Club 9 Sports released a priceless statement tonight indicating they are considering an investment in Rangers only as part of a consortium and will not be bidding for the club on their own.
So far, so clear. They then entertain us with a remarkable interpretation of liquidation, saying:
“We understand that it has been strongly rumored that our group planned to “liquidate” the club. It should be made clear that any party that attempts to acquire the club, eliminate the debts, affect a turnaround, invest monies and put the club back on solid ground is in fact “saving” the club from liquidation and preserving its past and its future.
“In an asset purchase, all of the good and valuable assets (records, marks, names, trophies, players, staff, history) are preserved and separated from the bad and harmful liabilities (tax bills, bad contracts, creditors), which have put the club into administration and which act to force the entirety into liquidation.”
“Saving” the club from liquidation by putting the entirety into liquidation. Don’t laugh, they honestly wrote this.
For the record, you can’t sell history or records. Can you imagine? Britain could flog off our whole empire period and maybe use the current economic crisis in Greece to buy their classical period from them. Aristotle, from Scotland, perhaps.
Personally, I would love to be the first Briton to hold aloft the European Cup, maybe Billy McNeill would sell me that record? He’s had it for 45 years now, it can’t be worth that much to him anymore.
I wonder how much Messi would sell his record breaking Champions League history? Barca are playing catch-up with Real Madrid in the European Champions stakes. Instead of buying expensive footballers they could just offer Real cash for some of the trophies won during the 1950s.
David Murray should have saved himself all the trouble and just offered our old board a few million for the Lisbon history, just think:
Rangers, European Champions, 1967. Opportunity missed. Murray should have had a word with Club 9.
I’m enjoying these guys already, hope they are given the green light tomorrow. What terrified Brian Kennedy floats my boat. They even finished off with some sweet platitudes about a “legendary fan base”. I think we have a winner….
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Partizan @ 09:19,
I’ve got a better idea, why don’t we get a piece of A4 take it in our right hand, stick our arms in the air, wave it around chanting “Peace in our time! Peace in our time!”.
“The fixtures have also thrown up a Thursday night fixture during the midweek round with Celtic hosting St Johnstone on 3 May …”
What a farce of f’n league this is !
Not allowed to get trophy at home against RFCIA and next home game is as above.
Partizan
For exactly those reasons I never read Kojos post so I genuinely cant tell you.
BUT …. You were calling out Paul67 and CQN not kojo.
Typical of your scatter gun scatter brained approach.
You remind me of Wolfie Smith on a bad day and that´s how seriously I take you.
Hail Hail
Thai Tims will take their bow on Thurs 3rd May…
A bright, sunny, and extremely chilly morning here in North Ayrshire.
My nerves are shredded with all these deadlines!
Roddy Forsyth
The main confusion surrounds whether or not Sale Sharks owner Brian Kennedy is planning to submit a revised bid, having already been told by the club’s administrators that his initial offer was too low.
Reflecting the ever-changing nature of this story, on Tuesday afternoon BBC Scotland reported that Kennedy was planning to re-enter the race.
This report was swiftly followed by a seeming rebuttal by his spokesman, who said in a statement: “I have just spoken to Brian Kennedy who is on business in New York and he has advised me that he has not issued a revised bid regarding Rangers Football Club. If the situation changes Brian will advise me.”
That situation apparently changed on Tuesday night, however, when Rangers’ joint-administrator David Whitehouse revealed that Duff and Phelps were anticipating up to five bids for the club before today’s deadline for “best and final” offers.
Other bids are expected from the Blue Knights consortium led by former Rangers director Paul Murray – who revealed that he had struck a deal with Ticketus that will see the investment company write off “very significant sums” of cash they believed are owed to them by Rangers – as well as a Singapore-based group.
But Club 9 Sports, who were expected to make an offer, revealed they had looked into buying Rangers as part of a consortium but had decided not to proceed. A statement read: “Club 9 Sports will not be bidding for control of Rangers Football Club, plc.”
