Quantcast

D&P: Rangers could cease before end of season

676

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!

Buy a hard copy of CQN Magazine, issue 7, by clicking on the button below.  You can read online here.


Ship to:




Click Here for Comments >
Share.

About Author

676 Comments
  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7
  9. 8
  10. 9
  11. ...
  12. 18

  1. Duff & Duffer – bidders ask for more time (afternoon statement).

     

     

    Latest statement – Windy Miller now says he didn’t.

     

     

    Twilight Zone!

  2. Miller saying he has had confidential talks with SFA and players union, and will have talks with Sally soon re. players

  3. celticrollercoaster says In Neil we trust on

    Evening Bhoys. At the youth cup final with the rollercoaster family. Posh seats as well :-)

     

     

    HH

     

     

    CRC

  4. SFA take note…

     

     

    BERNE (Reuters) – FC Zurich and Young Boys – two of Switzerland’s biggest clubs – are among four top-flight teams who have been refused a licence to compete in the country’s first division next season, the league said on Monday.

     

     

    Sion, deducted 36 points this season in a legal row, and financially troubled Servette Geneva were also turned down in the first instance as the league got tough following a year which saw Neuchatel Xamax kicked out of the championship.

     

     

    The clubs have five days in which to appeal. Seven second division clubs also had applications refused.

     

     

    “For reasons of infrastructure and finance, the Swiss Football League’s licensing department has not granted the request for four Super League clubs,” the league said in a statement.

     

     

    “The commission has applied strict criteria, due to the experience of the past seasons. The budgets for the 2012/13 season have been examined from every angle.”

     

     

    FC Zurich have been Swiss champions 12 times and twice reached the semi-finals of the old European Cup while Young Boys have won the domestic title 11 times and reached the European Cup semi-finals in 1959.

     

     

    Young Boys, coached by former Tottenham Hotspur manager Christian Gross, are third this term which would earn them a place in the Europa League qualifying rounds.

     

     

    “In most cases, the refusals are due mainly for failing to meet financial criteria,” said the league’s statement, without going into further detail.

     

     

    CHAOTIC YEAR

     

     

    Switzerland, famous for its organisation, is the home of world governing body FIFA and European equivalent UEFA but its domestic football has endured a chaotic year with the problems centered around Sion and Neuchatel Xamax.

     

     

    Sion were deducted 36 points for fielding ineligible players who they had signed during the close season while being subject to a transfer ban.

     

     

    The case took on international dimensions when they fielded some of the players in a Europe League qualifying match and were thrown out of the competition.

     

     

    The club then defied UEFA and FIFA statutes by taking their case to the Swiss civil courts, prompting the threat of an international ban for the country’s football federation.

     

     

    Neuchatel Xamax were expelled from the league in January over a number of irregularities including the suspicion that Russian-born owner Bulat Chagaev had forged a letter from a bank which he used as proof of his financial situation.

     

     

    Chagaev, subsequently arrested and placed in custody on charges of financial mismanagement, had only taken over the club eight months earlier.

     

     

    In that time, he fired four coaches, the club’s administrative staff and terminated all sponsorship contracts.

     

     

    Seventeen-times Swiss champions Servette filed for bankruptcy on March 1.

     

     

    Since then the club has been sold to Canadian businessman Hugh Quennec, who is desperately trying to raise enough cash to keep the club afloat.

     

     

    There was more confusion on Sunday when FC Basel effectively won this season’s championship but refused to celebrate.

     

     

    Basel took an unassailable 16-point lead over FC Luzern, who have gone to the Court of Arbitration of Sport (CAS) over the league’s refusal to award them two extra points from a drawn match against Sion and their ineligible players.

     

     

    Basel said they would only recognise the title if Luzern could not catch them even with the addition of the two points.

  5. Murray announcement to orcs…..

     

     

     

    “bududumdum bum bum bummmm dudadun dun dun……….. Liscenced to kill gophers, by the government of the united nations.

     

     

    A man free to kill gophers at will. to kill, you must know your enemy and in this case, my enemy, is a varmint and a varmint will never quit. Ever.

     

     

    They’re like the vietcong. The varmint kong. so what you gotta do, you gotta fall back on superior firepower and superior intelligence. And that’s all she wrote.

  6. I’d imagine that this has been posted already.

     

     

    If not, scroll half way down to Court 10,

     

     

    Before MR JUSTICE ARNOLD

     

     

    Tuesday, 24 April 2012

     

     

    At 10:15

  7. The 1872 Walk – ingenious !! What better way to entice them to chuck money down the open sewer that is Ibrokes – combine their fighting fund with one of their favoured past times, sectarian marching !!! Brilliant.

  8. Good Luck to the U19 Bhoys this evening – play football the Glasgow Celtic way and bring home the Cup lhads.

     

     

    Hi Paul,

     

     

    As you have pointed out in your torrent of excellent articles the way D&P have conducted this Administration is Bizzaro…

     

     

    But

     

     

    That statement sounds illusory, just too daft, they either took no time or effort to understand the Regulations a SPL Football Club operate under and have steered HMFC R@ngers into a huge Iceberg or they have had covert assurances that they will have safe passage through.

     

     

    Surely if they haven’t secured anything for the creditors and stakeholders they have been Negligent in the extreme, running up costs and running down cash for two months. It’s too unbelievable they must have got the nod, mus’int they???

     

     

    Defuddled.

  9. Stupid American huns…

     

     

    Bill Miller is ploughing on with his bid to

     

    buy Rangers and claims he will speak to

     

    manager Ally McCoist on Monday night.

