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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711 Comments- Pages:
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Paddy Gallagher
Absolutely hilarious!
Thanks!
twists n turns says:
16 February, 2012 at 20:34
Ok, the reasons why a newco MAY be reinstated to the SPL is that this newco will bring two benefits.
1. Sky deal.
2. The Scottish game needs Celtic and Rangers.
(this also confirms that any newco, will not be viewed as a newco – it’s Rangers)
Anyhow, to my main point.
A 5 man panel will sit in judgement of whether or not they are re-admitted. The ONLY possible reasons they can give for voting yes, is again, the 2 reasons already stated.
Perhaps Celtic hold the key cards here after all.
—————–
Mate, do you know who will be on this 5 man panel, or who will choose the 5?
sparkleghirl says:
16 February, 2012 at 20:32
We do not want a CVA, bottom line the get away relatively lightly and besides they are trying to cut a deal on the big tax case in advance.
SmashingMilkBottles says:
16 February, 2012 at 20:37
A friend of mine who is well placed in dealing with these things remarked to me tonight that this is one of the most complicated cases he has come across. His comment to me that the current Administrators are out of their depth. They can be replaced. He reinforces Paul’s view, CVA, more chance of them winning the treble this season.
ThisIsTheOne says:
16 February, 2012 at 20:38
Not true mate, they can consider a CVA at any point in time. HMRC will not budge on the £9 million. Can you imagine the precedent it will set. Say you run a company, if you see the orcs getting away with it, wouldn’t you be in a position to defer your taxes or go into administration and offer a CVA. HMRC will not budge on the current issue. The big tax case is a different ball game, they might and stress might give them some room for manoeuvre but unlikely.
I think they will stay in administration until at least the outcome of the tax case, if they lose i.e. the orcs order yourself a new liver because you will need. And there will be on ashes for them to rise from.
Keep the Faith!
Hail Hail!
I sent this to the SNP tonight. I strongly suggest that others do likewise. Use the “contact us” page on their website.
Salmond, please be assured and have no doubt, with one statement you have eliminated the possibility of ever achieving your goal of independence. Everything that you say you have strived for since you first started to form your own political views. All those hours, days, months and years gone in a few words. Your statement today imposing your view that the future prosperity of Celtic FC is intricately linked with the wellbeing of Rangers FC has revealed your true, until now reasonably well disguised, self.
Did you really give careful, considered thought to what you were saying? Did you seek the views of any Celtic “diehards”? Clearly not. Simply blustered your way through, completely failing to contemplate that your best chance of achieving your goal rests with appealing to those who desire social justice and equitable distribution of wealth. You revealed in one instinctive statement that your main priority is neither of these most laudable aims. It is the preservation of an institutionally sectarian Scottish establishment. What exactly did you think you were describing when you mouthed the words that Rangers FC are part of the fabric of the country? Myself, a socialist and former Labour Party member who turned to the SNP during Blair’s near Thatcherism government, and literally hundreds of thousands of other (read any of the Celtic fan websites and gauge the strength of the sentiment) supporters of Celtic, are now lost to you. There is no prospect of a return. It’s gone. Believe me.
Your explicit description that we, whom I assume by your words you consider to be second class citizens, are dependent on this exclusive, self-serving and greed driven organisation has left me in disbelief that someone who has spent his entire career clearly (given your words) masquerading as someone other that which they truly are would be so careless and brazen. Fortunately for those of us who thought there was even a glimmer of a prospect of an all inclusive society under an SNP government in an independent Scotland, your evidently deeply held desire to continue to protect the extremes of the self preserving establishment has been revealed just in time.
The current predicament of Rangers is not related in any way to Celtic. How dare you make such an ill informed, ignorant and poisonously subjective comment? Rangers have wronged. They must be penalised for their actions. They have deprived sick children of treatment, abused wives of protection and the poor of shelter. They are not the injured party. The rest of us are.
P67
some crackers today auld pal
re Clydebank playing EK ……superb
Salmond..incoherent fool…the most coherent description i`ve heard of that reptile
your surpassing your own high standards
excellent
PF
A
J
Pot
……….Kettle.
Shameful, pompous charlatan
What is the evidence of this hypothesis that “we cannot prosper without a competitive Rangers”
When we won 9iar, Rangers were competitive at the beginning of that period and at the end. In the midst of the run they were in 3rd and 4th place in the table, up to 16 points behind. It was the period of our finest ever spell as a World class football team.
When rangers won 9iar, we finished 2nd only twice (in 96 and 97, before winning in 98).
During that period, Rangers claim to have come close to a European CL triumph and count this as their glory period.
There have been years, such as last year, when a highly competitive league race has been followed by relative European failure.
The argument has face validity only; it does not stand up to the scrutiny of evidence gathering. When journos complained during our 9iar that we would benefit from a more competitive league and it would be good for us if Rangers won, Mr. Stein said that a race between two 90 year old men would be close and competitive but not high standard.
I cannot find similar quotes from the late 80s and 90s as I don’t recall Mrs. Murray, Souness or Smith ever being asked if it would not be better if Celtic (or Aberdeen) got a shot at winning.
voguepunter says:
16 February, 2012 at 21:04
When will Alistair Johnston ask the crown office
to go after dodgy sir dave?
——
he has, apparently, today. According to Daly and soon to appear on bbc web
VP
(from earlier)
You’re not dodgy is the company you keep!
Well that’s the excuse I use in any case :-))
CT should be along any minute now….
When will Alistair Johnston ask the crown office
to go after dodgy sir dave?
