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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SSN reporting missing £33m??
been out of the loop today – I thought it was £24m missing…have they added on the £9m unpaid tax?
CultsBhoy loves being 1st says:
16 February, 2012 at 23:11
Just logged on, not got a clue what you’re talking about.
B
Cultsbhoy
Yes its the 24 plus the 9 thats missing
But by tomorrow it could be more
Its over for them
pggtips2 says:
16 February, 2012 at 23:22
Sorry cannot agree, time and a place mate to remind him but that tonight was neither time or the place, I cringed…
Keep the Faith!
Hail Hail!
Scotland Tonight?
This has nothing to do with Celtic, yet!!!
Our only concern at the moment is getting 3 points on Sunday.
Our board will speak when the time is right.
ScottBrown :
I can see a Cat v Judith debate starting here some night.
I vote for Cat, unless she is in the save the orcs camp.
bjmac
I thought you gave a defence of MK last night when I described a post regarding him as ironic?
If not many apologies…must have confused you with someone else … it was only meant in jest in any case ;-)
Hope you are well and prospering?
great piece just emailed to me by secretary of DUtd’s ArabTrust (whom i happened to copy in with half of Scotland’s other clubs to Harry’s £162million calculation)
guy was GLUED to this article
other clubs are waking up…
(slowly)
http://wingsland.podgamer.com/why-scotland-doesnt-need-rangers/#more-14712
I think the £9m tax was used to run the club. The £24m is in a bank account on a hot island with no extradition to the UK.
On the important subject of liquidation, has anyone tried jelly and ice cream in a blender? Pure magic, and don’t knock it until you’ve tried it.
The Police and media can chase Whyte in a vain effort to stall proceedings, but Big Tax Case is all about pre-Whyte EBTs. Crack on, HMRC!
Until we meet again…
Keep the Faith!
Hail Hail!
Ok, say we all cave in and agree that we just can’t do without the wonderful and precious Ranjurs, what happens next?
Do we all just forget about the financial misdeeds, the outstanding tax, the unfair sporting advantage etc and it all goes back to the way it always was?
Is that what’s expected of us?
Anybody betting against Whyte just doing a good old fashioned ‘runner’?
TopCorner
I agree that other clubs fans are waking up but I am still to be convinced
by their Chairmen.
Cultsbhoy
I’m well thanks. Not watched the show yet, waiting on Liz finishing watching Location, Location, Location (on that subject, heard huns newco are on it in a couple of weeks, Kirstie Allsorp is going to take them round to view the 2nd & 3rd divisions)
Anyway, I tweeted MMcG today to say that M Kelly could run Celtic while the huns were alive so there would be no chance he could do it after they’re gone ;-) He’s not a favourite of mine at all, so most certainly wasn’t me, however I thought he did represent us well during dougie dougiegate.
Hope you and yours are well, ya wee rascal joker that ye are ;-)
hh
bjmac
Who owns the stadium and the training ground?!?
We should be told!!
Headtheball : Timmy should just go and sit quietly at the back of the bus. That attitude has not changed any in my lifetime.
A missed PR opportunity.
McG could have handled it far better when comparing where we are:
– We wanted more accountability.
– We wanted a say in the running of our Club.
– We wanted financial stability.
– We now have it – however whilst we acknowledge our Old Board may have failed to apply modern business logic (then) – we certainly could never ever accuse them of improper financial trading!
It would have left the door open for MK to utilise some of the good points he has made recently – without the need for either to go off tangent. A wasted opportunity by both to apply pressure!
Cultsbhoy : No, but I will bet against David Murray doing one.
MK “Could not” that should have read
No.7
Who owns training ground and stadium
Who cares
HMRC will own it soon enough
Rangers are yesterdays news
CQN yesterdays news today
Am i missing something here . may i try again and get some guidance on my point , WERE RANGERS NOT IN FINANCIAL BOTHER BEFORE CRAIG WHYTE CAME ON THE SCENE . If so why is murray never mentioned . just askin
hail hail
jimtim
Good God in Govan :-)
McGlone & Kelly ???
Two urinals connected by a sanitary towel!
FFS CELTIC say nowt. Let them consume themselves.
scott browns11formerly whitecrook tim
I vote Cat. Def. Never even seen Judith.
Takes my mind off ScotCringeTV. There’s a time to say nowt and that time is now. Embarrassing stuff.
garygillespieshamstring
I’m beginning to think that’s what they want. There’s little or no talk of apologies, punishments or trying to set the record straight – just carry on as before.
‘We see no wrong therefore there is no wrong’
LennyBhoy @ 23:36
Fair comment but I don’t think there is a place for Michael Kelly or any of the pre-McCann Celtic board members to adopt the wise old sage attitude regarding matters financial on Celtic or any other club.
Michael Kelly’s ego and vanity alone, aligns himself more with SDM than Fergus.
Maybe it appeared cringeworthy but I share Matt’s view that Kelly needed to know exactly what fans really think of him and that he won’t be forgiven so easily as a board member now that he’s no longer relevant. Kelly still appears on far too many Celtic history videos for my liking as though he is a positive character in the Celtic history.
For me, the only positive thing Michael Kelly ever did for Celtic was leave when the bank told him to allowing Fergus McCann too take over.
I have enjoyed, and continue to enjoy watching their suffering this week. But it is always niggling in the back of my mind that they will find a way to wriggle out of this. I can not rest easy and will not until they are actually lying on the mortuary slab about to be cut open and their putrid innards exposed. Maybe then I will believe that there is no way back. Even then I still would think there is a possibility of Beelzebub dispatching something to save them at the last!
Am I unduly concerned or can I truly relax and enjoy???!!!
Its only rock n roll to me
Up the celts
Love
bjmac
tracked back – it was your pal Hamilton (good Man he is!)
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hamiltontim says:
15 February, 2012 at 23:33
ernie
Going on recent outings, Kelly would tie them in knots.
They don’t want to hear what he’ll have to say.
share
Bjmac
apologies – confusing you with other excellent CQN poster …easy mistake..
All well
cheers
CT
Well said
Night night
jude2005 is Neil Lennon \o/ says:
16 February, 2012 at 22:24
Nearly 200 jobs go at Donaghy builders in Govan. Cant hear you Eck??
———————————————————-
Aye but are any of them millionaire footballers?
HH
TLK
Battery going! night all
Kingoh
They are gone,no way back
absolutely no way
dead,deceased,an ex football team,
WITS
I hope you are more certain about that than some of your tips!!!
But I like your re-assurance. You couldn’t be more clear.
Mcglone and Kelly not good in fact awful
off to bed what more from the S S Titanic that is Rankers,the water tight doors have been shut but its to late the unsinkable Rankers are going down,stern first,sit back and watch the rest of the film,its not finished yet,
H H
CultsBhoy,
Doing a runner is what he does however, it’s always been under the radar. This time I reckon they’ll go after him. Surely they MUST.
I can see him doing time.
Kingoh
Here is a tip for you
Dundalk 8.25 Enigma Code 8/1 now ,