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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RANGERS ADMINISTRATORS PRESS CONFERENCE ( FULL )
Can we all be frank for a moment?
Look frank,
milan has all the essential criteria to be the new owner of rangers
dodgy past
knowledge of the court system
administration experience
tax do…experience
trillionaire
shocking hair style
not the most photgenic of individuals
and clyde says its so
Sorry for all the typos, too many for correction, *damn touch screen phone*
hh
Che/Celtinental
it was the ” fabric of the country” comment in particular that made me reach for my blood pressure tablets!
Paul Murray is a good enough guy for one of them….he invested / wasted a fair few bob in (aptly named) murray park to help get his blue room seat.
He s not a chancer, speculator guy. He is a genuine fan who got suckered in and lost a fair bit for it. It doubt he has the wealth to do it hjimself (whatever it might be). He is squeeky clean though and has the club at is heart so may be trusted by some to lead a consortium. In all honesty the problem would be the egos around such a group (aside from the debt mountain).
My thoughts would be it would need a big hitter with serious money to back Murray….I think any illigitemate or dodgy operators might steer clear over the next few seasons if the shit really does hit the fan in the week ahead……This only leaves a few like Park or Mortimer who really do not have the cash or ability to do a Fergus……
Interesting times.
RANGERS IN ADMINISTRATION 2 (Scotland Tonight)
(Including A. Dick)
BJmac
I share your touch screen frustration and your sentiments. Safe journey.
We Hear Tonight, Rangers Haven’t Been Paying Their Dues, PAYE and VAT
Hey Kit, how have you been?
What have you made of the unfolding drama, been stocking up on Aussie champagne for the party, or sitting quietly observing?
twists n turns says:
17 February, 2012 at 08:14
twisty twisty twisty
whats eckys profession?
politician.
now (and with no slight on mr salmond himself should his lawyers be lurking) politicians – tax evasion and general misuse of public funds are inextricably linked, its a bit like the masons really, criminal gangs will always stick together.
Vote Lib Dem.
Last bit was made up just in case james Forrest reads back.
kitalba says:
17 February, 2012 at 08:10
What a great start to my day..
Hail Hail
Morning all,
here is the link to the government petition “Rangers Pay Your Taxes”
https://submissions.epetitions.direct.gov.uk/petitions/21438
The End Of Glasgow Rangers?
Roddy Forsyth on five live aboutMandaric.
“well he has a personal fortune of about £50m which should just about sort Rangers out so provided he is prepared to give it all to them and live outside in a tent, he might just be the man”
Harry Redknapp’s dug interested in buying the huns.
tomtheleedstim says:
17 February, 2012 at 08:26
£50m?
aye it would just about sort them out…if HMRC take a 25% hit on whats owed.
Che
I’ll vote for the monster raving loony party before I back Mr Salmond.
Quick post –
http://scotslawthoughts.wordpress.com/2012/02/17/day-3-rangers-football-club-plc-in-administration-craig-whytes-corporate-structure-mapped/
Some simplistic questions re the £24 million and a fantastic map showing CW’s present corporate structure.
Here is why Rangers will not come out of administration . . .
Several media outlets in Scotland are reporting that McCoist and Whyte are hopeful that Rangers will emerge from administration relatively unscathed, having come to an agreement with their creditors. The media reports don’t mention that last bit, but that is the only way they will come through administration without further sanction.
Craig Whyte does not want that to happen, because the administration arose due to 9m owed to HMRC for unpaid PAYE Tax and VAT over the 9 months since he took over. If they were to come through administration, with the agreement of their creditors, the big tax bill would then throw them back into administration and worse, when it arrives.
Whyte wants liquidation. It is the only way he has a chance of escaping the big tax bill.
Liquidation is the only option.
Morning CQNrs,
Lovely day, even though its grey, and dreicht out.
Sixtaseven,
David Cameron will be tapping up players from PSG for the Newcon, keep an eye on him,
kitalba says:
17 February, 2012 at 08:10
Nice one
Hail Hail
I love the sound of straw clutching in the morning, expect our football churnalists to clutching at all sorts of straws in the next few days.
Should Kilmarnock get a result at Whyteville on Saturday I will be looking forward to the wailing and gnashing of teeth that usually accompanies such a cataclysmic event..
