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HMRC, Whyte security, Rangers sale and Ticketus

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We have lots to cover today, perhaps the most serious issue we have ever discussed on Celtic Quick News, but first let’s get a couple of points out of the way.

Paul Clark from Duff and Phelps gave an expansive interview to Alastair Lamont from the BBC yesterday evening.  Clark established a few points:

Although Craig Whyte holds security over Ibrox, the position of the administrators is that this security has no value as Whyte has not put any money directly into Rangers, his investment is in the form of guarantees worth £27.5m, which was used to secure funding to clear the bank debt.

This is a default position of an administration but is pretty meaningless at this stage.  Having previously dealt with a few administrators, claims against the company are often disputed.  I have been asked questions like “Do you have proof of title?” to “Do you have proof of delivery?”

Duff and Phelps need to convince a court that Whyte’s security, which was established by his well-paid lawyers, not by well-paid accountants like Duff and Phelps, should be set aside. Whyte will have been aware this position would be adopted from the outset.

Clark told the BBC that he is busy trying to agree a CVA and sell Whyte’s shares.  He didn’t explicitly name Whyte, but Craig Whyte is the only person who can sell Rangers.  Whatever offers Duff and Phelps receive from prospective buyers, they have to take back to Whyte for his consideration.

Notions that the administrators can either dismiss security or sell the club are completely misplaced.  Ideas that they can do both are fantasy.

Clark also suggested that HMRC may agree to a Creditors Voluntary Arrangement.  HMRC have given no such assurance.

Whyte owns the club and is the only person who can sell his shares.  He has security over the stadium and could tie this asset up in court for years if his title was disputed.  Ticketus own the first 26,000 season tickets sold for the next three years.  HMRC are due around £15m which could potentially grow by another £50m within weeks.

There is no agreement with Whyte to sell, the security over the stadium has not been lifted by a court, no deal has been agreed to invalidate Ticketus’ tickets and no agreement has been made with HMRC.

Apart from these matters, the administrators job is pretty straightforward.

More important issue coming up soon, just checking details before we go.

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  1. dirtymac \o/ on 9 March, 2012 at 12:04 said:

     

     

    Mmmm, Cassata Gelato ……….

     

     

    Is that what they call Spumoni?

  2. Former Rangers boss Dick Advocaat

     

    “My team became champions etc… etc..” said Advocaat, speaking in Warsaw, regarding his £36m outlay between 1998 and 2002.

     

     

    “In that way, the money was worth spending.”

     

     

    The wise man has spoken, it would have been worth it Dicky had the money been yours and all the tax on it paid.

     

     

    Better to stay silent and be thought a fool than to open your gob and remove all doubt…

     

     

    SP

  3. .

     

     

    Tweet From..@StevenNaismith..

     

     

    Just to Say to All the Ranjurs Fans..I’m Looking forward to getting Back Playing..@ East Stirling Next Season..The 500 Quid a Week will come in Handy..#RanjursTillADie/GetFit

     

     

    Summa

  4. From BBC

     

     

    1201:

     

    BREAKING NEWS

     

     

    The views of former Rangers manager Dick Advocaat on his spending spree at Ibrox coming up…

     

    1202:

     

    Former Rangers boss Dick Advocaat

     

     

    “My team became champions etc… etc..” said Advocaat, speaking in Warsaw, regarding his £36m outlay between 1998 and 2002.

     

     

    “In that way, the money was worth spending.”

     

     

     

     

    1203:

     

     

    Advocaat splashed a club record £12m on Tore Andre Flo, but defended his signing record.

     

     

    “Probably, they spent too much money. Otherwise, you are not in this position,” he added.

     

     

    “Unbelievable what’s going on there because – with Celtic – one of the greatest clubs in the world.

     

     

    “If you see how many fans they have in the world, it’s a pity what happened now. I don’t think that (going bust) will happen.

     

     

    “At the end, somebody always stands up to take it over.”

  5. seventyxseven 'gelee et glace' on

    Headtheball

     

     

    Does anyone know how to remove an arse shaped indentation from a leather couch?

     

     

    Ask Jabba’s wife.

  6. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Rangers players must make right D-Day choice

     

    By Mark Hateley on Mar 9, 12 06:39 AM in

     

     

    BARCELONA, 1972. Nine in a row. Manchester, 2008, London Crown Court

     

     

    These were all historic moments in the history of Rangers and the players involved will be forever lauded by people around every corner of the globe.

     

     

    But today, if a group of around 30 men, and they are just men – we should always remember that – at Murray Park make the kind of sacrifice that ensures the club’s survival just until the end of the season, they should be held in the same high regard. The next 8 weeks is more important than our entire 140 year continuous history.

     

     

    It might sound crazy to mention the likes of Dorin Goian, Maurice Edu and Sone Aluko in the same breath as Colin Stein, Richard Gough or Davie Weir, but with the club facing extinction it is difficult to remain composed.

     

     

    But if the current Rangers squad agree to the EBT cut deal put in front of them by the administrators, they will never be forgotten by the fans this season or next..

