was. He owns 5% of the club and I felt it was important he had a chance to buy into it.

'I was expecting some reply but clearly the comments he made were outrageous and I'm disappointed.

'I have great difficulty where someone purports to be acting in the best interests of the club then recommends creditors should vote down a CVA. That is exactly what the club doesn't want.

'Real fans want to keep the tradition but what Dave King is saying is that the history and tradition of Rangers is of no consequence.

'It's not helpful to hear his thoughts and I think it is disruptive because the fans are getting mixed messages.

'We've said consistently because of what has happened historically at the club that there's a lack of trust and we have taken that on board.

'I understand the nervousness of fans, particularly after the issues of the last few years, but my upbringing was to treat someone as you find them and we've not let anyone down.'

However, he did agree with King's claim that Green – like Whyte – will not last a year at Ibrox.

He added: 'He's absolutely right on that because the minute I finish doing my job here I will leave the club.

'My job is to remove the debts, get Rangers on a sound footing and put 20-30million in the bank. Once that is done, I'm of no use to the club at all.'