High Stakes Poker at Rangers Lite

With all possible respect to Hamilton, who at one time invited your humble author to train with them, no-one really expected them to prevail when Pedro’s caravan rolled into town. Was it business as usual for the supremacists from the south side of Glasgow with their incessant sectarian soundtrack?  The 4-1 scoreline suggests a comfortable evening but this flatters Rangers Lite. If Hamilton had been more clinical and Foderingham less agile, the Accies would have earned the accolades and a much needed point. Better teams will expose the weaknesses in the Lite defence.

Should one assume that all is well in Auchenhowie as Kenny Miller trains with the Under 20s? Square-Go informed Miller on Monday he had no problem with him then stuck the boot in on Thursday. He’s fallen out with Rossiter too.

Will Pedro be casting his foreign charges in an amateur production of Jesus Christ Superstar?

Far be it for me to be a spectre at the feast but my mole who provided the entire Lite first team five hours prior to the visit of Celtic; and apprised my readers of the schism between Miller and Caixinha prior to the SMSM having a sniff of it, has reverted to me with some disconcerting news.

Park Senior and Junior are not on speaking terms. The former is spitting blood at the money his son spent on the Mendes second-stringers. Park Senior has decided to let Graeme twist in the wind for being played as a fool by the silver-tongued agent.

If truth be told Rangers Lite are currently trading whilst insolvent. 

I have many readers with an accountancy bent. They might point at Ibrox and opine that if push came to shove this asset could be converted into cash to cover the burgeoning debts. Allow me to disabuse them of this notion. When Charles Green bought the stadium in a job lot in 2012 the quantum that changed hands was not sufficient to pay Chick Young’s lap-dancing tab.

Rangers Lite are technically insolvent.

 

The odious Andrew Dickson is fully aware of their plight but won’t be sharing his news with the bare-nippled brigade at Hampden. MD Robertson is keeping shtum at the SPFL. There is a poker game going on between the career criminal and Douglas Park.

 

King thinks Park Senior is bluffing and will step in to the fiduciary breach. Park is not buying King’s assertion that his money cannot be moved out of South Africa. Park Senior has been informed that squirrel-nutkin King has spirited away a significant quantum in Hong Kong and is playing ‘silly buggers.

Of course King’s reluctance to part with his ill-gotten gains is understandable. There’s a cold wind blowing his way. His tenure as the chairman of RIFC plc is as insecure as Caixinha’s coat-peg.

The deck seems to be stacked against Lite. Who will blink first? What happens if no-one blinks?

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14 thoughts on “High Stakes Poker at Rangers Lite”

  1. They say, a fool and his money are easily parted, do we take it Park jnr is such a fool. On a football note, Hamilton were awful last night and any gers fans who think that was an improvement are truly deluded.

  2. We know the new club, Espanyol of Glasgow, like to re-write history…..but let’s not help them. For Auchenhowie let’s always add “……(formerly known as Murray Park)”. Lest they forget and all that. Stay happy, stay safe all.

  3. Squintity squint must come up with dosh surely the Hamiltons have (hell mend them)been stretched tighter than Rod Stewart’s leopard print troosers and have had enough Sting King is like a cornered rat who would rather eat it’s own foot than part with a Hong Kong Dollar the blue paper has now been lit stand back and enjoy the fireworks folks JJ I am not in any position to donate to your great blog I don’t work due to my disability and I am feeling guilt just writing this.
    sorry because it’s a truly great blog and you put your neck on the block to give us the lowdown more power to your elbow sir

  4. If as you say Rangers are insolvent then surely every director is a criminal. This is serious. No money for wages. No sugar daddy. No income no loan. Wow. Season ticket holders will be shafted. Tears and tribulations await.

    1. jj, at some point the celtic invincible run will come to an end, Lennon will probably know better than any SPL manager how a team can be vunerable after a european away game so todays match will be very interesting.

      as a Celtic supporter i obviously want the run to last as long as possible but when it does end i’d want Lenny to be the man to do it.

      im sure 60k today will be belting out ‘theres only one neil lennon’ and no matter the result he’ll get a great (and hugely deserved) ovation at the end.

  5. As soon as the first cracks appear of future funding monies being limited from those currently financing the daily operations at Rangers, the Directors will be required under the Companies Act of 1986 to ensure that the daily operations are not being financed by unpayable debts to creditors. Otherwise the Directors run the risk of ‘Wrongful Trading’ provisions; i.e. continuing to trade even when you know that the company is insolvent or approaching insolvency. The Companies Act (as well as any relevant provisions of the Insolvency Act of 1986) exposes Directors (and Shadow Directors) to personal liability for a company’s debts. Also, by law, resigning from a Directorship does not absolve personal liability exposure to these sanctions when a company is currently going through financial difficulties and there is a strong possibility that insolvent liquidation will result. There is a 2 year look back window on such resignations.

    The most practical avenue to avoid an Insolvency event on a short term basis is to convert debt (i.e. loans) to equity (i.e. shares). This immediately converts the shaky Balance Sheet into a more stable-looking one. This means existing shareholders’ holdings get diluted and therefore such a conversion requires their approval. This hasn’t happened. Even if it did, however, the main problem (as it has always been) is one of ‘illiquidity’ – not having or not generating sufficient cash from your business (or easily convertible current assets) to cover current liabilities (e.g. wages, police, catering bills, HMRC etc.) as they fall due. Businesses use credit lines from banks to deal with short term cash flow mismatches. Apparently, since Rangers doesn’t have one, the long term effect in this situation is to put them squarely back into an Insolvency event scenario. Hoping that things get better is not a viable strategy – and the Courts do not look favourably on it.

    Unless a cash-rich sugar daddy needs a new hobby and bails everyone out, this poker game is close to being concluded. Future funding is required. If it doesn’t materialize, Administration is the logical next step.

    1. Kudos on a well made post ALaCF. Normally in conversation ‘technically insolvent’ would mean balance sheet insolvent or ‘net liabilities’. We all know that following the acquisition the assets were revalued upwards significantly pre-float as being bought at a discount. Given what’s now known about stadium condition and the remote likelihood that GCC would countenance anything other than football at that site; I agree with what I think JJ is saying – “technical insolvency” in this case is the shotgun barrel of actual insolvency and anyone applying governance principles (i.e. Not the SFA) would have to have serious promises not to be fingers on the plug

  6. First things first – donation made ( 4687-9761-3635-1908 )
    What a great find of a site, btw!

    How quickly do folks think adminstration will come?

    It’s probably been long said by others, but my take is that should Lite go into admin, Messrs Doncaster et al, are over the proverbial barrel.

    If the continuation myth is used, then it has to be a 25 point deduction. No less.
    If they then try to wriggle for a lower deduction – new club should come into play, ergo no titles.
    All the clubs should play hardball on that.

    Oh, and ALACF’s comment – spot on!

    1. Your donation was gratefully received. Thank you. As to your point, if Park digs in his heels and King refuses to ante up then administration is inevitable. The audited accounts which are being leaked will be instructive when they are published.

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