Paul Simon wrote about ‘a loose affiliation of millionaires and billionaires’ but if you want to raise money to rescue a company you need more than a loose affiliation. ‘The rebels’ at Celtic managed this in 1994 (somehow), but Paul Murray’s Blue Knights affiliation unravelled over a few days.
While Duff and Phelps were casting aspersions on the SPL for spiking their plans to announce a preferred bidder last week, the Blue Knights were already struggling to pull £0.5m together as a covenant to secure a period of exclusive rights to buy the club.
18 years ago a Celtic supporter walked into a branch of Bank of Scotland and paid £1m into Celtic’s bank account to bring it back under agreed limits and prevent the club going into administration – without any security or negotiating rights. A discrete but hugely important act by a man still on our board. No one from the Rangers consortium was prepared to gamble half as much last week, they even asked Ticketus, finance provider for Craig Whyte’s doomed venture, to stump up the non-refundable cash! The ticket agency declined.
The Celtic consortium soon fell apart with a modest degree of acrimony but personal issues were put to the side until the job of securing the club was complete. Paul Murray’s group was less fortunate. As a chartered accountant Murray would have been fully aware of the Employee Benefit Trusts which brought the club to its knees. What he knew and whether he benefited are likely to be some of the questions other consortium members were asking. He was not best placed to lead the recovery.
Murray also tried to keep a broad church together, from wealthy but detached Rangers fans to various elements of the support. This sounded ambitious from the off.
The most important comment from the Blue Knights yesterday was “The consortium believes that the whole deal process has become incredibly complex and it is critical that a preferred bidder is appointed this week.”
If it’s possible for the words “incredibly complex” and “critical” to be an understatement this is the occasion. The Scottish Premier League and Scottish Football League announce their fixtures in the middle of June. If Rangers are to phoenix before then they better hurry up and die. The liquidation process will take weeks (if it goes smoothly) and can be open to legal challenge. Stadium ownership has also to be secured and the claims of Ticketus and Andrew Ellis have to be satisfied.
Add to the mix creditors, the big tax case, punishments from the SFA for their on-going inquiry into the last takeover, potential punishments from the SPL inquiry into improperly registered players, increasingly widespread opposition from within the SPL and the rest of Scottish football to a place being created for a phoenix and you get the picture.
The last few years reads like a lesson in how to destroy a huge football club. Chances of SPL football at Ibrox next season? No more than 50%.
Bids for the original canvass painting of Neil Lennon by US based artist, Joseph Gormley, have hit an incredible £500. Keep an eye on the auction, which ends on Thursday, here.
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Smashing article,PAUL67
I’ve been telling all and sundry for about eighteen months-at least-that liquidation is inevitable;as long ago as 2006 I said they could not trade out of their debts.
About November I suggested that legal issues would screw their chances of phoenixing in time for next season.
That will mean that the likes of Spartans,Gala,Whitehill,will have a chance to enter the league system in order to make up the numbers.
This will also mean that when/if they phoenix there will be no room at the inn.
It’s almost Biblical,innit?
Neillybhoy
I was a kid in the Jungle that day, My 1st Old Firm game. 2-1 with Paton scoring aswel before that long haired creep Hately scored with 10 mins to go. I still have it on Tape, HH
Malarkey, Gordon_J, sorted, thanks.
philvisreturns, I’m giving credit squarely to Sir David. Maybe we can dedicate next season’s title to him:
2012-13, the Sir David Murray title.
BOBBY MURDOCH’S CURLED-UP, thanks.
How many Billy’s are there in Singapore?
You would think Dunfermline would want to know asap after the season ends if they’re in the SPL next season.
Actually for Rangers FC it is renewed anyway …. which is a ridiculous ruling
for a Newco …. it is already TOOOOOOOOOOOOOOOOOO Late
Hail Hail
craigy : Just taking in a little tennis here for a few days.”
Fantastic, it’s a shame he cant play the violin.
emperornerocsc.
Correct me if I’m wrong but wasn’t the meridian in all this their abject failure in commanding CL money this season?
U
podium?
When do yous think he’ll finally do walk Ng away?
Gordon_J,
You took the (latin) words out of my mouth.
