Tag Archives: liquidation

Sir Alex Ferguson has praised Ally McCoist for the job he is doing at Rangers

In awe of Ally: Sir Alex hails McCoist on Mission Impossible

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UPDATED:

00:10 GMT, 29 December 2012

Sir Alex Ferguson last night saluted the managerial job Ally McCoist has masterminded at Rangers in the face of the toughest set of circumstances ever experienced by an Ibrox boss.

The legendary Manchester United chief, Britain’s most successful manager of all time, has been hugely impressed at how McCoist has handled his ‘Mission Impossible’ in the wake of the ‘disgraceful’ and ‘disastrous’ financial collapse of Rangers under shamed former owner Craig Whyte.

Sir Alex Ferguson

Rangers manager Ally McCoist

Impressed: SIr Alex Ferguson (left) has given Rangers manager Ally McCoist (right) his seal of approval for the way McCoist has led the Glasgow club this year

Ferguson has marvelled at how McCoist has emerged from the trauma of the club’s liquidation, and the loss of a team of star players, to build a side which now sits 12 points clear at the top of the Third Division, ahead of today’s trip to Hampden to face Queen’s Park.

Despite giving McCoist his own personal managerial seal of approval, however, the two-times Champions League winner and 12-times English Premier League champion does not believe the record Rangers goalscorer will receive the credit he deserves for his work in the Ibrox dugout amid the off-field turmoil.

‘I think the job that Ally McCoist has done at Rangers is fantastic,’ said Ferguson, who became embroiled in a war of words with Newcastle yesterday after offering a not-so-complimentary opinion on their club and manager Alan Pardew, describing him as a ‘hypocrite’.

Top: Rangers are 12 clear at the top of the Third Division and will travel to Hampden to play Queen's Park on Saturday

Top: Rangers are 12 clear at the top of the Third Division and will travel to Hampden to play Queen's Park on Saturday

‘What bigger examination could a Rangers manager ever get than being demoted to the Third Division, losing all his players — and then still being top of the league.

'Ally has done a fantastic job, but he won’t get the credit he deserves because if Rangers are not in European football, then they are not Rangers.’

Ferguson started his playing career at Queen’s Park between 1957 and 1960, before spending two years at Ibrox as a Rangers striker between 1967 and 1969.

Support: Tens of thousands of Rangers supporters are expected to travel to Hampden Park

Support: Tens of thousands of Rangers supporters are expected to travel to Hampden Park

He would have loved to accept an invitation to be at Hampden today and joked that despite Manchester United hosting West Brom, he was still tempted to make the trip back to Glasgow.

‘Is Queen’s Park v Rangers a romantic fixture Absolutely,’ he told Sky Sports. ‘I was invited to the game but we are playing. I’ll maybe nip up anyway.’

Charles Green thanks Rangers fans for backing on share issue

Green praises fans for share backing as Rangers dream up big plans

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UPDATED:

14:02 GMT, 13 October 2012

Rangers chief executive Charles Green has thanked fans for demonstrating their early support for plans for a share issue.

The Glasgow club announced on Thursday their intention to seek admission to the Alternative Investment Market of the London Stock Exchange in the hope of raising up to 20million.

According to Rangers, funds raised will be used for 'strengthening the player squad, improving and developing the club's properties and providing additional working capital'.

Ideas: Charles Green shows off property plans

Ideas: Charles Green shows off property plans

Green, who values the Ibrox club at 25-30million, hopes to have their admission to the AIM completed by the end of November.

And he has welcomed what he described as a 'very encouraging' early response from the club's support.

Green said: '/10/13/article-0-15752011000005DC-184_468x315.jpg” width=”468″ height=”315″ alt=”Encouraging: Green is pleased with how things are going” class=”blkBorder” />

Encouraging: Green is pleased with how things are going

'This is an early indication of interest but I would like to thank fans for the support they have given the process so far and we are pleased that fans have the opportunity to invest in the club.

'I think this shows once again that Rangers are a big club with a big support.'

Green's consortium purchased the business and assets of the club for 5.5million after the 'oldco' Rangers were consigned to liquidation in the summer after several months in administration.

He added: 'Now we are a debt-free business there is every opportunity for the club to be run efficiently, effectively and successfully.'

Celtic escape SFA rap over "zombie" banner aimed at Rangers

Celtic escape SFA rap over 'zombie' banner allegedly taunting Rangers' plight

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UPDATED:

16:40 GMT, 11 October 2012

Celtic have been found not guilty by the Scottish Football Association on all four charges relating to an alleged offensive banner displayed by fans during a pre-season friendly against Norwich at Parkhead.

The SFA issued a notice of complaint alleging four rule breaches over the banner relating to Rangers, which appeared in the Celtic support in the July 24 contest in Glasgow.

