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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Doc is Neil Lennon on 11 May, 2012 at 19:47 said:
”Billy McNeil.
Name ring a bell?
Willie Maley?
Deary me.”
I know a few Celtic fans called Bill, Billy, Wullie and Willie.
I can’t think of any who call themself William.
Bourne I sometimes drums fingers on the auld Bhodran, it’s not a pretty sound I’m told but it does clear a space at the bar.
Thought I’d share that :>)
Nae beer, nae wine. Wife away so nominated driver for the kids swimming and stuff tomorrow. Friday’s ain’t all they’re cracked up to be.
Just remembered the bottle of Aldi’s rum by the fridge.
S
bournesouprecipe on 11 May, 2012 at 19:46 said:
………………………………………………………………….
Did the ice-cream van survive the baying thousands of huns ? :)))
Hail Hail
My father, god rest him , was called William. He took me to CP aged 4, that’s why I’m a Celt.
It’ the Michael Johnstons’ of this world you should worry about ….
BillyMcNeill CSC.
V
You seen my birth certificate?
KevJungle – “1st Flag on the JUNGLE roof for, LENNONS LIONS”” on 11 May, 2012 at 19:39
There is no way they would do that, it would be the height of foolishness. My point was that there is going to be a great opportunity for our players (homegrown) to develop in a less pressurised environment without them.
Europe is where Celtic should be focusing on mainly now and the more homegrown players in our first team the better. As long as they are of the quality of Wanyama, Kayal, Forrest, Samaras etc.
“Ragers are Ragers because of the fans”
*hits bullseye*
Spin Spin Spin. Clyde said there was 1000 `peepul` outside Ibrox tonight. 10 minutes later I drove past and counted, literally, 31. Yes, 31 stupid stupid huns standing outside the main door.
hamiltontim.
My two boys were prohibited from wearing anything related to our club at primary. Went tonto when they started coming home with Partick Thistle free stuff, distributed by the Head.
Fud on Snyde,Murray over 20 seasons x 35m,that means 600m.i blame kafflic schools
Idiot on SSB earlier saying he will not renew his ticket if Rangers are not in the SPL. Well why does he not just go watch them then. I go to watch Celtic, not that shower.
remeber fholks, 100’s in r*nger talk is 1000’s
machester europa cup final, by the time i got off work at 10pm that night there were 300,000 of the feckers ripping the place to shreds
oops wrong again, ah forgot it was big bad chelsea boys that did it
hh
Bobby Russell
That’s 32,you never included yourself.HH
Celtic supporter faithful through and through.. I m still thinking -no Rangers, means a victory after a century+ of competition .. For us Celtic..
I ll take that every day of the week.. I d rather win than lose..
Imagine the boot on the other foot -how we would feel..
I m loving our position .. I will always return to paradise because I m a member of the Celtic family..
My maternal grandfather was born in 1894!!!! I knew him so well.. He once threatened to punch Ian Paisley cos he was holding my grandfather up by protesting in the road.. The bold Grandpa Gerry got out for a square go.. This was a man who fought at the Somme! Paisley moved..
It’s these memories that are part of my Celtic soul .. My ancestors fought for this day..
I’m proud to return to paradise always to celebrate these memories and traditions …
Once a Celtic supporter ALWAYS a Celtic supporter..
Paradise is calling me again..
I gladly return..
It is CELTIC I go to witness.. Not the opposition.
HH
How the beep did Daziel get a job on the radio?? In other news to help raise money D&P should auction the chance to press the liquidiser button.
only a few weeks ago the bbc were going live to ipox where “crowds were gathering to demand answers and voice concerns”
half a dozen halfwits and a guy wi an aldi bag foo of shoppin
hh
petec on 11 May, 2012 at 19:52 said:
……………………………………….
Do you think its right to ask fans to pay £32 to watch kids ?
Well….that was a very funny 2 hrs. HH!
ernie lynch on 11 May, 2012 at 19:50 said:
Maybe his mother called him William.
Kick the ba no the man, his point was stupid, “I won’t get a season ticket without Hun games” that was worth a kick at.
I thought he was a plant too, but having a go at a name!
Just in.
I see that the Huns’ latest saviour is Charles Green, ex of Sheffield United.
I see from the BBC that he has been out of football for some time but has kept himself busy as he has “held a number of directorships at medical science firms.”
If I was Kirk Broadfoot I would be wary of the new chairman approaching me with some electrodes and a sharp knife.
Who the hell would take their teenage daughter to a Celtic / TFOD match?
petec
I’ll catch you in about 1hr.
Sorry have to pop out m8.
Hail Hail
laters……
what a load of nonsense on Clyde.
It will certainly be the last time I make the effort from Manchester to tune in.
More to the point: is there a quiz tonight?
InhoosestuffedwithpizzaandhoegaardenCSC
Mick
With respect you are nearly as bad as ‘William’. You are also prepared to punish Celtic for doing nothing wrong.
………………..
MICK11 on 11 May, 2012 at 19:37 said:
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.
share on F’book or Twitter
well maybe tune in on liquidation day///…..May 25th
i’m assuming this is the fella that represented RFC
he was mentioned in today’s SFA report
Michael McLaughlin of Biggart Baillie
http://www.youtube.com/watch?v=WVMkYf2fPyE
My birthday is March 2nd. BillyMcNeil CSC.!
If there has been hooky invoices raised to Ticketus? Then I think any colluded long term deal from the outset has to be an entirely wrong assumption.
I think the end is nigh, it just has to be as today the stench of panic has risen to epic levels.
I better get fully stocked up on Jelly & Ice-cream. :)
Hail Hail!
setting free the bears on 11 May, 2012 at 19:57 said:
Just in.
I see that the Huns’ latest saviour is Charles Green, ex of Sheffield United.
I see from the BBC that he has been out of football for some time but has kept himself busy as he has “held a number of directorships at medical science firms.”
If I was Kirk Broadfoot I would be wary of the new chairman approaching me with some electrodes and a sharp knife.
share on F’book or Twitter
You have to think maybe, his company have an unlimited source of genetically tested specimens.
I’m concerned about the law in Scotland if he is, in fact, a lawyer.
Someone has posted a link to watch the BK press call online, but it doesn’t seem to contain any video. Is it one of those clever sites that can tell I’m not in the UK
In bad mood, just been told cant play quiz tonight.
test my new name
If there’s a bliddy quiz tonight I’m Naw renewing ma Cqn membership and the badge well you dont want to know whit I’ll be daeing wae that! Ye can stick it.
EffinquizCSC
So Charles Green, ex Sheff Utd now supposedly interested in a last minute rescue attempty;
This after Kennedy, a self confessed Hibs fans – who would have simply preferred not to have seen the institution that is Scotland or the Scottish institution whichever way thats supposed to be – go out of business.
A yank and a Singaporian sniffed around for a while.
Did Rangers retire the number 12 jersey in aid of the scriptwriters at unsolved mysteries!?
CQN badges? Where? How?