This afternoon the Blue Knights (plural!) held a media conference as Paul Murray and Brian Kennedy explained their “credible plan” to rescue Rangers. The quantum of their bid was:
£5.5m cash on delivery of a CVA, £500k of which is for delivery of Craig Whyte’s shares.
£2m dependent on European earnings in the coming years.
£3.5m the company will collect from those who currently owe Rangers money.
Uefa have confirmed that they regard UK companies who dispose of debts via a CVA to have breached their insolvency rules and therefore be ineligible for European competition for 3 years.
It is likely that the administrators or any liquidator would be able to collect much or all of the £3.5m earnings from Rangers debtors.
Mr Kennedy said “the tax case is irrelevant to this CVA”. Mr Murray was a director of Rangers during their controversial EBT period which led to the big tax case. The tax authorities may consider the “the tax case” more relevant than Mr Kennedy.
Mr Murray and Mr Kennedy were both clearly exasperated that Duff and Phelps felt unable to accept their offer to take the club through a CVA. Mr Kennedy could not have been clearer that attempts to establish a Newco would fail, that only a CVA would enable Rangers to survive and it was now too late for this. On Radio Scotland last week Mr Murray explained that, in his view, a CVA was necessary as a Newco could not survive without European income for three years.
Throughout the media conference it occurred to me that perhaps they don’t know Uefa’s rule on a CVA. Unfortunately the question was not put to either man by the media. When asked if they knew if the other bidder had put more money on the table Mr Kennedy said, “I don’t care if [ours is]the largest bid”. Perhaps, but creditors will, and under an enormous amount of scrutiny, Duff and Phelps are likely to car a great deal.
It will be interesting to hear how Duff and Phelps respond but in summary, my two key questions are:
Would HMRC accept a CVA from a director of Rangers during the operation of their EBT scheme?*
How deliverable is the £2m dependent on European income considering a CVA would exclude Rangers from European football for three years?
The plan was flush full of irrelevant details they had clearly spent a lot of time on, such as the non-exec support of former managers, and a Rangers FC Constitution, forbidding the club from spending more than it earned, but sounded light on how it would convince HMRC to accept a few pennies in the pound from a company with such a chequered tax history, and was potentially slapdash on the European income element.
*Mr Murray suggested he would withdraw from the consortium if Craig Whyte objected to his participation but the lack of attention to HMRC’s view on him appeared to be an obvious oversight.
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Easy Bhoys my old man was called William, Buncrana born and bred!!
I asked him once why he was called William, he just shook his head and said nothing!!
shady on 11 May, 2012 at 19:32 said:
If anybody buys a Season Ticket solely for the purpose of going to see Rangers – I’d gladly live without them.
Keevins pointing out that it seems daft to punish Celtic (by not buying season tickets) for Rangers’ behaviour. Strangely have that feeing of agreeing wiht Keevins. Feel a bit queasy now.
S
share on F’book or Twitter
You will be fine, have a drink
Snake Plissken on 11 May, 2012 at 19:31 said:
William the Celtic fan who won’t renew without Rangers games?
Hmmmmmmm
I take it the guy doesn’t like
Just emailed Clyde saying I will buy his season ticket for double the price.
hamiltontim on 11 May, 2012 at 19:32 said:
Good man – just shows you, if that’s what the kids are being fed, no wonder we are in this mess.
HT
one scotland?
how can a person employed by whomever give this opinion..?
who employs him…?
William on SSB is a plant
Happens at this time mist nights
And the ticket isnt up Substantially !
But that call will be part of the intros next week
The only way I shant renew is if theyre crowbarred into the spl.I couldn’t give a monkeys if there wasnt any more glasgow derbys.They deserve everything thats coming.Horrible horrible organisation.
Ha.
Stupid Huns.
Brian Kennedy – truly an orc wannabe. ‘Blood on their hands’. Talking the orc tongue.
Souness and Myth lined up for one thing only – intimidation of the SFA.
No wonder Kennedy was fizzing; an MO built on aggression and self-importance defeated by simple indifference.
A presser called basically to appease their bruised egos; ‘Pleeeease, someone take us seriously…’
And now the rank and file orcs up in arms. But how to express their dismay and outrage? What is there to smash up? What is there left to do the Rangers way?
There is nothing. Their club, and they, are anachronisms.
Stupid, stupid Huns.
Burn, Mordor, burrrrrnn.
Aldersyde – good point.
Btw who gave us James mcgrory and Paul mcstay?
Think William’s ST is in the Club deck. I asked along a lot of the guys around me in 402 at the St J game. Not one person said they were not renewing next season. It’s amazing how SSB get these people on and blatantly lie that they are Hoops fans when clearly they are not.
I cannot, for the life of me, begin to imagine why Paul Murray and his gang of non-entities have even bothered with their ludicrous master class in making complete fools of themselves. At least with the likes of Craig Whyte, it’s possible to recognise that he has a habit of making money out other people’s misfortunes. But the Blue Knights are like those random passers-by who spot a TV crew in the street then impose themselves in the field of view for no other reason than that they want to see themselves on television.