The SFA charges alleged Celtic had fallen foul of the rules by failing to prevent supporters from bringing the banner into the ground and displaying it.

Rivals: The banner was alleged to have been offensive towards Rangers

Rivals: The banner was alleged to have been offensive towards Rangers

The club were also accused of failing to deal effectively with an instance of unacceptable conduct 'by allowing spectators to retain possession of the banner after it had been initially displayed, which allowed them to display the banner on a second occasion during the above match'.

The banner in question is understood to have featured a gunman shooting a zombie-like figure next to a gravestone with a Rangers crest on it, as supporters mocked the impending liquidation of the Ibrox club.

However, the SFA have cleared the Parkhead club of all four charges relating to rules 26, 28, 31 and 32.

Rule 26: A club shall take all such steps as are reasonably practicable to ensure the safety, good conduct and behaviour of its supporters on any ground. A club playing at its own ground or allowing its ground to be used for a match in which it is not participating shall also take all such steps as are reasonably practicable to ensure the safety, good conduct and behaviour of all spectators at that ground.

Rule 28: Any misbehaviour by spectators before, during or at the close of a match resulting from the failure of a club or recognised football body to take all reasonably practicable steps to avoid the misbehaviour shall render that club or recognised football body liable to any combination of sanctions provided in this Protocol.

Down but not out: Rangers' financial ruin saw them relegated to the Scottish second division this summer

Down but not out: Rangers' financial ruin saw them relegated to the Scottish second division this summer

Rule 31: A club playing at its own ground or allowing its ground to be used for a match in which it is not participating must ensure, so far as is reasonably practicable, (i) good order and security; (ii) that policies and procedures have been adopted and are implemented to prevent instances of Unacceptable Conduct; and (iii) that any instance of Unacceptable Conduct is effectively dealt with, all at its own ground, on the occasion of a match.

Rule 32: Each club must ensure, as far as is reasonably practicable, that its players, officials, supporters and any person exercising a function for or in connection with the club do not engage in Unacceptable Conduct at any club's ground on the occasion of a match.

Any failure by a club to discharge a requirement to which it is subject by virtue of Article 28.6 and this Article 28.7 shall constitute a breach of these Articles.

A Celtic spokesperson told the club's official website: 'Celtic Football Club opposes all forms of offensive behaviour and unacceptable conduct and our supporters are well aware of what is expected in this regard.

'We are surprised and disappointed that after providing a significant volume of evidence and information about our safety procedures, that today's hearing was actually necessary.

'In addition to dropping several charges in advance of the hearing, the SFA's Judicial Panel also accepted that Celtic had not breached any SFA rules.

'We believe that Celtic Park's safety and security procedures are of the highest standard, something which was successfully demonstrated to the Judicial Panel by the club and by several witnesses, including independent industry experts.'

Lee Wallace signs new Rangers deal until 2017

Wallace commits future to Ibrox as defender signs new five-year deal

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UPDATED:

15:30 GMT, 14 September 2012

Lee Wallace has signed a new five-year deal with Rangers.

The defender put pen to paper on the long-term contract which ties him to the Ibrox club until the summer of 2017.

The 25-year-old was one of a handful of first-team regulars who opted to remain at the club after Rangers were consigned to liquidation in the summer.

New deal: Lee Wallace has committed his future to Ibrox until 2017

New deal: Lee Wallace has committed his future to Ibrox until 2017

Rangers boss Ally McCoist handed suspended ban

McCoist escapes with suspended touchline ban for SFA panel comments

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UPDATED:

18:37 GMT, 30 August 2012

Rangers manager Ally McCoist has been handed a suspended three-match touchline ban for comments made about the Scottish Football Association judicial panel.

McCoist was found guilty of two of three charges by an SFA fast track tribunal but his punishment is suspended for 12 months.

Chief executive Charles Green escaped with a censure for comments he made in the media claiming 'bigotry' was one of the reasons his newco club were denied entry to the SPL.

Punished: Ally McCoist (centre) has copped a suspended touchline ban

Punished: Ally McCoist (centre) has copped a suspended touchline ban

McCoist was found guilty of bringing the game into disrepute and not acting in the best interests of football for questioning the independence of the panel that handed Rangers a 12-month transfer embargo in April, before they were consigned to liquidation.

A third charge relating to his demands that the three-man panel's identities were made public was dismissed.

Rangers were censured for Green's comments, made before his newco club made their first appearance on the pitch, in a Ramsdens Cup clash in Brechin last month, since being denied entry to the SPL and voted into the Irn-Bru Third Division.

In response to the transfer ban, which applies after Friday night, McCoist had asked: 'Who are these people I want to know who these people are.

Trouble: Charles Green has also been censured for his comments

Trouble: Charles Green has also been censured for his comments

'I'm a Rangers supporter and the Rangers supporters and the Scottish public deserve to know who these people are, people who are working for the SFA.

