Hello all,
Today I will be talking about the demise of poor Airdrieonians.
Many have tried to liken the situation Rangers are in with Airdrieonians to suggest that Rangers will also lose their history.
This idea is wrong, and it is very easy to prove.
When Airdrieonians went into administration, they were in serious trouble.
All was not lost, several bidders were interested in striking a deal with KPMG to take control over the assets.
Unfortunately none of these bids were successful.
The company holding the club of Airdrieonians entered the process of liquidation.
All was still not lost, interested parties were in negotiations with KPMG to revive the club by selling on its key assets. The stadium, and the all important 'goodwill' which would allow the clubs history to remain intact.
A local business man under the name of Jim Ballantyne had another idea though.
Jim decided it would be more economically viable to start a whole new club, rather than purchasing the 'goodwill' and continuing the previous business.
There were never likely to be any buyers for the club name after Jim Ballantyne, a chartered accountant, registered the name Airdrie FC at Companies House and applied for the SFL vacancy, effectively acquiring the club’s abbreviated name for free.
Jim then purchased Clydebank Football Club and used the shell company to hold his entirely new entity.
Airdrie FC was born afresh with no affiliation to the previous Airdrieonians.
http://www.scotsman.com/news/airdrie-name-game-could-be-in-vain-1-568079#
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This scenario is very different to the one likely to be facing Rangers if we go down the NewCo route.
The 'goodwill' of Rangers FC is probably the most important asset of the current company. The history is too glorious to lose. The buyers know this and this will be the key asset associated with any sale.
As long as this is purchased and transfered to the new company, Rangers history is intact.
Todays Lesson - Airdrieonians
posted on 8/4/12
Haha,
Nah I pull the plug at that point.
We agree a CVA and my concious is clear!
posted on 8/4/12
Pol mate,theres no way they can pay a debt that is worth more than the club itself,they may be able to find a way to cut a deal with the creditors,and tbh i hope they can do that and learn tae live within their means,but i don't think it's as clear cut as mitre would like us tae believe,i think there could be a lot more pain tae come for the gers fans,if i'm being honest.The best thing they can do is get Craig whyte as far away from their club as possible,but that may be easier said than done.
posted on 8/4/12
Tim, not even one comment on my story? Im gutted!
To be honest, on the Old Switcharoo, the HMRC would make it as difficult as possible for Craig Whyte to get away with doing it.
If however a reputable businessman comes along offering a good package then I dont see what the problem is. The assets will have to be sold eventually.
posted on 8/4/12
Mitre you make it sound too easy mate,and i hope for my Rangers supporting friends that it turns out well. but basing your hope on an unknown business sounds dodgy tae me we shall see what happens...
posted on 8/4/12
Tim,
To be honest its not that difficult though.
The process I have went through was basically this.
1. Identify where the History of the club lies - Answer the Goodwill.
2. Can the History of the club be bought? - Answer yes.
3. Does the history of the club become destroyed on liquidation of the company? - Answer no, it survives and is available for purchase either before or after a liquidation is completed.
To me, that is pretty open and shut!
What im more worried about now is getting Ibrox off that bloody Whyte!
posted on 8/4/12
mitre, agree there. Seen your post on RM, good post.
Lets just hope the CVA can be agreed though.
posted on 8/4/12
Haha,
Half the bears on that site are worse that the tims on here!
I even mentioned the possibility of a NewCo and was labeled a tim!
posted on 8/4/12
Aye I seen that.
Happens to every new member though on there bud. Don't read into it too much. A lot have been found out recently.
posted on 8/4/12
Mitre
when Blackburn bought Dundee utd's Goodwillie did they take their history as well?
posted on 8/4/12
http://www.scotsman.com/news/rangers-administration-easy-to-get-lost-in-moral-maze-1-2223157
"Suppose, though, that around £25m was in the purchaser’s pot. That would provide HMRC with around £15m, more than it turned down two years ago, and more than was racked up under Whyte. It would serve the taxpayers’ interests to accept a CVA that returned them that. The £25m bid, the saving bid, just isn’t there, though.
No-one with the right financial clout seems to value Rangers’ history that much"