There seems to be more confusion than clarity following this afternoon’s press conference at Ibrox where Duff and Phelps gave information on Rangers FC PLC (in administration).
Most important item first. The administrators confirmed that they will propose a Creditors Voluntary Agreement (CVA) in order to avoid the company being liquidated. You should ignore sounds of confidence on this matter. The administrators have to sound confident that they have a good deal for creditors, no point telling everyone, ‘We’ve made an offer, but ooph, don’t hold your breath!”
No indication was given that any creditors were on-side, never mind the 75% by value required. HMRC will have the casting vote in this campaign and are exceptionally unlikely to set a precedent for football clubs to opt-out of PAYE, NI and VAT.
One fascinating wee snippet is the missing £24m from Ticketus. Of course, if you believed Craig Whyte, the money went into the club. Alternatively, the money was paid to Whyte’s solicitors in advance of the club sale and went straight to Lloyds Banking Group. The remainder will be with one of Whyte’s companies and could well be paying salaries next week. Nothing too exceptional.
How Ticketus secured this loan is more intriguing, but there is so little information published this is not particularly surprising. Ticketus might have screwed up, but I reckon there is simply a detail not yet revealed to the administrators or public. A non-committal reply was given to a question on the floating charge over the company originally held by Lloyds, which will possibly reveal more about Ticketus when confirmed.
At some point, possibly next week, the CVA will be proposed. Once the administrator has a response to this they will be in a better position to suggest how likely the company is to be liquidated. Until then, it’s all cheer leading by the guys from London.
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Podium
Jelly and ice cream
top 10
Repost from previous article
Paul67 says:
13 February, 2012 at 13:47
RAMT, here is the real truth of the matter……
If you are in the media, and on this one and only occasion, I will include Celtic Quick News in this category, Rangers is good for business. Your income might depend on it, the size of your income will depend on it.
Without Rangers, fewer Celtic fans will go to Celtic Park (compare Rangers game attendances with other games, including Euro games), fewer people will read CQN or CQN Magazine, fewer people will buy and advertise in newspapers or on radio.
Celtic will deal with this, other clubs should learn to do the same. CQN will flourish as a smaller community. Most of the rest of the media will fight for their survival.
Paul67 says:
16 February, 2012 at 12:15
Keep our name out of it, Salmond
I’ve heard some utter tosh from politicians over the years but never anything so blatantly untrue as the comments from our First Minister, Alex Salmond, reported today. This clown is telling people Rangers need to be saved for the sake of Celtic. He said:
“The most diehard Celtic supporter understands that Celtic can’t prosper unless Rangers are there. The rest of the clubs understand that as well. Therefore you have to have cognisance of these things when you’re pursuing public policy
Which version of Paul67 are we to believe or are both the truth? Maybe opportunity knocked for pro-unionist political point scoring, hey ho, everyone does don’t they…the issue is a bit larger than changing your entire view in 3 days
My own opinion
1) Alex Salmond shouldn’t have lumped Celtic in with Rangers, its Rangers that’s in administration not Celtic.
2) I am still pro-independent. I believe in Irish nationalism and so I believe in Scottish nationalism, Oro se do bheatha abhaile applies to Scotland to whom it was initially written as much as Ireland.
Whatever Alex Salmond’s opinion on Football makes no difference to that view.
So still “watch this space”
Podium?
Swwwwept away by HMRC
Im posting to quickly slow down.
If that is not some sort of conspiracy to help Philvus gain podium after podium i dont know is.
I could have had not only my 1st 1st but my 1st 2nd and my 1st 3rd if i didn’t get my 1st slow down warning.
Gutted but still slightly proud.
LET THE PEOPLE GET THEIR 1ST 1ST!!
top ten ?
No clarity,no cash.
ThisIsTheOne says:
16 February, 2012 at 20:19
==================
Still waiting on my issue dropping through the door. Driving down to celebrate the Barrow CSCs 25th anniversary tomorrow, could do with the mag for a wee read on the way down ;)
HH
share
Whyte has two plans, it would seem.
Plan A – hive off as much money as possible to bankroll Newco.
Plan B – hive off as much money as possible and keep it.
He won’t get away with it.
Once a chancer…
We want a CVA don’t we? We want them to have to pay back as much as possible, rather than a newco straight into the SPL next season?