Paul67,
Are they really doomed now no matter what, as Bobby Murdochs curled up suggests?
Walking away is so 15minutes ago… Stepping back is the new walking away…
Good post Paul but I disagree with the last sentence……
Increasingly it feels like the chances of ANY (as opposed to SPL) football at ibrox are about 50% and receeding fast…..
Philvis:
You would need a heart of stone not to laugh:
I’m sitting here with a tank of laughing gas watching reruns of weeping huns & the “Big House must stay Open” catchphrase on YouTube on a continual loop…hehehehehehe…one of my ribs has cracked from the pressures of blissful hilarity.
Paul,
This reads remarkably like a discussion James Forrest, Auldheid and I had in January when we overlaid the Adminstration process on the Football Diary.
I’d say chances of football at all at Ibrox next season are 50% at best.
SPL Football? Somewhere south of that.
Keep it coming.
Are corrupt fc being charged for craig whyte’s advised extra security requirements, floating charge ha ha ha haha
I was a teenager at the back of the Celtic end Serge, we won more at Ibrox than parkhead back in those days, i’ve the same vhs tape as well Gerry McNee and Scotsport must have watched it hundreds of times back then….HH
The huns will love this:
“Putting the SNP in charge of councils is like getting Rangers owner Craig Whyte to do your tax return, Scottish Labour leader Johan Lamont has said.” (BBC)
Paul67
I think you’ll find that the Blue Knights were duped. There’s a lot of duping going about at the moment. Is duped the right word for it? Yes, duped is the right word for it.
Just like this poor guy – And I quote…
—
Murray said: “I was duped, my advisers were duped, the bank was duped, shareholders were duped.
“We’ve all been duped. Is duped the right word? Yes, duped is the right word.”
—
“we don’t do Woking away”
Oh theres only one Ng Billy that McNeill…
neillybhoy
I have been meaning to put all these tapes onto disc for years. Must do it soon. great memories eh. HH
What are we talking about here lads
Your percentage calculations have nothing to do with any body in Scotland actually following its own rules. Right ?
And everything to do with any saving entity actually being in a position to operate as a business.
SPL will delay fixture announcement until the end of July in fact it would postpone the season for up to a month I would reckon. Easily
So not sure where you are coming from and need it reaffirmed.
Thanks
Hail HAil
Duped huns everywhere …
Sir Paul
Ah am sure the Baith you and Ah.. Agreed.. Donkeys ago..
that the Best Thing tae Happen tae Celtic , wiz..fur oor Beloved club..
Tae Teeter and Totter.. oan the Edge o’ ..Oblivion.
Fur..
Celtic’s Monetary Troubles.. wiz, in fact, the Gateway.. thru which..
a wee Fellah wi a Penetratin Gaze and an I. Q. oaf Biblical Proportions..
Yep.. that wiz when, You know who.. made his fortuitous Entrance,
into Celtic History.
The wee Fellah,Wiz Celtic’s Saviour.. He Wiz the Man who Saved Us fae going
the wey o’… Clydebank…and Train Oil.
Noo, the G.A. need a Guy such as He…
And..
They Hivnae, goat wan.
They thought they Did.. bit he wiz Found wanting in the clutch.and wiz a Miserable Failure.
So they Hiv turned tae .. Bringin in a Disparate Grouping o’ Syndicates,Federations.. Groups.. etc..as the means of Saving their Club… with the Idea, that Wan of Those Multi Partnerships, wull save the Club..
And ..
Let me say this.. right noo. afore Ah furget..
The Mair Cooks that Are in the Kitchen.. the Hoatter ,the
Kitchen Gets.
Ah canny fortell how this Mess that the G.A. hiv goatten themsels intae wull end..
But, Ah hiv enuff sense tae see that it wull be a Long Long time,
afore .. this Mess wull be straighted oot.
Syndicates, seldom woik… unless.. we are talkin aboo the Mafia.
In Ma Opinon.
Kojo
Still Laughin’
A newco deserves a new name – Singaporean LadyBoys FC anyone?
Raffle for Celtic Vs Rangers ticket in aid of the Kano Foundation
One of the TnT bhoys unfortunately has to miss us welcome Rangers FC* to the home of the champions on 29th April. He has kindly offered to put his ticket (North Stand, block 103) up for grabs in a charity raffle in aid of The Kano Foundation.
