Duff & Phelps £4m shortfall


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. Hamiltontim



    I believe we are undefeated in our last 4 European away games. 2 wins, 2 draws.

  2. tomtheleedstim on

    “The old Rangers Football Club”


    “He has since formed a new club which is playing in the Scottish Football League Third Division.”




    hehehe – stupid huns.

  3. Interesting that uttering gets a mention on CQN today. Next it will be gratuitous alienation – both terms introduced into the Zombies debate by Paul…just reminding everyone where they heard it first!

  4. ASoD



    I said CL games mate, I wasn’t talking about qualifiers.



    Our recent away record, including last season , is quite good, we have a real opportunity to build on that.

  5. Dontbrattbakkinanger on

    Tomthe leedstim- I like the ’22p’ that’s tacked on to the end of the £94M.

  6. Philbhoy - It's just the beginning! on




    Hope so!



    Starting tomorrow!



    C’MON THE CELTS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  7. Just_a_Bhoys_game on

    ASonOfDan TBB will not be able to find a shovel big enough to dig the size of hole he will want to crawl into IMO. As far as I could tell,not knowing the guy,it was out of character. There was obviously some underlying pain behind his rant. I’m not in a position to judge the man. He may disappear never to be seen again, however if he finds the courage to come on and apologise to those he offended (If he’s not banned), i for one, will take my hat off to him. Naebdy’s perfect.

  8. Philbhoy - It's just the beginning! on




    TBB is the blogs most esteemed “The Battered Bunnet” and not the person to whom you were referring from last nights shenanigans.



    I’m sure he waill take no offence.




  9. Heroes – From Seve to Wee Oscar.



    Good afternoon all.



    They say that you should never meet your heroes but I’m not so sure.



    I had the pleasure of meeting the great Seve Ballesteros back in 2005 when The Seve Trophy was played at Wynyard Hall near Darlington. I’d been to the Open Championship twice in earlier years with the sole intention of seeing Seve play in the flesh. I was going after the halfway cut on both occasions and Seve missed the cut and my opportunity was lost. When I heard the great man was to be less than an hour’s drive away I was delighted.



    It was the first practice day and I was fortunate enough to meet Celtic season ticket holder Paul McGinley (one of last night’s victorious backroom team) and Padraig Harrington among others. That was fantastic in itself but I was there to see Seve. The moment arrived as he and Jose Maria – God Bless him – came off the green and made their way to the tee at a par three. I was stood at the side of the tee and with it being a practice day the crowds weren’t vast. I more or less completely ignored Jose Maria, whom I greatly admired, and said to Seve “Any chance of a picture with a Barca fan”. (Whilst I am like many and have a great affection for Barca “fan” was probably over-stating things). Seve looked and said “You’re a Barca fan?”. He had clearly clocked the Celtic crest on my polo shirt. I smiled and explained that Celtic were my true love but that I was a great admirer of FC Barcelona. “Celtic is a good club, a good club” came the reply.



    We smiled, the photo was taken and then he strode onto the tee. He effortlessly flicked a mid-iron to about 12 feet from the flag and the swing showed the poise and balance of the late 80s rather than the more swashbuckling follow-throughs of his earlier days. He then smiled to the gallery saying “that was pretty good uh?”as he walked away from us, smiling a dazzling smile that only Seve could smile. The photo is one of my most treasured possessions and the associated memories remain as vivid as if it were yesterday. I met one of my heroes and I was anything but disappointed. I have no shame in admitting that I was decidedly misty-eyed as last night’s events unfolded just as I am misty-eyed typing this.



    Well done Europe, well done Jose Maria and thank you Seve. A true Great and Legend in a world that tosses those words about like confetti.



    Just over a week ago I met some more heroes when I had the pleasure of being one of Wee Oscar’s bucketeers. Angel Gabriel, Son of Gabriel, Doc, James Cameron and of course, ace photographer Moonbeams Wet Dreams among them. You were pointed out to me too Knoxy but you were busy talking to the fabulous Lisa Hague at the time so I didn’t like to interrupt! It was great to put faces to names on yet another day when The Celtic Family did what The Celtic Family does – and under a Paradise sun too! I, like many others, was struck by how well organised everything was. A brilliant job by those concerned and I duly doff my cap.



