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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ht
Yep.
https://pbs.twimg.com/media/A4IO-XtCMAI1tM4.jpg
Stop the banksters taking over the world, depression by design!!
awe_naw_no_annoni_oan_anaw_noo
20:14 on 1 October, 2012
I may have missed something, but which Oldco directors are in on it?
I know there has been a meeting between Murray and Green, but what would Murray tell Green, the truth, doubt it.
If BDO do undo the deal, how much more money will they get?
Will they be left without a buyer?
No consortium of local business men were willing to get involved in the summer, why do you think there is one now?
MoreQuestionsthananswersCSC
hamiltontim
Yes, still artificial photos on the Celtic Facebook page of the players training on it tonight.
They must be paying Julio Cesar at least 50k a week at QPR, oh dear.
HT
Yes, they do. Two Russian Premier League clubs have artificial pitches. Spartak is one of them.
HT
I think my team finished second ..is that right ?
The night was rapidly getting silly , the bar had ran out of Guinness and I had started drinking straight vodka , then straight whisky …then just about anything else that was for sale apart from Tennents :-))
…was sent this this afternoon. Anybody know the poor guy?
http://espn.estadao.com.br/noticia/284527_escoces-vai-ao-pacaembu-de-verde-e-xingado-por-corintianos-e-retirado-pela-policia
Apparently he went to see the Corinthians game yesterday (Corinthian’s main rivals, Palmeiras play in green and white). Anyway, he must’ve got into where the organized “Torcidas” and got a hard time. Police huckled him out for his own safety and then, only after he’d covered up his top did they let him watchthe match from a VIP box.
Unusual (but believable) story for here.
PF
nothing changes,
no irn brew WKD?
Doc
I said a while ago that when the huns have gone bust a second time, then [ real ] rankers men will take over.
They will prob have to pay more than the 1.5 mill Chuck paid, but they will not have the problems of the liquidators etc. the reason they didn’t get involved in the summer.
There will be ticketus, or Whyte either.
Huns might buy into that, on the other hand they might not.
Doc
All of them either willingly or by turning a convenient blind eye.
More than Duff and Phelps got. Green mentioned a multiple of what he paid for it to John Brown and cardihun.
I dont think they will be left without a buyer for less than Green paid but it could happen. Fingers crossed that Ibrox is redeveloped.
HH
Rioskorrie
Interesting comments at the end of the article. How bitter is that Hibs fan?
Rioskorrie
Fantastic wee anthem Palmeiras have according to wiki, i particularly like “boasting its fiber”:-
Palmeiras’ anthem was composed in 1949 by conductor Antonio Sergi. Sergi also wrote the lyrics for the anthem, but did that under the pseudonym Gennaro Rodrigues.
Quando surge o alviverde imponente
(When the imposing white-green emerges)
No gramado em que a luta o aguarda
(On the pitch where battle awaits)
Sabe bem o que vem pela frente
(Aware of what lies ahead)
Que a dureza do prélio não tarda
(That the hardness of the game is approaching)
E o Palmeiras no ardor da partida
(And Palmeiras, in the heat of the match)
Transformando a lealdade em padrão
(Making a pattern out of loyalty)
Sabe sempre levar de vencida
(Always knows how to emerge as the winner)
E mostrar que de fato é campeão
(And show that it’s indeed the champion)
Defesa que ninguém passa
(Impenetrable defense)
Linha atacante de raça
(Vigorous attacking line)
Torcida que canta e vibra
(Singing, cheering supporters)
Por nosso alviverde inteiro
(For our white-green whole)
Que sabe ser brasileiro
(Who know how to be Brazilian)
Ostentando a sua fibra
(Boasting its fiber)
TET and Awe Naw
If BDO sell Oldco’s assets to a new consortium of Paul Murrays, what happens to Sevco FC?
Zbyszek
20:37 on
1 October, 2012
Thanks, it may suit us if it prevents us playing long, hopeful balls from back to front.
There will be no ticketus, or Whyte either.
Why women officials and mens football should not mix.
The First Division football match between
Hamilton Parish and Devonshire Colts was
abandoned yesterday after a female referee’s assistant was threatened. According to one player “all hell broke loose” with skirmishes between players, fans and officials. With the game delicately poised at 3-3 heading into the final ten minutes, it spiralled into an ugly fracas after an incident involving a Parish player and lineswoman Wendy Woodley who was allegedly abused. According to reports, the player was attempting to take a corner and asked Woodley for more space to kick the ball, which she refused. That resulted in an argument with fans and players becoming
involved. Referee Robert Hudson apparently tried to calm things down in order for the match to be resumed but before he could do so, pushing and shoving ensued. One Parish player, who asked not to be named, said Woodley was pushed and targetted by a ball which was kicked at her. Woodley’s daughter, who was the other referee’s assistant on the other side of the pitch, also became involved as she attempted to protect her mother, using her flag to wave away the angry players. “The whole situation was really out of control, I wasn’t involved in the match but
could see what was going on and in the end
it is a shame that the match had to be stopped because it was poised on a knife edge,” said the Parish player.