Entry into the raffle costs three of your English pounds, i.e.£3.00 and you can enter as many times as you like.
The payment plan: text KANO11 £3 TO 70070 or visit http://www.thekanofoundation.com and click on donate button to pay by paypal.
Simply keep a note of the transaction number and email me at sannabhoy@thekanofoundation.com to be added into the draw.
Closing date will be Thursday 26th April.
Hail Hail
Awe_Naw – the rest of the SPL could not afford a months delay in beginning fixtures….
HEARTS owner Vladimir Romanov is set to crank up the pressure on cash-strapped Rangers by wiping out the near £1m SPL placement money they are due to collect for finishing second in the table.
Romanov could snatch the bulk of that sum by making an official complaint to the SPL about the £800,000 owed to the Edinburgh club for Lee Wallace.
The Scotland full-back moved to Ibrox for £1.5m last summer but less than half of the fee was paid up front.
Rangers’ other SPL creditors include Celtic (£40,337) and Inverness Caledonian Thistle (£39,805).
Under SPL rules the governing body can divert any money they are due to pay to defaulting clubs straight to the members who are owed the cash.
As things stand, Rangers are due to collect £900,000 in placement money for being runners-up this season.
“Of course that’s vital,” said manager Ally McCoist. “In the current climate to everybody it’s worth a lot of money but because we’re in administration we need that £900,000.”
Lee Wallace moved to Ibrox for £1.5m last summer but less than half of the fee was paid up front
However, that placement money would be wiped out if Romanov demands that the rest of the Wallace fee is paid up.
The SPL would be forced to act under Rule C9.1. which states: “If any Club defaults in making payment of any sum or sums due to the Company and/or to another Club the Board shall be entitled to apply any sums which, under these Rules, would otherwise be payable to the defaulting Club by the Company in discharge of any debt due by such Club in default to the Company and/or such other Club in such manner as the Board shall determine.”
———————————————
Surely the timing of disciplinary procedures and specifically delaying them leaves the whole SPL and SFA open to a legal threat from Romanov.
I wouldn´t put it past him.
Mr Ng
RaNgers
Mark DiNgwall
KiNg Billy
Dave KiNg
No WalkiNg away
SiNgapore
Daryl KiNg
Tom ENglish
Chick YouNg
Hmm…suspicious or what?
RogueLeader on 17 April, 2012 at 14:58 said:
Agreed but I do not think that is high on their list of priorities … at least they will wait until towards the end of June.
HAil HAil
Awe_Naw – Romanov is the loose cannon and they all know it…..depends on his appetite for mischief
If Hearts had repossessed Lee Wallace for non payment, we’d have won at Ibrokes.
Re Paul’s last post about Dallas, how many media outlets did Hughie boy speak to? It would help if the complaint to Uefa is specific and accurate.
If Derek Ogg is representing Lenny then he is in good hands. That doesn’t sound right, but you know what I mean. Ogg is not the normal Masonic middle class lawyer. In fact he is far from that having attended Woodmill school in Dunfermline.
I think that Criag Whyte’s comments will apply to Ogg’s defence of Neil. The issue has been prejudiced by statements made in the press by ex-SFA refs (who still act in some capacity for the SFA?) and by a senior Uefa referee.
Paul67
A “Perfect Storm…”
A “perfect storm” is an expression that describes an event where a rare combination of circumstances will aggravate a situation drastically. The term is also used to describe an actual phemonenon that happens to occur in such a confluence, resulting in an event of unusual magnitude.
Thinking ahead to next season with this post. Specifically in regards to summer signings. I dont think we need to buy many players but one player I really think is within our means is this guy
Brek Shea – FC Dallas, the new Torres
Relatively unknown here and still not scouted by the big clubs it appears. He looks a great young talent.
Craig Whyte’s comments to Alex Thomson about finding him guilty without speaking to him and then asking him along after the event.
Awe_Naw_No_Annoni_Oan_Anaw_Noo on 17 April, 2012 at 14:59 said:
Childish, I know, but I hope we don’t get our money back.
They’ll be forever in our debt. ha ha.