    Reading the news on Twitter last night that the £250K had been smashed was fantastic and again there was a tear in the eye. I’m a 43 year old cynic but I don’t think you’re ever too old or too cynical to cry. To all who have donated, abseiled, walked, cycled, quizzed or bucketed I say a huge HAIL! HAIL! Hopefully I can make the racenight and meet even more of the crew.



    Maybe I’ve just been lucky. Maybe my heroes, starting with my own Dad are/were the exceptions to the rule. Whatever the truth, I’m a lucky man for having met them. Jose Maria said that Seve would never give up and made the impossible possible. That spirit was so evident yesterday in Medinah. Wee Oscar and those running the campaign are showing that same indefatigable spirit and may the outcome bring me more tears of joy.



    Wee Oscar is the next hero I’d love to meet in years to come and when I do, I’m sure I won’t be disappointed then either.

  10. South Of Tunis on

    Aaah ——-



    Pre European game Press Conferences .



    Napoli played an Albanian team -UEFA Cup -a few years back –



    I paraphrase .-



    Napoli based TV journo to Albanian Manager ——



    ” Do you think you will be able to field a team with 11 players tomorrow night ?”.



    Albanian Manager —– ” I don’t understand ”



    Journo ———-” OK -I”ll make it easier ——- have any of your players been arrested for shoplifting or house breaking yet ? “

  11. Just_a_Bhoys_game on

    Sorry, should have used his full nickname instead of TBB=The Bould B’hoys, i stand corrected.


    South Of Tunis



    12:23 on


    1 October, 2012



    kitalba —–.



    Yes —-very badly written . ..



    The recent scandal in Rochdale suggests that the Police and Social Services were very reluctant re taking action re allegations that young girls were being systematically abused by organized criminals. .



    Why was that allowed to happen ? How was that allowed to happen ?.


    ~~~~~~~~~~~~ ~~~~~~~~~~~~~ ~~~~~~~~~~~~~





    Shamefully,the official-but internal-inquiry used the case of Baby P as an excuse.



    It made out that rsources were directed to the very young,and not to the people at risk in this case.



    Casually ignoring the fact that the Rochdale case pre-dated the Baby P case.



    Disgusting,IMO,and bang out of order that those findings have not been challenged in the media.



    Or Parliament.

  13. Just_a_Bhoys_game on

    To the matter in hand… I was wondering, is it ‘normal’ for a firm of Administrators to publish their report on such a high profile case on a SUNDAY?


    SHEESH, you would think they had something to HIDE!

  14. Just_a_Bhoys_game on

    Just had a quick look at the DR/Herald, not a mention of it!



    Seems its working so far.

  15. I think we may be misdirecting ourselves on the 120M book value of the Big Hoose.This figure, as I understand it, does not represent the retail value of the BH but the cost of its replacement for insurance purposes.As such there would be no causal link between the BH book value and trading whilst insolvent. That is not to say that DerHun were not trading whilst insolvent (for other reasons) although they had 3.5M in the bank when they went into admin.


    Re Spartak- any side who can give the ol Barca a game at The Camp Nou deserve a lot of respect. If we can get a draw I will be dancing in the streets of Noto domani sera.

  16. themightyquinn on

    I’ve just read a post on Facebook by a Sevco following “mate” who is saying that Newcastle owner Mike Ashley should give Ba what he wants if he’s not happy with his £50k a week contract. He says they’re stupid not to be giving him the kind of money AVP is on £200k per week. He says that Ashley doesn’t know his arse from his elbow and that he could run a football team better. He doesn’t want Ashley to be involved with decision making at his zombie of a club if he isn’t willing to spend big.



    They really never learn these Sevcomorons, do they?



    Long may it continue to be their destiny.





    13:51 on


    1 October, 2012



    Tomthe leedstim- I like the ’22p’ that’s tacked on to the end of the £94M.


    ~~~~~~~~~~~~~~~~~~~ ~~~ ~~~~~~~~~~~~~



    I suspect the 22p is all they can afford……….

  18. Just_a_Bhoys_game on

    Another thought (thats 3 today already, wow), anyone have any ideas how we’re going to deal with McGeady and who would be best to put on him?

