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Duff & Phelps £4m shortfall

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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. Funny how Ogilvie talks of ‘remembering’ whilst forgetting it is about side contracts NOT EBT’s.

     

     

    You’ve got to remember at the time, when these were operated, they were perfectly legal, if operated correctly. “So let’s see what comes out of it. Further down the line, we will just have to wait and see. “If there was a feeling that it was causing an issue, then I would have to discuss that with the Association.”

  2. South Of Tunis on

    ASonOfDan ——-

     

     

    Yes —–EBT’s were legal . The issue relates to how they were administered and whether they can be proven to have been nothing more than a disguised remuneration scheme.

  3. This suggestion that BDO may go after directors of the deid club to recoup monies owing to its creditors would place Ogilvie in an unenviable position. He both sanctioned the unacceptable usage of the EBTs and was the recipient of one. One would imagine he may well end up in the Bar-L. No wonder he wants to meet Green.

  4. D&P confirm that there will soon be more life in a Pot Noodle. £94 million in unpaid taxes and financial penalties.

     

     

    Leeds & Peter Ridsdale had nothing on SDM.

     

     

    Thank you SDM for that!

  5. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Wednesday, 7 November, 2001, 12:42 GMT

     

     

    Amoruso gets speeding penalty

     

     

    Amoruso was travelling to a shooting trip

     

     

    A Rangers footballer thought to earn £25,000 a week has been fined for speeding – and told to pay the penalty at £25 per week.

     

     

    Italian defender Lorenzo Amoruso was fined when he appeared at Perth District Court on Wednesday.

     

     

    Amoruso, who joined the Ibrox club from Fiorentina in a £4.2m deal, was clocked driving at 92mph on the notorious A9 dual carriageway.

     

     

    The player, who has an Italian driving licence, admitted the charge in a letter to the court.

     

     

     

    This was a serious lapse of concentration for which I am very sorry

     

     

    Lorenzo Amoruso

     

    He said that he was “unable, for contractual reasons connected to my profession” to give details of his salary.

     

     

    It is believed that a new contract which will keep him with Rangers until 2004 earns him in the region of £1m per season.

     

     

    However, Justice of the Peace Neil Muir told the court that Amoruso could pay his fine at £25 per week.

     

     

    “I will endorse his licence with four penalty points and impose a fine of £260,” he said.

     

     

    Amoruso, of Bearsden, was caught during a Tayside Police crackdown on speeding on the road, which has claimed more than a dozen lives this year.

     

     

    Rising speed

     

     

    He had been travelling to meet Perth-based friends for a shooting trip when he was stopped near Auchterarder.

     

     

    The 30-year-old footballer was driving a Rangers-registered vehicle, a £16,000 Y-registration Honda H-RV.

     

     

    Amoruso said he had not noticed his speed rising as he drove towards Perth from his home on the outskirts of Glasgow.

     

     

    “This was a serious lapse of concentration for which I am very sorry,” he wrote in his letter to the court.

     

     

    “I have been in Scotland for five years and this is the first time something like this has happened.”

     

     

    ———————————————–

     

     

    TUESDAY 5 NOVEMBER 1996 TEXT SIZE Rangers star fined and banned for drink driving

     

    From the archive

     

    RANGERS and Scotland goalkeeper Andy Goram was fined #1000 and banned from the roads for 18 months after admitting a drink-driving charge yesterday. Goram, 32, was the third Rangers international player to be convicted of drink driving in the last few months.

     

     

    Linlithgow Sheriff Court heard that police were tipped off twice about Goram in the early hours of October 16, last year.

     

     

    They were called when the goalkeeper left the West Port Hotel in Linlithgow and again after he bought petrol for his car at a nearby filling station.

     

     

    Depute fiscal June Gilchrist told the court: “Police followed his vehicle and saw it weaving about the road. It crossed the centre of the carriageway several times.

     

     

    “When the car was stopped and Mr Goram was spoken to, his breath smelled strongly of alcohol, his eyes were glazed, and his footing was unsure.”

     

     

    He had more than two-and-a-half times the legal limit of alcohol in his breath.

     

     

    Goram had been attending a function with fans, said defence solicitor Vincent Belmonte.

     

     

    Mr Belmonte said the loss of his driving licence would cause the goalkeeper severe difficulties in travelling daily from his home in Penicuik, Midlothian, to Ibrox Stadium in Glasgow.

     

     

    The court was told Goram earned #1000 a week at Rangers, with a further #250 a week from sponsorship deals.

     

     

    Rangers striker Ally McCoist was fined #2500 and banned for 15 months in August after he admitted a drink-driving charge.

     

     

    Player-coach John Brown was fined #1500 and banned for 15 months when he admitted a similar charge.

     

    ——————————————–

     

     

    There´s the Nacho Novo one as well but I cannot find it

     

     

     

    But this should have had everyone looking at the contract details and scratching their heads unless they were all in on it.

     

     

    Hail Hail

  6. Parkheadcumsalford

     

     

    18:12 on 1 October, 2012

     

     

    As a flawed, agnostic Christian, it gives me great comfort that Mr. Ogilvie will spend his time in incarceration among so many of his former friends & colleagues.

     

     

    I am probably far too soft.

  7. obonfanti1888

     

     

    17:39 on

     

    1 October, 2012

     

    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?

     

     

    What did they say mate ?