And a legal/accounting thing. If Whyte has the right to shift money (or other assets) from RFC to another ‘parent’ company, then surely that company also has responsibility for the debts? I keep telling myself that it just CAN’T be that easy to steal money in that way,,,,,
did some one leave the monkey cage open
neveralone
Sounds like something involving lots of beaks and claws. Save it for our enemies.
Better late than never Paul!
The administrators have to try a CVA but there’s no chance of HMRC going along with it.
So what’s next guys?
Ok, the reasons why a newco MAY be reinstated to the SPL is that this newco will bring two benefits.
1. Sky deal.
2. The Scottish game needs Celtic and Rangers.
(this also confirms that any newco, will not be viewed as a newco – it’s Rangers)
Anyhow, to my main point.
A 5 man panel will sit in judgement of whether or not they are re-admitted. The ONLY possible reasons they can give for voting yes, is again, the 2 reasons already stated.
Perhaps Celtic hold the key cards here after all.
Consider Rangers DO go into liquidation.
Celtic, and maybe even Aberdeen/Hearts/Hibs/DundeeUtd, should make it public before any hearing, that they will resign with immediate effect if they are allowed back in. Mad Vlad would jump at the chance.
This removes the only 2 reasons that are being given as to why newco should get back in.
No Celtic – no point.
Would they be as stupid as to allow Celtic , and possibly others, to walk away just to ensure a NEWCO was admitted at the top level? Even given the depths they sink to on occasion, they would expose themselves once and for all if they did.
I hope Celtic are planning this immediately the admin result is finalised.
Theres gonna be some sickened folks when ticketus reveal they actually own the stadium.
Shifty & Swifty (independent of CW since last week) reminded me of a story:
1973, Miami decide to bring back the death penalty. The chosen method is ‘Old Sparky’ an electric chair which was designed and built by penetentiary inmantes in the 1930s. When they came to examine the chair no-one knew how it worked or if it was wired correctly. An electrician was employed to examine the chair, he concluded that the wiring was corroded, the contacts were rusted and a lot of the insulation had been eaten by rats. ‘In short’ said the electrician, ‘it’s a good job you ‘phoned me, this could have killed some c4nt!’
pggtips2 says: 16 February, 2012 at 20:14
Pggtips, maybe fewer people will go, in the short term, but as the finacial playing field levels maybe Aberdeen, Hibs, Hearts, Dundee Utd et al will become more competitive and flourish. Then their fans will demand a flow of information about their club, then MSM and bloggers from those clubs will have a market. And we may have to downsize, medium term. But then, perhaps new rivalrys will also flourish, on a level playing field. No hatred, just rivalry.
Just a couple of thoughts.
Excellent post Paul.
All Celtic fans need to put in a huge effort to change public perception on this one.
Any sign of vindictiveness or gloating will simply play into the hands of the “both your houses” brigade.
Make no mistake about Kim-Jong-Salmond.
If he judges that public opinion is ambivalent or even slightly pro-Gers he will present this as big bad English tax collectors shutting down a much loved Scottish institution. Vote for Independence.
DON’T LET HIM GET AWAY WITH IT.
Our message should be simple.
“The bailed out banks cheated British/Scottish Taxpayers. So Have Rangers”
Hail Hail
I would like one jounalist with some balls to ask former rangers player when they are calling for Rangers to be saved.Were you at anytime paid using the EBT scheme at Ibrox.
I don’t like Hun apologist administrators
Hugh Keevins?
http://www.youtube.com/watch?v=kjJ1bsnxxhs
Paul67,
They can’t consider a CVA until the result of ‘the BIG tax case’ is popped through the letterbox of the ‘big hoose’.
Unless there is something we don’t know. . . . .
pggtips2 says:
16 February, 2012 at 20:28
‘My own opinion
1) Alex Salmond shouldn’t have lumped Celtic in with Rangers, its Rangers that’s in administration not Celtic.’
What Salmond actually said:
‘Rangers must continue for the future of Scottish football and for the fabric of the country’
What kind of Scotland does Salmond want, what kind of Scotland would we get under him, if he thinks the huns must survive for the future of the fabric of that country?
