Old Firm summit ahead of SPL vote

CHARLES GREEN and Celtic chief executive Peter Lawwell plan to meet in the next 48 hours in talks that could shape the future direction of Rangers.

Loading Comments
Share
Print

That has led to cynical suggestions that the man heading a consortium to buy Rangers wishes to ensure ongoing agreement when it comes to voting in Wednesday's meeting of all 12 SPL clubs at Hampden.

The agenda for that includes Financial Fair Play issues, including possible increased penalties for clubs going into administration or attempting to enter the SPL as a restructured, newco club.

The meeting will also discuss proposed changes to the current 11-1 majority requirement on votes relating to any financial issues. If Green and Lawwell agree to continue the established status quo, they will do, mindful that Old Firm fixtures and Rangers' presence in the top division brings huge commercial advantages. That would be a point Green inevitably would wish to stress to Lawwell.

Nevertheless, if Green gets his way the matter will be redundant, as there will be no newco Rangers.

The terms of an £8.5million Company Voluntary Agreement Arrangement (CVA) his consortium intends to propose to the club's creditors should be published today.

That would then be voted upon at a creditors' meeting in 16 days' time – ie Wednesday, June 13 – before a 28-day so-called cooling off period in which creditors can change their mind.

If it was approved at the end of that, Rangers would emerge from administration around Wednesday, July 11.

"Getting the CVA proposal is going to be a major milestone and it's going to be likely that will happen today," said Paul Clark, joint-administrator from Duff & Phelps.

HMRC and Ticketus each have the power to block the CVA if they are unhappy with the pence-in-the-pound return it would deliver on the money they are owed. "Until such time as we get to the 13th we can't be certain, but we haven't put all the work in for nothing.

"There is no deal until there is a deal and that can't happen until there is a meeting of creditors. We wouldn't be taking this course of action if we thought it was complete folly." e Old Firm can veto any change.

Celtic have been conspicuously non-committal about what

Finance

Commenting & Moderation

We moderate all comments on Evening Times on either a pre-moderated or post-moderated basis. If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

96996

Have you got a story?

Contact the news desk on 0141 302 6520 or email news@eveningtimes.co.uk
Games news:

Putting the world to rights

Gail's Gab

The indyref vote is the biggest decision of our lives

Times Out

Entertainment

Lifestyle

TV Advert
Cat’s Eyes on Glasgow

Cat’s Eyes on Glasgow

Cat Cubie’s job is to find and share with you the fabulous things the city has to offer, from gigs to gastro.

Janice Bell

Janice Bell

You Couldn't Make This Up

Sexy Clooney, the TV weather and the pandas...

Michelle McManus

Michelle McManus

Columnist Michelle McManus is Sussed in the City, and loves to chat about anything and everything.