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.
Buy a hard copy of CQN Magazine, issue 7, by clicking on the button below. You can read online here.
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Auld Neil Lennon heid on 17 April, 2012 at 16:42 said:
RobertTressell on 17 April, 2012 at 16:34 said:
Back in 1980 I was doing interviews along with a Protestant guy. Decent enough fella. At the end of the week he said in all innocence and honesty that he was really impressed by the standaordof applicants from Catholic schools. I just nodded in agreement but thought “I’m Catholic educated and could buy and sell you pal.”
The very idea of a smart Catholic seems not to have entered his head.
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Good story but what is a 1980? Never heard of it…………
Dan, as i’m thoosands of miles away, I have no idea hence the question, my brother is more on the militant side and even he said they were out of order last night, that why I asked if anyone was there. I think i’ll just go back to lurking, and reading about the orcs demise. Clearly the question has offended some peoples senibilities.
RobertTressell on 17 April, 2012 at 16:34
Excellent post amongst some turgid tripe from the afternoon gob shite.
Art of War- Thanks for your reply last night re Mintys beam(not moonbeam this time) scam.
The orcs on FF were last night claiming that the GB were trying to set fire to seats with the purpose of burning down the stadium.
Clearly they were concerned that the insurance wasn’t up to date.
Awe naw, internet hard men do make me giggle!!! You and leggat would get on like a house on fire!!!
!!Bada Bing!! on 17 April, 2012 at 16:54 said:
——–
Very welcome my mhan!
HH
MCTALL
How many years did you attend catholic primary school ?
Hail HAil
RogueLeader
BUt could HMRC not force them to sell it so they get all their money???? While a club like Portsmouth could not sell their stadium to clear their debts Glasgow has a stadium as big as the pit lying empty most of the year. Could they not argue that this is a viable option as oppossed to settling for 50p in the pound or liquidation???
Study reveals ‘extraordinary’ DNA of people in Scotland
The study revealed that actor Tom Conti is related to Napoleon Bonaparte
Clues to ancient invasion in DNA
The DNA of people living in Scotland has “extraordinary” and “unexpected” diversity, according to a new study.
The Scotland’s DNA project, led by Edinburgh University’s Dr Jim Wilson, has tested almost 1,000 Scots in the last four months to determine the genetic roots of people in the country.
The project discovered four new male lineages, which account for one in 10 Scottish men.
It also found that actor Tom Conti is related to Napoleon Bonaparte.
Scotland’s DNA was set up by Dr Wilson along with historian Alistair Moffat, the current rector of St Andrews University.
Using new technology, scientists were able to pinpoint a participant’s DNA marker, from which they tracked the person’s history and lineage.
Conti and Napoleon both share the M34 marker, which is Saracen in origin.
The project found that Scotland has almost 100 different groups of male ancestry from across Europe and further afield.
More than 150 different types of female DNA from Europe, Asia and Africa were discovered.
Royal line
Researchers believe that Scotland’s location could be a factor in the “astonishing and unique” origins of people from the country.
In a statement, Dr Wilson and Mr Moffat said: “Perhaps geography, Scotland’s place at the farthest north-western end of the European peninsula, is the reason for great diversity.
“For many thousands of years, migrants could move no further west. Scotland was the end of many journeys.”
Scotland’s DNA also found that more than 1% of all Scotsmen are direct descendants of the Berber and Tuareg tribesmen of the Sahara, a lineage which is around 5600 years old.
Royal Stewart DNA was confirmed in 15% of male participants with the Stewart surname. They are directly descended from the royal line of kings.
Scientists believe comedian and presenter Fred MacAuley’s ancestors were slaves, sold at the great slave market in Dublin in the 9th Century, despite his name suggesting a Viking heritage.
They said MacAuley’s slave ancestor was taken by ship to the Hebrides and had an affair with his owner’s wife, thereby intruding DNA into the MacAulay line.
Scotland’s DNA will soon be renamed Britain’s DNA as the project aims to widen its genetic study to include the English, Welsh and Irish.
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“The project found that Scotland has almost 100 different groups of male ancestry from across Europe and further afield”
I wonder if the eminent Dr Jim Wilson will find that Neanderthal DNA is present and alive in the population, and isn’t hard to find!
murdochbhoy on 17 April, 2012 at 16:53 said:
RobertTressell on 17 April, 2012 at 16:34
Excellent post amongst some turgid tripe from the afternoon gob shite.
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I like to post when standards are low. Makes me look good!!!!!!!
RL
Whyte has a security ..circa £20m
creditors aplenty
why would anyon epurchase the hun at this time
what could possibily be in it for them
assume they purchase …no CVA as HMRC won`t countenance it …then liquidation
what could they gain out of liquidation ?…ie how could they make a return
Dobie Garden Centres are selling doggy Ice cream in apple & strawberry flavours by a company called Billy & Margot…now my big doberman can eat Ice cream at the party when the huns die! Wham! Kazoo! Nipples in a crocodile clip! You couldn’t make it up: Karma has impeccable timing…the WHOLE family can join in the party! Wee-hee…
St monica’s from 5-12 then lourdes with mouldy bhoy among others, on this site. and what do my catholic credentials have anything to do with being a Celtic fan??
hamiltontim on 17 April, 2012 at 16:54 said:
The orcs on FF were last night claiming that the GB were trying to set fire to seats with the purpose of burning down the stadium.
Clearly they were concerned that the insurance wasn’t up to date.
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Being stuffed full of asbestos Ibrox is actually fire proof. Fact.
So, where are we?
Liquidation looks inevitable. The game plan is to transfer the club to a debt-free newco and waltz back into the SPL next season. That way they keep their history and their SPL place and all the rest.
