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Duff & Phelps £4m shortfall

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Following on from the SFA issuing an important announcement just as the Olympics opening ceremony was getting underway (Mr Regan, take a long hard look in the mirror), Duff and Phelps yesterday issued their final progress report to creditors of The Rangers Football Club PLC (in administration), recently renamed RFC 2012 PLC.

….On a Sunday, when the Ryder Cup was guaranteed top dominate sports reporting.  Anyone would think they didn’t want you to read it.

Take your time to read the report in detail here.  For those of us who follow football finances there is a treasure trove of information seldom revealed in this detail.

During the period in administration covered by the report, 14 February 2012 to 25 September 2012, the club incurred trading shortfall of £4,007,635.  Quite a remarkable figure.

The administrators received £2,457,420 remuneration on 10 August while the club paid £1,325,756 in legal fees as well as over £400k in legal and administration disbursements.

Buried (very) deep into the report is money paid to PR companies.  They paid Spreckley £28,941 for media consulting in relation to the administration.  They also paid Media House £141,441 for media consultancy in relation to the company.  Is this another remarkable figure?  Some creditors may be surprised but there is none here. Duff and Phelps will no doubt be prepared to explain to creditors the value they gained from this expenditure on their behalf at the forthcoming creditors’ meeting.

Duff and Phelps will soon be discharged and the club will be handed over to BDO who will liquidate it.

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  1. tomtheleedstim on

    Celtic Football Club ‏@celticfc

     

    Then Scott Brown was asked by that Russian journalist if Celtic players watch Braveheart before their games…

     

     

     

    Celtic Football Club ‏@celticfc

     

    SB with a straight face: “Yes we watch Braveheart, and before every game we also put our kilts on and all dance together…” (MH)

  2. I read earlier that the club will be folded on October 12th. I really hope so, that would be some first birthday present for baby Hendrix!

  3. hendrix67

     

     

    They will enter liquidation then but it will take many months (maybe even years) before this process is completed.

     

     

    BDO will have a lot of work to do and there may be quite a lot of court cases coming up.

     

     

    Mort

  4. Anyone shed light on what is left to be liquidated? What can be sold off that hasn’t already been “bought” by Green?

  5. Steinreignedsupreme on

    bournesouprecipe 12:28 on 1 October, 2012

     

     

    “And ole Celtic Supporters who remember Big Tam – the Sellick fan

     

     

    “*Sean Connery the only Russian Naval Commander ever with a Scottish Accent*”

     

     

    To be fair to Shean he’sh multilingual with the ole Shcottish acshent.

  6. Paul67

     

     

    Never known an administration like it.

     

     

    Is the announcement today confirmation from Duff&Duffer that the tribunal found in HMRC favour.

  7. Glendalystonsils likes a mr whippy with his lime green jelly on

    I wonder which ludge the polis who booked Gary Hooper for having a tinted window in his car belongs to? All the way to court too. Pathetic.

  8. traditionalist88 on

    Mort

     

     

    In your view, will BDO insist upon the newco changing their name/imagery to distinguish them from the club they are liquidating?

     

     

    HH

  9. The press conference today confirms everything I have read coming out of Moscow the past few days. They are not taking us seriously and think they only need to show up for a win.

     

     

    Celtic to win their first CL game away from home tomorrow.

  10. The Battered Bunnet on

    I particualrly liked this entry in the definitions Paul:

     

     

    Rangers / the Company / the Club:

     

    RFC 2012 P.L.C. (Formerly The Rangers Football Club plc) (In Administration), Ibrox Stadium, Glasgow, G51 2XD (Company number SC004276);

     

     

    You’d have thunk they’d have read Nimmo Smith by now :¬)

  11. South Of Tunis on

    Meanwhile -Sir David Murray sits comfortably in his wee estate in France . The epitome of ever so dignified flag waving chancerdom .

  12. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    ernie lynch

     

     

    12:08 on

     

    1 October, 2012

     

    What a lovely day to knock on the front door of the Kremlin and ask “Is Len in?”

     

     

    >>>>>>>>>>>>>>>>>>

     

     

    LLLOOOLLL….!!!

  13. Afternoon bhoys, warm and sunny on the hun free mountain.

     

     

    Strange view the Russian hacks have of scotland.

     

     

    So, eventually the liquidators are taking over, might we see some of the truth emerge, as to their dodgy dealings and their scams ?

     

     

    I hope so.

     

     

    If I were a creditor, I would be taking some sort of action against the admin men, they have done nothing to protected any of them, infact, they have done the opposite.

     

     

    Strangest administration I have ever seen, and we all know why.

  14. ASonOfDan

     

     

    12:48 on 1 October, 2012

     

     

    The press conference today confirms everything I have read coming out of Moscow the past few days. They are not taking us seriously and think they only need to show up for a win.

     

     

    Celtic to win their first CL game away from home tomorrow.

     

     

    —————————————-

     

     

    I totally agree with you. I find it strange that they can be so arrogant. Do they forget that we got a result there a few years ago. People may say that we are not as good (that’s a matter of opinion, I feel that we have more of a goal threat on the pitch now) but they are certainly not as good as they were back then.

     

     

    I would take a draw but I believe that we can get all 3 points.

  15. Steinreignedsupreme on

    Paul 67 –

     

     

    Sevco actually pay for good publicity?

