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D&P finger in the dyke set to slip on Sunday as club disintegrates

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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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465 Comments

  1. South Of Tunis – Behave. His greatest role was Patches O’Houlihan in Dodgeball, one of the greatest films ever put on a screen.

  2. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Maybe Brian Kennedy is involved in the Octopus investment vehicle and is part of their safety net strategy

     

     

    Hail Hail

  3. Dontbrattbakkinanger on

    Rip Torn’s cousin is Cissy Spacek, who played Loretta Lynn in ‘Coalminer’s Daughter’, which laso featured the late Levon Helm

     

    DBBIA/BadlandsCSC

  4. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Rogueleader

     

     

    Agreed.

     

     

    Rip must have had a searing coke habit

     

     

    Hail Hail

  5. South of Tunis:

     

     

    Forty Shades of Blue sounds painfully Hun Like.

     

     

    Seriously though, I didn’t like that film one bit. Although the music as decent. I have seen better films about Baudelairean Ennui than that. Tarkovsky’s Nostalgia is a better film. Esoteric yes but goes beyond ennui to embrace notions of spiritual homelessness, longing, even the ultimate meaning of faith…what a director Tarkovsky was- Paradjanov a real artist as well. The closest Cinema can ever come to pure poetry.

  6. Auld Neil Lennon heid on

    Aw naw

     

    On beer: I’m sipping from a bottle of Innis&Gunn oak aged beer with -get this- A RUM finish!

     

    Wunderbar :)

  7. Auld Neil Lennon heid on 8 May, 2012 at 15:31 said:

     

     

    sounds like bliss, all you need is a couple of Rip Torn Films on Film Flex and your days made.

  8. South Of Tunis on

    Brogan Rogan @ 15 26 .

     

     

    Very timely .

     

     

    When the current Hun circus is over [ it might take a while] , I expect to see action re The B of S and Scottish football , The B of S and Rangers , HBOS and Scottish football, HBOS and Rangers , HBOS and Minty etc etc .

  9. Brogan Rogan Trevino and Hogan supports Kano 1000

     

     

    I can certainly agree with what you have said there. I can only go on what McCann said to me at the time.

     

    Rangers had a history of buying up players from other Scottish clubs to sit on the bench or in the stand.

     

    They always got rid of the competition. Ritchie didn’t score a goal in the cup final they won at Paradise. It was a penalty in the first minute scored by Fulton I think and then Adam with a rasper. Think Swally got the consolation goal.

     

    Hearts are in as much bother as Rangers. I await and see what comes of them once Rangers get dealt with. If the penalties are not severe then Romanov will take Hearts the same route.

     

     

    LB

  10. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Auldheid

     

     

    6,6% tell the wife … I´ll only have the two ;-)

     

     

    MMmmmhuh

     

     

     

    Hail HAil

  11. Lennon’s Passion

     

     

    Absolutely no problem with Santa Ponsa – I love the place. I was just asking if anyone has stayed in the Verdemar Apartments before, as I’m thinking of booking for in there…

     

     

    HH

     

    Giggs

  12. Saint Stivs on

    Brogan Rogan Trevino and Hogan supports Kano 1000 on 8 May, 2012 at 15:26 said:

     

    Livibhoy

     

     

    I am trying to phrase this in the most careful of terms…….

     

     

    ———————

     

     

    At the time, I was told from as close a source as it gets that he had two offers from the top division in England.

     

     

    Now, as a tim, mass goer, brought up supporting Celtic, and you have the choice to go to them or England , what would make you possibly sign for them ?

     

     

    E

     

     

    B

     

     

    T

     

     

    more that 30 pieces of silver in that.

     

     

    the truth will out.

     

     

    also, when interviewing any ex Hun of that time, any of them, not one single journo has asked the simple question –

     

    “did you enjoy an EBT while playing for Rangers ?”

     

    ” while coaching Rangers ?”

     

    “while serving on the board of Rangers ?”

     

    “while packing the kit for Rangers ?”

     

     

    rant over.

     

     

    someone mentioned mccann and it sets me off.

     

     

    us paranoid Tims from that era, all we suspected gets proven true.

     

     

    cheats the lots of them.

  13. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    MWD

     

     

    and you came out with your bike ?

     

     

    Hail Hail

  14. LiviBhoy on 8 May, 2012 at 15:23 said:

     

    Recently went to a stag do in Budapest with guys from West Calder. I’d agree that West Lothian has a few Tims (mental but great craic).

