Kowalski Posted June 18, 2012 Share Posted June 18, 2012 The Board at Motherwell FC today released the following statement in light of today’s ‘Newco’ application to the SPL by Rangers FC. “Confirmation has now been received from the SPL that an all club vote on the proposal to transfer Rangers share is scheduled to take place on 4th July. Motherwell FC are in the process of arranging a forum to discuss the issue with supporters of the club. Following that meeting, the board will meet and agree the club’s position and ultimately how we will vote if the meeting takes place as planned. “The decision will be taken by the Director’s as a group, as the majority shareholding in the club is currently held under a Power of Attorney by Board members, pending the planned staged transfer to the ‘Well Society. No decision has yet been made by the club on the SPL share transfer, as we will only now see the full details of the proposal and be provided with the full information required. Considerable uncertainty on the implications for revenues and costs complicates our decision considerably. “The Directors would also like to clarify that the comments made by Director Andrew Lapping in a letter to a national newspaper are entirely personal and are not in any way attributable to the club. Mr Lapping has played no active role in the running of the club for many years and is not part of the decision making group. “The ‘Newco’ issue is often portrayed as a straight choice between preserving sporting integrity and clubs accepting a reduction in gate money together with potentially a significant amount of commercial revenue. In reality it is far more complex than that. We are fully aware that an overwhelming majority of our fans and most others, who have so far expressed an opinion, are totally opposed to ‘Newco’ being allowed immediately back into the SPL. “The club has been flooded with correspondence from supporters of many clubs which ranges from fully reasoned arguments to direct threats concerning the consequences of a vote either way. Our Board of Directors is predominately made up of lifelong Motherwell supporters and we fully understand that fans are the single most important group within the club. History shows that any business which ignores the wishes of its customer base rarely prospers in the long term. “In any event it would appear a yes vote may not even guarantee that ‘Newco’ will play in the SPL next season as the club is still subject to SFA sanctions and there is an ongoing investigation into the use of EBTs to make payments to players. “The consequences of five or more clubs voting no to ‘Newco’ do also need to be understood and fully taken into account. In addition to lower gate receipts, we are likely to lose an as yet un-quantified amount of commercial revenue with a specific risk around TV payments. The clubs’ income from SPL distribution of commercial revenue was approximately 36% of the total amount generated last season, although this does vary year on year. A significant proportion of SPL income is obtained from TV and other broadcasting rights. The lack of clarity on what the actual impact of ‘Newco’ not playing in the SPL will have on these revenues is a major problem for the Board. “Despite some reports, it is our understanding that Sky/ESPN have made no official statement on how they will react to a no vote and we believe that a number of other contracts could be re-negotiated if ‘Newco’ was refused entry to the SPL. We very much hope that sponsors and partners will continue to provide their backing whatever the outcome of the various ongoing processes. “The common response to the potential loss of revenue is that clubs need to cut their cloth accordingly. Of course this could be achieved over a period of time, by reducing both on and off the field costs, but it cannot be done overnight. It is vital that we honour player and employee contracts and meet all our other obligations. “We are in the healthy position of having no debt but have set our cost base in the expectation that income will be at a certain minimum level. In the event of a shortfall we do not have a bank or benefactor able to fund the gap. We clearly do not wish anyone associated with Motherwell, or any other club, to suffer as a result of events in which they played no part. Having been though a painful Administration process many years ago, we are also better placed than most to have sympathy with both the employees and ordinary fans of Rangers who are in no way responsible for the uncertainty they are facing. “The Directors of any business have a duty to act in the best interests of the company or, in this case, the club. In normal circumstances, decisions are fairly straightforward but in this situation a decision either way is likely to have a significant impact on at least one of our key income streams. It is inevitable that there will be consequences if a business suffers a sudden drop in income. Instead of the usual process of deciding what is best for the club, we are currently faced with trying to decide on which is the least worst option. The stakes here are high. “There are a number of other knock on impacts to this lack of