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. South Of Tunis on

    hebcelt @ 16 43 .



    Ray Davies –hope it is to your liking ..



    If you listen to The Kinks live at the Kelvin Hall LP you’ll hear me making a noise .



    One of my go out and do something rather than staying in the hotel and drinking nights in London saw me going to hear him talking /promoting his autobiography [ X-Ray ] at a big London bookstore .



    I was surprised at how conservative he was

  2. Árd Macha



    16:23 on 1 October, 2012



    I can confirm the post of thomthethim @14.40 1 October 2012 to be the truth, the whole truth and nothing but the truth.



    He has been a Sammist for as long as I can remember.



    Árd Macha





    Thank you for the testimonial.



    The Ballygowan’s are on me.



    Give me a call at the w/e, if you are free.

  3. Dontbrattbakkinanger on

    The ole Empire biscuit is the perfect accompaniment to a decent cup of tea, or failing that, a chota peg of toilet duck.

  4. Árd Macha



    16:35 on 1 October, 2012



    setting free the bears,



    Very good.



    It must be said though that he was also a proponent of ‘Barcagal’ – Jim McGuinness’s style of football over the last 2 years-:)



    Árd Macha






    Aye..and I was right about that too, wasn’t I ?






    I saw your photo on here last night with Sanna, Mr.Byrne and a couple of dodgy looking foreign looking chaps.

  5. bournesouprecipe



    16:41 on 1 October, 2012



    I wonder how many records ole Doris Day would have sold if he hadn’t dumped her?





    Doris Day’s been dumped, you say?



    Name the cad. We need to know.



    Calamity, so it is.

  6. The Pantaloon Duck on

    QAh, the ole Empire biscuit, formerly known as the German biscuit until the ole German became persona non grata.

  7. Am i being a bit thick but £170k for PR fees for a company in Administration and now liquidation. Would that money not have been better paid to some of the creditors?



    Surely DBO must ask some very searching questions of Duff & Phelps.



    To my eye surely this is misappropriation of funds ?



    Why would they ever have to pay for public relations when just about every MSM hack has fawned over them since time in memorial?



    PS……………..2-1 to the hoops in old Ruski tomorriow.



    Hail Hail

  8. Neil canamalar Lennon hunskelper extrordinaire on

    Have D&P produced the report requested by the judge identifying why there was no conflict of interest

  9. JJB in administration now…………feel sorry for the workers but it seems everything deadclub is associated with turns to dust!

  10. scotlands shame on

    Im a bit out the loop so can anybody help?


    are the team called rangers that play in div 3 in administration?


    IF so why werent thy deducted 10 poits at start of season.


    If this BDO appointed what does this mean for them? the end?


    Are there football punishments for appointing a liquidator (likethe 10 pt dedution for admin)


    any help greafully appreciated

  11. st martin’s bhoy



    14:00 on


    1 October, 2012



    Great story about Seve mate, I saw him and many of the golfing greats in the 70’s and 80’s, my Grandparents had a caravan in St Andrews. Seve is a sporting icon whose genius was admirable, but his humanity made him truly great.



    The Green bucket day was a great experience, and great to meet a few CQNers.


    Did you see MWD photos? A few good ones in there of our group.


    Hope the Irish ghirls enjoyed the game.

  12. . I.South of Tunis , He,s Well Respected Man doing the best things so conservatively. I,ll look out Live at the Kelvin Hall and listen out for you. Hail Hail Hebcelt

  13. scotlands shame


    The team playing in Div.3 are a new team, with no legal connection with RFC 1872/3.


    Oldco are still in administration, when BDO take over from D&P they will begin the process of Liquidating Oldco.


    They are two separate clubs/companies, so the Div.3 club are not in administration, yet.


    Green is trying to muddy the waters between Oldco/Newco to try to get supporters of Oldco to financially/emotionally invest in his New Club, IMO.

  14. Wow! Oor Ernie WIZ a ‘Crossroads’ devotee….



    Back in the Dae….




    Elitist Running-Dog Capitalist Soap that it wiz….



    Could this latest incriminating info finally see him purged from the “Peoples’ Collectif”…?




    Just afore the Courgette Harvest too..!




    Philvis will be ‘scrambling’ the Nimble,to offer assistance…..

  15. skyisalandfill on

    Surely Chuckles will have to try and do a runner of sorts with as much of the hoardes money as possible pretty soon as I understand that BDO may challenge the low price on the assets of RFC(il) and annull the deal. Am I missing something?




  16. Interesting that BBC Scotland have finally accepted the fact that the Sevco are a new club; could the Fat Controllers moaning last week have finally annoyed one too many people at Pacific Quay?

  17. Bom dia and greetings frae Brasil.



    In a weekend where (suprisingly) I managed to predict the outcome of all the Serie “A” matches down here correct, but (unsurprsingly) forgot to put a line on at the bookies !!



    Fluminense stretch their lead at the top to 6 points ahead of Atleticó-MG with a crackin volley by Fred in their derby match with Flamengo yesterday (at work so canny post links). Palmeiras win their second since getting rid of 650k R$/month (about 220k GBP) manager, Felipão.



    However, oddest one of the day was at the Nautico match. Last week Nautico were beaten by a real dodgy last minute penalty, which was the latest in a continuation of strange refereeing decisions against them. So this week the fans unvelied a “The Whistler’s won’t bring us down” banner prior to kick. The match ref was so incensed by it that he delayed kick off by 20minutes until the banner was taken down.



    Iamgime the uproar if Gollum threw such a tantrum??

  18. skyisalandfill



    17:32 on


    1 October, 2012



    I’m not so sure that BDO will do anything about the sale of Rangers assists to Green.


    Reason being, I don’t think they will realise any more money for the creditors, and won’t waste time chasing something that won’t produce a result.


    I also don’t think they will be too worried about taking away the Rangers name, or other intellectual rights. They won’t gain anything for the creditors by doing so.


    It may even be a distraction to what they are there for.


    I think they will be going after the previous custodians of the tax dodgers.

  19. skyisalandfill



    I’d be happy if events proved me wrong, but I don’t see BDO wasting time and money on something that won’t get the desired result. If you remember when HMRC rejected the CVA and sent Oldco down the liquidation route they stated it was the best way for the club to move forward.


    I can’t see them taking on the battle and bad publicity it could bring, personally I would knock it down and build something useful.



    Waste ground would be more useful, and more pleasing on the eyes and ears.

  20. Celtic’s Operation CLASS* XI for tomorrow:



    ::::::::::::::::::::::: Forster ::::::::::::::::::::::::



    Lustig :::::: Ambrose ::::::::::: Wilson ::::: Izaguirre



    ::::: Brown ::::::::::: Wanyama :::::::: Ledley ::::::::



    :::: Commons :::::::::: Hooper ::::::::: Samaras :::::::



    CL Away Sammi Supremacy



    3-0 Celtic

  21. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Doc is Neil Lennon



    What if the current hun custodians and Duff & Phelps, Ticketus, Craiog Whyte, the SFA, SFL, SPL , BBC, STV, written press are in cahoots with the old custodians and due to that the creditors lost even more than if the hun admin process was handled properly and it can be proven. Actions speak louder than words etc ?



    HAil Hail