  8. The Pantaloon Duck on

    up_over_goal

     

     

    No Charlie? I’d be tempted to play him at LM instead of Joe, but its a difficult one…

  9. Vladimir Romanov spoke to the Russian press.

     

    -Spartak Moscow must stay strongly immune on provocation from Celtic players. Celtic players know how to put the referees under huge pressure and force them to make decisions in Celtic favour.

     

     

    Crazy stuff.

  10. O.GRafferty

     

     

    I’m hoping that you last tit bit of speculation has nothing to do with Paul’s current thread?

     

    A67

  11. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Zbyszek

     

     

    From an ex Russian Submarine commander. Not really that surprised

     

     

    Hail Hail

  12. TheOriginalSadiesBhoy on

    The biscuits discussion reminds me of taking my daughter to Mass when she was a toddler. Her favourite hymn was ‘Holy Virgin buys Custard Creams’ which she sang with great gusto to the amusement of those round about her while they sang Holy Virgin by God’s decree.

     

     

    They were her out and out favourite biscuits.

  13. Beeb says the british army have invaded the west coast of scotland.

     

    Debt mentioned ,about 2 sentences long

  14. Ogilvie said he hasn’t been able to do his job for 6 months ? I hope he’s not been paid then…… only in Scotland.Time for Tommo to doorstep him as well.

  15. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Has the blog had a wobble or did I just get a post removed ? ;-)

     

     

    HAil HAil

  16. Son of Gabriel

     

     

    17:32 on 1 October, 2012

     

     

    Cant believe the 5pm kick-off for 2moro. Unrea

     

     

    ******

     

    5pm. here is about 9.pm or thereabouts in Moscow, so it kinda makes sense.

  17. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Ogilvie responded: “If there was a feeling that it was causing an issue then I would have to discuss that with the association.

     

    “I’ve tried to be up front throughout this process and really we will have to wait for the outcome of the tax tribunal and the SPL tribunal.

     

    “I don’t see that it should make any difference to the way I operate.”

     

    Rangers chief executive Charles Green claims the SFA and SPL offered the club a way into Division One if they accepted guilt over the claims of dual contracts.

     

    The game’s governing body have not commented on the matter and Ogilvie could not shed any more light on the subject.

     

    “Because of my previous involvement with Rangers, I didn’t take part in any of the discussions,” he explained.

     

    “My understanding is that the group buying Rangers had asked for all possible scenarios to be put on the table.

     

    “I could not take part in the debate and that has bothered me. But there was no alternative.

     

    “As president, I believe I have a role to play.

     

    “I haven’t met Charles Green. I’d like to sit down and have a discussion about the way forward with him but I can’t comment.”

     

     

    His job was not impeded in any way with regards to ensuring that proper due process was being adhered to within his own organisations statutes. No representation of the proposals to allow Sevco to Zombie with a license and a “full membership” of the SFL granted thereby skipping over the associate member queue was EVER presented to the boards of the SFA or the SPL. THAT IS EXACTLY HIS JOB. This singular dereliction of duty must be a sackable offence

     

     

    HAil HAil

  18. Árd Macha

     

     

    17:37 on 1 October, 2012

     

     

    thomthethim,

     

     

    Will do. I will be without transport though. A lads’ weekend beckons.,

     

     

    Árd Macha

     

     

    *******

     

    Won’t be a problem.

     

     

    Normal taxi rates (week-end) apply.

  19. Ogilvie admits he couldn’t do his job properly for the last six months , he had to take a backseat because of his association with the Hun ….no alternative apparently

     

     

    Ever thought of resigning …?

     

     

    What about integrity pal …?

     

     

    Breathtaking arrogance

  20. So R C O’gilvie reckons that… “I’m not doing my job properly”.?!

     

     

    Is this not his first public utterance since admin day way back in February? 7 1/2 months ago!

     

     

    Hunbelievable indeed!

     

     

    HH!!

  21. BBC………..Reporting Scotland ……………….”The old Rangers Football Club”……………………………..

     

     

    Oh the Times they are a changing CSC

  22. LIQ-UID-AT-ION!!

     

     

    Just heard Willian isnt playin tomorrow big chance for us now

     

     

     

     

    B-)

  23. Ogilvie has put his head above the parapet co-incidently when the duffers

     

    release debt figures. Msm will chase ogilvie and the debt will be onconveniently forgotten.

     

    Conspiracy

  24. Tallybhoy

     

     

    Ha, excellent! Bardzo ladnie.

     

     

    Early kick off in Moscow?

     

    Guys, don’t forget Moscow is huge city with 12 millions people registered there and circa 7 millions unregistered. Way back from the game takes lot of time. Big traffic during the day. Now I read that they sold more than 50 000 tickets for the game.

     

    I mentioned registered and not registered. Not sure how it works now but… At leas ten yers back it was not easy to move from the other place in Russia and become registered. Even if you bought the flat it did not mean you were Muscovite (official) . To be the Muscovite people needed so called “propiska”. Propiska was permit for living in Moscow, official registration. It was not easy to get. Only municipal were right to decide about propiskas.

  25. Good evening CHAMPIONS

     

     

    Saturdays game just started on Premier Sports via Celtic TV on Sky channel 428.

     

     

    Weefra HH

  26. Doc

     

     

    HMRC will have to fund BDO ……there would be no point in BDO being appointed if they aren’t going to have a real go

  27. Good evening friends.

     

     

    Been reading back the last coupkle of pages and feel that I just have to make a wee suggestion.

     

     

    Gonnie wan o yees gie Neil a bell and ask him what time it is over there the noo.

     

     

    Jobo

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