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. tomtheleedstim on

    DBBIA – a first class stamp cost 22 pence in 1990 – the last time the huns did their tax returns.

  2. summa of sammi….



    13:35 on


    1 October, 2012





    I have Never Pushed My Religious Beliefs on Here..



    But I do Remember when l was the..






    Disciple of the Prophet Samaras..



    On Here..;0)



    Now You would Need to be Pythagorus to Count all the: “Av Ayways Liked the Big Man” Types..



    Summa of SammisRussianRouletteCSC






    How very, very dare you makingvthat assumption.



    I have been a Sammist from day one.



    If you don’t believe me, drop into the real Sharkey’s Bar and interview all the converts, who ridiculed my vision of what constitutes a fitba’ player.



    It’s a pity it took so long for people at the club, who should have known better, to play to his strengths.



    However, you have been a consistant advocate of the Creten creator.

  3. Bhoys, is there any truth in the stadium staff strike when we play barca this month at nou camp??


    am due to collect tickets at the ticket office on the monday when i get to barcelona the day before the match and was told all ticket office staff,etc will be on strike??


    panicking here now…………

  4. i-pod on random, just played Nick Drake, Northern Sky. What a beautiful piece of music. Might have to replace YNWA as my funeral song now.



    Moraldilemma CSC.

  5. Summa of Sammi….


    13:35 on


    1 October, 2012



    Re Sammi.



    No I’ve always supported the Big Man. Pointed out he was younger than Aiden. Also he never got the chance of match fitness. Half an hour here, dropped for a few weeks then back in and expected to perform. He, just like Paddy McCourt now, does not need match fitness, unlike other players afforded this luxury.

  6. Neil canamalar Lennon hunskelper extrordinaire on



    can I remind you about his world class status

  7. asonofdan



    13:41 on


    1 October, 2012


    I think the least we will get is a draw. I really do.



    Asking our manager about 007 and our captain if he watches braveheart was absoulutely disgusting for a CL press conference.








    That is obviously the level of questions that sells papers in Moscow.



    Now, compare that with the level of questions posed at a PC at Lennoxtown and you will see what sells papers in Scotland.



    Personally, I prefer the Russian version.





    Anyone who thinks that the tone of that PC reflects the views ofthe Spartak camp are seriously deluded.

  8. Sammi lovers wear your badges with pride,loved being pointed out in pub ‘he likes Sammi’


    cue snorts of derision,who’s laughing now ya snorters?

  9. South Of Tunis on

    Spartak ———–



    I remember watching Spartak eliminating Napoli [ Maradona et al ] from the ole European Cup .



    The crowd featured a large group of Spartak skinheads waving a Swastika and a Waffen SS banner . Italian TV commentator said this _____



    ” my notes tell me Spartak are ” The Peoples Club —-looks like some of the people are Nazis “

  10. Big Georges Fan Club on

    As my wee daughter always says – “Big George!! Woo-hooooo!!”



    It doesn’t matter who was first – as long as everyone has got here in the end ;-)




  11. Bobby Evans Superstar on



    Dispute at Barca seems to be true. However, the club is reported to be ttrying to resolve it before our visit.



    jude2005 is Neil Lennon \o/


    LC draw is Thursday at 13.30

  12. .






    Re: Aiden.. Errrmm He is a Glasgow Born Irishman/Player..






    The Cretan Creator.. I Like it..



    Not as Much as The Moaning Marsupial .. Now there was a ‘Cretin’ Ha..



    Summa of SammistsCSC

  13. Surprised that there were objections to some of the religious text posted on CQN mostly late night.


    Religion and the right to practice it, is a very important part of our lives and debate on it should not be suppressed.


    Oh and if Celtic first is reading there are some subtle but important differences between TRANsubstantiation and CONsubstantiation.

