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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house, even
Che
a billionaire?
I consider a good month to be when I have only swallowed up half my overdraft.
I have something in the pipeline though. My wee pal Craigy roped me into setting up a company in Glesga recently. He said he had a cunning plan to make us rich. I am having trouble tracking him down though. He seems to have gone away. He didn’t tell me the whole details of the scheme but I suspect it was to do with buying water from various countries . He caught me off guard after I’d had a few, but I am sure he mentioned it was to do with liquid nations.
Good (administration) morning from a quiet Homburg/Saar (apart fae me, that is!).
Paul, CQN has been unputdownable during this crisis (what crisis:-/). You are playing a veritable blinder.
Keep up the great work!
HH Gerry
Do you think I’m being a bit rash?
I have just contacted Duff & Duffer ‘expressing interest’ in acquiring RFC FC Ltd (in administration) for £2. The offer is, of course, subject to a ‘favourable outcome’ to the FTT(T).
Later today I will drop off a planning consent application with the City Council to build a retirement home for bitter and deluded old journalists (with a small wing for bitter and deluded young ‘uns, too) in Edmiston Drive.
Hoping my application doesn’t clash with any other plans for super casinos or edge of town multi-storey ar parks.
Will keep you posted on developments …
Parcel =====>
amadeus
31/1 ?
Rock me
Murray Park has been an expensive flop
By Mark Hateley on Feb 17, 12 07:00 AM in rangers
MURRAY PARK was set up in 2001 as a breeding ground for future Rangers legends. The state-of-the-art facility was built at a cost of £14million and was hailed as the beginning of a bright new dawn for the club but it is now a blue Elephant
But judged purely on the recent graduates it has been an expensive failure. From a purely football point of view Murray Park’s youth set-up has not been good enough.
As Rangers teeter on the brink of financial collapse, the prospect of kids filling the first-team jerseys is very real. With the possibility of a cull of the current squad by the administrator, the Murray Park kids will be asked to fill their boots.
Given the club’s present situation, the Auchenhowie complex is being talked about as one of Rangers’ main assets, not as a footballing asset but as a real estate asset which surely cannot be right. I drove around it only last week and it cannot be worth more than the Albion car park.
All clubs whether you are Barcelona Manchester United or Inter Milan are relying more and more on home grown products. Celtic have profited from their youth setup recently and there can be no doubts that this is the new future. Gone are the days of high transfer fees and wages. Not just at Rangers but all over. How many youth products does Barcelona have in their first team squad.
Selling Murray Park is not on as far as I am concerned if we are to compete with teh likes of Barcelona and Manchester United again and as quickly as possible.
However, if Ally McCoist is forced to go with only kids from now on then the lack of quality will be shown up. The current system is not working and it needs to be revamped but bring Daniel Cousin in will provide much needed experience and level headedness.
Players should already have reached a certain standard by the age of 18. If they don’t make the grade they should be moved on in my opinion. If you keep them on your books that only serves to stifle the next crop of youngsters coming through.
Jordan McMillan is a perfect example because he started just two first team games but wasn’t released by the club until he was 25.
It just didn’t make any sense to keep someone at the club so long when he was blocking someone else’s path. At the moment Murray Park is not maximising its potential.
You cannot compare Rangers blue elephant with the likes of Arsenals and Manchester Uniteds but they could certainly learn a thing or two about their set-ups.
Every season we see the Premier League big guns put out a team of kids in the Carling Cup and they are more than capable of holding their own. But if this current crop of Rangers kids were pressed into SPL service every weekend they would really struggle that´s why they should be introduced in the cup competitions that will provide a wealth of experience for them
The performance of the Under-19s this season does not suggest they are quite ready for the step up yet. That is because the filtering process has been extremely poor for a number of years. It is as simple as that.
Murray Park is a state of the art training centre which every club in Europe is jealous of and would be proud to have at their disposal to use as a training facility not an asset to be sold on for a housing complex. That would be slightly embarrassing
It is a stunning multi-million pound facility with everything a professional footballer could possibly wish for. I train there myself twice a week with my son Tom and we know how good it is.
However, if you don’t put the right sort of fuel into such a precious piece of machinery then it won’t run properly. There should be a constant supply of talent waiting in the wings but there isn’t.
You need to have the right scouting network in position to find the right kids in the first place. From that point it is all about coaching them properly and that hasn’t been the case at Murray Park unfortunately. You need to identify talent and make that talent better.
At Milan I spent every afternoon for three years being given one-to-one coaching. That was par for the course if you wanted to improve and make the best possible career for yourself. Clearly none of this is going on at Murray Park at the moment.
