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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Administrators slaughtering the Kennedy/Murray bid.
Popcorn time
Hugh
I know that you have to watch you’re job but, the baw’s burst in Scottish football!
And, we all know who burst it!
Don’t we ?
Hail Hail
BSR
while yer at it…
jist wanted to say thanks for yer Flintstones joke
had me rollin about here laffin uproariously
haha
D&P have issued a statement hammerring Blue Knights
BT
Had a Sense over Sectarianism workshop in work today.
It took me an hour after he left to put the weans straight about a few things.
1) It’s not appropriate to state 3 times that Scotland was ‘successfully’ converted from Catholicism.
2) The Neil Lennon parcel bombers were more than ‘silly’ and that neither is ‘silly’ an accurate word to describe their actions.
3) Celtic have not ‘repeatedly’ been reported to UEFA for sectarian singing.
Oh and there’s more!!!
kerrybhoy74
Thank you – gave up twitter as I kept getting the feeling I was being followed.
CQN CSC
Hail Hail
Great fun this on quiet Friday night
A man with a backbone
Des McKeown @P3Des
My @scotsunsport column tomorrow.. A newco Rangers in the SPL will mean our game is morally bankrupt.. SPL chairmen need to ‘man up’..
When all this is over, will Coistie get the knighthood that Wattie Dignity, so far at least has dipped out on.
Ticketus start legal proceedings against Craigy Bhoy now they are 99.9% certain there will be NO football played at ibrox next season.
Oh & has anybody got a link to the STUPID STUPID huns applauding “OUR HERO” into the HATE FACTORY how STUPIDDDDDDDDDDDDDDDDDDDDDD do they feel now :))))))))))))
HAIL HAIL
Just heard some of the Celtic advert on SSB there….
“Celtic, always have been, always will be Celtic!”
Nice one…
Hail Hail
Ooft! Duff and Phelps giving it to Kennedy and the Blue Knights tight. Wonderful.
Sounds like they much prefer liquidation.
Cheerio, stupid huns!
Things thems don’t like to hear these days 1.
Asking them who they’re going to support next season. Doesn’t go down well.
ah want ti see fat sally greetin
on his knees sobin
roarin for his ma
as they click the padlocks shut on that feckin bigotted midden
dig a little in news paper or internet archives of r*ngers away trips in europe and here in blighty and all you will find is a complete contempt for them
do we really want this carbuncle of a club saved
me thinks not
hang em boys, hang em high
hh
hamiltontim.
Did you pull him / her up for these statements?
kikin
nicely done
TC
Hail Hail
hamiltontim – surprised you managed to wait until the nugget had gone before having to put the weans right.
I’d be reporting a muppet who came to a School and said that!
KevJungle @ 19.18
Too subtle, for any Orcs
Why are there always strange snuffly noises in the background on Clyde? What do they do in that studio?
Caledonia Mercury
Santa Claus, the Tooth Fairy and the Easter
Bunny have withdrawn their bid to buy
Rangers, according to the club’s
administrators, Duff and Phelps.
On breaking the news, an ashen-faced Saint
Claus commented: “Time is running out to
secure a Getting Away With It Agreement.”
After the earlier decision by the Three Bears
and the Little Boy Blue Knights to step away,
the club’s hopes now rest with a young
widow’s son called Jack. This, however, is
contingent upon his being able to raise a
handful of magic beans from Ticketus.
Aside from that, there was a flurry of
excitement today after rumours surfaced
that someone in Scotland had not yet been
approached about buying the club. The
mood dampened when it emerged that the
90-year-old crofter from Lewis had just
popped down the shops for some Tunnocks
teacakes and had already refused to get
involved – several times.
In other news, the board of this newspaper
have also announced that they will not be
buying the club “as we’ve got nae cash.
Mind, that didn’t stop Craig Whyte.”
kelvinbhoy on 11 May, 2012 at 19:20 said:
Are you trying to say a mhan fae the Calton
is a bottle merchant?
Wonder if fat sally is greetin about all this, every time I see him he’s in tears :-)
sparkleghirl on 11 May, 2012 at 19:21 said:
They rage….
Rangers to sign M Bargo. Did I pick that up right?
I don’t intend to break the blog but, I still have this nagging doubt that….’our’ bored will jump into bed with the huns and save them!
Never convinced by Celtic boards – CSC
So, you are financially screwed, after 2 and a half decades of overspending on mediocre players and dodgy tax schemes.
You need good men to get you out of the hole you are in.
So you appoint… Walter Smith and Graeme Souness.
Both of whom have spent the last 2 and half decades building reputations as frugal, prudent operators, with the ability to spot bargains and,….. ach, what’s the point? This lot are beyond parody!
Just managed to get on to see the developments today. What fun.
