Just a few days after the Blue Knight’s offered Craig Whyte £500k for his shares in Rangers Our Hero sold to Charles Green, who is now owner of the embattled football club, for £2. Craig has doubled his money in a year after buying Rangers for £1 last May, but as he accepted a bid for his shares a quarter of a million times smaller than that of the Blue Knights, curiosity has peaked.
For many months Celtic Quick News has billed Craig Whyte as the only show in town, that he would only sell to someone who paid his substantial asking price, or who was his proxy. No one is suggesting Whyte has pocketed £2 for his trouble and dropped off the scene in a sudden bout of benevolence. There is clearly tons we don’t know about this deal.
We’re grateful to Paul McConville for his research on Charles Green today. I am sure Paul only spent a short time researching the subject but it was nonetheless a fruitful endeavour.
I may have missed specific reference to his security over Ibrox but Mr Green does not have the disposition of someone who owns a football club without a ground, so it would be reasonable to assume that Whyte’s security is now in the control of Green. In time we’ll find out how these assets changed hands but I suspect nothing will be said publicly on this subject for now.
Craig Whyte did not start the Rangers crisis, he never had an EBT from the club and he repaid all of Rangers bank debt. He has been enormously entertaining during his 53 weeks in charge and, from the little information provided on the 20-or-so mostly-anonymous venture capitalists who now own Rangers, he has passed the club onto what looks like an equally rewarding group of people.
If nothing else, he parted ensuring what is left of the club didn’t get into the hands of the Rangers support, accompanied by a pushy investor with deep pockets.
Cheers for that, Craig. Once this blows over, we need to get you in for the Paradise Windfall.
I’m still freezing. Hug a radiator CSC.
You can buy a hard copy of the new issue of CQN Magazine via Magcloud here.
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timbhoy2
Why would current Celtic shreholders dillute current shareholding ?
Why would anyone invest in any scottish football club unless they were at rock bottom or had a huge gamechanger opportunity ?
Commentators on BBC World Service harped on and on about how they had never heard the likes of what happened last night.
Ahemm….
Picture the scene, with only minutes to go, the St Mirren goalie is standing with the ball in his hands, nothing much else happening. All of a sudden the crowd erupts into incredible cheering. That my friend was the day when the likes of last nights events has happened before.
I still recall seeing my neighbour across the street, a total die-hard Hearts fan, finally trudging home, looking as if he had a hundred weight block on his shoulders.
My workmate, who had spent 1/2 the season gloating about how Hearts were going to win the title…, strangely, I never saw him again. Rather than face the pelters he was going to get, he preferred to quit the job.
C’mon the Hibees in the Final.
Macjay
Cheque is in the post , cheers .
Very wet -way down south . Good , the ground needs it and it will save me labour ,time and money.
Went to Catania 0 — Udinese 2 . Udinese 3rd in Serie A —- a big achievement for a wee club from a wee city..
Serious disorder in downtown Catania before the game . Various Catanese Ultra mobs taking it in turns to attack celebrating Juve fans . .
Serious violence outside the stadium prematch —– Red Block Ultras fighting with Black Block Ultras . Huge Graffito near the stadium –
” Black Block stay away from the stadium —– stay at home and play with your Playstation “.
Big tifo on a curva ——–
” Juve —– stuff your 30 , stuff your 28 , we know it’s really 24 ” .
Expect to spend the summer reading about Craig Whyte’s Floating charge and the Ticketus money .. Hope to be reading about Minty being outed / busted and hounded by the law . Expect him to be Sircumsised ..
Work to do —can’t let water go to waste -way down south.
SOT……….
“Sircumsized”………….
Kwality.
Official attendance at Celtic Park yesterday? Where do I get the figure folks?
Dontbrattbakk
BBs was surely jumping yesterday. Did you notice our ex-Chairman Brian Quinn floating in and out of the pub? Seemed a quietly happy man (among all the less-than-quietly happy men!)
Magnus
nothing on web site. BBC reporting 58,875..
Magnus on 14 May, 2012 at 09:51 said:
Official attendance at Celtic Park yesterday? Where do I get the figure folks?
58,875
http://www.scotprem.com/content/default.asp?page=s12_1_1
2010 Never Again
From videocelts
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Thai Tim Says:
May 13th, 2012 at 12:31 pm
What the hell does this mean…
“If the creditors do not approve the Company Voluntary Arrangement, the agreement obliges Charles Green’s purchasing vehicle to acquire the business and assets of the Club on agreed terms, through a newco structure.”
If Duff & Phelps are working for the best interest of the creditors as they are legally obliged to do, then surely the creditors would get more of their money back if Rangers were liquidated and the assets of Ibrox and Murray Park were auctioned off to the highest bidder. It is for this reason there is no way the creditors will accept a CVA.
This fact will be clearly obvious to these new latest investors who I strongly suspect must really only be hoping to be owners of Rangers Newco by default without investing a penny into the club.
