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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pain killers kicking in so off to sleep…
later bhoys….
Rangers administration: Liquidation could turn the heat up on Whyte
Rangers fans in defiant mood, but what does the future hold?
By ALAN PATTULLO
Published on Wednesday 4 April 2012 01:06
Doomsday scenario would see owner investigated but CVA is preferred option
Rangers supporters have a quandary to consider. Do they wish to see Craig Whyte, the owner who pushed the club into administration, brought to book for his actions since purchasing Rangers in May? Or do they want to simply see their club delivered from administration into the hands of new owners, via the cleanest form of exit strategy – a Company Voluntary Arrangement?
A CVA is very much the process of choice, insisted David Whitehouse, of Duff and Phelps, yesterday, ahead of today’s deadline for best and final bids. But liquidation is an all-too-real prospect as well.
Whitehouse aimed to point out that what sounds a dire conclusion to a depressing chapter in the club’s history might also be supplied with a small consolation. Liquidation would clearly be a bitter, bitter pill for the Rangers supporters to take. How much it is sweetened by the news that Whyte would then be placed under investigation depends on how much Rangers fans wish to dwell on the recent, traumatic past. Liquidation could also see a world record haul of 54 titles fade into history, consigned to the achievements of another club, in another time. That might not be so attractive, no matter how much Whyte has emerged as the bogeyman since it was discovered he had failed to pay over £9 million of PAYE and VAT taxes following his takeover in May.
Whitehouse is keen to point out that are other routes out, which are a hybrid of both a CVA and liquidation. “You can potentially exit through a CVA and then hive-down to a newco post CVA on a solvent basis, which would be a lot easier sell to the SFA and Uefa,” he explained yesterday to The Scotsman.
Whitehouse stressed there are different forms of liquidation. “What is important to stress is what liquidation means,” he said. “There are a number of options which could be developed.” There is one common theme. Liquidation would see Whyte, and other Rangers directors, become the subject of a report compiled by the liquidator, who must investigate their conduct on behalf of the courts. How Rangers got into this situation should not be forgotten amid the desperation to emerge from it. “Another issue of liquidation which you need to be mindful of is that liquidation does provide the broadest powers of investigation in relation to conduct of previous directors,” said Whitehouse. “There is an economic argument in terms of retained value through a CVA but there is also an economic argument in relation to possible value through liquidation, albeit that is contingent.
“One of the options being looked at is running some parallel proceedings, akin to what happened at Portsmouth, where you have a CVA with a liquidation at a later date following a hive-down.
“I don’t think what anyone wants is a whitewash in relation to what has happened in the past. It is a combination of enhancing the interests of the various stake holders and there is a lot of emotive talk about it being catastrophic for the business in relation to liquidation. I think that is viewing liquidation out of context in terms of it what it actually means. It is emotive – the hierarchical purpose of administration is the survival of the business. Our purpose is a CVA but it has to be deliverable. The economics have to stack up.”
The onus is on the bidders to make the financial details of their proposals work. Blue Knights, headed by former Rangers director Paul Murray, American investors Club 9 Sports and a Singapore-based group are all expected to make formal bids. Brian Kennedy, the Sale Sharks owner, could also make another bid today – he was still weighing up his options yesterday.
A preferred bidder will then be chosen, probably tomorrow. “Immediately after Easter we would hope to be in a position to make some proper announcements in terms of exit strategies,” said Whitehouse. The future of Rangers could well hinge on Ticketus, the investment company. Deals agreed between owner Craig Whyte and Ticketus over the sale of future season tickets were worth £30.5 million in total, with £27 million still owed on them. Reports yesterday claimed that the London-based firm are willing to accept just £10 million back, after an agreement struck with Paul Murray. However, Whitehouse revealed that Ticketus are not only interested in a tie-up with Murray.
“What has been put to us is that Ticketus want to take a pragmatic approach and support a purchaser moving forward in terms of funding and in terms of their position as a creditor,” he said. “They would not participate in the creditor pool in the event that a CVA paid a dividend to creditors. By diluting the creditor pool they increase the value of the bid. We have encouraged that process. Ticketus have not only spoken to Paul Murray but other interested parties too.
“Clearly, if they roll in with a purchaser then they will want to see some return – whether it is £10 million or £27 million. They are aligned to Paul Murray, but they asked that they be able to present themselves to all interested parties as a solution.”
HMRC also remain very much in the loop. Unpaid tax is still the cloud casting the greatest shadow over Ibrox. “They want to see the right thing happen by the club but at the same time they want to maximise their return,” said Whitehouse. “Financially they need to ensure they get the appropriate outcome for the British taxpayer.”