Duff and Phelps expect to reveal the preferred bidder next week with that party then granted exclusivity in negotiating a sale.
Whitehouse added: “We expect to get bids in by tomorrow 5pm. We will compile those and get back for clarifications should we wish to do so during the course of Thursday with a view to concluding a strategy during the course of the following week.
“Immediately after Easter we would hope to be in a position to make some proper announcements in terms of exit strategies etc.
“Also during the course of this week we will publish our proposals – a statutory document which provides the framework for the administration procedure. That is not a document which enables creditors to vote in relation to the deal, it is to agree the structure of the deal.
“What that will lead to almost certainly is a creditors’ committee which will act as the custodians of the general interests of creditors. Rather than 30,000 creditors each trying to have their say, a committee is formed to supervise the matter.”
Craig Whyte, who still holds the majority of shares, will not be on the creditors’ committee.
The administrators believe that Whyte will not prove a barrier to the process and that they would have the final say over a preferred bidder, but uncertainty remains over his entitlements.
Indeed, STV reported that Whyte – who has been taking “extra precautions” after being warned by police over fears for his safety – recently filed legal documents protecting his hold over the club.
The debenture document registered with Companies House gives Whyte’s company Liberty Corporate Ltd a new fixed and floating charge over Rangers FC Group – the parent company that owns the football club.
The document signed by Whyte covers Rangers FC Group’s main asset – its 85 per cent shareholdings in playing club, Rangers FC plc.
Whyte’s status as fixed and floating charge holder would put him at the head of the queue to benefit from the proceeds of any sale of these shares. Unsecured creditors and any other shareholders would only receive payment after Whyte’s company.
Whyte’s position is not guaranteed if Rangers FC Group went into liquidation in the next two years, though.
Whitehouse insisted that while the Rangers owner might not be “an irrelevance” – as the other joint administrator, Paul Clark, recently described him – and could be shut out of the process by legal means, the preferable course of action would be to include him on a co-operative basis.
“What we want to ensure is that a Company Voluntary Agreement (CVA) can be delivered – the easiest way of that happening is for CW to co-operate with the process of transferring shares,” said Whitehouse. “The point Paul Clark made is that if he didn’t provide that co-operation there are other ways we can go about it.
“Now, I have to say over last two weeks we have had a difficult relationship with CW, because there is a lot of litigation going on, but he has always maintained that he does not wish to stand in the way of a restructuring of the business. He has not at any point said to us that he is not prepared to stand in the way of a transaction.
“Where it does get difficult is when certain potential purchasers are openly hostile to him in the media and then want his co-operation to transfer his shares. That makes for a tricky negotiation. As far as I know in relation to the bids expected tomorrow, we are not being told by any of the potential purchasers that he is a barrier to that process.”
Whitehouse stressed again that the administrators’ intention is to emerge with a CVA which would preserve Rangers in the form which has existed for 140 years but added: “It also has to be acceptable for the creditors – so therefore it is in the gift of the bidders to deliver a CVA.
“If they bid at levels which are below other bids and below a value which is commercially acceptable then you have to accept that there are a number of creditors who will vote on economic grounds. The bottom line is a key factor but not necessarily the only factor.”
“The fixtures have also thrown up a Thursday night fixture ….”
And while I am ranting …. this is said as if some other entity has created the situation.
No, it is a conscious decision taken by someone who wanted it that way !
bhoys ask kojo directly instead of convening your very own kangaroo court.
Mersey I am not saying that it is just banter. I saw enough racism at Celtic park when Agathe was the chosen bullying target and it wasn’t long ago that Celtic park was awash with bananas so save me from the high and mighty. I have no idea what’s in Kojo’s head. I know what is in my own and I am not perfect, I am a sum of my own fears and prejudices, but I know I don’t like lynch parties and the group attack on kojo is just that. Standing up against rascism is one thing I applaud , good on ye. Don’t spoil it with yer own brand of victomisation.
