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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How embarassing was that on STV? Makes Dingwall seem wholly articulate.
I have a lot of time for Matt McGlone. He and a few others stepped up to the plate with Celts for Change playing a big part in the removal of the old board.
Unfortunately he does not come across well on TV and his continued pushing of the move to England (not ever going to happen IMO) actually undercuts the Clubs stance that we can operate effectively without the Huns.
Michael Kelly was as ever articulate but mostly off message.
To sum up – a pointless discussion.
the long wait is over says:
16 February, 2012 at 23:15
Maybe well get Ratners ex chairman on tomorrow night :)))
Not
HH
Kelly = Idiot
McGlone = better than Kelly
~At least MMcG got a few cheap ones in – off script!
On Matt and Michael, started off fine both made valid points whether you agreed or not and then…
…a spat, thought they were there to put down the orcs. However, a couple of cheap shots, I cringed…did Matt really need to put down Michael on T.V. by reminding us he nearly took us to where the orcs are right now…
…sorry Matt, did not like that. I could see your adrenalin was pumping and you stood up for us but the dig at Michael let you and us down. Tonight was not the Forum or medium to remind him.
Keep the Faith!
Hail Hail!
Thought a good number of our posters could have been more convincing than Matt McGlone.
ggh
total crap, I don’t have stv.
I’m sure during the amoruso, flo, laudrup, etc. years that many many celtic fans knew that one day Murray would be broke, that it couldn’t go on and on. But did anybody ever dream that a character like cw would come along and we’d get this tawdry, shoddy skulduggery. It’s not even airing your dirty laundry, it’s getting your wetwang oot and wizzing everywhere. It’s turning into a giant skidmark on the spl’s y fronts.
Before everyone jumps all over Kelly – his interviews last year defending Celtic on TV were exceptional
What about mentioning the fact that if the league can’t survive without Rangers as we keep being told then what kind of a league do we have?
No mention of the power of Scottish football before Murray arrived and ruined it all.
Missed opportuniity I think.
My perception of both Kelly and McGlone is it’s all about Kelly and McGlone.
We have far better spokesmen than these two; not least our own Pau67.
SwanseaBhoy
san did I hear right £33m and the Polis now investigating
notafanofstan says:
16 February, 2012 at 23:11
Oh dear,
Matt McGlone dreadful & Michael Kelly preaching need for ‘Old Firm’
Car crash tv
STV couldn’t have hand-picked a more ill-informed pair (who have an intense dislike of one another) to get a disruptive Celtic message across.
Both have such a high opinion of themselves and their role during the 1994 takeover that it was bound to end up in swapping personal agendas.
A wasted opportunity to upstage the previous night’s blue presentation.
aldersyde avenue says:
16 February, 2012 at 23:18
Yup spot on mate – agree completely
Glad that McGlone pointed out that Kelly was one of those who took Celtic to the brink. Needed to be said! Unfortunately it meant that Matt lost track of what he wanted to say after that, shame…
On a personal level, despite what the Kellys and the Whites did over the years, never like to see a guy in such ill health as Michael Kelly was in tonight.
Kelly was probably on tonight because everything he said tonight, he said on radio5 yesterday.
forget the white knight for a while,what about Cat Cubie the bbc weather girl,wonder if she has a fan club
Kelly is the better speaker, but I liked McGlone’s dig about him putting Celtic in the same position! To be honest, whenever Kelly is wheeled out to speak about the club, he’s played a blinder….not that it will ever get him off the hook with the Hoops support.
TTTT
celt55 says:
16 February, 2012 at 22:57
———
I often have thought that…and can you really blame him?
3 idiots on the couch to be honest
all rather cringeworthy
Amazing that Whites have nearly shut down both clubs
Evening all, that was a poor show all round on STV! Cultsbhoy,who this guy Bennan you speak of? :o). Friday tomorrow and more jokes, fun and general satisfaction at their embarrassing shambles! Hail hail sTICks
I think it’s from a socialist song. “Having a party when Thatcher dies.” Next verse “Jelly and ice-cream when Rangers die.” going onto pass the parcel and musical chairs.