Question. Can Whyte, as major shareholder, block this transfer? Would he?
As far as I can tell, for it to go to plan, the transfer has to take place before the old holding co is liquidation. if Whyte resists, liquidation could be forced on them BEFORE such a transfer happens. What would this mean?
RobertTressell
Well put and an observation I share. I had a secret hankering for the Blue Knights to succeed just to observe the carnage someone like Dingwall would deliver from the inside of the tent.
My view is that the fawning media coverage in the Murray (D) era triggered a movement amongst many Celtic fans to create their own online media – certainly in the early days of CQN, Paul67 often mentioned this as a motivating factor. This has led to the position today where the Celtic support has a diverse range of voices speaking out, including some elements of the lunatic fringe, as well as the more conservative elements of the support.
With the generally supportive press, Rangers fans didn’t seem to mobilise themselves to the same extent, leaving them now represented by the likes of Dingwall as their spokespeople. Something else we can be thankful to Jim Traynor and chums for.
McTALL
Nothing but you are unusually legible
Hail Hail
Product of a good Catholic education!!!
Mick on 17 April, 2012 at 16:57 said:
Study reveals ‘extraordinary’ DNA of people in Scotland
————————————————
So we are all sons of Adam and Daughters of Eve as CS Lewis put it.
Common humanity should be the watchword.
And Tom Conti’s great great great great granny must have stopped in Paris for an overnighter on her way to Scotland………
McTALL
clearly !
Did your brother go to the same school ?
HAil Hail
RaRaRasputin on 17 April, 2012 at 16:59 said:
With the generally supportive press, Rangers fans didn’t seem to mobilise themselves to the same extent, leaving them now represented by the likes of Dingwall as their spokespeople. Something else we can be thankful to Jim Traynor and chums for.
========================================
Traynor and co are pivotal to Rangers downfall. If the bears ever get this in to their heads and stop the delusional rants about the media and press attacking their club they will realise that a little attack would have prevented this situation.
But they seem incapable, unwilling or both.
Long may it continue.
Yep, there a point coming soon?
MC TALL
Is he in the police too ?
Hail Hail
Dingwall- DingBat…a bat faced flying Lemur…
Did Agent Whyte pay to have his DNA history deleted in order to pass the fit and proper process?? Excellent word from our man in the front line.
Na, he actually works for a living
Anyway, why did I come on?
Oh yes, a question.
What happens if the newco is not ready to be parachuted in to the SPL before the fixtures are announced?
Do they have to struggle on in administration (which seems impossible)?
Or will they plain and simple not be playing anywhere?
Does it go like this (and indulge me the moment of pure unadulterated joyful fantasy if you will):
Newco cannot form in time to register for SPL competition or be voted in. Dunfermline escape relegation, no relegation from Div 1 and 2.
Place left in Div 3. Newco not ready in time. Team selected from non league applicants. No room for Newco.
Is that possible? If it is possible what happens to Newco?
Other than heaven and earth being moved by the powers that be to prevent this am I in dreamland here?
RobertT
The asbestos mat not burn but the sh…. inside it will!!
Mc TALL
;-)
what about the Eddie Smiths camera battery factor ?
You honestly think that the LL AND RANGERS FC FFS would miss such an opportunity ?
or do you still have a penchant for moralising lectures ?
Which is a joke coming form an ex pig that makes me giggle as much as internet hard men
HAil Hail
hamiltontim on 17 April, 2012 at 17:12 said:
RobertT
The asbestos mat not burn but the sh…. inside it will!!
=========================
As my dear old Mammy would say ‘Hell won’t be hot enough for them!!’
can anyone confirm that Alex Thomson will be presenting his latest report on orcgate on CH4 news tonight?
Thanks
PFayr – the only value I can see would be trying to get Rangers 2012 to the SPL and sell them on.
Via CVA, with the money you would need to put out to creditors, no ROI. In fact that would be a loss. Not to mention any historical suits and liabilities form the 2 contracts stuff.
CVL is the only possibility. Clean slate, restructure and sell on. You won’t make as much profit as Agent Whyte is about to but it will be significant. I suppose it would be possible to grow it into a business with a £40m turnover, continental exposure, turning a small profit and be debt free post liquidation.
That is the only angle I can spot as this “lifelong Rangers fan” stuff is risible from a well known vulture capitalist.
savo01 – that’s where it gets complicated. However Whyte has the security over Ibrox and Murray Park via Liberty Capital. He gets his money first before anyone else when push comes to shove. Close Brothers are also owed £3m. They will want that upfront and in full.
Aye – it would have been fun watching the lunatics running the asylum.
Without the aid of handshake banking and EBTs, and under the stewardship of Ally ‘one thing we don’t do’ McCoist…
u
McTALL
Yes, there was a green smoke bomb let off in the Broomloan Stand, it was reported on FF (or was it the DR?) that some dirty Taigs had set fire to the stadium.
Diddums CSC
p.s. Celtic lost on penalties and therefore Ragers may have won there last trophy
McTall
I’ve read with alarm your post today, not because I believe what you say did happen, but that a fever pitch in misrepresentation has now been reached and
Further escalations to new heights are expected by any incoming post or tweet that unsettles our intrinsic belief that deflection through news management of
minor tales obscures by editorial dictat the Larger and wholly more scandalous
mismanagement the piles of copy on Scottish hacks desks which with the otherwise shake of a dodgy hand would have laid bare, years ago the corrupt
Collusive instinct all estates across the power vacuum to preserve and maintain
and ultimately serve the institution which provides the largest recruitment pool for
Jingoistic racist enlistees to the Crown war machine, outwith the local Glesga Polis of course.
Tell yer brother to check his facts.
HH
there = their