There’s an old saying about only getting out what you put in. Given the amazing facilities the kids should be practising every minute of every day until it gets dark regardless of the psychological damage it may do to their development, nothing ventured nothing gained. They will thank their parents for driving them so hard later on in life. That is what is required to make it to the very top.
Regardless of what the snipers say about Dick Advocaat, and there has been plenty comment passed on the free-spending little Dutchman following Rangers’ descent into administration, the training ground he insisted on having built 11 years ago will always be his greatest legacy.
But, like me, he will be dismayed at the lack of talent coming through. There is no point trying to dress it up any other way because the bottom line is that there’s been a distinct lack of progress on the youth development front.
Yes, there have been notable exceptions like Alan Hutton, Allan McGregor and Charlie Adam but there should have been a lot more over the last decade.
Of the current crop John Fleck 23 hasn’t come close to fulfilling his potential after being branded a wonderkid when he burst on to the scene a few years ago. Kyle Hutton has featured sporadically without managing to nail down a regular spot and now he has been loaned out to Dunfermline.
McMillan hung about for a number of years without managing to make an impact under a succession of bosses. Darren Cole is another who had his moment in the spotlight when he played in the Champions League before disappearing back into the shadows.
Ross Perry has also failed to press his claims for a place in the starting line-up and while Jamie Ness does look like a real prospect he has been plagued by a succession of injuries.
Yet, given the doomsday scenario facing Rangers right now most of these guys could be forming the nucleus of the first team but I dont blame Walter I blame the SFA
Under better circumstances watching homegrown talent being given an opportunity would be a cause for celebration. At Rangers right now it is only a cause for concern and nothing to worry about.
starry plough says:
Sure Manadaric and Murray go back a long way.
And it certainly is not the third or fourth time that Murray has wheeled him out for favours.
This news is designed to placate the hun hordes for tomorrows showing
Hail Hail
Apologies if this posted already:
http://epetitions.direct.gov.uk/petitions/21438
Rangers Pay Your Taxes Petition
amadeus says:
17 February, 2012 at 08:57
24m + 75m for a UEFA license
HAil HAil
No wish to cheapen religion, however, after all the suffering Catholics and Irish have suffered at the hands of these people over the years, maybe there will be a few smiles of satisfaction in churches around Scotland this Sunday. Priests, try and keep a straight face as you read the final sentence of Sunday’s Gospel:
“WE HAVE NEVER SEEN ANYTHING LIKE THIS.”
How are you, Starry? Get some work done!!
Awe Naw,
Yet, given the doomsday scenario facing Rangers right now most of these guys could be forming the nucleus of the first team but I dont blame Walter I blame the SFA
Has that been Awe Naw’d? Surely must be!!
Cheers starry plough
A wee question for you all.
Is it possible for a person to renew their marriage vows with their deceased spouse?
HH
Hateful in todays “newpaper” – “I train there myself twice a week with my son Tom and we know how good it is.”
Is this the same Tome Hateley who is signed for Murderwell? Is this even allowed? Conflicts of Interest surely?
A negative article from Hatchley?
I didn’t realise how bad things were!
amadeus says:
17 February, 2012 at 08:43
AJ is no fool, I doubt he would have passed files to plod without good and confident reason.
+++++
Why am I thinking of one word in particular?
It begins with ‘I’ and ends in ‘mmunity’.
Morning all –
seems the ancient media was just as bad as the old media :-
1892-02-06: Celtic 5-3 Rangers, Scottish Cup
The Scotsman – Monday, 8th February 1892, page 5
Celtic v Rangers – At Parkhead, before 10,000 spectators. There was a change in each team. Madden was superseded by Cunningham in the Celtic team, and Law took Hugh McCreadle’s place in the Rangers. The Celtic started, and were at once at the Rangers’ end. Henderson, of the Rangers, retired with a sprained wrist before five minutes. The Celts were doing the pressing. The Rangers’ got away on the right and left, and a foul to them gave them a chance. Midfield play succeeded. Both goals were visited, but the Celtic were most confident. Law got a fine chance for the Rangers, but missed. In about a quarter of an hour Cunningham beat Haddow with a beauty. Play was desperately fast for the ground, and not unequal. The back play of Doyle was splendid. The Rangers were now showing splendid attack, and keeping in their opponents they repeated their success. Out of a scrimmage McMahon got a fourth. At the interval the result was :- Celtic four goals; Rangers, nothing. The second half opened very much in favour of the Rangers but after a chance or two the Celts took up the aggressive, and before five minutes scored a shady goal, which was allowed. The tide ebbed to the end, and before ten minutes Law scored for the Rangers. The Rangers scored beautifully, but the referee disallowed. The game was as brisk as ever, and ruled very even. The Rangers has all the bad luck going. The Celts brightened up and put in some sharp attacks, but they were not capped with success. Five minutes before time the Rangers put on a third. The Rangers never lay down, and their form was wonderful. Result:- Celtic, five goals; Rangers, three goals.