certainty. Firstly we have temporarily delayed giving the club any access to the ‘Well Society funds. When we launched the Society we made it clear that we would not put the funds raised at risk and that they would be used only to assist with short term funding requirements at the club, when there was a clear source of repayment. In the current circumstances we believe that we can only fully protect the money raised by keeping it entirely ring fenced from the club until the outcome of the ‘Newco’ debate is known and the financial impact understood. “In addition we will need to adopt a cautious approach to investing in the playing squad. To date we have not changed our previously agreed plans but this could change dramatically in the current weeks. The inability to accurately forecast future income could also impact on the production of our financial accounts. “By any measure the events at Rangers are having and will continue to have a huge impact on Scottish football. It is our hope that the tax authorities and liquidator will investigate these events fully and are able to take appropriate action against those responsible for causing lasting damage to our national game. “Whilst we fully understand that the ‘Newco’ issue is one which many people feel strongly about, we hope that our fans now have a better idea of the extremely difficult position the club is in and that you continue to offer support by buying season tickets and, if you have not already done so, joining the Well Society which remains very much part of the club’s plans for the future. “We can assure you that any funds raised by the Society will remain separate from the club, until the position is clearer, but we remain totally committed to the fan ownership model. Whatever the outcome of the vote on ‘Newco’ it will be more important than ever that our fans stay loyal to the club, as we look forward to our debut in the Champions League, and that our efforts to grow the fanbase continue to be successful. “On the pitch, these are very good times at Motherwell FC and it is vital that we continue to work together as a club to enable us to emerge from the current SPL difficulties with our integrity and optimism intact.” Quote Link to comment Share on other sites More sharing options...
dave_min Posted June 18, 2012 Share Posted June 18, 2012 Sounds like a Yes from Motherwell then. Quote Link to comment Share on other sites More sharing options...
Tyrant Posted June 19, 2012 Share Posted June 19, 2012 It's disgusting to think that clubs are even thinking about voting yes. Quote Link to comment Share on other sites More sharing options...
capitalsharpie Posted June 19, 2012 Share Posted June 19, 2012 Not one single season ticket should be bought until the vote. Quote Link to comment Share on other sites More sharing options...
capitalsharpie Posted June 19, 2012 Share Posted June 19, 2012 4th of July hopefully the day Rangers get independence from the SPL. 4th of July hopefully the day Rangers get independence from the SPL. 4ty july is my birthday also! Quote Link to comment Share on other sites More sharing options...
Jute Posted June 19, 2012 Share Posted June 19, 2012 Speaking to a Livingston fan this morning who claimed that 1st Division clubs have been told to make preperations for Huns being in their league this year. Pish if true. Quote Link to comment Share on other sites More sharing options...
manc_don Posted June 19, 2012 Share Posted June 19, 2012 Speaking to a Livingston fan this morning who claimed that 1st Division clubs have been told to make preperations for Huns being in their league this year. Pish if true. Yay, scottish football in a joke shocker. Complete farce if true. Quote Link to comment Share on other sites More sharing options...
Tyrant Posted June 19, 2012 Share Posted June 19, 2012 Speaking to a Livingston fan this morning who claimed that 1st Division clubs have been told to make preperations for Huns being in their league this year. Pish if true. Not one penny will I spend on Scottish football ever again if true. Quote Link to comment Share on other sites More sharing options...
tom_widdows Posted June 19, 2012 Share Posted June 19, 2012 Clubs voting yes and the authorities bending over backwards to save them only goes to clarify the fuckwits in charge still see Scottish football as 'the big time' ergo in the same league as Primera, Bundesliga, Premiership, Serie A etc. Meanwhile across the North sea in Denmark, a country with a similar population but since the mid 80s they have managed to produce national teams that have qualified for 11 of the last 15 major international tournaments and actually won one of them. Since they formed their 'superliga' back in 1991 the have had 7 different champions and it would appear they are not obessesed with pandering to the Big Copehagen two. They have a pyramid league system with regionalised divisions once you drop down to the 3rd tier and beyond. But no. Rangers and celtic are up there with Barcelona, Bayern Munich, man Utd etc so we must make sure they stay there otherwise we might have to face reality and do our jobs properly Quote Link to comment Share on other sites More sharing options...