'Make no mistake about it, this is an SFA decision. They have appointed the panel, so therefore they are working for the SFA, but who are they

'I think we have a right to know who is handing out this punishment to us, I really do.'

The three panel members were later given security advice by police following alleged threats. McCoist condemned such behaviour but stood by his calls for transparency.

Green's offending comments came as he discussed decisions made over his club's league status.

'Some of it has been driven by bigotry, some of its been driven by jealousy and some of its been driven by all the wrong motives,' Green said.

Portsmouth Supporters" Trust bid for club

Battle to save Portsmouth hots up as Supporters' Trust enters bidding

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UPDATED:

22:15 GMT, 24 August 2012

The Pompey Supporters' Trust have made a revised offer for Portsmouth Football Club.

The news comes a day after former owner Balram Chainrai re-entered the running to buy back the club eight days after his company Portpin announced their interest was at an end.

That decision appeared to pave the way for fans' group PST, backed by a loan from the local council, to complete their rescue of the club who remain in administration and in danger of liquidation.

Bidding war: Balram Chainrai is also in the running to buy the club

Bidding war: Balram Chainrai is also in the running to buy the club

Yet Hong Kong businessman Chainrai remains Portsmouth's biggest creditor and, having expressed doubts about the viability of the PST's bid, he submitted a fresh offer to administrator Trevor Birch.

However, Birch announced PST have also made a fresh offer and said: 'We have received a revised offer from the Trust and will study the documents in detail over the next few days.

'There will be aspects that need further clarification and we will work with the Trust to achieve that clarity before deciding how best to proceed with the Trust and Portpin offers.'

Tough task: Portsmouth's young squad face a difficult season in League One

Tough task: Portsmouth's young squad face a difficult season in League One

Balram Chainrai withdraws Portsmouth offer

It's not me, it's you! Chainrai blasts Portsmouth as investor withdraws offer to buy club

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UPDATED:

07:28 GMT, 15 August 2012

Portsmouth are on the brink of liquidation after Balram Chainrai withdrew his bid to buy the troubled club.

The former owner, who twice put the club into administration, issued a lengthy statement on Wednesday citing his reasons.

More to follow…

It gets worse: Portsmouth were dumped out of the Capital One Cup on Tuesday after losing to Plymouth

It gets worse: Portsmouth were dumped out of the Capital One Cup on Tuesday after defeat at Plymouth

Tal Ben Haim leaves Portsmouth

Good riddance! Ben Haim finally quits Portsmouth after wage compromise

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UPDATED:

09:55 GMT, 9 August 2012

Tal Ben Haim has left Portsmouth in a move that could save the club from financial liquidation.

The defender, who earned 36,000 a week plus 1m-a-year image rights, was locked in talks with administrator Trevor Birch for a number of days before Thursday's compromise was reached.

Gone at last: Tal Ben Haim's spell with Portsmouth has come to an end

Gone at last: Tal Ben Haim's spell with Portsmouth has come to an end

Birch had said the club would close
on 10 August unless all the senior players left. After ben Haim's
departure, only Liam Larence remains on the wage bill.

'I am pleased to announce that we
have reached a compromise agreement with Tal Ben Haim, who will now
leave the club,' Birch said. 'We expect to make an announcement on Liam
Lawrence's future later today [Thursday] and, whilst the situation with
Kanu has not yet been resolved, we are cautiously optimistic about our
prospects.

More to follow…

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.

Dave Kitson departs Portsmouth leaving just two players at club

Kitson exits Portsmouth leaving stricken club with just TWO players

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UPDATED:

10:32 GMT, 4 August 2012

Fantasy football 2012

Financially-stricken Portsmouth have confirmed striker Dave Kitson has agreed to terminate his contract, leaving only midfielder Liam Lawrence and defender Tal Ben Haim as the only professionals left on the books as the club seek to avoid liquidation.

Administrator Trevor Birch warned on July 24 that the npower League One club would go out of business on August 10 unless an agreement could be reached over the wages of their senior players.

Three were left after Kanu effectively walked away at the end of last month, and the south-coast outfit announced today that Kitson was also on his way out.

On the move: Dave Kitson has left Portsmouth

On the move: Dave Kitson has left Portsmouth

A club statement read: 'Pompey have reached an agreement with Dave Kitson over the termination of his contract.

'The 32-year-old striker has signed a compromise agreement over money outstanding for the final year of his contract.'

Birch said: “I'd like to thank Dave and his agent for the stance they've taken to give Portsmouth Football Club the best possible chance of survival.

'We thank Dave for his service to the club and wish him every success for the future.'

Kitson scored 12 goals in 72 appearances for Pompey after arriving from Stoke in August 2010.