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.
The signed Celtic top we are auctioning on eBay for the Vanessa Riddle Appeal has reached an incredible value. Well done to everyone who participated, you are remarkable ambassadors for Celtic Football Club.
Bid and help send Vanessa for the treatment she needs by clicking here. Only a couple of days left.
If you would like to read CQN Magazine online (for free), click here. You can download a pdf of the magazine using the button at the top of the page, second from the right. Click on the link below to order a hard copy of the magazine.
You can support the online edition by making a discretionary donation here.
711 Comments- Pages:
- «
- 1
- ...
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- »
@ googybhoy
I believe it was circa 1690
A long, long time ago, never to be repeated.
googybhoy ♥ Celtic and Integrity says:
17 February, 2012 at 09:34
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.
+++++
I think he meant “if our fans are to compete with Barcelona and Manchester police again”
This pish about Mandaric, surely since he’s the Sheff Wed chairman it would be illegal for him to own two football clubs in the UK?
Wouldn’t be like the sun or bbc scotland to run hun appeasement pieces eh? Just look at the spin they put on that shambolic press conference yesterday, focusing on the alleged “expressions of interest” rather than the 24 million thats disappeared or the 9 million in PAYE which Rangers have been using to keep their club running…..cheating in other words.
Really hope NL nails it in the press conference later today, you just know they’ll be trying to get a sympathetic word from him.
Barrach Obampot don’t need no stinkin’ Rangers says:
17 February, 2012 at 09:27
i think siphon off may be more apt!
Apparently they opening up with a big family fun rendition of the billy boys, charmers ra lotta them.
RaRaRasputin says:
17 February, 2012 at 09:28
BBC Scotland have still not updated their SPL table on their main sports page.
They have on their more detailed page but not explained the 10pt loss.
Hurting Huns…Admin FC
Whitehouse, £250 per hour
Clark, £250 per hour
Team of Staff, collectively £500 per hour
First 3 days bill of the administrators £24,000.
Watching them meltdown….priceless.
for the billionth time, it will now be 8 days before those points are deducted (puts on tin hat and retreats into bunker)
So whose gonna phone ticketus and find out theyre views??
Also of the football club never got that money are they liable to hand over any season tickets??
obonfanti1888 says:
17 February, 2012 at 09:37
It’s two different Football Associations and is therefore no different to owning a club in Scotland and a club in eg Lithuania.
Regardless of how serious a story it is, I did nearly crash the car with laughter when I heard it on the radio this morning.
Obofanti
Neil Lennon should not go near that subject today.
Hail Hail
They will sing the Billy Boys – the last defiant act of a dying monster. Plod will have to nick the whole crowd!
alex salmonds unionist army
amadeus says:
17 February, 2012 at 09:40
Can you explain why. Just so I’m clear.
sixtaeseven at 09:28
& CultsBhoy at 09:23
I imagine the atmosphere at Ibrokes tomorrow may be something to behold … possibly a last hurrah for supporters of that quintessentially British club.
Anyway, I don’t think the Huns will steam-roll Kilmarnock; especially if the atmosphere is as toxic as is might turn out to be.
With that in mind, and while Kilmarnock’s away league form is poor (1 win, 6 draws and 5 losses), I think the draw is good value at 4/1.
FF
From announcement, it takes ten days to actually be in administration. They are de facto in admin, but not quite yet officially.
That’s what I have been told by my drunken legal pal!
“They will sing the Billy Boys – the last defiant act of a dying monster. Plod will have to nick the whole crowd!”
Actually that would be quite easy to achieve. Lock the gates, get a Sheriff up on the big screen, pass sentence and feed them for 3 years. Ibrox will have no other purpose anyway.
Jobs a good ‘un.
lionroars67 says:
17 February, 2012 at 07:01
‘Hugh McDonald Herald
He added: ”The issue there is whether that security is valid and for what amount.”’
#############
The security will be valid.
The question is how much does it cover him for.
You have to assume it will be for at least the initial purchase price plus interest, and ‘penalties’.
What seems to be unclear is whether the purchase price (supposedly £18m to pay LBG) came out of the sum from ticketus (£24m) leaving £6m to be accounted for or whether the £24m from ticketus is in addition to the £18m.
If the latter then you’d think Whyte’s security must me for at leat £42m. I can’t see a liquidator getting £42m for the huns. I’d also doubt that the security would cover a future advance like the ticketus money to the detriment of existing creditors.
That’s me sorted for a ticket for the Hibs game. Anyone think of a way to get ice-cream into the ground.
I’m off to get party hats and pre-made jelly.
Kenny Shiels & Fernando Ricksen .. Lookalikeys ????
twists n turns:
I’m biding my time mate. I want to see Campbell Ogilvie gone and not replaced with like and then I think we may have a chance.
Do you know what really annoys me, they cheated with financial doping, the MIB never evened up the honest mistakes, certain teams did not do their ‘professional’ status good when they played against them. The crap we endured from the press, the pressure that was put on our players and our Supporters, and if we had won those leagues which I thought we should have, then the tax man would have been paid, a lot.