     

    Administrators Duff and Phelps said on

     

    Friday that they would look to proceed with

     

    the American businessman’s £11.2million

     

    bid today, if no other offers were

     

    forthcoming.

     

    However, the Blue Knights, led by former

     

    director Paul Murray, returned to the table

     

    over the weekend and today the

     

    administrators claimed both bidders asked

     

    for more time to clarify a number of issues.

     

    Miller’s bid is dependent on receiving

     

    written assurances from the football

     

    authorities that a new Rangers would not be

     

    punished next season.

     

    The Scottish Premier League clubs are due

     

    to vote on April 30 on proposals that would

     

    see ‘newco’ clubs deducted money and

     

    points for several seasons.

     

    In a statement released to Sky Sports, Miller

     

    denied asking for more time and insists he is

     

    “moving forward with my process”.

     

    He said: “After speaking with the

     

    administrators today I understand no other

     

    bidders have stepped up to offer to save

     

    Rangers.

     

    “As I stated on Friday if there were no other

     

    bids by close of business Monday I would

     

    begin the process of acquiring Rangers

     

    according to the plan that I outlined on

     

    Friday.

     

    “I did not ask for more time to move

     

    forward but at the request of the

     

    administrators I will wait to enter into

     

    exclusivity in order to give the Blue Knights

     

    and Ticketus more time to put an alternative

     

    offer together for the administrators to

     

    evaluate.

     

    “I will leave the administrators to determine

     

    when they want to identify their preferred

     

    bidder.

     

    “Until then I am moving forward with my

     

    process and continuing discussions with all

     

    the relevant parties.

     

    “I can confirm now I have had discussions

     

    today with the SFA (Scottish Football

     

    Association) and the SPFA (Scottish

     

    Professional Footballers Association) and

     

    I’ll be having discussions with Ally McCoist

     

    later today to discuss his recommendation

     

    regarding the players.”

  10. TopCorner on 23 April, 2012 at 19:04 said

     

    =============================

     

    Not making it tonight TC, much to my sons disgust. Monday and Thursday is Babysitting Granddaughter nights whilst the wummin earn their corn.

     

     

    HH

  11. The last few years have done nothing more than confirm everything we ever suspected regarding the hun, the SFA/SPL, the so-called free press, the referees, and many many more.

     

     

    If the Celtic Paranoia(its all in the mind) is updated how will the last 5 years compare with the previous 120+ years?

     

     

    Is this a blip?,

  12. Thought it was interesting to read on the blog the press media need Rangers more than anyone else

     

     

    No doubt Rangers out with the SPL will mean the succulent lamb gravy train is about to hit the buffers at its terminal destination

     

     

    When Rangers get liquidised so does the insidious pr machine they built under Murray

     

     

    A double jelly and ice cream for me please

  13. johann murdoch on

    Windy miller would like to speak to super ally ASAP re new players ,he already has a new quarterback in mind ….:)

  14. Neil canamalar Lennon hunskelper extrordinaire on

    So is there an exclusion on Lenny entering the tech area tonight ???

     

    is it true ?

  15. Auld Neil Lennon heid on

    Mr Stimpson on 23 April, 2012 at 19:34 said:

     

     

     

    The last few years have done nothing more than confirm everything we ever suspected regarding the hun, the SFA/SPL, the so-called free press, the referees, and many many more.

     

     

    If the Celtic Paranoia(its all in the mind) is updated how will the last 5 years compare with the previous 120+ years?

     

    __________________________

     

    Part and parcel of the fabric of Scottish football and impossible to separate without ripping the fabric apart. How I wish we could play elsewhere.

  16. Is that just said on Clyde about CVA correct?

     

     

    That if CVA is agreed before BTC then HMRC cannot object after BTC – it just becmes another debt to be paid at whatever rate was agreed under the CVA?

  17. Thindimebhoy on 23 April, 2012 at 19:34 said:

     

     

     

     

    No doubt Rangers out with the SPL will mean the succulent lamb gravy train is about to hit the buffers at its terminal destination

     

    _____________________________________

     

    Not to mention their Christmas parties for compliant/complicit MSM reptiles. McNee was a regular, don’t you know?

  18. I don’t know if McNee took his pup, Nicholas, to his Ibrox Christmas bash. But let’s not forget Arsenal reserve Nicholas at the 1983 young duds for Thatcher event.

  19. Limited understanding here, but seems like Duff & Phelps are doing everything they can to avoid Miller’s incubator bid, being the preferred option, probably because they know he’s a liquidator.

     

     

    Unfortunately for ‘thems’ he’s the only one, with a a few dimes, which they still need even to get to the inevitable.

  20. sparkleghirl on 23 April, 2012 at 19:39 said:

     

     

    Is that just said on Clyde about CVA correct?

     

     

    That if CVA is agreed before BTC then HMRC cannot object after BTC – it just becmes another debt to be paid at whatever rate was agreed under the CVA?

     

    +++++

     

     

    Only if they include the BTC in the creditor report and HMRC agree to the CVA on that basis. The CVA, as it infers, is an agreement between the company and the named creditors; the CVA is based on stated amounts with votes cast on the basis of the amount each creditor is due.

     

     

    Unless the result has been delivered in the last few days then the BTC is not in the creditor list ergo Radio Clyde are then talking a load of Craig Whyte.

     

     

    Why does this not surprise me?

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7
  9. 8
  10. 9
  11. ...
  12. 18