SP
twists n turns says:
17 February, 2012 at 08:30
do u have a postal vote from your palace in engerlund?
Milan Mandaric interested in buying crisis-hit club Rangers
Former Portsmouth and current Sheffield Wednesday chairman Milan Mandaric is interested in buying Rangers.
The administrators revealed on Thursday they had already heard from parties interested in the crisis-hit club.
And BBC Scotland has learned the Serbian – last week cleared of two counts of tax evasion – is one of those to have contacted Duff and Phelps.
Mandaric, who has also been in charge at Leicester, took over at Hillsborough 11 months ago .
I tell you what’s fascinating, all the images on the telly news of very important people rushing about, and in and out of, swanky big motors .
Craig gets chauffeured . He might as well get used to it, he’ll be in one of them G4s Dogboxes soon.
Ally looks to have ‘ mislaid’ the big black Range Rover he drove off in from the ‘Brox, looking so windswept and interesting , clutching his shopping list to his heart, on transfer deadline night. He’s now zipping about in a Vauxhall Cavalier it looks like.
All the ‘stars’ coming out of Murray Park in their chick magnets.
Soon to be a thing of the past , lads. Best tell the missis the personalized Bentley with designer chihuahua seats in back will have to go too. And the chihuahua come to think of it
It’s terrible, so it is. Why does no one think of the real hardship these situations cause? Fnar.
Awe_Naw_No_Annoni_Oan_Anaw_Noo says:
17 February, 2012 at 08:36
I’m sure he would pass the stringent SFA Fit and Proper Person Test!!
SP
Starry
I am sure even at 70 Milan can recite it is bold and it is beautiful while standing on one leg with the whiff of sheeps urine on his top upper lip ;-)
But does he have 130m pounds ….. NOOOOOOOOOOOOOOOOOOOOO
Does he need good publicity YESSSSSSSSSSSSSSSSSSSSSS
Could be be involved with Sir SKinty YESSSSSSSSSSSSSSSSSSSSSSS
Does he have a good record at football clubs NOOOOOOOOOOOOOOOOOO
Hail Hail
AJ is no fool, I doubt he would have passed files to plod without good and confident reason. In other news, snow forecast for Central Scotland tomorrow afternoon.
Could be the perfect storm!
Che
I can vote in either Scotland or England.
I generally vote in Scotland.
BTW – I pay council tax in both Scotland and England – on 3 properties – but wonder if I should bother!
If I go into liquidation will you consider reinstating me as a newco? You woud need to change my name though – but don’t call me Twisty 1690 – I’d rather stay liquidated.
Is the only man at Ipox with a greater BMI than Swally, Coos-in or out?
Media have been assembling outside Murray Park since before 7.45am. TV Van with large satellite dish there again. Wonder if we’ll have another busy day.
Twisty
with all those properties some may reasonably ask….are you a billionaire?
wanna buy a football club?
Che
I meant to say, my daughter and niece are flying down next Friday morning for the weekend. You know what that means – no Motherwell game as we had arranged. I will check out the fixtures and reschedule. Apologies
Awe Naw..
The upside of this story is that many mnay orcs will be having their morning gruel and reading this non story and thinking “Nae bother we’re gonny be awright”
only to have their limited hopes crushed upon the rocks of liquidation sooner than they think.
Shame that..
Starry in Heaven..
Considering how angry they normally are anyway, how angry will be they be tomorrow? We need a new word for their mega-anger. Hungry is already taken. Who’d be a steward?
Good Happy Administration Morning from the Hebrides CQN.
“If” the huns come to an arrangement with HMRC and agree to pay their debt off over X number of years, can the tax dodgers be granted a license for European football over this period X?
HH
twists n turns says:
17 February, 2012 at 08:47
No problem there will be ample time to party before the season is over,
enjoy the family get together
HH
Barrach.
Let’s hope not, one interesting development could be, the circumstances in which they were granted their last license!!
Lots of questions still to be asked, I’ve got a three day beard and absolutely nothing done in my life!!
Hope you’re well Mate and enjoying life..
Starry..
If they get their gouse in some sort of order by 31/1, they can play in Europe, but the missing 24.4 million renders this unlikely.