Mentorred Posted June 19, 2012 Share Posted June 19, 2012 Saw this on facebook. Up Front Sport From Original 106 NEWS: The consortium led by former Rangers manager Walter Smith have confirmed they have withdrawn their bid to buy the club from Charles Green. Quote Link to comment Share on other sites More sharing options...
topcorner Posted June 19, 2012 Share Posted June 19, 2012 Clubs voting yes and the authorities bending over backwards to save them only goes to clarify the fuckwits in charge still see Scottish football as 'the big time' ergo in the same league as Primera, Bundesliga, Premiership, Serie A etc. Meanwhile across the North sea in Denmark, a country with a similar population but since the mid 80s they have managed to produce national teams that have qualified for 11 of the last 15 major international tournaments and actually won one of them. Since they formed their 'superliga' back in 1991 the have had 7 different champions and it would appear they are not obessesed with pandering to the Big Copehagen two. They have a pyramid league system with regionalised divisions once you drop down to the 3rd tier and beyond. But no. Rangers and celtic are up there with Barcelona, Bayern Munich, man Utd etc so we must make sure they stay there otherwise we might have to face reality and do our jobs properly Good post Quote Link to comment Share on other sites More sharing options...
CtS Posted June 19, 2012 Share Posted June 19, 2012 Clubs voting yes and the authorities bending over backwards to save them only goes to clarify the fuckwits in charge still see Scottish football as 'the big time' ergo in the same league as Primera, Bundesliga, Premiership, Serie A etc. Meanwhile across the North sea in Denmark, a country with a similar population but since the mid 80s they have managed to produce national teams that have qualified for 11 of the last 15 major international tournaments and actually won one of them. Since they formed their 'superliga' back in 1991 the have had 7 different champions and it would appear they are not obessesed with pandering to the Big Copehagen two. They have a pyramid league system with regionalised divisions once you drop down to the 3rd tier and beyond. But no. Rangers and celtic are up there with Barcelona, Bayern Munich, man Utd etc so we must make sure they stay there otherwise we might have to face reality and do our jobs properly Have a wee +1 Quote Link to comment Share on other sites More sharing options...
CtS Posted June 19, 2012 Share Posted June 19, 2012 Saw this on facebook. Up Front Sport From Original 106 NEWS: The consortium led by former Rangers manager Walter Smith have confirmed they have withdrawn their bid to buy the club from Charles Green. In other words, they've walked away. Quote Link to comment Share on other sites More sharing options...
Mentorred Posted June 19, 2012 Share Posted June 19, 2012 With the lack of support for Green from the sponsers and the fans maybe the newco will end up in administration and then there will be o way they can get a yes vote. Quote Link to comment Share on other sites More sharing options...
BobbyBiscuit Posted June 19, 2012 Share Posted June 19, 2012 With the lack of support for Green from the sponsers and the fans maybe the newco will end up in administration and then there will be o way they can get a yes vote. What sponsors? Quote Link to comment Share on other sites More sharing options...
mizer Posted June 19, 2012 Author Share Posted June 19, 2012 Apparently Smiths lawyer has to C4/ITN that there has been a massive fraud and HMRC will be taking action so that is why they are dropping the bid to Green. Quote Link to comment Share on other sites More sharing options...
Mentorred Posted June 19, 2012 Share Posted June 19, 2012 What sponsors? I read that at least 1 company had pulled out of sponsoring Rangers cause they were supporting the Walter Smith bid. Can't remember who but they we involved with the Oldco for 35 years it said. Quote Link to comment Share on other sites More sharing options...
Kowalski Posted June 19, 2012 Share Posted June 19, 2012 This must be the nuclear story then? https://twitter.com/#!/alextomo Lawyer connected to fmr Rangers manager tells #c4news "there's a massive fraud in Rangers waiting to come out" Says "now HMRC have gloves off under liquidation, they'll go after Whyte and Murray and more." Quote Link to comment Share on other sites More sharing options...
