Admin presser empty confidence


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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  1. The Honest Mistake loves being first says:


    17 February, 2012 at 09:59




    If they scrap the validity of season tickets then they really are in big doo doo.



    If the same were to happen at Parkhead I think that you would have many supporters thinking objectively, “This is the fault of Mr X and not the team so under the circumstances, we’ll buy paper tickets and continue to support the team”.



    Can you see the huns doing this? They have nothing in their history that would suggest that they are as ‘loyal’ as they make out.

  2. Aaargh, clicked on the hun petition “David Cameron should intervene between HMRC and Rangers” and it turned out I had signed the bassa by clicking the damn link!


    I feel unclean.


    It won’t matter anyhow.

  3. The MBB’s tax adviser is a part-time porn star?


    The expression “balls of steal” comes to mind…



    This thing is going beyond hilarious.



  4. kitalba says:


    17 February, 2012 at 10:19


    dirtymac \o/



    No it is what I was told. I was told that they never lost interest. No when others aren’t paying too much attention to the shareholders interests.





    Yep, that was what I was alluding to, hence the mischievous part, in that it is exactly what has happened and what will happen.

  5. DeniaBhoy says:


    17 February, 2012 at 10:14


    ‘Ernie Lynch – I hear you. I’ve been posting on here for years and know most of what is coming out has been told on here and on RTC etc. before. The Sun scoop today on the porn tax adviser though is surely an exclusive :)’





    I posted the porn stuff and the details of PBW’s striking off here and on RTC ages ago.



    Oh and today’s Record reveals that Whytie has been completing company registration forms with different spellings of his name and a variety of DOBS (sic). Reveal seems to mean ‘here’s something else we read on a website months ago and now consider it’s safe enough to print’.

  6. the sane (iknow i know) huns i know reckon that whyte wanted to put them into administration at this time specifically because the verdict on the EBT will come out during


    the next week or two.


    If the verdict goes for the huns whyte has syphoned off the cash to other places…and any of the money left in the club will mostly be going to him as preferred creditor.


    and to add to that, while in admin apparently HMRC cannot appeal this verdict.



    if the verdict does go against them while in admin.


    they seem to reckon this is a win win situation as


    they will then pay back only a small amount of what is really owed. (i take it through a CVA?)



    they also reckon hes brought in around 53m and spent 33m giving him a pot of 20m that no-one seems to be able to see or find.



    im lost as i beleive they are goosed.


    anyone able to disect and rip apart their theory…


    id be much appreciated.




    and for anyone wanting to know what that tube spiers is all about…


    “BTW why does my pal Leggo get no air-time re Rangers? He is widely respected across journalism.


    He is sane, cerebral, perceptive. It’s odd”



    yep. leggat the bigot hes talking about people.

  7. What team will the huns put out tomorrow?? Surely they first team bonuses for a win would be too much for the cashpot??

  8. ernie lynch



    Isn’t the simple fact here that post-liquidation there is no Old Firm.



    The contracts are signed by the existing incarnanation of evil not the NeoCo tax dodgers.



    How can these contracts be legally binding if there isn’t a clause stating the emergence of the NeoCo, and can that even been done because you’re talking about an entity that does not legally exist?



    One for the legal eagles me thinks.




  9. rt rev david hay says:


    17 February, 2012 at 10:30



    and for anyone wanting to know what that tube spiers is all about…


    “BTW why does my pal Leggo get no air-time re Rangers? He is widely respected across journalism.


    He is sane, cerebral, perceptive. It’s odd”





    I hope you can read what Spiers is actually saying there.

  10. Amadeus – please get that bbc league table changed ASAP !


    With asterix explaining why the points are deducted.


    Thank you.

  11. What is the Stars on

    Lads,been given a few horses for tonight



    Elusive in Paris,Dundalk expected to win (about 2/1)


    Enigma Code,Dundalk 8.25 (8/1) flying at home,slight concern on draw but will be thereabouts (personally I would bet each way at that price)


    Speedy Yaki last race at Wolves (2/1) win bet

  12. Barrach Obampot don’t need no stinkin’ Rangers says:


    17 February, 2012 at 10:35


    ernie lynch



    ‘How can these contracts be legally binding if there isn’t a clause stating the emergence of the NeoCo, and can that even been done because you’re talking about an entity that does not legally exist?’