Celtic Team:-
Cullen, Reynolds, Doyle, Dowds, Kelly, W. Maley, McCallum, Cunningham, Brady, Campbell, McMahon
Scorers:- McMahon, Brady 2, McCallum, Cunningham
Rangers Team:-
Haddow, Hodge, Dunbar, Marshall, A. McCreadie, Mitchell, Watt, Henderson, J. Law, McPherson, Kerr
Scorers:- J. Law, Henderson, Kerr
Bloody iPhones – newspaper and Tom
EXCLUSIVE
By KENNY ANGOVE
Published: Today at 02:08
RANGERS chief Craig Whyte’s finance guru last night told of his double life rubbing shoulders with loaded clients one day — and bonking busty babes in porn films the next.
Red-faced Whyte insisted he was in the dark about Baxendale-Walker’s mucky moonlighting — but the suave moneyman was happy to brag about his raunchy screen antics.
Oxford-educated Baxendale-Walker, 47, told The Scottish Sun: “Craig Whyte is a current client of mine. I’m advising him on business matters that are nothing to do with Rangers.
“I do what I do. I’m a professional. I’m a tax advisor, I save people lots of money.
“But I also do porn films. I do all sorts of roles — director, actor and producer.
“Of course I appear in the movies. Who wouldn’t want to? What is the point in owning a BMW if you don’t drive the car?
“We go worldwide making and producing movies.
“I don’t have a wife or kids, I don’t do drugs. I just have fun. If anyone thinks that is a problem, well that’s up to them.”
The London City slicker’s law firm, which also has offices in Glasgow, offers a range of legal and financial advice to “some of the world’s wealthiest families”.
He also runs porn film-makers Bluebird Productions — and stars in his own raunchy movies.
In his latest naughty flick — a Batman spoof called Katwoman — he plays one of the lead characters The Jo-Kerr.
The two-hour movie shows him romping with a string of stunning models.
Most of his sexploits are too graphic for a family newspaper like the sun
But in one scene the self-styled stud has a FOURSOME with a latex-clad Katwoman, another woman and a second man dressed as Batman character Two-Face.
The DVD blurb says “This is an action-packed, sex-filled adventure. It’s not just chases, fights, explosions and action, It’s also some of the hottest sex and group sex from the nastiest villains and heroes around!!”
Some of Baxendale-Walker’s hundreds of other titles include: Ello, Ello Lust in France, Footballers Wives: First Half and Sugar Daddy.
He’s even won Best Foreign Director at the porn industry’s equivalent of the Oscars for the last three years.
Baxendale-Walker said he advised Whyte on a number of issues but declined to go into specific detail.
And he backed the Ibrox supremo over the flak he has fielded since he plunged Rangers into administration.
Baxendale-Walker said: “I have a lot of respect for him as a businessman and individual. I can’t go into how long I’ve known Mr Whyte as I might put myself in the dock but I’ve witnessed the muckraking about him.
“Here is the guy who has come along to the crash site and is doing his best to tidy up.
“I think it is unfair that Craig Whyte is receiving all the muck given it wasn’t him that created this situation.”
Baxendale-Walker also claimed that former Gers chief Sir David Murray should be held to account. He said: “Here’s Sir David Murray saying this is all disappointing what is happening at Rangers.
“But it was under his chairmanship that Rangers allegedly used a tax scheme improperly.”
Baxendale-Walker has been credited with being the mastermind behind a variety of tax avoidance schemes — including the Employee Benefits Trust which triggered the probe into Rangers’ finances.
In 2000 he was charged by the Serious Fraud Office after an inquiry into the pension fund of Glasgow engineering group Balfron.
But the trial was called off in June 2002 after a judge cited an abuse of the legal process.
In April 2005 he was suspended from practice for three years for conduct unbefitting a solicitor.
Last night a spokesman for Mr Whyte revealed the tycoon was introduced to Baxendale-Walker by mutual friends, adding: “He has no knowledge of his ‘sideline’.”
Morning bhoys
Hope someone can answer this as I just cannot believe what the administrator
Duff & duffer said at their big press statement .
1.FTT. Big tax case still to be confirmed (Murray )
2.wee tax case during take over (Murray& whyte)
3.ticketus vat owed on season ticket sales (whyte take over)
4.paye/nic (whyte)
While all this was on going and in the public view how on earth did the
Sfa grant them a euro licence ?
They had outstanding tax before whyte’s take over ,during whyte’s tenure which he said would be payed then refused ,now the avoidance .
Even now very little from the sfa.
Think they must be busy shredding all the documents as we all focus iPox
Or have I missed something.