     

     

    Today is D-Day for the players. Duff and Phelps have already said if an agreement isn’t in place by close of play there will be redundancies throughout the club.

     

     

    And for me, it’s all about solidarity. Each Rangers player is an individual but on the pitch they’re a team. They have to show that togetherness now.

     

     

    This squad was successful under Walter Smith and it has been built on unity.

     

     

    It is now down to those same players to dictate what happens to the club.

     

     

    They have dug in for the past four years to win trophies.

     

     

    They’ve won three SPL titles and reached a UEFA Cup Final by sticking together.

     

     

    Now they have a decision to make and I would urge them to display that same togetherness one last time in order to keep the club afloat.

     

     

    In the fans’ eyes, what they’ve done has been remarkable. But if they reach an agreement today it could be their legacy. It’s what they will be remembered for – keeping Rangers going for another few weeks.

     

     

    As a player, it’s great to be remembered by the supporters for the titles and cups you’ve won no matter how they may be perceived but it would be even more special to be known as one of the 20 men who saved Rangers.

     

     

    In 140 years there have been some great moments but this sacrifice to help the club would match any of them.

     

     

    If the players accept massive EBT cuts, it will be set in stone forever. They will be up there with the players who won the Cup-Winners’ Cup in ’72 or the guys who played their part in nine in a row.

     

     

    The club is more important than any individual. It’s a club of the people, for the people and when I played in that nine in a row team, that’s what it was all about for us. We serve the people never forget it.

     

     

    I’m absolutely certain that if we had been in the same predicament the current squad find themselves in, we would have done whatever it took to keep the club going.

     

     

    I know I would have done it and I’m sure others would have as well – even if it meant taking a huge EBT cut until the end of the season.

     

     

    When I signed for Rangers from Monaco I forfeited a big chunk of my salary in France as I knew I could keep it topped up. I came to Rangers because they have a great history and that could be in these players’ hands now. If an agreement isn’t reached with administrators today I dread to think what the outcome might be.

     

     

    Lee McCulloch has been a leading light. He is the epitomy of what the club is all about. A quiet reflective individual who is more at home with a book and his slippers on than he is on the field of play.

     

     

    He has been there, seen it and done it and appreciates all he has had, everything he has won and is willing to give something back.

     

     

    It’s a fantastic gesture from him to publicly admit he’d be willing to lose around £250,000 in wages between now and the end of the season to ensure the club survives. Lee knows when you leave Rangers, in whatever circumstances, it leaves a big hole in you life, especially if you intend to stay in Glasgow afterwards. He’s a shining example to his team-mates and he knows what this means for everyone connected with the club.

     

     

    People talk about players inspiring others on the pitch and being a role model. Lee is doing that now, on and off the pitch by smashing players and then genuinely apologising after the final whistle. That´s just the kind of guy he is – a true legend.

     

     

    He’s in the final chapter of his career and has spent a long time at Ibrox. He realises there are people who work at the stadium and Murray Park who have had four generations of family associated with Rangers.

     

     

    To keep that going, in terms of achievement for a player, would be on a par with winning any trophy or reaching any final in the fans’ eyes.

     

     

    Don’t get me wrong, I wouldn’t criticise a player if he didn’t accept the EBT cuts, especially when I would not do so myself .. wages yes but EBT´s no way. I know everyone has their own personal circumstances.

     

     

    It’s unfair to condemn someone when you don’t know the reasons. But I reiterate to them – this is a massive club. We’ve had everyone from the Prime Minister, David Cameron, talking about how important they are to Scottish football and the supporters.

     

     

    Now it’s down to everyone on the playing staff to do their bit. They must help in this hour of need.

     

     

    We’ve had momentous days at Rangers, players and fans alike, but today a meeting of administrators and a group of players could mark one of the most important days in the club’s history.

     

     

    The day that Rangers died.

  7. Big Nan on 9 March, 2012 at 12:07 said:

     

    dirtymac \o/ on 9 March, 2012 at 12:04 said:

     

     

    Mmmm, Cassata Gelato ……….

     

     

    Is that what they call Spumoni?

     

    +++++

     

     

    Much the same. We had it in Aberdour last year when the rest of the good chaps were at the golf – unfortunately, I couldn’t attend, despite being barely half a mile away as it was also the day of my daughter’s birthday (the same one whom I have nicked a quid from for my bid for Orkenkind FC)

  8. Credit where it’s due.

     

    Step forward, Charlie Nicholas – The Cannonball Kid

     

    In the Daily Express/Star

     

    Charlie says ” Livingston were dumped into Division Three after going into administration for a second time in 2009 and the same should happen to any Rangers team that re-emerges from the current club being dissolved.” Charlie went on ” There can be no special clauses. No rewriting the SPL Rule Book to suit certain agendas because there’s currently nothing in their regulations about dealing with a club that went into liquidation.”

     

    Well said!

     

    The Cannonball Kid

     

    Hail! Hail!

     

    P.S. I apologise can’t do the link-thing :o(

  9. Peter Principle :

     

     

    I believe that these pay cuts are not deferrals, they are pay cuts. Although they may have a time scale for renegotiation and clauses to leave at a set fee if no agreement can be made at a date in the future. This is only from from my understanding of administrators statements and media coverage of course.