Anyone seen this
http://www.sos1878.co.uk/everton-news/michael-ball-i-had-to-pay-efc-each-time-i-played-for-gers/
Kojo would have been more articulate on STV tonight…….
…er, on 2nd thoughts…..
i noted that Jim Spence tonight said he was ragin at rfc for the overall THEFT and CHEATING
jts
just testing you….
;- )
Cringeworthy stuff but stv won’t be happy either – it basically seemed like 2 guys arguing for the same thing just to different extents.
Good news about big dans red. really looking forward to Sunday and especially next Wednesday.
Keep it going Celtic.
Good night & God bless.
PC67
That didn’t reflect well.
Why are Celtic fans being forced to answer this question of our survival without Rangers. The more the answer is muddled, the more ammo they have to suggest Rangers should not be allowed to depart the SPL. The question should be turned around, and we should ask if Rangers really would just wrap-it if they were liquidated. The pressure should be put back on them. Is there really no desire there to start a new club and work up from the 3rd division. Then the original question could just be dismissed by saying we would only have to ‘survive’ without them for 3 years.
pedrocaravanachio67
Did it stand?
McGlone’s argument that we could go to Engand is just a fantasy, easily ridiculed. No evidence that it will happen at all.
The argument should be around what type of league requires us to forgive cheating, fraud and embezzlement to be sustainable.
If that’s the case we should let the damned thing die. It doesn’t deserve to live.
I’m really frustrated at the self indulgent performance of these two tonight.
SwanseaBhoy
What is the Stars says:
16 February, 2012 at 23:27
—–
Thanks for posting. Michael Ball was once an outstanding prospect with the Toffees, a la Rooney.
This might explain what went wrong.
TheCelticOne says:
16 February, 2012 at 23:14
Did not care much for the word you used to describe Michael Kelly especially on such an excellent Forum. You may not agree with what he did or stands for but to call him what you did, sorry didn’t like it. That sort of language for Pub or off-table.
For the record, personally I have no time for Michael Kelly for where he almost took us to and his views today.
Now don’t go thinking I have fallen out with you because I haven’t you have in my opinion made some good contributions to this Forum.
Keep the Faith!
Hail Hail!
I watched that press conference today live,It was “dead man walking ” stuff
There is absolutely no way out of this for them
Their only hope was “friends in low places” (funny handshakes etc) but this is too big for that.Stupid scottish politcians spoouting nonsense about “doing something to help”.They will back off soon enough.
Its over
The Good guys have won
Both expressed themselves poorly.
MK’s point that the league would be diminished is one shared by many who would miss the excitment of the ‘derby’. The suggestion that it may make it harder for Celtic to keep up a competitive standard as a result is not a stupid one. BUT he should have added that if any club could do it we could and an opportunity might arise to improve the football structure in Scotland because of the demise of the hun.
MMcG’s initial point regarding the intervention of the FM was powerful and to the point. However the ‘we have a 60k stadium, we don’t trash cities’, the 18 year old put down of MK & the cringe making off to England chestnut, oh dear!
Why on earth these two agreed to be on the same prog I have no idea.
Pity but happily of no importance.
DUSHANBE BHILLY BHOY
His chanting is no to bad either
The Spirit of Arthur Lee says:
16 February, 2012 at 23:30
och, yer a cheeky so an so.
PC67
Too much history between the two. Must be said Matt McClone did a fantastic job bringing the small Celtic community together in 1993 and didn’t get much in return. An unsung hero of the revolution.
====
Anyway what are the chances of this mob coming out of Admin before end of March?
As it stands rangers are not liable for the big tax bill until the case is lost. Therfore if there debt is £9m tax plus another £21m for example. If they come to an arrangement to pay 20% (again an example) this would only be £6 million. The Jelavic money would cover it.
I know it could all change quickly next week after the game on Saturday but it’s very unusal for the Administrators not to cut the outgoings at the earliest opportunity.
Also Whyte didn’t look too bothered last night while out in London. Looked like a man playing with someone else’s money.