29 May 2012: Duff &Phelps reveal their ‘CVA’ proposal. One that was doomed to fail, offering creditors little or nothing. It also revealed if it was rejected then the ‘assets’ would automatically be sold to Charles Green and Sevco 5088 for just £5.5m (the ‘new’ value of the assets. No evidence has yet been presented on how these ‘assets’ were valued.) On the same day (seeing the pattern of bad news being overshadowed by good news yet?) Rangers ‘win’ at the Court of Session, with the court ruling that the SFA had no powers to give a transfer ban. They decide to refer the decision back to the SFA judicial panel to decide on a new punishment.
Lawyer Gregory Loannidis remarks:
“If the Scottish Football Association decides to not take action against Rangers, in relation to Rangers submitting the application to the Court of Session, then Fifa can actually penalise the SFA, and the individual club, and the national team of Scotland, and impose an international ban on all of them.”
No action is ever taken by the SFA or FIFA.
12 June 2012: HMRC release a statement saying that they will reject the CVA. Given that they have over 25% of the debt, it makes the creditors meeting scheduled for the 14th irrelevant.
“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 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 that would not be achievable with a CVA.
“Rangers can make a fresh start.”
14 June 2012: The CVA is formally rejected. Duff &Phelps immediately sell the assets to Sevco 5088 Ltd and Rangers FC PLC (IA) cease to operate as a football club. The assets are later assigned to Sevco Scotland Ltd. SPL rules state that a club that ceases to function as a football club should immediately relinquish its share and membership. This does not happen.
15 June 2012: Ian Hart denies being part of the Green consortium buying the Rangers assets. Green had earlier named him when pushed to name his backers. So starts the misinformation campaign from Sevco.
17 June 2012: Rangers FC are excluded from the fixture list for the forthcoming SPL season, replaced instead by ‘Club 12’. It is widely reported, that if Sevco Scotland are refused a place in the SPL, then Club 12 will be Dundee. The SPL give no reasons why.
17 – 27 June 2012: Walter Smith, Allan Stewart and Stephen McKenna, and then John Brown all turn up in the papers making ‘bids’ for the assets that Green has already bought.
22 June 2012 – Lord Hodge seeks report from Duff &Phelps re: a potential “conflict of interest”, after information given to him by the BBC.
25 June 2012: The BBC reveal that Sevco Scotland will not be granted admission to the SPL, after 6 clubs publicly declare their opposition, after season ticket sales fail to materialise as fans make their views known.
27 June 2012: John Brown stands on the steps of Ibrox and pleads with Rangers fans not to buy season tickets until Green reveals who are his backers and who owns Ibrox. This question remains unanswered.
4 July 2012: Despite weeks of pressure from the SFA, SPL and MSM, the SPL clubs reject the application from Sevco Scotland to join the SPL. The SFA’s CEO Stewart Regan warns of Armageddon for Scottish Football if Sevco are not admitted to SFL1 instead.
5 July 2012: Stenhousemuir reveal details of a talk given to them by Neil Doncaster and Stewart Regan, where SFL clubs are threatened with bankruptcy if they don’t vote Sevco Scotland into Division 1. Figures presented are ridiculed by the Internet Bampots. Clyde and Raith Rovers emerge as the cheerleaders for sporting integrity in the lower leagues, with both clubs openly speaking out against what they describe as “irresponsible”. Raith Chairman Turnbull Hutton suggests the SFL clubs send their mascots to vote on the proposal for Sevco to enter SFL1.
