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.
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Auld Neil Lennon heid on 23 April, 2012 at 20:05 said:
dirtymac \o/ on 23 April, 2012 at 19:48 said:
I have asked the same question on rtc blog.
I think it is nonsense as it would give the Administration the added incentive to get a CVA agree before the BTC is decided.
I thought that if HMRC are listed as creditors on both the WTC, Unpaid Paye and the BTC then they are in the total “pot” and can vote against the CVA.
What Hananh was suggesting was that as things stand Ticketus are the majority creditor in the absence of the BTC and could vote a CVA through,
+++++
They can vote the CVA through, but as soon as the BTC is returned, the CVA will be challenged. Until then, the CVA will not be allowed to be ratified by HMRC.
A CVA agreed now is barely worth the postage on the papers sent to the creditors, and I would guess that D&P know that, or else moves would have been made long before now to get one in place.
3-0 mcgeouch
‘Absolutely stunning,’ Richard Gordon.
3-0. Dylan McGeouch.
Pen to hoops
Penalty Celtic.
Rieperman aye thats what I thought the situation was, its been disputed by rfc. but as it stands there is a debt to be paid unless rfc win the BTC.
V
4-0
McGregor to take it.
Goal.
4-0 Hoops. Final minute of the first half.
CEltic in penalty at hampden shocker. 4 nil
U19 team have done a right demolition job first half.
Please God, let us do the same on Sunday…
shortbread raving about all the young guns fabulous great to watch etc.
HH
H/t 4-0
HT 4-0 for Celtic
4-0 the wee team are on fire
V
wonkyradar on 23 April, 2012 at 18:06
Absoltely brilliant. Lovin your stuff lately
HailHail
hope John Herron gets one in 2nd half
brilliant player
Was expecting McGeoch and Twarzdik to be impressive but Bogle (think that’s who it is) has stood out for me.
4-0 at half time?!
Rangers must have some team if they have the best kids in scotland.
KyleLaughatmeCSC
SffS
Paul newman and Robert Redford whilst reading over a script for a proposed sequel to The Sting were heard to remark ”and who exactly are these Duff and Phelps”
Are Ticketbus party to the CVA process? I mean, are they even a creditor yet?
I’m not sure that they are, the recent court case suggested that they would become a creditor upon default and that the amount due would be £27m, but I don’t think this is the case yet.
No to Newco….
Bogle was released by Celtic and therefore NOT playing tonight
SffS
hope Filip’s gonna be ok
still gutted for Paul George,
one of our best players
TopCorner on 23 April, 2012 at 20:18 said:
hope John Herron gets one in 2nd half
brilliant player
think he’s in starting 11
Seven Fishes Four Steaks on 23 April, 2012 at 20:20 said:
No to Newco….
Bogle was released by Celtic and therefore NOT playing tonight
SffS
+++++
I think it’s Glenn Loovens.
heraldcrappymatchreportsCSC
Vmhan,
As someone else once said..
makes sense to me!
think you mean Darnell Fisher
coloured chap
terrific lad
gets stuck right in
he and Jackson work very well together
good team-mates
SPL Survey now closed, 16,500 participated. 95% no to Newco in SPL.
the SPLSURVEY guy on shortbread now explaining the results to Jim spence.
95% of 16,500 supporters SAY NO TO A NEW CO.
the hibee meets with Doncaster tomorrow.
TopCorner on 23 April, 2012 at 20:18 said:
hope John Herron gets one in 2nd half
brilliant player
Are you connected to the young man by any chance?
I to have an interest in his success.
‘GG
Riepermhan aye right enough :¬)
V
yep Kayal33
John Herron is cool when 1-on-1
was at same school as TW and been at the club with Marcus since 8yrs old, or so
so many good players we have
hope Neil sends them out to face rfcia
we will horse them !
fan survey talk on state media now
whats the craic ?
re sporting integrity
With our new Polish CB injured with a ruptured cruciate,will Dan or Loovens get offered a new deal?
Sparkelgirl and others
Hey guys chill remember Hanna is a caller on Synde which should say it all.
The short answer to Hanna is pants!
Anytime after 13 May is my quess if the money holds out.
The performances of young Dylan McGeouch and Tony Watt have only reinforced my opion that Celtic should be aiming for a core 1st team of around 10 players – all on very good money, with the rest of the squad being filled up with our kids.
Our kids have never let us down – domestically or against the best of the best.
Domestically – our 19 year old babes should in theory be better than the opposition most of which are filled with 19 year olds themselves, such is the amatuer back water of a professional football league we are forced to play in.
Reckon its the way to go.
cheers for that summary St Stivs
Must be Fisher although the website says hes a centre mid, looks to me like he’s playing right side and would make a quality right wing back.
Bobby Tait?
Superb memories Paul. I was living and working in London in those days. Just a young thing, homesick in the big smoke. I remember being in work and my Arsenal supporting boss giving me the news, and me spending the next day in front of the Teletext watching Dunfermline v Celtic.
Teletext!
Gutted when they scored – a real feeling of dread. But the next week I was at CP for one of the truly great days in our history. The moment Harald finished them off is etched on my mind like a photograph even today.
The Bobby Tait thing just summed them -and the SFA – up. Great memories.