Only really a lurker on site,enjoy reading comments and getting my news from the various posts(most posters).Always skip by Kojo’s posts as imo he posts one load of c#@p,glad my character judgement hasn’t let me down
I’m guilty as charged.
No you are not screamed the jury.
Am i reading this wrong ? Does this mean that maybe if it was R****** that were getting it presented it might be ok “especially to Celtic ”
An SPL spokesperson said: “We’ll make an announcement in due course but Celtic won’t be presented with the SPL trophy at the Old Firm game.
“I don’t think anyone would expect us to present it especially to Celtic after the Old Firm match but we’ll let everyone know soon.”
KTF
I am NL in NZ Tauranga
What lynch mob/kangaroo court am I a part of?
I attacked what Kojo said on the blog (which presumably emanated from his head). That is the standing up against racism bit.
I’m not sure what you are objecting to or, in fact, supporting other than, perhaps, a confused notion of free speech!
I, too, am the sum of my fears and prejudices which inform my desires and passions!
HH
I’m a product of love and hope, others put baricades in the path of my ambitions with their prejudices and fears and I FORGIVE THEM THEIR FAILINGS.
Have any of you thought that you are doing EXACTLY what Kojo wants you to do?
Ignore him, thats the ultimate sanction for an attention seeker!
greenjedi on 4 April, 2012 at 09:54 said:
Well said
Hail Hail
Aw Naw…
I have not replied to your Matt Busby post not because I am ignoring but because as I have lost the thread of the conversation and don’t know how to reply. My original post was a not particularly funny joke referring to the little known Beatles song “one after 909” given the time of my post. Quite Jude (the Obscure), I know.
After your reply, I went off on a tangent and then “off the radar”.
craigwhitesoptometrist…
Glad to hear you enjoyed it. Roughly how long was the show? As a public transport user travelling from Tayport to Perth, my transport options are restricted.
DarnThe HairWeCare1
Tayport to Perth
kitalba
Thank you for your forgiveness, it humbles me!
HH
Watching the endgame unfold at poundland is fascinating viewing. I know some posters are ‘bored’ now with events but the slow, gruesome death of our rivals is revealing in showing their true worth.
Look at the so called bidders: previously failed directors and a golf club committee of local businessmen; a reluctant Hibee and a mob from the windy city whose definition of legendary seems to equate to the ability to sack English and European cities.
There is no-one to fear. This is their future and the slow unfolding of events is just the natural build up to the swift, sudden death of the ‘Scottish institution’ when Hector comes calling.
The local media, with no surprise to us, have been clearly shown for what they are. I look forward to more disinformation from them today and they desperately try to put some shine on the imminent death. Sad and desperate actions but entirely predictable.
Meanwhile across town there is much rejoicing from the legendary support of Celtic Football club, as their young team led by their young manager are on the cusp of a title win and European football to look forward to. Properly run, they even pay tax, they are the success story of Scottish Football but don’t expect to read that anywhere soon.
merseycelt
You are welcome.
Interesting discussion last night on how Celtic/Scottish football should progress.
Instinctively, I would have side with the ‘socialist’ argument of spreading the wealth. However, there seems to be a body of evidence accruing which suggests that attendances are not directly linked to ‘uncertainty of outcome’, and these studies conclude that, aside from footballing success (the biggest factor), the only initiatives that have an impact on clubs’ attendances are ones which focus on club identity, brand etc, and player/manager characteristics.
Celtic, Hearts and Hibs all follow the rule of thumb that footballing success = higher attendance, although Hibs have a blip where they finish 4th (their joint highest placing) and their attendances dwindles the following season (2010/11).
Rangers are a different kettle of fish. Their highest average attendance came in the Paul Le Guen/ Walter Smith season, this after they finished 3rd under Mcleish, suggesting that their optimum ‘brand’ could be described as ‘take two drops of moonbeams, enjoy some hilarious failure, and add an angry rallying cry.’ Next season should be a sell-out.
A few deluded bampots, yes, but, “awash with bananas”?