    If the contract stipulates a minimum number of old firm games, or even of huns games, and the huns go bust and reform under a newco then Sky can chose to break the contact (it’s voidable at their instance).



    So, against a background where the likliehood was that the huns would go bust, what purpose does the contract serve?

  13. Declan Is Neil Lennon 1888 Hates being 2nd on

    seems to me like mr whyte has plaid his cards very well. he has had top cupboard experts dotting the i s and crossing the w s on all of this deal. he seems to have every angel covered as to what happens now with the rangers and he has hoodblinked hrmc and they are not happy about it. i think you have to admire the man for having the brains to work all of this out. from where i am sitting and from what they blokes yesterday said rangers will not die. whyte seems to have done what murray couldn’t and has gotten them out of this mess with a profit. all this ticketmaster money will appear when they are brought back and they will right away be making big signnigs and be debt free and we will nto be able to keep up with them. that is what is going to happen. oh and by the way amadeus is right. they arent in administration yet. my mate agrees with his pal. it wont be for another 8 days. dont be sirprised if just when they are about to offishully go in that big alec salmon dives in and saves them. this sint finished by a long way and our board might be in trouble



    mon the hops

  14. Breaking statement from the administratrors




    Dear All Loyal Fans,



    As you you are aware we the administrators Duffem and Phleesem have ensured that tomorrows scheduled football game will indeed take place.We would ask that all loyal fans attend this event and show solidarity with the team and club in these difficult times.



    As you will note we have reduced the ticket price to £20 per head, we would therefore request you ensure that only single twenties are produced as this ensures that this cash easily fits in one of those nice wee suitcases that you can take through security at the airport without checking it in as we will be leaving for London after the game,in fact before the final whistle blows as we have a very important meeting later tomorrow with Mr White who will assist us in “checking” the money taken,he is as you are aware a very hands on when it comes to these matters.We would also advise that the monies will also be “checked” by our legal advisors messrs Sue Grabbitt and Run.



    We would advise that you may encounter some “technicians” with Tesco badges around the stadium ,please assist them wherever possible if they ask you to hold the end of their measuring tapes and do not be alarmed should you overhear the phrase “the fruit and veg aisle could go here”.this only a further development of a “long term partnering and uplift strategy with a new global sponsor for the area” and new healthy eating facilities planned for the stadium area, we will reveal details at a later date..indeed exciting times ahead for all.



    We will indeed also convey your good wishes to Mr White on your behalf who will now be taking a much needed extended vacation after the strenuous and difficult times in rescuing the club .



    We look forward to meeting you all very quickly tomorrow..and remember “twentys plenty!”



    Signed on behalf of messrs Duffem and Fleecem



    Isa Screem



    Personal Secretary

  15. As the MSM focus shifts ever sharper onto Whytey as the devil in all of


    this – Never Forget:



    Thanks to Gordon Smith, George Peat, Hugh Dallas and chums, Rangers had


    access to sufficient funds from prize money, TV, European money, and season


    book money to plan and budget for any tax case(s) eventuality.



    They CHOSE not to.



    Winning trophies and lording it over Timmy (don’t under estimate the power


    of negative motivation) are what they are about.



    They would rather DIE than not be racking up the tin and stamping on Tim.



    They chose this – Whytey is just the undertaker.







  16. Morning Bhoys



    In a vain attempt to stuff the subject matter



    What’s the best/worst hoops game you’ve ever been at?





    Best – Vs St Johnston to stop the 10


    Worst – Vs Juve in Italy

  17. The Laddy McGeary



    Best v Leeds United European Cup Home(Hampden) and away


    Worst v Feyenoord European Cup Final same year.


    por cierto

  18. Awe_Naw_No_Annoni_Oan_Anaw_Noo says:


    17 February, 2012 at 10:05



    The Bathgate article is a disgrace. Note that this is Craig Whyte’s PERSONAL problem.



    Actually it is not (well, not yet anyway ;)) – he is accountable on behalf of RANGERS. It is their problem.



    Blame Whyte not Rangers is the message here.