Gang of ten get tough

Representatives of the ten breakaway clubs stand united

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Hibernian managing director Rod Petrie has dismissed Old Firm claims that the renegade 10 SPL clubs have walked away from a £60m securitisation deal.

Rangers had claimed in a statement that they had approached the SPL general meeting "in conciliatory manner" with "news of a securitisation deal for the SPL channel which would minimise the risks involved in such a venture."

Celtic and Rangers had vetoed the SPL TV channel last week to leave the other 10 facing an uncertain financial future.

But the 10 renegade clubs turned the tables on the Glasgow giants by announcing their intention to quit the SPL after serving a mandatory two years' notice period.

"To suggest that the clubs would walk away from a £60m deal is laughable," said Petrie.

This decision raises a number of grave issues about the future of the top-level professional game in Scotland

SPL chairman Lex Gold

"Every club would benefit from the revenue.

"The Old Firm killed the channel. They voted against it, undermined it and took a decision that meant the channel was massively damaged.

"We were all aware that a securitisation deal might have been possible a part of the channel."

A statement on behalf of the 10 other clubs insisted the idea of securitisation was too risky for all the clubs.

The statement said: "Securitisation is a complex financial instrument which would be subject to due diligence. It involves the transference of risks and rewards.

"It is foolish to think that a remote third party institution would be happy to go ahead when the two largest clubs had publicly stated their grave reservations about the viability of the channel."

The statement added: "The clubs stressed there was no new information before the 12 SPL clubs at the Hampden Park meeting on Tuesday beyond an e-mail from the UK subsidiary of an overseas bank expressing concern at the events of last week.

Hearts chairman Chris Robinson

"The finance company had already expressed interest in a securitisation deal - effectively guaranteeing a lump sum payment to the club for a cut of future revenues.

"Other financial institutions had expressed interest also. That was known last week when the Old Firm voted down the proposal."

Hearts chief executive Chris Robinson believes the decision to start in two years a new league proves the 10 other clubs are not prepared to allow the Old Firm to walk over the rest of the SPL.

Robinson said: "All the clubs believe they have got to maintain the best interests of the game.

"All the feedback we have received from our supporters is that they want us to drive the agenda forward and not to be an oppressed majority any more.

"There is sadness that this step has been taken to move the game forward.

"It is a measured step and allows time for the processes to take place and that is why we have arrived at this option."

What does the future have in store for Scotland's clubs?

Hibernian's Petrie also believes the decision to break away will afford the 10 clubs time to examine their way forward in the game.

He said: "What we have given is a clarity in terms of a timescale. The SPL have got clarity for a two-year league."

"I think it is well known that the market place at the moment is a bit confused and it takes quite a degree of fate."

SPL chairman Lex Gold added: "This decision raises a number of grave issues about the future of the top-level professional game in Scotland and about the governance of the SPL in particular.

"Urgent attention will now need to be given to the way ahead on both fronts."