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. seen evening, am pritty today, hope its right that celtic are looking to get some of the players signed up on new contracts for next season i.e. foster, mathews, hooper, victor, rogue etc… have done well and will give us a good return on the field and of the field.



    all the talk of rangers is nuts and i have had enough, jesus weeps when the first minster of scotland and every person in scotland is falling over themselves to tell use scottish football will die without them, yet they tell us scottish football is dead/ poor and cant sink any lower prior to ranger’s situation.



    F*** off we dont need them and few want them

  2. What i also dont get is why the adminstrators did not immediately get rid of some players – i would have thought that player wages make up the majority of their costs, so it would make sense to reduce this by, say, removing loan players, players who are out of contract and no resale value etc. How/why can they guarantee to play the players wages when Dunfermline, Dundee Utd etc etc get hee haw? Lots more to come i suspect

  3. pedrocaravanachio67 on

    notthebus says:



    16 February, 2012 at 22:13



    I’ve been flitting back and forward between RTC & CQN, have since discovered, what you are telling me seems to be the case.







  4. the long wait is over on




    As I understand the ticketus deal its a forward sale ( it being a sale and not a loan is what triggered HMRC claiming a £5M VAT claim) of the next few seasons season tickets on the basis that the first tranches of sales – enough to meet the contractual commitment – are sold by RFC effectively on behalf of ticketus to whom the funds are remitted.



    Given that RFC sell the season tickets it seems to me that must be with whom ticketus contracted.



    I would assume the contract contains provision that Admin on the part of RFC constitutes a material breach and probably triggers the bond payout.



    Point is – isnt RFC almost certainly the party in breach here leaving them , albeit in Admin , and not the MBB open to the recovery action?



    The administrators , of course , are not liable for any payments except those for which they directly contract as Administrators.








  5. Friday Frank,



    If the Buns don’t go into liquidation then Whytey’s effed!



    This could take weeks but they will liquidate.



    Watch the forthcoming events – what has happened over the last few days is just the beginning.



    Hail! Hail!




  6. Simply can not believe what I’m reading on here tonight.



    Anyone really believe Ticketus would lend £24m UNSECURED??? REALLY? No insurance? They would have had no knowledge of the Big Tax Case looming and did no research?



    There’s absolutely no way they are a creditor.

  7. PeteTheBeat says:


    16 February, 2012 at 22:21



    Celtic are fourteen points clear at the top of the league after rangers were docked ten points for sliding into administration..



    You didn’t miss much..

  8. Tlwio,



    I suspect that Wavetower (as parent company and NOT in administration) are the contracting entity.



    They have the cash and they paid for the bond.



    Hail! Hail!




  9. Lennybhoy…Supporting Neil Lennon and CFC until I die says:


    16 February, 2012 at 22:07




    It’s possible that Ticketus has a charge over the assets of Wavetree.



    The crucial thing is how much Wavetree’s security covers.



    Wavetree took an assignation of the old Bank of Scotland security so the members of the old board, some of whom are very vocal at the moment, could tell us.



    Maybe a journalist might ask one of them.



    The members of the old board, who have been so vocal, could tell us.

  10. ….and when the press ignored the warnings from cqn posters, rtc et al, they ignored it!


    There’ll always be a rangers, the big house will stay open…


    Paul Murray will rescue us!


    Well not Paul Murray, Paul Pot or Paul Daniels can rescue them.


    They will deny to the end but they have no stomach for a fight. They believe they are White supremacists, but they’re not; they won’t attend if they’re not successful anyway, so they’ll die, and I say good.

  11. pedrocaravanachio67 on

    Hearts fan on real radio tonight, not happy with the softly softly approach (towards der hun ) from the sfa & spl, with regards to the treatment his team were afforded re late payment of wages and outstanding tax bill which they actually paid in full.


    Also commented that in general the hearts fans wouldnt be mourning their demise.




  12. PeteTheBeat says:


    16 February, 2012 at 22:21



    You mean you don’t know???? In case you missed it, Celtic Development squad could only scrape a draw against Huddersfield yesterday. Peter Lawell should be held to account.

  13. voguepunter, starry plough



    I did read Paul’s articles. Between the quality of them, and the accurate predictions made here, I think this really is CQN’s finest hour.



    However, could somebody explain the jelly and ice cream business?

  14. Lennon n Mc....Mjallby on

    This carry on is a laugh a minute,I wouldn’t be surprised if the ‘big hoose’ went up in smoke in mysterious circumstances.

  15. the glorious balance sheet on

    Likely Rangers team after administrator makes redundancies next week (in classic Watenaccio formation):-



    Gk – Grant Adam



    LB – Ross Perry


    RB – Alex Salmond


    CH – Darren Cole


    CH – Elbows McCulloch (agreed to play for free cos he`s simple)



    RW – David Cameron


    LW – Jamie Ness


    MF – Kyle Hutton


    MF – Kane Hemmings


    DMF – Lindsay Herron (Rangers TV guy – needs must)



    FW – Kal Naismith

  16. PeteTheBeat says:


    16 February, 2012 at 22:26



    We’re havin a party when rangers die, we’re havin a party when rangers die..



    Ice cream and jelly etc etc




  17. pedrocaravanachio67 on

    PeteTheBeat says:



    16 February, 2012


    at 22:21




    Whitney Houston died.




  18. the long wait is over on




    Given that the seats sold are in the building called – among other things – Ibrox , doesnt that suggest that Wavetower own Ibrox or , at the very least have a fixed or floating security over it. Otherwise how do they secure the transfer to them of funds from season ticket sale to repay Ticketus.



    Unless of course there was never any intention to repay Ticketus from the outset.



    As youve probably guessed the Ticketus deal intrigues me , to say the least .Cant help but feel that as all this unravels theres so much to come from this deal and how its structured.




  19. for every £5 of yours you spend well spend £10 of yours……………………..



  20. Neil Lennon is ainm dom (nohunlover) on

    SSN saying Strathclyde police confirm they have been passed info, investigations continuing… Interesting

  21. hectorshouse says:


    16 February, 2012 at 22:31


    I missed the administrators’ press conference today – have they found the pound yet ?




    It’s in a Monaco Casino slot machine, second biggest waste of a £1 :-)

  22. Tlwio,



    Wavetower have the floating charge, I believe. Details are on another computer otherwise I’d link it.



    Hail! Hail!




  23. St Martin De Porres on

    I didn’t think rangers owned Murray park. I was under the impression Murray park was a separate business independently funded and players were sold to rangers first team.



    could be wrong likes

  24. hectorshouse says:


    16 February, 2012 at 22:31



    ‘Fraid not, they were unable to locate the couch. They have contacted the previous lawyers of RFC (in administration, soon to be in liquidation) for further information.

  25. The Honest Mistake loves being first on

    The glorious balance sheet.


    There’s no way that elbows the thug will hold down a starting place in that side.

  26. pedrocaravanachio67 on

    Salmond : Celtic cant flourish without rankers!



    Salmond : Scotland can flourish without England!







  27. AJ and Paul Murray were a major part of the regime that, allegedly, fecked Ranjurs with a tax liability of possibly £49 to £75 million.



    Meanwhile, Whyte allegedly fecked them to the tune of £9 million.



    Now it seems AJ wants Whyte investigated and Murray wants control of the club. Some people appear to be welcoming and encouraging this.



    Am I missing something? Surreal or what?

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