Awe you ghuys having a go at William,thank
God I’m called Billy.
One thing better than an Orc riot, is when they are rioting amongst themselves.
petec on 11 May, 2012 at 19:33 said:
…………………………………………………………………………
You’re missing my point.
I’m saying that….I think the Celtic board of directors will wait until they have sold say, 30k SB’s and then….do a u-turn and announce that they will be backing the huns to stay in the SPL!
I hope I’m wrong but…….
I will be renewing my ST no matter what the outcome. Preferably no ringers, no newco and no William with the teenage daughter.
This idiot on Clyde , where the hell do they get them from .
He won’t renew his ticket if the tax dodgers are not in the SPHell next season , good – beat it and let real Celtic fans support their team .
Feedback on clyde from Dalziel’s phone.
Seamless this show.
Total and utter hun plant.
The hun mentaility is obssesed with Celtic. What they feel for us takes ‘I love to hate you’ to a totally new meaning.
Its the complete opposite to them and because they feel that way they can not fathom or contemplate us being any different.
Even if we spell it out for them and say it so slowly you are talking in reverse they still wont get it.
WE SUPPORT CELTIC
We couldnt give a stuff about you.
Now I could imagine plenty of huns walking away if there was no Celtic – within a few years I doubt there would ever rise above 30k inside the stadium
Keevins & ‘what really baffles me is…’ haven’t read the report, JD has read it but he doesn’t get it.
Keevins: ‘I’m not well versed enough in administration..’ This weeks’ No Sh1t Sherlock! winner.
Brian Kennedy will be making his own statement in response to the D&P statement, dressed as a chicken, riding a motorcycle through a flaming hoop whilst juggling three chainsaws.
quonno
I don’t think that’s the same thing. I think Celtic probably have tried to go it alone for jersey sponsorship but can’t for the same figure. The main issue is voting thems to stay in SPL – Celtic will not do that. I really don’t think you can say that Celtic would.
Kelvinbhoy
Good to hear your getting the auld yin oot
an aboot.
My worse fear is we’re his age and the scum
are still hingin around like a bad smell.
champion
Liam is also William.
starry plough
sorry starry
there’s an old guy comes in to my work, a good Celtic man, called william, who claims his mother gave him his name, so that he wouldn’t have problems getting jobs when he was older….. true!!
Go on Kholi
Carlsberg Friday or what? Ah’m supposed to be having a quiet night tonight as I am driving up from Devon tomorrow with two of my lhads for the Title Party on Sunday, and wanted an early start as I will be overnighting tomorrow in “Auld Ayr” with some old mates!! But with all the drama unfolding at Greyskull, the red wine is flowing splendidly.
Oh well….. the troubles we face eh?
:-)
Talks with 2 bidders at “a very advanced stage”. Bid must be “best deliverable” and “commercially better than liquidation”
*drums fingers*
BT
GCC.
Most of what he was saying was accurate though he was wrong on one or two historical facts about Ireland and Celtic.
Too much of the vocabulary he used centred around the ‘one’s as bad as the other’ perspective.
Anyway, Friday night so time to chill and enjoy an Irn Bru :-))
Voguester
Billy ermchair
That’s sounds plausible he he!
Keevins tell lies about 1000 Ragers outside iBrokes, as Sky cameras reveal only John Griegs Statue, a lamp post , and an Icecream Van.
asked a few guys at work over the past weeks what they think about an spl without the uncempt tax dodgers
most agree that crowds would probably increase for the likes of dundee utd aberdeen etc if the fans think they are in with a shout of title or champs league glory.
cracker from a dons fan “you guys are easier ti beat cos the refs f*ckin hate you” & “they get dug oot of holes everytime they are behind or under pressure”
we may be oot in the sticks doon here in border country but stupid huns apart we can only see a more open fairer league without der hun.
maybe without them refereeing standards will improve….. hang on am talkin shoite now
hh
BSR @ 19.46
Does the van stock jelly?
S
BSR
Your not looking properly. If you look hard enough the will come.
MWD
Off topic
I like the hooped-socks on Man City strip.
That style of hoops on our socks would be the real deal. imo.
Hail Hail
Billy McNeil.
Name ring a bell?
Willie Maley?
Deary me.
I’d have more than a go at William …. Obviously a bhun, and a FUD ….not a good combination ……..
BSR
Media/McCoist/Smith have openly lied .
Obviously their mammys never told them it
was a bad thing.
If they want a CVA that badly, I don’t understand why Kennedy & Murray can’t just simply finance the deal by, say, pre-selling the next 3 years season books, or, maybe, match day catering, or, erm, 10 years strip merchandising. These are all pretty much guaranteed income streams that would make your credit good at anyone’s door.
Is there something I am missing?
OnYerStEtienneBikeCSC