Lots to chew over in this afternoon’s statement from Duff and Phelps but this nugget grabbed my attention:
“If we proceed with an offer that is based on a sale of the business and assets, then we would expect the football club share to be transferred within a matter of weeks, with a preference of prior to the end of the current season.”
This means that unless a CVA is concluded beforehand, Duff and Phelps plan to ask the football authorities to award Rangers’ share in the SPL to a new club prior to the end of this season. This share is worth money, Duff and Phelps would be able to sell it to generate cash, so there is no harm in them asking!
The enormous problem for the league is that the Newco would not employ any footballers and the final date in the season for signing non-contracted player passed a month ago. Rangers players are employed by Rangers FC PLC and their registrations cannot be transferred to any other football club outside of a transfer window.
In the event of a liquidation (which Duff and Phelps have not accepted as a likelihood), player registrations revert to the SFA. They are not assumed by a phoenix Newco to pick the following week. There is absolutely no circumstances for a club to avoid liquidation and still manage to transfer their players to a Newco outside a transfer window.
How did they concoct such a fantasy?
This is a Fifa rule and cannot be altered by the SFA or SPL. The entire debacle has become farcical.
SPL clubs, who vote on Friday on whether to introduce a procedure which would allow a Newco to be allowed straight into the league, have the proverbial gun pointing to their heads with this statement. They must stand firm and refused to become embroiled in the mess.
The other SPL clubs and the SFA did not design this crisis at a member club and it is not their responsibility to resolve it. We will find out soon enough whether member clubs take account of the overwhelming voice of their supporters on this matter.
Pay your bills!
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