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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If we start compiling a list of hard done by teams they have faced in Europe we may be here all night!
A fit Wellinton playing for Spartak would be a blow to Celtics chances.
A67
Awe_Naw
Aye, I have posted before that there must be a lawyer or two out there, who would be willing to give their time for free in such matters.
Benny Hawkins.
Chris
Crossroads CSC
O.G.
Is Alex T involved with whatever is likely to come out next week?
Not enough is made of the contribution that our Polish correspondent makes to our understanding of all things east of central Europe.
No newspaper or magazine could rival CQN’s man-on-the-spot.
Thank you, Zbyszek.
a plucking young nettles, she ne-er saw me comin
When it comes to avoiding tax and dodging bills it is the ‘old’ football club and not the ‘new’ one.
When it is on the field matters, trophies and history. The club has never changed.
One Nation, No place for meddling Irish and their descendants…
Thank you, Zbyszek. I’ll second that!
Rocket Man
Rangers media and follow follow give a good head to head account of the huns European cheating. They even point out which clubs are now defunct ,, possibly thanks to them. Dates, Scorers, teams etc.
So if you can swim in poo for a few minutes you can garner a list pretty quickly. Quite a few EBTers scoring too :-)
Hail HAil
Andrew67
19:49 on
1 October, 2012
A fit Wellinton playing for Spartak would be a blow to Celtics chances.
—————
More like a boot in the crown jewels to our chances???
KK
But can you pronounce Zbyszek:o)
Pablophanque, sadly missed, kinda got me on the right road with the pronunciation when Zbyszek came over some time ago. He must come back soon.
Kilbowie Kelt
Thirded
Zbyszek’s a class act
HAil Hail
Chris,
That was impressive…wouldn’t have remembered his surname if you offered me a million.
EDB
I pronounce it B Sheck
BT
I call him
Aha wielki samochód ciężarowy ;-)
Hail Hail
bt
I think I had a strangled Zss before the B Sheck. Or was that Pablo strangling me at the time LOL.
Awe_Naw_No_Annoni_Oan_Anaw_Noo
Why wade in poo when we can work it out ourselves! http://en.wikipedia.org/wiki/Rangers_F.C._in_European_football
Rocket Man
I like the idea of them helping us in their own demise.
Hail HAil
ElDiegoBhoy ,
Our noble Gorbals’ Baudelaire gave me a master class in the pronunciation of the name of our revered Eastern European correspondent.
Nobody could do it better.
EDB
yes thats the way he told me too..
awe_naw_no_annoni_oan_anaw_noo
I think we are generally agreeing here.
I think those post backs up what I was saying, BDO will be after the directors of Oldco, not Newco.
The duplicity, corruption are apparent, things such as the Amoruso and Gorum cases indicate this.
I still don’t think BDO will “go” after Newco, really just because I don’t see what they will gain, it may just hasten the Newcos end, and I don’t think they will be interested in that.
And as I say, I’ll be delighted to be wrong.
HT, just logged on after busy weekend, would have loved to have stayed longer on Saturday but my team had a combined age of about 300 (that’s 4 of us and I’m only 40 ) and needed their beds. Great news that the target has been reached.
God bless wee Oscar.
Hail Hail
Thanks guys. Awe_Naw , BT and EDB :-)
Guys any questions regarding that Spartak team?
As for performance. Spartak are under probation for their fans behavour. The biggest problem were flares. Tomorrow they likely will fire the flares. Couple of minutes break?
Andrew67
Wellington is not their best player. He is back to training, today first with whole group of players. They did not decided if he will be in the protocol for tomorrow or not.
KK
That’s a point. I wonder what he’s up to. Not noticed him on here recently. I hope all’s well.
Spartak have Marek Suchy who negotiated contract with Rangers one year back. Another reason to beat them.
Marek Suchy is their CB who was injured but will play tomorrow.
I saw info that Aiden McGeady did not play on Saturday becouse was injured. No, he did not play becouse was banned for four yellow cards.
captainmoonlight
the oldbhoy said you where unwell..
that was his excuse..o))
he is not to happy that I won two bottles of Malt,he is asking for a stewards enquiry…
ElDiegoBhoy, 19:51
He may be in Syria
Doc
If the Newco directors are in on it then I dont see the distinction also HMRC cannot be seen to accept this.
BDO will undo any deals which might benefit the creditors. I therefore expect it to be undone.
The assests will then be theirs to sell.
I expect a local consortium of business men to then get involved and Sons of Zombie FC to be established and given a license and full membership due to financial considerations.
HH
BT, his auld heid came up wi a few crackin answers!
Ah wonder where we finished in the gran’ skeem o’ things?
C’mon the Hoops
awe_naw_no_annoni_oan_anaw_noo
Since the fitba authorities, the taxman, the government all won’t – their help would be appreciated.
Hail Hail!
captainmoonlight
20:06 on
1 October, 2012
I’ve been feeling the combined age of your team since Saturday night!!
Ps initials TF?
Cheers O.G.
Guess I’ll just need to be patient.
Rocket Man
Criminal investigation and legal procedure needs to be adhered too. With such a complex equation we need to be patient but remain vigilant.
HH
Just two things……………
1) Grimmond McCrummoch, brass-necked, brown brogue rogue…..( tic – tock)
2) BBC Lite – shameless.
ElDiegoBhoy, 20:22
Today’s info is the real one to watch. I’ll know more tomorrow
O.G.Rafferty
Don’t post anything during the day in case I miss it while at work:o)
Do Spartak still play on an artificial pitch?