A Bermuda Football Association spokesperson said the governing body were
awaiting an official report from the referee and match commissioner before commenting on the incident.
BT, Aye mate
Celtic_First
They will have gone bust by then, it’s the only outcome I can see.
ElDiego/Doc
Cheers lads, I have a good feeling about tomorrow night.
Pfayr
Yep you were second, believe you were first until the bar ran out of Guinness ;-)
the exiled tim
That is feasible. Perhaps we’ll have more from Bomber!
Awe_Naw
Convenient blind eye, very possibly, I think the football authorities have been at this for twenty years. Although a few will have been more than willing.
It really is all about wait and see, great fun speculating, and just pure comedy when they lurch from one farce to another.
Talking of Bomber Brown….
http://www.bbc.co.uk/news/uk-scotland-north-east-orkney-shetland-19783214
Jobo
Jobo
He was searching for the title deeds!!!
I think Alex T has had enough tbh lads.
I emailed Alex a couple of days ago because he said he would ask more ?’s regarding BDO and the taxcase when he came back but he hasn’t replied.
Been watching a bit of QPR v W Ham
Dreadfull standard of football, our kids could beat either of them, best league in the world.
It’s no even the best league in england.
More interesting questions posed by goosygoosy on TSFM:
Why did Ticketus make no provision for a loss by Ticketus 2 on the RFC ST monies advanced to CW? Their annual accounts to end June 2012 make no mention of a provision.
How were the RFC ST Ticketus investors who managed a combined maximum of £5m across 2009, 2010 and 2011 suddenly able to come up with £24.5m for CW in 2011 when RFC were a basket case being sold for £1?
Why did Fern Trading (owned by Octopus) take out a floating charge on 24 March 2012 on the total assets of Ticketus? .Is it a coincidence that liquidatingTicketus and moving funds to Fern Trading quickly enables the repayment of RFC investors and removing their names from the list of Ticketus investors?
I have heard very sad news that Michelle Henderson, Willie Henderson’s daughter, has died of cervical cancer today, on her birthday.
The Michelle Henderson Cervical Cancer Trust was set up in her name and a group of good Celtic and Rangers supporters and former footballers are going on a 100 mile trek in Indonesia next year to raise funds for the trust.
Sad news and my sympathies are with Willie and his family.
Dharma bam
Awful news for the family my thoughts and prayers are with them.
THE EXILED TIM
20:41 on 1 October, 2012
Doc
I said a while ago that when the huns have gone bust a second time, then [ real ] rankers men will take over.
****************************************
I think when Sevco go bust it will be easier for them to buy an existing club and re-locate to Ipox.
It will be cheaper no burdens of oldco and the SFA/SPL cant touch them and back into SPL quicker as they can buy a 1st Div club and have no problems with transfers.
They can step in when they can blame someone else for losing their club’s history.
TET
Sam Allardyce doesn’t do entertaining football
He is the Walter Smith of English football
Ten Men Won The League
21:25 on
1 October, 2012
TET
Sam Allardyce doesn’t do entertaining football
He is the Walter Smith of English football
—————————————————————-
He also knows his way around an unmarked envelope.
Doc
The Sevco deal can be undone without needing them first to be liquidated.
HH
St.John.Doyle
I still think Cowdenbeath will figure at some point in the future, infact, I’m sure they will.
Sevco or whatever they are called are NOT a bottomless pit of money, I wouldn’t be much of a financial wizard, but the back of a fag packet calcs, they are not making any money.
They still have the same personell that the old huns did, not a single person was made redundant during the admin period, not a single one.
The only reduction is player wages, but their income has dropped on par, they were losing money hand over fist before, nothing I can see that this has been reversed.
The likes of the cardigan and a few others will be waiting behind the scenes, they will have no problem with a licence, the president has already been set with sevco.
The whole thing has been a stich up.
What I don’t want to hear is that the other spl clubs had any part in the whole affair.
Dharma Bam -Willie Henderson was the first guy to visit Tommy Gemmell ,when he was ill earlier in the year.Great shame.
Ten Men
Aye, he doesn’t have much of a clue on how to entertain the punters.
At least when he has his moustach he was funny :>)
hen1rik
20:58 on
1 October, 2012
I don’t think Alex T has had enough……think like the rest of he has been unable to get any expected timeline on BDO…….with it now being announced as 12 Oct, think we are entering another interesting period ……. !!!!!!! H H
Commmons 14/1 for first goal tomorrow.
voguepunter
Indeed, alongside a currently out of work former EPL manager
Journalists love the 2 of them as they always give them titbits of information like transfer news etc hence why no investigation of their murky dealings