  10. Awe_Naw_No_Annoni_Oan_Anaw_Noo on 9 March, 2012 at 12:13 said:

     

    I have decided that from now on I will only read articles which reappear in your posts.

     

    You have, sir, the most remarkabkle talent ie to make a piece of Craig Whyte into a most enjoyable read.

  11. enmac, a bampot stands shoulder to shoulder with Neil Lennon on

    STVGrant Grant Russell

     

    Rangers source tells STV there are still some “individual issues” to be resolved before any pay cut deal agreed by players (via @STVDavidC)

  12. Rangers players must make right D-Day choice

     

    By Mark Hateley on Mar 9, 12 06:39 AM in

     

    BARCELONA, 1972. Nine in a row. Manchester, 2008, London Crown Court

     

    These were all historic moments in the history of Rangers and the players involved will be forever lauded by people around every corner of the globe

     

    ————

     

    Hey Hatelie do globes have corners? Ya hurting muppet!

  13. Slightly off topic, this is what our route to the Champions League is looking like at the moment

     

     

    We will have 2 qualifiers, likely against 2 teams from the following list. Looks like we will be seeded so should avoid those with a decent recent European record.

     

     

    Dinamo Bucharest

     

    Basel

     

    Ironi Kiryat (israeli league leaders)

     

    Sparta Prague

     

    Rapid Vienna

     

    Limassol

     

    Ludogorets (bulgarian)

     

    D Zagreb

     

    Bate Barisov

     

    Legia Warsaw

     

    Zilina

     

    Molde

     

    Partizan Belgrade

     

    Helsingborg

     

    Zeljeznicar

     

    Helsinki

     

    Shamrock Rovers

     

    Debrecen

     

     

    For the wee clubs in the SPL chasing 2nd spot, they will have one match against one of the following :

     

     

    Braga

     

    CSKA Moscow

     

    Shaktar

     

    Twente

     

    Fenerbahce

     

    Panathinaikos

     

    Nordsjeland

     

    Brugge

     

    Cluj

     

     

    Followed by a game against one of these

     

     

    Arsenal

     

    Levante

     

    Schalke

     

    Lazio

     

    Lille

     

     

    Unlikely they will make it past the 2nd round, but surely the chance of a game against one of the big boys will generate a great chase for 2nd place

  14. Reply to paul67

     

     

    Paul great summary of the salient points. Which means for all the grasping at straws and laptop loyal hype what has changed. In a word nothing except perhaps the saleablity of the club has been reduced. These 75% wage reductions were at the cost of reduced transfer clauses which has reduced the value of these assets to any potential buyer.

     

     

    The wage reduction is a short-term measure and probably means even the administrators see the end game as liquidation or else there would jave been a cull already. No doubt Paul is loooking intio the ramifications as we speak and will advise in due course.

     

    As I mentioned in post this morning fellow tims we just need to chill and allow this train crash to proceed. Interesting as this distraction is remember we have more important things like a treble to achieve.

     

     

    Onwards and upwards

  15. CQN Saturday Naps Competition – Week 30 Standings

     

     

    Last week was one of hard luck tales with 6 runners-up… but nae winners !

     

     

    +£13.75 Cathal (8)

     

    +£ 8.58 bobbymurdoch’s winklepickers (7)

     

    +£ 3.00 voguepunter (3)

     

    +£ 1.83 fleagle1888 (5)

     

    +£ 1.05 Rockon (9)

     

    -£ 4.25 Eurochamps67 (6)

     

    -£ 4.25 What is the Stars (4)

     

    -£ 6.25 Raymac (4)

     

    -£ 7.00 wolfetonebhoy (4)

     

    -£ 7.50 twists n turns (3)

     

    -£ 9.95 Som mes que un club (3)

     

    -£17.00 Che (2)

     

    -£17.25 BULL67 (2)

     

    -£20.00 tommytwisttommyturns (1)

     

    -£20.50 hunza rugli (2)

     

    -£21.50 PFayr (2)

     

    -£30.00 oldtim

     

    -£30.00 The Token Tim

     

     

    *No selections from – hunza rugli & What is the Stars

     

     

    Cheers, fleagle1888

  16. Thought I was robbed last week – still think Junior won that race :¬), but I also thought that one of my fellow tipsters had the supposed winner!

     

    Anyway, taking a wee chance on Pateese 3.15 Sandown today – last couple of runs could have been too far for it right now, and it’s had a wee lay-off since, and it’s back to the shorter distance.

     

     

    Good luck all.

  17. Morning all,

     

     

    can’t believe the uglies are still lingering on – hopefully it’ll be a case of all good things, but getting impatient now…

     

     

    I’ll go for off the ground 2.05 Sandown.

     

     

    Best of luck!

  18. voguepunter on 10 March, 2012 at 10:09 said:

     

    Morning ghuys,I’m going for Aikideu in the 2.05

     

     

    that sounds more like a dodgy song from the 80s

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