Quantcast

Duff & Phelps £4m shortfall

761

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.

Click Here for Comments >
Share.

About Author

761 Comments

  1. Salties en Sevilla @10.27am

     

    Enjoyed your post.

     

    I went to the game on Saturday with my son, now in his thirties, and my brother Gordon of this parish. We had a couple of beers after the game and did a wee bit of reminiscing.

     

    I am of the generation that attended that Celtic-Valencia match, and the 7-1 game, Lisbon, Milan, 4-2,6-2 , Liverpool ( several times ) and so have experienced the great highs and equally deeply depressing lows of long periods of trophy less years.

     

    I travelled from London for the game on Saturday but my love of the game and Celtic have never diminished over all these years. I have assured my son, who attended in Seville, that Our day will truly come again. I agree with you that Celtic Football Club’s natural habitat is Europe. When I was a lad I attended the Real Madrid -Eintracht European Cup Final in 1960 and it captured my imagination ( I saw Rangers hammered in the semis by Eintracht- yes, they were that close ). My late father- a Celt to his very core- always claimed that if Celtic could just win the Scottish league and so enter the European Cup ” we would win it- it is our style of football- made for us “. I still remember being at Hampden in 1960 and the whole glamour of the occasion watching Real Madrid parade the old cup. Never dreamed that seven years later I would be standing on a different terracing watching Celtic win the first ever big cup. Dreams are made of this.

     

    Celtic are a special club. Just about everyone knows this even if they cannot always articulate why. Seville showed the sports world what Celtic are about.

     

    Saw pleasing signs on Saturday of a united squad, a united Celtic support. The future is bright- it is also green and white.