‘crushed nuts?’ ‘Naw, Layringitis!’ says:
16 February, 2012 at 20:31
oglach says:
16 February, 2012 at 20:29
Anyone watching the Stoke Euro losers game? I have long argued that Celtics away kit should be all black. Just how cool is that Valencia kit? No Embarrasing day-glo ensemble in sight.
xxxxxxxxxxx
Celtic’s away kit should be azure
————
regardless of how Catholic Azure is deemed to be it is still Blue – down with that sort of thing
Paul67
I really wish they would just hurry up and die!!!
The hun has next to no chance of being allowed back into the SPL as a Newco. Sky or any broadcaster will cut a new deal, fairer to the smaller clubs. The Celtic board will be adamant on this, have planned on this, and Hearts, Dunfermline and others will go along with it.
The Celtic board are well aware of the views of the support, and they can make their own calculations.
The best time to get your enemy is when he is down. If you don’t, he will come back at you.
oglach says:
16 February, 2012 at 20:39
‘crushed nuts?’ ‘Naw, Layringitis!’ says:
16 February, 2012 at 20:31
oglach says:
16 February, 2012 at 20:29
xxxxxxxxxxxxx
Reclaim the azure, reclaim the orange, leave THEM wi bugger all!!!
Ernie – I’m not picking on you. Honest
To answer your question “What kind of Scotland does Salmond want?”
Simple. One in which 50.1% of eligible voters choose independence in late-2014.
A grubby politician for whom nothing else matters.
Hail Hail
Really liking the language emenating from the corridors belonging to the suits in this past few weeks.
firstly talking openly about the young up and coming manager and young squad = Celtic are young, full of potential and growing on a daily basis
2nd was the ‘we dont need Rangers’
3rd was an attack on Salmonds stupid but expected claims.
I feared Celtic would wilt on this one, cower and say nothing hoping the huns get themselves sorted out but I have to say, and this is the first time I have said this in a long, long time – I am pleasantly surprised in the stance the board are taking.
Well done you – Im delighted you are standing up for us and doing the right thing and at the end of the day, representing the people who are the club – the fans.
‘crushed nuts?’ ‘Naw, Layringitis!’ says:
16 February, 2012 at 20:37
Very funny…
pggtips2, how did I change my “entire view in three days”? You quoted me saying “Celtic will flourish” without Rangers in the first excerpt and then disputing that we needed Rangers in order to prosper in the second.
I am missing your point.
Gordon_J, aye. Story I was going to publish earlier will need to wait until tomorrow.
Back to Basics, yes, agree.
ThisIsTheOne, I suspect they can all assume Rangers will lose that one.
hamiltontim, I hear you.
My theory on the Ticketus money
It was used to cover an original loan that was used to buy the club from the bank. This loan was agreed on the short term with a yet to be disclosed backer of Whytes takeover
This loan would be settled as quickly as possible so as not to accrue too much in interest or there was a deal with a set return on the loan within a set timescale
As soon as Whyte was in the door he moved to arrange the Ticketus deal in fact I would not be surprised if he already had that one sounded well before he took over.
The main assets the stadium and Murray Park were moved immediately to the books of another ready and waiting company to avoid their sale to appease the creditors.
Whyte was basically paying for nothing bar wages and the bog roll so he could keep as much cash as possible away from future creditors
Whytes plan from the start was to put RFC into administration it was the only way he could save RFC and Murray was well aware that this would be the final outcome
Not heard the term Old Firm since Rangers went bankrupt…that’s good
Hail Hail
Paul67
Any suggestion the assets are starting to get hived off for a Newco, into some “Group” vessel?
The other admirable Paul (McC) raised the point that the administrators haven’t even updated the clubs website as they are legally required to do. The point being, a general air of incompetence already appears to hang over this process – the first few days of an administration are crucial and a flurry of actvivity – these guys are brainstorming press releases and confr calling politocs. Stitch up or HMRC giving enough rope?
HH
TLK
God forgive them…..
And hell mend them.
Main story from the Admin press conference today according to the BBC site is “Ailing Rangers ‘attract interest'”.
WTF?!?
Oh, and the SPL table still isn’t updated !!!
The last Celtic game I managed to get to was the cup replay against Rangers last season. Due to work schedules, I rarely get the chance to go on a weekend.
I do however, feel a duty to attend the Dunfermline game and will be there to help show that we don’t need no stinkin’ Rangers! (in administration…or not)