Question (which may have already been asked and answered): do the Barron Knights live in the real world? Their cunning plan is to stuff Rangers’ creditors through a CVA yet they PLAN future income in getting their debtors to pay them in full!! Am I missing something?
sparkleghirl on 11 May, 2012 at 19:21 said:
>>>
Colombian marchin’ powder for their egos.
voguepunter on 11 May, 2012 at 19:23 said:
I was pointing out that he showed great restraint in dealing with the situation…..more than I could have.
You trying to start fights again……..
RANGERS administrators Duff and Phelps have released the following statement.
David Whitehouse, joint administrator, said: “The most important information today for Rangers supporters is that discussions with two bidding parties are at a very advanced stage and we hope to reach agreement with one at the earliest opportunity.
“We have noted today the publication of reasons for the findings of the SFA’s judicial panel.
“We welcome the fact that the panel described the witnesses who appeared on behalf of the Club at the hearing as credible and reliable but as stated previously we were very disappointed that the panel did not differentiate sufficiently between the actions of the Club compared with the actions of individuals. We look forward to the appeal being heard next week.
“It is most unusual for us to comment publicly on individual bids but due to the allegations made by Mr Kennedy and Mr Murray today with the regard to our conduct as administrators we feel compelled to reveal important facts in relation to the various Blue Knights attempts to buy the Club.
“For the avoidance of doubt some of the comments made at today’s press conference were grossly misleading.
“First I would state unequivocally, that every opportunity was afforded to these parties.
“The fundamental reason we could not proceed with the Blue Knights/Ticketus combination was that we were advised there was not agreement within the consortium in relation to the funding of their bid.
“Throughout the process Mr Kennedy told us repeatedly he would be the ‘last man standing’. As Mr Kennedy today made a virtue of explaining publicly details of his bid we are in a position to comment on those remarks. Of the £5.5 million cash on ‘day one’ figure Mr Kennedy quoted, £3.5 million of that would be provided by us in any case from the Club’s debtors.
“The bid structure also factors in performance in Europe, and reaching the later stages of the UEFA Champions League which cannot be achieved next season for example.
“We therefore find it extraordinary and very disappointing that Mr Kennedy in particular should assert that the amount being offered is irrelevant. Time and again he and others have been afforded the opportunity to become the best bid in play and it has not happened. We have a statutory duty to accept the best bid that is deliverable.
“The bid should also be commercially better than the liquidation of the business. Mr Miller’s bid was deliverable but he chose not to proceed. We firmly believe the best interests of the Club would be served by all involved in the process respecting the bidding process.”
Ragers fans protest outside Ibrokes
KevJungle
No chance. Apart from my belief they won’t exist for next season, there’s no way Celtic will do as you say.
On page 42 of SFA Rangers Note of Reasons it is stated
There was no preliminary objection or later objection by any party to any issue affectingthe hearing process or impugning its fairness.There was no challenge at any stage in the hearing to the impartiality or independence of the Tribunal.The Tribunal was established under the Articles of Association of the Scottish FA and theJudicial Panel Protocol under which the parties had expressly or by association agreed tobe bound.The identity of the members of the Tribunal had been intimated to parties in advance of the Tribunal hearing
McCoist was reported in the Daily Record on April 25 to have said: “Plain and simply, I think it is an absolutely shocking decision. I found out last night and I was shocked and absolutely appalled by the way this supposedly independent judicial panel was coming down on us in this form.
“Who are these people? I want to know who these people are. I’m a Rangers supporter and the Rangers supporters and the Scottish public deserve to know who these people are, people who are working for the SFA.
“Make no mistake about it, this is an SFA decision. They have appointed the panel so therefore they are working for the SFA, but who are they?
“I think we have a right to know who is handing out this punishment to us, I really do. Like everyone else involved – our team, our supporters, our staff and a lot of neutrals – I’m staggered at the severity of the punishment.
“This decision could kill our football club, simple as that. Make no mistake about it. This panel is not totally to blame for the death of our football club if it happens but this particular decision could kill our football club.
“You would hope there would be sympathetic ears within the SFA over an appeals process but you just don’t know what is coming next. It is complete and utter guesswork.”
He knew. This proves he wanted the supporters to know so that they could make threats or worse. When this happened he is “disgusted.”
He demonstrates that he is economic with the truth and knows how to rally his “troops” when needs be.
hamiltontim
Perfect example of One Nation under the SNP.
The conversion was a bit of a failure considering we are everywhere in this country. :)
good work from Michael on SSB
KevJungle – “1st Flag on the JUNGLE roof for, LENNONS LIONS”” on 11 May, 2012 at 19:24 said:
Nagging doubt. You have more faith in them than me.
PL’s statement yesterday leaves the door open to anything.
Before talking about the best interests of Scottish Football he should have asked himself when was the last time the Scottish Football acted in the best interests of Celtic.
bournesouprecipe on 11 May, 2012 at 19:21 said:
……………………………………………………………………………
Yeah, right over their poisoned heads :)))
Hail Hail