     

     

    Now that is a total waste of money give the Scottish media carry out that work for free.

  16. The world is corrupt….the msm is corrupt….our so-called government is corrupt….football is corrupt…the entertainment bizness is corrupt….the miasma of corruption is everywhere…..this is what we are led to believe. So, why is nothing really being done about all of this? And if you do get angry about it all, you are told you have extremist views and you’ll scare the children.

     

    Oh well…….back to serfdom then.

     

    Anyway…

     

    ….we stand a realistic chance of nicking three points tomorrow. I suppose, as a Celtic fan, I am daft to believe that is a possibility?

     

    It’s football. Anything is possible.

     

    Unless it’s been ripped to bits as has been done to the game in Scotland by the most corrupt footballing scandal I’ve ever had to witness.

  17. Paul 67

     

     

    The truely eye-watering figure is to the English solicitors Taylor Wessing of £1m+ for what exactly?

     

     

    Chasing down Collyer Bristow for £25M which (memory failng here!) was either for the ‘missing’ Ticketus money or the ‘opportunity cost’ of not accepting the back of a fag packet offer from the Blue Knights which involved a share issue…… either way 200 man days at £5K per day , its all work and apparently legal!!

     

     

    As long as the timesheets are signed , then it is all above board…

     

     

    Outragedcfc

  18. Hopefully BDO will see that £5.5 million for the stadium, training ground and players, as well as history and titles (ahem), is far less than they should have been sold for. If this is the case can they demand money from chuckles or can they sell off assets from under him?

     

    Not being into finance I have no idea.

  19. There is something fundamentally dishonest about using a popular Celtic FC blog to promote personal (religeous and other) belief systems. Classic trolling. Plenty of dedicated forums on t’Internet for all that kind of stuff.

     

     

    Paul sets the excellent rule and example of keeping the blog free of bad language – children also read CQN. My personal opinion but some of the extreme beliefs now regularly expressed on CQN are far more dangerous.

     

     

    Chris

  20. traditionalist88

     

     

    I would doubt it to be honest.

     

     

    BDO not interested in that type of thing, it would be HMRC who would be involved in doing this and as they have not yet (to my knowledge) commented, I’d say they don’t really care.

     

     

    What HMRC will be wanting BDO to do is to see if sale of assets and business was all carried out correctly and if they can get any money for current or previous directors.

     

     

    BDO might find that the sale figure was too low and seek additional funds from newco or sieze any assets that might be worth more.

     

     

    Allowing them to continue to trade as Rangers will probably be low down on their priorities.

     

     

    Mort

  21. Another quote from Neil Lennon

     

    -What would you do if you have had 100 million euros like Zenit St.Petersburg?

     

    N.L. If I have had 100 million euros you would not see me here at the press conference. I would stay in Las Vegas where I could lose all money quickly. I would not move out from there.

     

    I’m joking, of course. I would put all that money into the team.

  22. Son of Gabriel on

    The secured creditors:

     

     

    RFC Group, Kelvinside, the SS Council, Premier Property and Close Leasing

     

     

     

    Okay. RFC Group…is that Mr Whitey?

     

     

    The SS Council… They are officially the dark side and believe they are the airian race.

     

     

    Brilliant.

  23. sannabhoy

     

     

    12:13 on 1 October, 2012

     

     

    HamiltonTim , you no talking to me ?

     

     

    petec , noticed a post earlier during the madness last night . believe you’re a bellsmyre lad . where from and when ? myself – murroch avenue , glenside

     

    __________________________________________________________________

     

     

    Muir Road just round the corner and we moved around about 1981. I cannae remember the exact number but it was something like 9/10 right across from the building that had the big fire.

     

     

    I

  24. South Of Tunis on

    Sicilian bookies –

     

     

    Spartak —— 8/15

     

    Celtic ———- 73 /12

     

    Draw ———– 35 /11

  25. “The joint administrators have continued to review the claims made by HMRC in the administration.

     

     

    “The claims are largely made up of determinations issued by HMRC in accordance with Regulation 80, penalties and outstanding PAYE/NIC.

     

     

    “The joint administrators have adjudicated on these claims and confirmed to HMRC that for voting purposes, their claim will be admitted for voting purposes at £94,426,217.22.”

  26. Heritable property sold for £1.5m.

     

     

    Shown in balance sheet at £120m.

     

     

    That would suggest the huns have been trading whilst insolvent for years.

     

     

    If so the directors are personally liable for the company debts.

  27. Neil canamalar Lennon hunskelper extrordinaire on

    mort,

     

    BDO are currently working the Woolworth case, they have so far recovered 32p in the £, I’d hope they will have the same remit for recovery, if so the assets may still be repossessed.

  28. Son of Gabriel on

    Battered Bunnet:

     

     

    I particualrly liked this entry in the definitions Paul:

     

     

    Rangers / the Company / the Club:

     

    RFC 2012 P.L.C. (Formerly The Rangers Football Club plc) (In Administration), Ibrox Stadium, Glasgow, G51 2XD (Company number SC004276);

     

     

    You’d have thunk they’d have read Nimmo Smith by now :¬)

     

     

    ____________________________________________________________

     

     

    Even better when you look at the next page:

     

     

    The purchaser and Newco

     

    The R@angers Football Club Limited (Formerly Sevco Scotland Limited) of Ibrox Stadium, Glasgow G51 2XD (Company number SC425159)

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