Summa of Sammi…. on 4 April, 2012 at 10:23 said:
Celtic Club..Open to All..
Well said.
Roy croppie
Maybe they thought that Octopus, the parent company if Ticketus, would provide them all with 8 arms??!!
End of 9 in a row. Was not that year. Huns had won the league year before.
Don’t remember ever winning the League at Hearts but we also won it at Easter Rd in 1973 in the last league game of the season by beating Hibs 3-0(Deans 2,Dalglish).
We won our last 8 league matches to complete 8 in a row and pip The Huns by a point(though we also had a much better goal difference).
Nine in a row was won at Brockville-none of the 9 were won at Celtic Park though I think we did win one at Hampden when the new stand was being built.
Kayal33 – thanks for the photos great memories. Kenny was magnificent that season.
hamiltontim- They want to cheat at everything they do :)
Latest from Phil Mac!!
http://www.philmacgiollabhain.ie/on-club-9/#more-2384
Hail hail
.
merseycelt lmfao as the big house door slams shut on 4 April, 2012 at 10:30 said:
Summa
I am a white supremacist. I hate black people, hispanics, slanty eyed people, yids, commies and poofs and I would wish them all dead.
Welcome to Celtic Park!
Tosh!
HH
..
Mersey..
God..You lost me there on soooo Many Levels..
What you on About..??
Summa
BT
Take-care
God Bless
You and Yer
Wonderful
Celtic Family :o)))
Hail Hail
Kayal33
loved those pics
So many memories
A young Roy Aitken
Peter Latchford without a belly
A substitute appearance from Tommy
I wonder if the players knew that The King was for the offski
I bet Roy Bain never thought he could reuse that suit shirt and tie combo again one day !!!
Hail HAil
Hi,
Request for a bit of specific info from anyone who has been to the see “An appointment with Mr Yeats” recently – how long does the show last approximately?
This is going to have a big impact on how I get home to Tayport after the show in Perth. I believe everyone in Perth has their very own tractor thus reducing the provision of public transport.
Nice speaking to you Aw Naw…
.
Mersey..
I Have a Daughter Kyoko (Japanese)..Slanty Eyed..??????
Son.. Sam (Maori)..Black..???????
And a Daughter Lola (Portuguese/Spanish)..Spic..?????
wtf are you on about Mate..?????
Summa
Summa
If Celtic is made up of a support who welcome all people, regardless of how objectionable I find their views, I do not want to be part of that institution.
I thought it was our refusal to hate that set us apart from the huns!
White supremacists are defined by hatred and, therefore, in my book, are not Celtic supporters.
So, in my view, Celtic is not a club open to all!
HH
Y’know….when folks start messin’ with a site it’s usually because they want it shut down…even temporarily.
This site MATTERS to a lot of us,so I’d ask for the racist comments (no matter how ‘ironic’ the posters think they’re being) to STOP.
Apparently we won the League at Tynecastle in 1970 after a 0-0 draw!
Forgot that one-9 in a row as follows:
1966-Fir Park
1967-Ibroke
1968-East End Park
1969-Rugby Park
1970-Tynecastle
1971-Hampden(Vs Ayr Utd)
1972-Bayview
1973-Easter Road
1974-Brockville.
First Celtic Park win in my lifetime was 1979 against the Huns1
Anyone betting on the Masters, I’m going for Adam Scott 33/1
Kojo will be loving this
miki67
It wasn’t irony.
It was a blunt way of making my point.
If you want to have a go, follow the thread from this morning.
I am not the racist!
Context!
HH
greenjedi on 4 April, 2012 at 10:52 said:
Kojo will be loving this
Of course he will m8,,,attention seeker at his best,,have no time for Kojo at all,have asked many times why he is still allowed on here!!
Hail hail
Just read the Club9 statement!
After trying to square the fact that they want to save RFC(IA) from liquidation by liquidating them I appear to have lost the will to live.
Club9 more like Cloud9!!!
Hope we are still on for BIG FRIDAY!
Summa
Just to make it unequivocal:
I did not wish to offend you, your family or friends!
HH
Dharma Bam
You and I have memories longer than the road that stretches out ahead
Hail Hail
merseycelt lmfao as the big house door slams shut on 4 April, 2012 at 10:53 said:
miki67
It wasn’t irony.
It was a blunt way of making my point.
If you want to have a go, follow the thread from this morning.
I am not the racist!
Context!
HH
Most of us understand the point you were trying to make,,,but would appreciate it if you dont post any more tongue in cheek remarks about Skin Colour,,Race,, ETC!!
Hail hail
Happy Bobby Russell Day. Nice to have met you on Sunday sir.
ibledgreenandwhite
I accept that I should have made it clear within the post that the comments made were not my beliefs.