I’m waiting for the fat lady to sing and the fireworks and then I’ll open my bottle, in the interim, I’m enjoying the rehersals.
Amadeus
for the 1st and only time
It WILL not be 8 days.
Ignore the BBC.
Simply check the official SPL site. The points ARE deducted. They ARE in admin.
amadeus says:
17 February, 2012 at 09:46
The Administrators have had legal control, and will be charging fees, as from 3.30pm on Tuesday when the huns went into Administration.
amadeus says:
17 February, 2012 at 09:46
Your insistence is actually very amusing. I’m not sure if you’r at the wind up now, if you are it is funny.
The 10 days Rangers sought was brought to a crashing end by HMRC and the papers and signed affidavit appointing administrators, with immediate effect, was presented at 2.50 on Tuesday mate.
BlantyreKev
That will be the difference between them and us, they will sing their songs of hate we will sing our songs of joy at being Celtic fans.
Oh yeah.. we will be at a party they will be at a wake.
Kit
yes, I am also celebrating, but only akin to celebrating a massive lead from the 1st leg. Just need to see the job through.
twists n turns at 09:49
Even the BBC have the points deducted if you look at their tables page:
http://www.bbc.co.uk/sport/football/tables
Celtic – 65
Rangers – 51
and on their SPL page
http://www.bbc.co.uk/sport/football/scottish-premier
Can’t understand where people think they haven’t updated these or amadeus doesn’t think they are in admin.
Mort
optimistic little soldier /Jock Stein’s Celtic
– Match Commader reports celtic fans for singing the word ‘huns’
OK – I put my hands up, I was being a little mischievious, and the smarter are sussing it. I was only trying to calm us down – any more joy and some Celts might explode! Nobody wants that.
Hail hail!
Jay Dubya
Hahaha! Can’t wait to see the LL trying to just the hunic hordes reverting to type tomorrow.
There is a point to the question I asked earlier, so please threadbear with me CQN.
Is it possible for a person to renew their marriage vows with their deceased spouse?
A simple yes or no will suffice.
that should have been “justify”
By next Friday the administrators time and fees will accrue to approximately the same amount as Dundee United are owed by Rangers.
Must be £40k a week (£1,000 per hour for 2 partners plus support staff). How long can that be justified?
It’s not all good news for me.
My wife is leaving me because of my obsession with horse racing.
She’s at the gate now……
….AND SHE’S OFF.
(unashamedly stolen from WITS)
As the king of Kings once said… it is only half-time.
BlantyreKev – Parcel=> 17 February, 2012 at 09:56
By next Friday the administrators time and fees will accrue to approximately the same amount as Dundee United are owed by Rangers.
Must be £40k a week (£1,000 per hour for 2 partners plus support staff). How long can that be justified?
Unless they start cutting costs by saying goodbye to the staff, canceling season tickets and curtailing Ally’s pie habit then I agree with you. Their expense cannot be justified.
you can’t slander the dead so when the huns die we can use the word huns freely ?
There is nothing more dangerous than a wounded animal.It bites , it snarles,it will do anything to defend its corner.The animal instinct prevails to the last.
It reminds me of being in the Broomloan stand ( celtic games only ) over the past 40 years and when the huns were losing they revert back to their animal instincts with songs of defiance and no surrender
Saturdays hun fest at the big hoose be be just that. Swally’s call to arms for the team is being heard.
Tomorrow they will all march down the queens highway to the big hoose.
The brothers , the brethern, the blue order, huns assembly, the grand lodge, the orange order, larkhall purple defenders etc. etc. etc. You know, all the fabrics of the scottish nation that fat eck told Al Jazeera english
I do hope the wider media come along and witness the sash bash.
I bet every bigoted song will be belted out in an act of defiance, a no surrender to the HMRC, we are the peppil. Every anti catholic , anti celtic, anti irish song will be sung.
Now what will the match commander do tomoorow ?. Will he implement fat ecks policy of offensive behavior at football bill
Or will they just ignore it as they have done for the past 140 years as noboby is being offended
You can almost hear David Begg on radio shortbread at 3.01 tomorrow as hullo hullo is belted out ” The big hoose is rocking , the fans are in fine voice…… penalty rangers surely, what do you think Billy Dodds” .” Stonewaller ” says Billy (boy) Dodds. Craig Paterson( former huns captian) ” penalty for me , even the crowd thought so “………..
Impartial as always
So who do you reckon Super Swally is going to make redundant in his chop list next week?
I wonder how many of those players are going to play tomorrow.
Barrach Obampot don’t need no stinkin’ Rangers said:
‘There is a point to the question I asked earlier, so please threadbear with me CQN.
Is it possible for a person to renew their marriage vows with their deceased spouse?’
I thought you were either having a laff or that someone else would have answered by now …
While not being a canon lawyer, I think there would be what’s termed an ‘impediment’ if one party is deceased: namely the deceased party would suffer from the impediment of ‘perpetual impotence’.
So bascially, if you’re dead, you can’t appreciate jelly & ice cream.
What’s the point behind your enquiry … ?
FF