Kowalski Posted June 19, 2012 Share Posted June 19, 2012 BBC Scotland has learned that Charles Green's Sevco 5088 company is not currently permitted to inherit the name "The Rangers Football Club". Any attempt to adopt the name "The Rangers Football Club" would require the approval of the liquidators, BDO. Companies House has said that a name change application has not been made by Sevco 5088, and may not be possible. The consortium insists the full name will be transferred over to Sevco 5088 in due course. "The Rangers Football Club P.L.C.", which has the registered company number SC004276, has not yet been dissolved, but will inevitably be liquidated due to unpaid debts. BBC Scotland can confirm that the company's liquidators, BDO, have not yet taken control of the company's affairs, and may not do so for some time. Green's consortium confirmed to BBC Scotland that a purchase of the assets and intellectual property of The Rangers Football Club P.L.C. has been concluded with the administrators Duff & Phelps, which includes the company name. The consortium insists the full name will be transferred in due course and that a name change is not currently an issue because liquidation of the old company has not yet commenced. However, a Companies House spokesperson told BBC Scotland: "Sevco 5088 would not be able to apply to change its name to 'The Rangers Football Club Ltd' until either the original company is fully dissolved, a process which can take about a year to complete, or the receivers give the go-ahead for the name change to take place. "From a regulations standpoint, once the receivers or the liquidators/administrators for the current PLC agree to a name change, Sevco 5088 could then apply to change its name to 'The Rangers Football Club Ltd'. "If they apply without following this procedure, systems are in place to flag up names which are too similar." Article 10.7 of the Scottish FA's Articles of Association states that the name of a club cannot be changed without board approval, while Article 74.2 states that a club's name cannot be changed to anything linked with sponsorship. The Scottish Premier League has no specific regulations regarding the naming of clubs or their parent companies. Green's newco continues to trade under the name Sevco 5088, which has the company number 08011390, meaning it was registered in England. The sole director listed on the Companies House website is Charles Alexander Green. The 'Sevco' prefix is a generic company name, often used by organisations which register companies on someone else's behalf. Sevco names can be registered in bulk through Companies House and renamed at a later date as long as strict naming criteria are met. Companies House is a government agency run by the department of business and enterprise and deals with the registration and incorporation of UK businesses. All documentation relating to limited companies, including information such as company names, directors, accounts and share allocations, must be processed through the agency. The proposed name for the new Rangers company is 'The Rangers Football Club Ltd'. All UK companies limited by liability via shares or guarantee must end with 'Limited' or 'Ltd.' - only public companies traded on the stock exchange can end in PLC or P.L.C. Shares in Rangers Football Club were suspended from the Plus Stock Exchange on 9 January. Other companies currently registered at Companies House with similar names include: Rangers Limited, Rangers.co.uk Limited, The Rangers FC Group Limited, Rangers Football Club of Glasgow Ltd, Rangers GB Limited and Rangers (2012) Ltd. Quote Link to comment Share on other sites More sharing options...
baggy89 Posted June 19, 2012 Share Posted June 19, 2012 I actually had a look on the companies house website yesterday, unfortunately Club12 is already registered. ClubTwelve, however, is available. Anyone know where there is a spare stadium that meets SPL criteria? Quote Link to comment Share on other sites More sharing options...
tom_widdows Posted June 19, 2012 Share Posted June 19, 2012 Yeah under mc donalds at clydebank... oh wait they demolished it Broadwood stadium would appear to be up for grabs. North Lanarkshire council were going to kick Clyde out a while back Quote Link to comment Share on other sites More sharing options...
Madbadteacher Posted June 19, 2012 Share Posted June 19, 2012 Could they not refurbish Cathkin Park? Quote Link to comment Share on other sites More sharing options...
tom_widdows Posted June 19, 2012 Share Posted June 19, 2012 They'd have to buy it from the Glasgow City Council first. Perhaps they will end up 1/4 a mile away at Quote Link to comment Share on other sites More sharing options...
Madbadteacher Posted June 19, 2012 Share Posted June 19, 2012 As "The Ex-rangers Football Club and Bigots Society Ltd"? Quote Link to comment Share on other sites More sharing options...
baggy89 Posted June 19, 2012 Share Posted June 19, 2012 So... We have a name and hence some SPL fixtures and also a potential stadium in Glasgow. All we need now is a kit and open trials for any player prepared to change their name by deed poll to Neil Simpson. Anyone know how you go about making an application to transfer, the club formerly known as Rangers, SPL share to a Newco? We should stand as much chance as any other entity pertaining to be the former SPL club known as Rangers in receiving such a transfer. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.