  14. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Having just awoken from my drunken CQN quiz night stupor in another country I would like to ask who was the lady in the Gary Hooper top who continually winked and blew kisses at me when the amortisation question came up making us lose the quiz ? ;-)



    Was it genuine affection or a plant by The Token Tims team ? ;-)



    Hail Hail

  15. Sir Paul



    The Piper Wull Pursue his Pence.



    Meanwhile, in anither part o’ the Steamie:



    A Woid fae the Boardwalk….frum Hence…



    Alyss, says…



    “Tomorrow,in Moskva, Celtic, will Comport themselves with Aplomb and Elan.”



    Maks sense tae me…









    Still Laughin’

  16. Interesting to see that the background to Duff & Duffers Final Progress Report to Creditors is a cell being locked. Irony at its finest.



    Interesting also is that Ibrox Stadium is described as “The Clubs stadium and freehold property” and Murray Park as “The Clubs training ground and freehold property”. How does that work when, according to Sevco doctrine, the “club” and “operating/owning companies” are separate entities and the “club” is described by LNS as having no legal status and is incapable of owing anything? Or is this new arrangement only applicable post administration?



    Could it be, as I have commented elsewhere, a load of made up pish to appease the Orcish horde? (Rhetorical)



    Finally, RFC Group is described as “the Company’s former majority shareholder and assignee of the Banks qualifying floating charge security registered at Companies House”



    Does this mean that RFC Group is the former majority shareholder and former assignee, or the former majority shareholder and the CURRENT assignee?



    Our Hero hasn’t ridden off into the sunset just yet, perhaps.




    I opened the Twitter link of the Europe team’s personalised champagne bottles on i-pad.



    Now I can’t get out of it and back on to Twitter.


    No amount of swiping or tapping works.



    Any help appreciated.

  18. “incapable of owing anything”



    Freudian slip….I meant “incapable of OWNING anything”

  19. Dontbrattbakkinanger on

    Modren Twitter link of the Europe team’s personalised champagne bottles on i-pad is rubbish.

  20. South Of Tunis on

    Jonny The Tim @ 14 42 .



    Ah —— Nick Drake .



    Nick Drake’s estate made more money from 1 of his choons featuring in an episode of Heartbeat and being included on a CD Compendium of as featured on Heartbeat Tunes than he ever did from those fabulous LPs [ next to nobody bought them ]



    Went to see him in London . He was an absolute mess / an absolute wreck .



    Sad Sad Sad

  21. Dontbrattbakkinanger on

    Sof Tunis/Jonny- I expect I’m out of step here but ole Nick does nothin’ for me.

  22. dontbrattbakkinanger



    15:12 on


    1 October, 2012


    Modren Twitter link of the Europe team’s personalised champagne bottles on i-pad is rubbish.




    Thank you, my Hippocratic friend.


    That’s a big help!!!

  23. 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 .McGeady ?








    Hopefully young James Forrest will be the same sort of player in two or three years time and is given the chance at CP to fulfill his potential. (And his agent doesn’t put ideas in head.)

  24. Sammi



    I think the point is that they never mentioned the likes of McCall or Goram (as an example) as English born Scotsmen

  25. Here Philbhoy;



    You no got any work to be getting on with………



    See awe they prayers that you’r into……..are they St Mary’s of the I C or are they Lithgae wans……….St Michael is it?



    Paddy T – who has been on the go since 04.00 hours today…..Empire Builder……Keeping the wheels of industry moving

  26. Neil canamalar Lennon hunskelper extrordinaire on



    so murray park is a freehold,


    thought it was a leasehold with conditions of use applied

  27. The Pantaloon Duck on

    DBBIA – likewise for me. A sad life story and some pretty choons, but nothing more as far as I’m concerned…

  28. st martin’s bhoy



    14:00 on


    1 October, 2012


    Heroes – From Seve to Wee Oscar.



    Just read back and found your post about heroes , very enjoyable post mate .


    Glad you got to meet some of your heroes and hope you get to meet wee Oscar one day .



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