European football law update - Financial Fair Play, racism, Brazil stadia and Rangers troubles

05 March 2014 Published 05 March 2014 By: Adam Lovatt, Sean Cottrell

Sol Campbell

 

Rangers – troubles continue

As reported in this blog last week, Rangers financial difficulties appear to be resurfacing at an alarming rate.

A £1,500,000 loan was recently obtained from shareholders, seemingly to ensure that the club could continue to trade as a going concern until the end of the season.

This week, the battle for control of the club has intensified with former Director Dave King being asked to attend a Board Meeting to explain comments which he made at the weekend, telling fans not to make any season ticket payments to the club, when renewal forms come out later in the Spring. King is proposing that season ticket money is held in a separate trust account and given to the club when required, as opposed to on a lump sum basis in the summer. It is suspected that King is lining up some form of takeover bid for the club and is attempting to unsettle the existing board.

Rangers are of the view that the comments made by King are damaging the reputation of the club and that rumours of a second administration event in the space of just over two years are unfounded.

The concerns of King, and certain fans, is that Charles Green, the former Chief Executive of the Club, remains in a decision-making position at the Club. Indeed, it remains unclear to all outsiders who owns what. Green, was forced to resign as Chief Executive, following allegations that he was involved in the takeover by the Club by Craig Whyte, who pushed Rangers into their first insolvency event and was found not to be a 'fit and proper' person entitled to own a Scottish football club.

Whilst King has stated that he is of the view that an administration event is not imminent, rumours remain that Rangers have difficult times ahead. The implications of a second administration event and the impact it may have upon sponsorship and television money for the Scottish game, together with the competitive element which Rangers bring to the action on the park, cannot be underestimated.

Source articles:

https://www.lawinsport.com/blog/item/european-football-sports-law-news-25-feb-2014?category_id=139

https://www.bbc.co.uk/sport/0/football/26420403

https://www.rangers.co.uk/news/headlines/item/6421-graham-wallace-statement

https://www.bbc.co.uk/sport/0/football/17302801


 

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Adam Lovatt

Adam Lovatt

Adam is a lawyer specialising in sports law with IMG. Adam has a wide range of commercial and litigation experience from his four years as a qualified solicitor. Adam has a passion for sports law and is currently undertaking a IP Law Masters programme with the University of London. He is passionate about most sports particularly football, golf and tennis.

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Sean Cottrell

Sean Cottrell

Sean is the founder and CEO of LawInSport. Founded in 2010, LawInSport has become the "go to sports law website" for sports lawyers and sports executives across the world.

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