We have still to find out the results of the big tax case, how Ticketus will go about trying to recoup their 27 million pounds investment and how Rangers will be punished for the dodgy double contract deals and how will Rangers deal with being banned from Europe for up to three years (should they ever be able to qualify).
Or another intriguing angle is if Whyte has put the assets of “The Big Hoose” and Murray Park into one of his dubious shell companies, thereby protecting them from an asset sale? This is a very big question because if he has then surely this activity would be deemed illegal?
Nevertheless, perhaps Whyte is in on this devious plan to liquidate Rangers thereby removing all its debts while at the same time protecting its assets in a dubious shell company, so that when the Newco is formed, the Newco can use the assets for free? Interesting conspiracy theory but highly plausible?
My worry is the SPL will keep trying to bend the rules to accommodate the cheats, effectively jeopardizing the integrity of the whole of Scottish Football bringing us into disrepute with UEFA who could quite easily decide to ban all Scottish teams from Europe as well as the National team.
Tighten your seat belts and loosen up your chuckle gums – there is still a long way to go in this messy hilarious circus of clowns and juggle artists.
2010 Never Again
And again from videocelts
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Thai Tim Says:
May 13th, 2012 at 11:12 pm
Its all very clear now.
Everything is going according to Craig Whyte’s plan from the beginning. He has put the major assets (Ibrox & Murray Park) into one of his own shell companies so the shares he has sold to this new consortium does not include Ibrox & Murray Park.
The consortium are in cahoots with Craig Whyte. A proposed CVA will be refused and they know that, so Rangers FC will have to be liquidated which means all their assets will be sold off to pay the creditors. These assets will not include Ibrox and Murray Park as Craig Whyte has protected them in his shell company.
A Newco will be formed and Craig Whyte will “donate” the use of Ibrox and Murray Park to the Newco whilst retaining ownership of these assets (which he got for nothing). The new consortium will have a debt free Newco Rangers FC (which they got for nothing). The only “fly in the ointment” for these crooks is Ticketus who will no doubt sue Craig Whyte for knowingly deceiving them out of 27 million and I’m sure the HMRC Tax office won’t be too happy with this fraudulent arrangement either.
Meanwhile the SPL will bend over backwards to accommodate the Newco cheats and fraudsters jeopardising the integrity of the whole of Scottish Football to the point that all clubs competing in the tainted SPL would be banned from competing in Europe.
Magnus on 14 May, 2012 at 09:51 said:
Official attendance at Celtic Park yesterday? Where do I get the figure folks?
Count the seat’s, it was a sell out.:¬)
Any more on phone hacking related injunctions?
So the Hunz have tried a Whyte, now moved onto a Green. What next…..Andrew Gold??
Got back down to Devon late last night after a fantastic weekend capped by the performance yesterday. Still trying to get my voice back.
Encapsulated all that is best in being a Celt.
:-)
Emerald Bee – he came over and asked ole Dick Byrne for his autograph, and to complain to ole Jobo about the weather.
I don’t understand how accepting a bid of circa £9M represents Duff&Phelps getting the best deal for Creditors ?? Surely if Ibrox and Murray Park were sold off, along with some players with value (Davis?), then they would realise more than £9M. Don’t see how they are fulfilling their statutory obligations on behalf of creditors ??
Jim on 14 May, 2012 at 10:07 said:
Some people still don’t get it.
Duff and Phelps were appointed by Craig Whyte for the sole benefit of Craig Whyte. And they are acting accordingly.
Auldheid – I always admire your faith in the football authorities to do their job well :0
I think your faith is going to be sorely tested on Wednesday when the SFA appeal panel propose a reduced sanction on Rangers ( when the evidence suggests the original punishment wasn’t harsh enough).
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Auld Neil Lennon heid on 13 May, 2012 at 23:56 said:
aldersyde avenue on 13 May, 2012 at 23:20 said:
Dirtymac
UEFA will not get involved. Let me repeat that
UEFA WILL NOT GET INVOLVED.
There is as much chance of UEFA intervening as Paul’s suggestion in yestedays article happening.
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The only way Newco can get a icense to play in UEFA competitions isfOR UEFA to be involved.
UEFA need do nothing, the situation is already covered.
The SFA could make a case but I doubt they have any grounds and UEFA would then have to make a decision, but that means they have to act. The only way they will get involved is to say yes or no, but given they are looking at excluding clubs who use CVAs to avoid tax and continue as Oldcos from playing then a yes is very, very unlikely for a Newco.
The only question will be when the three years begins. Rangers do not have a license for next season having failed 3 licensing criteria. So will the 3 years click in the season after next or next? I think next but no UEFA money 2012/13, 2013/14, 2014/15 so it will be season 2015/16.
new article posted.
Imatim and so is Neil Lennon on 14 May, 2012 at 10:01 said:
Yes thats about the size of it ??
They were always going to survive – at someones expense
Only thing missing from your summary – HMRC will NOT go after them because HMRC have been told at highest level (government) not to put them out of business
Its a sham
Hail Hail
67ECW