  15. !!Bada Bing!! on

    McCann was asked about EBT’s on Sky’s Goals on Sunday a few weeks ago by Chris Kamara,he didn’t answer the question,and quickly changed the subject…………..next time Wishart is on Snyde,he should be ambushed with the same question.

  16. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    Che on 8 May, 2012 at 15:24 said:

     

    BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS on 8 May, 2012 at 15:22 said:

     

    Cant be,

     

    Whytey has promised it to GAA

     

    ~~~~~~~~~ ~~~~~~~~~~~~ ~~~~~~~~~~

     

     

    Jee-zoh,man.

     

     

    Don’t stoke up their paranoia any worse than it is already.

     

     

    Are they allowed to get paranoid,btw,or do they have their own expression for it?

     

     

    I think they can have the word “paranoid” back,tbh. It was never ours,just a word they bandied around.

     

     

    Let them see how it feels……

  17. Tell the world

     

     

    NO to Newco

     

    NEIN to Newco

     

    NON to Newco

     

    AON to Newco

     

    NIE to Newco

     

    ไม่ to Newco

     

    沒有 to Newco

     

    não to Newco

     

    नहीं to Newco

     

    Not to Newco

     

    Jo to Newco

     

    Geen to Newco

     

     

    Etc CSC

  18. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Ex-Rangers chairman cautiously welcomes Bill Miller bid

     

     

     

    By Alasdair Lamont

     

    BBC Scotland

     

    Former Rangers chairman Alastair Johnston, who led opposition to Craig Whyte’s takeover of the club, has cautiously welcomed Bill Miller’s bid.

     

    But the United States-based Johnston says he does not yet have enough information on the American “to start jumping on any bandwagons yet”.

     

    Johnston says he will support anyone able to save the club.

     

    But he added: “There’s been no mention yet of any investment and how he intends to provide working capital.”

     

    Johnston has been using his own contacts in the media and sports business world to try to find out what tow-truck tycoon Miller will bring to Rangers.

     

    Miller was involved some years ago in trying to launch a rival organisation, which ultimately failed, to Nascar (the National Association for Stock Car Auto Racing).

     

    “I’ve spoken to people at Nascar and nobody there knew him,” Johnston told BBC Scotland.

     

    Continue reading the main story

     

     

    My concern would be that the administrators are acting in the same way as David Murray and Lloyds did – looking at things with one eye shut

     

     

    Alastair Johnston

     

    Former Rangers chairman

     

    “His name was known at ESPN because he’d had talks there about television rights, but they didn’t come to anything.

     

    “I haven’t been able to get any reassurances on what he’s done, but he does have credibility in his own business.

     

    “As to his motives for buying Rangers, well Rangers, historically, is a big institution, perhaps bigger than it currently really is given the position of Scottish football as a whole.

     

    “So people would pay attention and it might appeal to someone who has a record of turning round ailing businesses.”

     

    Johnston has been critical of Sir David Murray’s decision last year to sell to Whyte in a move that paid off the debt owed to Lloyds Banking Group.

     

    “The devil will be in the detail,” said Johnston. “The problem with Craig Whyte was how he was going to provide working capital and there’s been nothing from Bill Miller as to how he will underwrite or invest in the club.

     

    “My concern would be that the administrators are acting in the same way as David Murray and Lloyds did – looking at things with one eye shut.”

     

    Johnston also expressed concern about the speed at which Duff & Phelps was providing the police with information, a matter addressed by the administrator on Tuesday.

     

    Strathclyde Police wrote to Duff & Phelps on Friday asking for any and all information it believes may be of interest to the police.

     

    In February, Johnston asked the authorities to examine the circumstances of Whyte’s takeover.

     

    Sale Sharks owner Brian Kennedy had first been involved in a sole bid for the club then joined forces with the Blue Knights consortium led by former Rangers director Paul Murray.

     

    Now that Miller has been given preferred-bidder status, Kennedy’s latest involvement was to hold discussions with Whyte over the possibility of acquiring his shares, something that would help smooth a takeover.

     

    “If Brian’s initiative was productive then I would welcome that,” added Johnston.

  19. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    !!Bada Bing!!

     

     

    He also tore Camara a new one when off air. Wasn´t best pleased at all.

     

     

     

    Who´d have thunk Camara would be a leading light ? :-)

     

     

    Hail Hail

  20. BSR

     

     

    you really need to get off the fence and make a decision one way or the other.

     

    make your mind up mhan

  21. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    bournesouprecipe

     

     

    What region of Switzerland ?