Apologies, especially to Summa, and to anyone else who was offended!
HH
CELTIC Under-17s had a resounding 4-1 win away to Queen’s Park on Monday night to round off their group fixtures in the Glasgow Cup. The victory means the young Hoops topped the section.
After going a goal down against the run of play, Celtic dominated the game. Goals from Paul McLellan, Denny Johnstone, Jamie Lyndsay and Lewis Kidd capped off an excellent performance and display of attacking and creative football.
Celtic can now look forward to the Glasgow Cup final and the opportunity to retain the trophy they won last season (pictured above).
They face Rangers at Ibrox on Monday, April 16 (KO: 7pm). Cash turnstiles will be in operation on the night and Celtic supporters will be allocated seats in the Broomloan front with prices set at £5 for adults and £2 for kids.
So get along and cheer on the young Hoops as they bid to keep green and white ribbons on the Glasgow Cup. (Official site)
What a boost for D&P-CASH!
Dharma Bam
Tayport eh…..not from there myself but any particular establishment you frequent ?
I read what Kojo said : it’s caused trouble. That’s what he intended. That makes it no less offensive.That isn’t free speech,or being ‘clever’ with words;it’s ignorant and thick : everything we castigate der hun for,and it has no place in our community.
miki67
I agree and that is why I spoke out against him!
HH
Serge-Justin Rose and Zach Johnson each way for me,looks like it will be a close contest,given the top guys form.
How does each way betting work in The Masters?
merseycelt lmfao as the big house door slams shut on 4 April, 2012 at 11:00 said:
ibledgreenandwhite
I accept that I should have made it clear within the post that the comments made were not my beliefs.
Apologies, especially to Summa, and to anyone else who was offended!
HH
No probs m8!
Hail hail
given Kojo’s remarks for once I’m supporting Tiger Woods !
miki67 on 4 April, 2012 at 11:05 said:
I read what Kojo said : it’s caused trouble. That’s what he intended. That makes it no less offensive.That isn’t free speech,or being ‘clever’ with words;it’s ignorant and thick : everything we castigate der hun for,and it has no place in our community.
Can you tell me what time Kojo posted his comment at m8??
Hail hail
Baba Bing
I had Justin Rose down all week, Just changed my mind today. Good luck hope your lucks in, HH
Celtic is open to all who accept the ethos of the club. Those who don’t wouldn’t want to be a part of it.
MYSTERY GROUP FAVOURITES TO WIN GERS TAKEOVER FIGHT
Club 9 Sports are said by administrator David Whitehouse to be backed by “substantial resources”
Wednesday April 4,2012
By Andy McInnes
AN Anglo-American consortium last night emerged as favourites to land Rangers.
The syndicate is represented by Chicago-based Club 9 Sports and are said by administrator David Whitehouse to be backed by “substantial resources”.
The group of wealthy mystery investors from the US and UK have leapt ahead of Paul Murray’s Blue Knights consortium, whose proposal was described as having “logic” but not matching up “economically or arithmetically” by Duff & Phelps.
Both bids will, however, be considered tonight after the latest deadline for a possible takeover.
They will be examined along with two others from a Singapore-based syndicate and a London group of financiers.
A fifth is also expected from Edinburgh-born businessman Brian Kennedy, who had pulled out of the race last week.
Club 9 Sports confirmed last night they themselves would not be bidding for control of the club, but were acting as a member of a consortium. A statement on their website said: “Representatives of Club 9 Sports have been involved with investigating, analysing and considering a potential purchase of Rangers Football Club on behalf of a group of interested parties from the US and UK.
We can also confirm we have not met, spoken to or otherwise been associated with Craig Whyte
“However, at no time has Club 9 Sports itself offered a bid to acquire the club. Our role has been as a member of a proposed consortium.
“We can also confirm we have not met, spoken to or otherwise been associated with Craig Whyte in any way.
“We understand that it has been strongly rumoured 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.”
After 48 hours of talks with potential buyers, Whitehouse is confident a new owner will be in place to take over just after Easter.
“Our aim is to give one or other group preferred status position on the basis of what they are offering is deliverable, commercially viable and having the best chance of being acceptable to the creditors including HMRC,” he explained.
“The offer from America provides very attractive levels of investment as indeed does one other. The US group have demonstrated to us they have substantial resources do not use Collyer and Bristow and are respected businessmen in the United States.”
Whitehouse revealed a “large gap” existed between Blue Knights’ bid and others. “Their economics are not right, their arithmetic is not right, but there is logic and a value in their proposals as the deal with Ticketus would mean they would no longer be a major creditor,” he said.