Certainly not.
but those were not my words.
greenjedi/awe naw
I generally do ignore him but feel duty bound to condemn racism when I spot it on this otherwise excellent blog!
I will continue to do so!
HH
I would wish to make it clear that I DarnTheHairWeCare in many more situations than just Tayport to Perth.
doesn’treviewbeforepostingcsc
mersey
act by mailing paul, then ignore it. you are just feeding the ego
mersey sorry I am still thinking about Henrik and Angelina.
If you look back you will see that you specifically asked Paul to delete kojo’s post obviously because you are clear in your own higher judgement. I doubt that I am any more confused about life than your good self mersey. Again I applaud your stand on racism. Hail hail
I am NL in NZ Tauranga on 4 April, 2012 at 09:40 said:
bhoys ask kojo directly instead of convening your very own kangaroo court.
Sorry. Meant to add that that was in response to your post.
greenjedi
I am ignorant of the process involved.
Can you educate me, please?
HH
Morning CQNer’s
I was led to believe that, the SKY deal for next season was already signed and then, I heard Roger Hannah on SSB saying that, the deal is lying….unsigned ?
I feel that…sumdy from ‘our’ club should put the foot-down re: TV-deals/kick -off times and, propose that…..IF, there is to be a new deal concluded then, all the games to be shown on telly should be played on a, Friday night!!!
WE, pay our captain….MORE, than we get from SKY and yet, it’s ‘our’ fans who have to rise @05:00am to go up to face the Highland Huns, Aberdeen etc and, then to add insult to injury, the FECKIN-SPLIT shafts ‘our’ fans all over again ???
I think its time for Celtic to say….”STUFF yer SKY-deal!!”
Hail Hail
“Too much fitba on the tv, will EMPTY the stadium!” Desmond White 1983!!!
I am NL in NZ Tauranga
Peace, brother!
HH
Dharma Bam
all my quotes were from Let it Be
Beatles is my favourite subject.
Hail Hail
KevJungle
I’d like to second that with support from the great man:
“Without fans who pay at the turnstile, football is nothing. Sometimes we are inclined to forget that. The only chance of bringing them into stadiums is if they are entertained by what happens on the football field.”
Jock Stein
merseycelt
See greenjedis comments
Everyone feels like you and every one reacted the same way it would be hell of a boring blog
I trust Paul67
Hail Hail
craigwhitesoptometrist says u have 21/20 vision, is that even possible? on 4 April, 2012 at 09:32 said:
>>>!<<<
The Waterboys are brilliant. We went to see them last week….so blown away,we're now going to see them again in May! 'An Appointment With Mr. Yeats' is a staggering work of genius ! HH !
ASonOfDan on 4 April, 2012 at 07:58:
On your question about HMRC having a say on CVA, which is highly unlikely to happen:
If, as reported yesterday Ticketus were no longer a creditor HMRC are the only real debt. Also on EBT if a CVA was to be entered into without this resolved it will crystalise after CVA leaving the club back in mire. If it is taken into account then HMRC debt must be recognised and CVA option is controlled by HMRC.
HMRC will have a big say in what happens, so much so they will pull the strings.
CVA…
I smell liquid…
Keep the Faith!
Hail Hail!
roy croppie on 4 April, 2012 at 10:06 said:
/////////////////////
Hear, Hear m8!
If only we had, great Celtic/Savvy minds running ‘our’ club today!!!
Hail Hail
Ach! ye got me !
I am astounded of forehead that I failed in picking that up!
Mono or stereo, or does it not bother you?
Eldorado!
Ludicrous that the SPL will not award the trophy after the Admin FC match.
Would this be something to do with a lack of trust in their fans.
This is an argument not to award any Cups in finals because that lot will be unhappy if they lose.
I am sure that by the time the trophy is handed out they will have “walked”.
Would be good to see Admin FC form a guard of “honour” and clap Celtic onto the pitch. Arsenal and Man Utd have been man enough to do this in the past.
Admin FC and dignity????