     

     

    Hail Hall

  22. Interesting reading, hearts even get a mention…

     

     

    A letter from Blackburn Rovers’ deputy chief executive Paul Hunt to the club’s owners has been leaked in which he warned of the need for further investment and called for the removal of manager Steve Kean.

     

     

    The letter, which Hunt has confirmed is genuine, was sent in December when fears over relegation were growing stronger.

     

     

    The letter, published on Sportingintelligence.com, saw Hunt asking Venky’s to “make some significant changes to save the club, perhaps from relegation but also perhaps from administration”.

     

     

    As part of a ten-point plan, Hunt wrote: “Publicly I have been asked to support the manager and I always have as I personally like Steve. I have supported him from the start and have been desperate for him to do well.

     

     

    “However, I am now of the opinion that it isn’t working and he is ready to go. He has lost the crowd and as a result of this evening’s game has lost the dressing room as well – the players no longer want to play for him. It is a shame and disappointing but we must act now to save the club. The board should be asked their opinion in who should be the new manager.”

     

     

    Problems with the club’s finances were made public in the press and Hunt had warned that players would legally be allowed to annul their contracts.

     

     

    “As you are aware Barclays have asked for the owners to put £10m into the business. This needs to happen and I am confident that this could only be a loan as we would increase the value of the club significantly.

     

     

    “With all the speculation in the press the playing staff value and overall club value is depreciating on a daily basis. By putting an end to this the owners would be protecting their investment, putting their trust in the executive team and the club. The position with the finances is a cause for grave concern. Auditors KPMG have put as many obstacles as they can in the way of signing off the accounts due to their concerns. We continue to try and work with Barclays but they are very quickly losing patience as we cannot give answers.

     

     

    “During January we need additional funding to pay wages etc. Scottish club Hearts did not pay their players in November and have effectively breached their contracts. By law [supported by FIFA] the players can now annul their contracts, seek other clubs and still chase the club for payment of their wages. Clearly, the club will not receive any fee for any transfers.”

     

     

    Hunt also advised the owners that fans were abandoning the club at an “alarming rate” and suggested kit suppliers Umbro could follow suit.

     

     

    “I am concerned we will lose Umbro if we continue to manufacture Rovers shirts in India for the RoverStar programme. Their contract specifically disallows this and we are putting at risk £800k of annual revenue. The Blackburn Rovers and Venky’s brands are both suffering terribly. Whilst there are negative goings on such as protests, complaints, media stories, unhappy fans etc, then both brands are losing brand equity and consequently, losing value.”

     

     

    Hunt, who also sought a promotion to CEO and “a relatively modest increase” in salary in his letter, told the owners that he was acting in the club’s best interests.

     

     

    “Please don’t view this as me questioning the owners unjustly,” he wrote. “Please be reassured that I do question things, it means I am doing things right for the club and the owners by not accepting things lightly. This is how I work and how I must continue to work to get the best for Blackburn Rovers. With my experience of Blackburn now and my previous experience at three other prominent clubs, I do feel as though my suggestions come from a position of strength and can make a huge difference to life at Blackburn Rovers.”

  23. Dontbrattbakkinanger on

    Is it time to for the Hillbillies to circle the bandwagons yet?

  24. Awe Nae,

     

     

    I couldn’t tell you who owns it mate, I’ll find out. My mate is a Tum……..do you know the family?

     

     

    Livi Bhoy,

     

     

    There were a few rangers supporters in the pub as my mate phoned his wife to bring us down a couple of T shirts to change into as we were told not to take our jackets off, a couple of rangers supporters identified themselves by declaring their allegience and being vocal to us that our jackets must stay on!!

  25. gorbalstam

     

     

    West Calder Tims have been on our bus a few times for trips down South. Brilliant bhoys.

     

     

    LB

  26. pedrocaravanachio67 on

    dont know if posted already, panorama 8pm 23rd may : investigating SDM.

  27. jimbob71

     

     

    Haha. Good old Whitburn.

     

    Bathgate is a better place to go after a Celtic game. More of an even mix there. Broxburn is even better for the odd running battle.

     

    Haha

     

     

    LB

  28. cardiffbhoy on

    BRTH & Livibhoy – I have to agree with Saint Stivs – McCann may or may not be a nice guy, but he went for his pieces of silver.

     

     

    Now I’m not as blessed with his footballing talent, but if I had the option of Rangers or anywhere else in the world, I would have to go anywhere else, I cannot understand how someone could play for them.

     

     

    To see him sit now and pontificate on Neil Lennon’s temperament or touchline behaviour, or why we need RFC to survive, gives me the boak.