  19. South Of Tunis on

    DBBIA ——



    No Dust bowl songs from Zippy or Bungle but years before UK weans got heavily into stuff like Thomas The Tank Engine he treats them to songs like The Wabash Cannonball —– cultural visionary -eh ?



    An amazing recording ——- his Okie twang and a truly fab Beeb Received Pronunciation employee are a studio match made in heaven..



    Atomic Bedrooms CSC —- Way down south [ where it has just started raining ! ]

  20. Gordon_J backing Neil Lennon



    Gordon ,your blog is a right laugh today.,good job you wear those


    glasses for disguise.

  21. Aiden McGeady will block out some of his strongest friendships when he takes to the pitch for Spartak Moscow on Tuesday against his boyhood club Celtic, he said Monday.



    The Champions League clash pits Glasgow-born McGeady against the team where he spent nine years before joining Spartak in 2010 for a reported fee of 10 million pounds.



    “For 90 minutes tomorrow I won’t have friends on the pitch,” he said.



    McGeady has previously hinted he will leave Spartak when his contract expires in 2014, and admitted he misses his family, who still live in Glasgow.



    “Celtic’s still in my heart. I miss my family, but I’m a professional,” he said.



    McGeady added that he remained “satisfied” in Moscow as a player.



    Celtic coach Neil Lennon praised McGeady, who he coached and played alongside during their time together at Celtic.



    “I definitely know that Aiden will be one of the players who’ll set the tone in this match. He’s in very good form at the moment, he moves well with and without the ball,” Lennon said.



    “He’s become a better player at Spartak.”



    Spartak and Celtic last met in Europe in 2007 when Celtic beat the Russian side on penalties after their qualifying tie ended 2-2 on aggregate, with McGeady featuring in both legs.



    Celtic’s first group stage game this season was a goalless draw at home to Portugal’s Benfica, while Spartak’s lost 3-2 away to Barcelona after leading 2-1 with 20 minutes to go.

  22. South Of Tunis on

    McGeady ?



    IMO —–



    Looks a much better player —— more mature and much more game intelligent . Seems less interested in beating the defender twice [ or thrice ] . Seems less interested in performing tricks for tricks sake . End product is much better . His defensive play is much improved. He is a very valuable player for them . A lot of their build up play goes through him .

  23. traditionalist88 on

    Wonder what Aiden will be asked by the Hun MSM if Spartak put him up to do the pre match press conference in Glasgow in December.




  24. Paul67



    The background to the report is a jail cell, were you being mischevious


    or is that the way it was meant to be. Seems very apt.



    Anyone got link to press conference, searched couldnt find it.




  25. South of Tunis & BMCUW,



    OT and excuse me for butting in…



    Re the dreadful series of cases involving gangs of guys procuring young girls in northern english towns…



    This story has been criminally under-reported for years now, and similarly under-investigated, due to what appears to be an unwillingness, nay dread, on the part of the authorities to recognise publicly and tackle the fact that most of the offenders were British Pakistani men.



    *Not withstanding the fact that most of these type of crimes are committed by white males*



    Distinctly remember late-night radio phone-in show contributors raising this topic years ago – 5,8 years ago – only to be shutdown quite quickly by befuddled DJs who seemed scared and ill-equipped to deal with the callers’ heart-felt contribution.



    I listened to a Radio 4 report last week which quoted verbatim an internal police report which laid bare the same abject fear of bringing the perpetrators’ ethnicity into the open.



    Since The Times started splashing on this topic last year there has still been an unwillingness by some outlets to be specific…the term Asian men is often used as some sort of softening of the identification.



    Sadly, it seems plausible that the uptick in the fortunes of the BNP in many of these towns over the same period is in someway related to the hobbled stance of the local police and media wrt investigating and publicising this grim pattern of behaviour.



    You could say that by their inaction the authorities have effectively enabled this behaviour


    but it would seem to be a different phenomenon than previous cases of on-going abuse whereby offenders have been actively protected due to their ‘enhanced status’ in society.



    It seems that in these cases there was a media/police fear of being labelled racist…



    All very, very sad.




  26. If rangers are the same club, how come they did not have a 10 point penalty for still being in administration at the start of the season?

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