In three months Duff and Phelps have not made an inch of progress on the key issue, the Only Show in Town, Craig Whyte, who has security over the stadium and Murray Park is extremely likely to inhibit any attempt to dispose of these assets against his will.
Without a stadium the SFA and SPL cannot licence and admit a football club. While Duff and Phelps may have preferred the SPL to negotiate directly with the owner of Newco (once he was appointed), they were not in a position to ask the SPL for admittance yesterday without a stadium – perhaps a more practical explanation as to why they didn’t attend yesterday’s meeting.
Now that a CVA has finally been acknowledged as undeliverable, players will leave Rangers after Sunday’s visit to St Johnstone as free agents. There will be no Newco on hand to offer them a new deal. Those who can, will find employment elsewhere. This will be more than just the headline players, I know youth players at all levels have been scouted by clubs across Scotland and England. The chance to scoop up another club’s prime youth talent for free will not be passed up.
Getting a deal done this week with the SPL, the SFA, Bill Miller and the players would have allowed Duff and Phelps to maintain continuity, with Newco taking over for Sunday’s game. This will not now happen. The finger Duff and Phelps placed in the dyke back in February is set to slip.
Staff who cannot find employment elsewhere will remain at Rangers until 31 May. If Duff and Phelps sell ‘the club’ before that date, players who want to transfer to Newco can do so under TUPE regulations, which maintains their pay and conditions, however, they will be unable to transfer their player registrations until Newco is a licenced football club (which is dependent on SFA approval, which in turn will indirectly be dependent on Craig Whyte disposing of the stadium).
Duff and Phelps have no money to fund Rangers FC after 31 May, so must sell all assets before that date or the padlocks will go onto Ibrox and Murray Park. Yesterday was their last best chance to pull a deliverable deal together.
The fact Duff and Phelps didn’t even turn up to the meeting, and yesterday evening Neil Doncaster told Radio Scotland they didn’t return his calls when he phoned to ask why, indicates how on-target plans are.
Incredibly, I read one newspaper today suggested ‘Rangers [were]to benefit from SPL delay’. Where there’s life, there’s hope, I suppose. Somehow I cannot see Duff and Phelps’ Clark and Whitehouse high-fiving at the prospect of withdrawing from yesterday’s meeting. It is more likely that an undignified disintegration of a football club is set to take place in the weeks to come.
On a separate note: Just when Duff and Phelps would have presented Craig Whyte with a take-it-or-leave-it offer for all his assets, Brian Kennedy nips in as a second potential bidder for the stadium. Unless Kennedy is putting more skin on the table than Bill Miller all he is doing is fortifying Whyte’s negotiating position.
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The Deadwood tow truck has left Taxdodge City.
This is the gift that keeps giving and giving.
oops
guards
I hope Sally is half way over the Atlantic
Miller in his statement just read out on SSN, says abuse from those loving bears is part of his reason for withdrawing his bid
What a lovely club they are :)
Press release from bill miller
‘The Fakeover is over, Ive decided to stay at home….’
God speed Hillbillies, over an ole cliff.
“After hearing message from Rangers fans loud & clear (“Yank go home!”), I notified admins today I have withdrawn my bid”
My mood oscillator has such heavy use of late that I fear it may be bust. Hence I no longer know if the Windy Wan walking away is good news or bad.
This is good news, yes?
I will miss the stock photo of him smiling benignly that has been gazing at me from front pages of most of the papers.
Brogan Rogan Trevino and Hogan supports Kano 1000 on 8 May, 2012 at 11:10 said:
BHT&H an awesome post.I see many of my own experiences mirrored there.
Hail Hail
With all that has went on previously this is hardly surprising.
Rangers are finished and the last few months have just been theatre.
So no way to make money there Bill…hahahahahaha
Dark Mingwall and the hordes of hades on fallow fallow, made Windy walk away, ye canny make it up Mwwwhaaaaaaaa hahahahahahahhahaha!
the gift that keeps giving……….Hahahahahahhahahaahaa!
gebhoy
Right Paul,
Where were we again?
Newco / sanction or not / etc etc.
Miller’s contribution to the process assessed?
I still don’t like this. Hehe.
DoubtingthomasCSC
Just shoot them now.
Let’s all laugh at rangers, let’s all laugh at rangers…
Bill Miller you’re a legned..
Only a matter of time before Chris “shame the name” tells us he is “hearing” of a new bid from another bultimultitilutituttifruttizillionaire..
Go on Chris you know you want to!!
metaphorically of course :}
As a pure coincidence I was speaking to a friend earlier on today who worked for Brian Kennedy for a good few years.
He said that in his opinion BK would wait and wait and wait till the very last minute and until things were desperate and then offer a rock bottom price for the stadium and maybe the club.
The same friend told me long before now that Kennedy does not pay top dollar for anything and that in his opinion he will attempt to make his money buy working the satdium for all its worth shouold he get it. He will be canny to land values, rental opportunities and anything else thatb turns a buck without the need for financial committment on a big scale from him.
It looks like it’s going to be just plain old ordinary vanilla liquidation then, not that fancy Yankie hybrid stuff.
They’ll see out the season. Just.
I am most disappointed that I won’t have the opportunity to walk into Ibrox Stadium on the day of an Old Firm match as my friends tell me the hair on my arm will stand up
Is that quote for real? I’m dying here!
Hairs on the back of your neck at Celtic Park, single/matted clump of arm-hair at Ibrox.
God speed, Rangers
Glug, glug, gurgle, gurgle.
Do I detect the hidden hand of Tommy fae Glasgow?
right bhoys off to the credit union
for a wee loan
there is still time to save the gers
stupid huns
Stupid huns manage to get rid of probably their final hope.
That’s why he didn’t pay 500k. Back to the failed director then…
The Duffers are not really doing well here. Little chance of the creditors getting anything now with no rival bids on the table.
The game’s a bogey!
Keep on truckin” Bill
Most telling comment from Bill Miller..”information,discussion and analysis were,unfortunately, more optimistic than reality”. Someones been over-egging the custard !!!
Stupid huns with no buyer..hehehe.
Ha ha my boy just woke me up to tell me,who said it was a quiet day on the blog.
Does this mean we won’t see the Cheer Leaders,shame.
It looks like the ole incubator is more of an incinerator.
Bill Miller withdraws bid for Rangers
Bill Miller, the preferred bidder to buy Rangers, has withdrawn his bid for the club, the American businessman has confirmed.
hahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha
what’s that noise….more dreams being shattered or the fat lady clearing her throat?…
ps..the admins knew this was coming hence the delay to allow the knights to charge back in…or , hector about to re-enter the fray?
I think Bill finally got round to checking up on what he was buying in to.
“Ibrox? is that in Arlington?
” Bill they aren’t the Texas Rangers?”
“Oh right, ah em ……
“That what they call Madison Square Garden in the Big Apple?
” Bill ,they’re not a hockey team”
” what exactly are they?”
” I think you better sit down Bill, its a long story”
Onlooker
You could not make this up.
Like a Brian Rix farce. Doors opening and quickly closing.
Poor old Rangers.
Infamy, infamy somebody’s got it infamy
They’re trucked!
Maybe couldnt find his passport?..oh dear still no doubt this will be construed as good news by D&P as this “flushes” out the real bidders…
CelticResearch @CelticResearch
Rangers FC* (in administration) have just announced the retiral of shirt numbers 1-11…. Permanently.
Madre mía why does the good stuff always happen while I’m between work and home??
I see I’ve got a lot of catching up to do today…..
84 days in administration, and they’re no further forward.
This is going longer than X factor but its much more entertaining.You,ve got to laugh