——
he has, apparently, today. According to Daly and soon to appear on bbc web
no he hasn’t sorry, mis read.
Spent too much time reading this and not enough time sleeping this week.
Have a wee look at this video i found on youtube folks.
http://www.youtube.com/watch?v=-HyPCe73fdw&feature=player_embedded#!
It would bring a tear to a glass eye.
LOL
Gordon J
the only people voicing opinions at this moment in time are
Huns, Politicans looking for a soundbite and journo`s …most non Hun fans will be glad to see the back of them
btw
a big own goal not paying Pars and DU
Paul67:
From the previous article “Keep our name out of it, Salmond”. Well said. Great article.
Of the millions of words I have digested over the last couple of years regarding the TFOD and the tax issue, the roles of Murray and Whyte, the cheating, the recent administration, the disappearing £24m, the unpaid £9m, nothing, absolutely nothing more sickening, than the wee sleekit beastie trying to get involved.
Hope all our fans see him for what he is – he thinks he rules the world now. His time will come. Sooner rather than later I hope.
Stringer Bell says:
16 February, 2012 at 21:07
Sorry for butting in but here are the SPL board members…
Published : Friday, September 30, 2011
SPL Board announcement
At today’s General Meeting, Stephen Thompson of Dundee United FC was elected to the SPL Board of Directors.
Stephen joins Ralph Topping (SPL Chairman), Neil Doncaster (SPL Chief Executive), Eric Riley (Celtic FC), Derek Weir (Motherwell FC) and Steven Brown (St Johnstone FC) on the SPL Board.
So maybe this is where all the missing money is
“Rangers FC Group, a separate entity from the club itself, remains solvent”
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-17067141
cabbageandbacon says:
16 February, 2012 at 21:10
vvvvvvvvvvvvvvvvvv
Great!!!!”
A great deal has been made of the Huns being a “Pillar of Scottish society”, “Great institution “….yada yada
as i asked a Hun today ,,,,
what positive effect have they had on Scottish society
what positive effect have the had on Scotland`s standing in the world
couldn`t answer once i reminded him of their inherent bigoted signing policy and their ramapaging madness over Europe
Stringer Bell
I heard them named tonight mate but can’t remember who they were. I’ll search it out.
SonsOfErin says:
16 February, 2012 at 20:49
Also, FIFA and UEFA have very strict rules about politics influencing football. Salmond will end up getting the whole of Scottish football chucked out of world/european competition. I’m sure his view will be “So what? If rangers can’t compete then why should anyone else.”.
—————————————
Was going to point this out earlier….could they get Scotland suspended from wafa…..wouldn’t put it past them
Meanwhile, former Rangers chairman Alastair Johnston has asked the Crown Office to investigate Craig Whyte’s acquisition of the club.
He said: “I have today written to the Crown office asking for an investigation into the background surrounding the acquisition of Rangers Football Club by Craig Whyte, and in particular whether there is evidence of fraud.”
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-17067141
No apologist
p
A belter of a letter Sir
HH
Possibly the best of many excellent YouTube P-takes!
https://twitter.com/derrypele/status/170248305048174592
Hail! Hail!
DavieL
Paul,
back on blog after a few years lurking, you’ve been doing a splendid job, keep it up.
Anyhoos, hoping to gather a bit of support for my big business proposal; I want CQNers to back me in putting together a consortium of ‘fit and proper’ sorts, like maybe Bada Bing, Jobo, Jeorges barnet, Barrassie Bhoy, maybe even Kittoch who’s just an ‘aire, We are going to buy Ibrox from the Liquidiser, (Declan terminology,) retain the listed facade and develop…..wait for it…..
a las Vegas style mega casino!
Don’t worry about the funding, we’ll borrow £24.4million against future roulette wheel revenues from Chipsarus.
Does anyone believe that TICKETUS didn’t have any security on the loan? they sound more watertight than a whale’s chuff! They don’t sound like the kind of people that you turn over. They’ve been in this game for years, they’ll get their dough and interest back!
sparkleghirl says:
16 February, 2012 at 21:10
No problem,my posts don’t normally make
sense .
Pearl and Dean present
Catch me if you can 2
….PFayr says:
16 February, 2012 at 21:17
Well done,fight the good fight.
Sounds a wee bit Sal V???
http://a6.sphotos.ak.fbcdn.net/hphotos-ak-ash4/402135_250721481673927_224602710952471_569675_1050753371_n.jpg
Mark Daly @markdaly2 Reply Retweet Favorite · Open
Strathclyde Police confirm they’ve been passed a dossier of info on #rangers and are conducting a preliminary examination of it.
Tweet tweet went the little birdie..
Wee Dawyl on snyde tonight,Ticketus was an
unsecured loan……..how would you know,
you’re a Scottish journalist.
Stephen Black says:
16 February, 2012 at 21:26
PMSL mate
HH
Craigy Whyte new video
Sent on by Nafos
http://www.youtube.com/watch?v=-HyPCe73fdw&feature=share
TSOAL – the wee ice cream and jelly wummin will be roon wi’ her torch shortly….
http://www.youtube.com/watch?v=3WQrLuaMBMw&feature=related
Could someone who has the time and inclination please trademark every single variation of a name which has Rangers in it.
The price of purchasing the trade marked name, should a ‘newco’ need to do so would be around, say £75m………..
It might just be kicking off.
TSOAL
Brilliant!!!
Check this out haha
http://youtu.be/-HyPCe73fdw
if ticketus loaned out cash to the hun without security they need their head read
the huns in penury and facing a huge tax bill…nae chance that security wasn`t obtained