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. Palacio67 says:


    16 February, 2012 at 20:31



    You could not read this and drive at the same time ; > 0



    Lennybhoy: 22:07



    Thanks for clearing that up for me.




  2. Ticketus unsecured, can’t believe any Co would make that big a loan to a football club without security.



    Just like I didn’t believe Gefinor would gift those old dudes 18m, or whatever it was.

  3. We spent all our summers in Bundoran. That town is ruled by the McEniffs as I recall.


    It’s clear that AJ thinks there is a criminal case to answer.


    I just can’t get enough!

  4. I’m in UAE (ablidabli) at the moment. All mainstream mentions of Salmond being blacked out as in links don’t work. Sounds para but can’t connect to anything with his name involved. Anyone experienced same in region?




  5. Excellent source: The Suave Billionaire has been advised by police NOT to attend the Debt dome on Saturday.

  6. Hector is my hero on

    I`ve been glued to the keyboard ever since the moment that we all knew was coming finally arrived. The truth is my refresh key has been podged so often that I think I might have early onset vibration white finger on my one and only typing didget. I`ve been on the web that much of late that my better half sneaked downstairs at 01:45 this morning to check that I hadn`t been surfing the Frankie Vaughn whilst she was curled up in bed. I had to confess that it was much more perverted than that and that I had been visiting the dark side.


    With due deference to one of this sites wonderful wordsmiths I told her that I had in fact been “marinating in their misery “ . I confess that my name is Hector and that I’m a follow followoholic. Or rather I was as I really think I`ve been shown the light after reading Henr1ks posts of earlier tonight.


    For almost a year now I`ve been dipping my toe in that cesspit of bigoted bile just to see if the penny had dropped amongst the loyal bears and to build up enough of a posting history to keep my timposter presence off the radar . I rarely lingered for long, just long enough to post the occasional banal comment along the lines of “ Bartley has the makings of a good player , but why is he always played out of position” or “Coisty is doing a great job , get off his back” . The intent was that come the day I would log on, whip off the Zorro mask and give them the big GIRFUY. The trouble with this dipping your toe in the hot water approach is that you don’t feel the full heat or indeed notice the damage that is being done.


    It was only after taking the time to read all of henr1ks cut and pastes that it dawned upon me. The truth is that they will never get it. Their hubris knows no bounds. They truly believe that they are the people, the anointed ones with a divine right to be at the top table of every strata of our society. They hate us more than they love their own and that is why I have decided to come back from the dark side. The danger my friends is that if we linger over their too long we could be lost and I promised myself that I will never be a lost bhoy.


    So for all you hurting Govanites it is adieu from me. We will meet again of that I am sure but for now I must leave and immerse myself with friends who welcome all irrespective of race, creed or colour. It will be therapeutic for me. it will allow me to regain my sanity and cleanse my soul of the hate that was beginning to build .


    Ps The Hectorete said – “I wish you had been on the Porn cos that site is just pure filth”

  7. 'crushed nuts?' 'Naw, Layringitis!' on

    Back to Basics – Glass Half Full says:


    16 February, 2012 at 20:54





    And that’s the trick!! Shifty & Swifty agree a CVA before the bill! It really doesn’t matter 10p/20p/30p in the pound, before you know how much!!!! Imagine you went to the bookies and handed over a winning slip. Shifty says: I can’t pay this out, you’ve won too much’


    you say: ‘I put the bet on in good faith, pay out or we go to court’


    Shifty: Go to court, you may lose and get nothing, in fact you might lose ‘cos your paying my costs!’


    you: I’ve still got a cast iron agreement to pay!


    Shifty: eff you and the horse you rode in on! Take it or I not only ride out of town and give you bugger all, I’m also going to leave you with the blame for me leaving!

  8. Phil MacGiollaBhain @Pmacgiollabhain Reply Retweet Favorite · Open


    Excellent source: The Suave Billionaire has been advised by police NOT to attend the Debt dome on Saturday.



    Oops somebody is not welcome in the Big House!!!




  9. GonnaeSignMaSunburn says:


    16 February, 2012 at 21:14



    Thanks mate, doesnt exactly fill you with confidence……..



    So it could all be down to them!

  10. I have every confidence that this pack of cards will collapse very quickly.


    Speaking to real fans in Manchester they are surprised at how quickly this has happened.”They won the league last year”



    The minute you mention the sums owed to Hector all sympathy is lost.


    No one gives a f… if they go………nor do I.

  11. It is as likely that Ticketus loan is unsecured as it is that Willie McKay was unaware of the Huns impending administration when he tried to get Cousin signed.



    Any honest (??) agent whose client was signed by a club on the brink of declaring administration would be shouting to get the contract torn up, recompense paid, and immediate freedom for his client.



    Unless it was a pre-agreed scam to add value to Whytie’s assets.

  12. Dont know how to share link, but if you havent seen it type this in You Tube, worth a look Dimitri finds out Rangers are going bust.


    HH Tam

  13. Forgive my ignorance on the finance side of the £24m borrowed but did it not make public knowledge that Lloyds debt was £18m and SDM got £6m for his trouble. this was his original investment to purchase RFC.



    So by my calculations and in my own opinion the £24m was divided by the sellar and proposed owner?



    Where does that leave SDM if he knowingly agreed to accept part of the ticketus money before he sold the goods.



    all this crap the club was bought for a pound is for paper reasons.

  14. Lennon n Mc....Mjallby on

    Oor Phil McG



    I just got to the first link of the Glasgow born Irish journalist on page 1 of this thread and I just want to say if the big mhans reading-



    You are a wicked,wicked fhella!







  15. 'crushed nuts?' 'Naw, Layringitis!' on

    Swiss Tony says:


    16 February, 2012 at 21:33




    it might be because your searching for a big. fat, freemasonic, orange fud!

  16. playfusbal4dguilders on

    Re the MBB not being allowed at ibrokes on sat,


    Was that a condition of the police working for nothing?




  17. murray Park Who realy owns it ,is it RFC or some High School in Glasgow, anyway everything will come out in the washing.Also minty should be investigated by FSA .Them at the SFA as well need to be held account for giving Whyte the go ahead to buy rangers, Cheats ,thieves they are all in it together.aye for the good of the country jail the whole lot of them.

  18. sftb



    fatty Cousin wouldn`t add value to any football club…no resale value



    i think McKay was just getting some exposure for his client

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