TAL
angelfc67 says:
17 February, 2012 at 09:15
Awe Naw,
Yet, given the doomsday scenario facing Rangers right now most of these guys could be forming the nucleus of the first team but I dont blame Walter I blame the SFA
Has that been Awe Naw’d? Surely must be!!
+++++
Judging by the somewhat premature ageing of MacMillan and Fleck, I’m guessing the answer to that question must be a big ‘yes’. The points stand though.
KjamBhoy 09:07
Cannot sign that e petition as not a uk resident but if somebody created one that can be signed outside the uk my name would be on it now.
Anyway good HOOPY morning to one and all of the Celtic family!
I heard the twitter from Kenny Shiels was a fake but wouldn’t it be hilariuos if kilkmarnock fans did turn up with ‘Jelly and IceCream’ banners tomorrow at the death star?
Also heard a rumour that the police ‘serious fraud squad’ were visiting ipox just to add to the amusement!!
Not sure if there is any truth but can anyone shed some light on that one?
And oh yeah, we have a game on sunday, I see big Dan is available after his joke of a red card was rightly rescinded, any word on Thomas Rogne? is he over the calf strain that kept him out last week?
Mon the HOOPS
Hun v Killie
Guess the crowd?
Do I have any advance on 20,000?
The administrator fella said yesterday that all expressions of interest are taking very seriously and will be fully considered.
I sent in my ‘expression of interest’ this morning.
They might well have ‘several’ of similar expressions of interest. That is, that neither have a chance in hell of being anything other than an expression!
(my ‘interest’ was offering £1 for the lot)
CultsBhoy loves being 1st says:
17 February, 2012 at 09:23
bbc radio scotland have it as a sell out. whatever that means…
starry plough
btw I am enjoying things, ta, too much probably.
I’m gloating so much its affecting my work!
:-)
CultsBhoy loves being 1st says:
17 February, 2012 at 09:23
Hun v Killie
Guess the crowd?
Do I have any advance on 20,000?
+++++
I think they’ll have a sellout.
Possibly before the Russian transfer window closes.
Jay Dubya
do they not mean Sell Off?
seventyxseven ‘glace’ says:
17 February, 2012 at 09:11
I’m fine Mate things took a wee upturn this year already, sold a picture and found a wee source of income and that was before the demise of the darkside.
I guess you could say I am enjoying life once more..
Allez Les Vertes..
CultsBhoy loves being 1st says:
17 February, 2012 at 09:23
looking like a sell out… follow follow have a banner at the top of the page…with “your club needs you” followed by “no surrender”..seems to have worked with last reports showing less than 1k tickets available last night..
optimistic little soldier says:
17 February, 2012 at 09:24
The administrator fella said yesterday that all expressions of interest are taking very seriously and will be fully considered.
I sent in my ‘expression of interest’ this morning.
They might well have ‘several’ of similar expressions of interest. That is, that neither have a chance in hell of being anything other than an expression!
(my ‘interest’ was offering £1 for the lot)
+++++
I was considering doing the same, but was bricking it that they might actually accept my offer, leaving me £100m+ in debt. The missus wouldnae like that.
CultsBhoy at 09:23
I reckon there will be a very large crowd.
It’s their last hurrah, and a chance for demonstrations.
I also reckon that they will win by 4 clear goals or more.
Killie won’t turn up.
Rangers FC PLC (in administration) have still not updated their website to state that they are in administration. Could anyone pop down to Ibrox or any other club owned property and check if there is a notice up there?
Dirtymac,
Aye, but consider this:
Whytey sells next 4yrs of ticket money and gets €24m.
But that deal is bogus meaning that the next 4yrs ticket income will go to the club, not Ticket Bus (cf BFDJ)
If successful, I’ll sell next 50yrs of ticket money, get €300m and then do the same as Whytey.
It’s a bona fide path to financial success!
I reckon the old song book will be dusted off for tomorrow. Last Night of the Huns and all that. The media either won’t mention the sectarian singing or say it’s ‘understandable’ given the circumstances.
Mark Hateley must have been Awnawed,
“Selling Murray Park is not on as far as I am concerned if we are to compete with teh likes of Barcelona and Manchester United again and as quickly as possible.”
“Again”..when did they ever compete at that level.
Message to Dundee Utd from the ‘Gers when they asked for their cup money:
“Houston, we do not have the visibility.”
Jock Stein’s Celtic:
Kenny McAskill will say it’s a wonderful atmosphere.
Alex Salmond will say that they’re the very fabric of the country needing saving.
The SPL/SFA will say nothing.
Match Commander Eddie Smith will say nothing.
The media will say nothing.
Celtic fans will sing “Jelly ‘n’ Ice-Cream”
Hun game tomorrow will be a sell out.
Well, none of them want to miss the very final game do they?