I was out of mobile phone range for most of yesterday and returned to read more histrionics. On Tuesday I wrote: “Whatever ‘good news’ Duff and Phelps come out with later”, knowing full well (you all knew too) that news of Bill Miller’s departure would soon be countered by a fantastic (literally) piece of optimism from Rangers administrators. They didn’t disappoint.
Today’s Guardian tells us that one bidder has “proved to Duff and Phelps they have a means of securing current owner Craig Whyte’s shares.”
Administrator, David Whitehouse, explains: “One of the bids is for a stand-alone CVA and there are a number of hurdles which need to be overcome. Our view is that it is challenging, but it is not impossible. The purchaser who is talking to us about a stand-alone CVA has demonstrated to us that they have got a mechanism where Craig Whyte’s shares are not an issue.”
Ah, the illusive mechanism! So Craig Whyte is irrelevant again.
We are three months into the process, Craig Whyte is no more irrelevant today than he was on 14 February, he remains the Only Show in Town. Once he stops being the main event, HMRC take top billing. After them, the players will have their 15 minutes of ‘action’. Then you will hear more of the story. If there is anything left after all this, the SPL and SFA will have their say.
Prior to appointing Bill Miller preferred bidder Duff and Phelps explained why a stand-along CVA was no longer possible. No amount of creative thinking will change this fact. The season ends on Sunday, Rangers last chance to pull a deal together passed on Monday, when Duff and Phelps were unable to present a proposal to the SPL.
Even IF a phoenix is assembled for next season, or the season after that, it will be a humbled shell of what was once Rangers.
Rangers Football Club is disintegrating and will do so at an increasing rate in the weeks ahead. Again, cease and desist with the adolescent hysteria. Chill. Go for a walk in the rain and spare a thought for those football fans with genuine worries.
You can buy a hard copy of the new issue of CQN Magazine via Magcloud here.
The graphic below is just for a flick through, to read the magazine go here to it’s dedicated site.
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Alex Thomson’s latest
http://blogs.channel4.com/alex-thomsons-view/rangers-administrators-overoptimism/1435
TheOriginalSadiesBhoy
I agree with you 100% there. We are not the owners. We are the winners of the League title. Poorly worded.
It’s not our right but we have earned it. I would hope future statements would avoid this sort of thing. The statement didn’t say much for me.
I think it was PL ensuring the fans that they are monitoring what is going on. I also think it is a rallying cry to buy tickets for next season.
LB
From Alex Thomson
Despair at Ibrox – please buy!
Well – we should all know more than enough to be wary – very wary – of Duff and Phelps the administrators of Rangers FC being optimistic. It’s their pathology. In D&P world the cup’s not so such half full as flowing into a series of overflow-vats.
Some reality here. Check what Mr Whitehouse of D&P is saying in the “small print”.
Even he suggests at least one of the four “bids” is a rank outsider. He admits no credible, detailed rescue package is yet really on the table at all. A lot of guff about hope, credibility – nothing about cash.
He admits all talk thus far from all “bidders” has set the money going into the rescue package at levels nowhere near enough to satisfy the key creditors. They’re saying “don’t be daft” at what’s been suggested thus far.
Alarmingly D&P seem to think that if a Company Voluntary Arrangement (CVA) is put in place as a way of rescuing Rangers by agreeing a deal with major creditors, then Rangers can play football in Europe somehow. I suggest they call UEFA urgently where I’ve talked in detail. UEFA insists a CVA is a change in legal status and means a three year ban – just like setting up a Newco: “It’s a loophole. We recognise it as a loophole and we wish to close it,” their spokesman told me late last week.
It’s critical to any proposed income flow at Ibrox and this morning the administrators are stressing this. Yes – they need to call UEFA.
And yes – setting up any kind of CVA rescue will take weeks – I’m reliably informed around six weeks.
No amount of talking up the bids in terms of a couple being from people who will be popular among fans is going to untie this – nor will it put more money on the table and a lot more needs to be on it and fast.
Ticketus – the London ticket company now one of the main creditors of Rangers and major shareholder Craig Whyte, have just told me they are not part of any current bid for Rangers.
“We’re out of all that – and happy to sit on the sidelines,” said their spokesman.
They’ve other fish in the fryer. Later today expect them to file a legal claim for £27m against Mr Whyte for season tickets he “bought” from them.
They insist the money was for tickets only, not for buying the club as has been reported elsewhere.
They expect a “long and protracted” legal case. But what if Mr Whyte should lose and does not have money like this?
“Well we know he has a large house in the Highlands of Scotland and another in the south of France. We know he has a web of financial arrangements based in the British Virgin Islands tax haven and we’re very patient about all this,” said the PR company who represent Ticketus.
Mr Whyte himself has indicated what the world and his dog already know well, that he cannot and will not realise anything like the £30m he was aiming to get by selling up his stake, just a few weeks ago.
And football? The club cannot sell season tickets at all in the current complete confusion. The squad have no clear idea what money they’ll get after next month when a lot of player contracts run out. Football’s a very short career, so facing a Euro-ban and wages/contractual confusion, many will hightail it from Ibrox to other clubs leaving potentially a squad of youths, never-will-bes and have-beens. And a manager as yet unable to buy, because of a year ban on buying because the club brought the game into disrepute over financial mismanagement.
What seems astonishing too is another D&P admission – that it’s basically being left to manager Ally McCoist to brief the players on this mess day by day. These guys need to hear from financial rather than football brains one would have thought.
Gordon_J backing Neil Lennon on 10 May, 2012 at 11:12 said
I think the deal with the wage cuts was that the players’ transfer fees would be reduced to reflect the amount of wages they gave up.
That means the players will in effect get the money back from their new club who will pay in wages what they saved from the transfer fee.
beginning to get worried,the huns in the work are all happy :O(
Then I realised ,this is the 50th time in the last couple of
weeks theirs been a new messiah :O)
roon them thy deserve all they get.
Once again Alex Thompson puts the Scottish MSM to shame with his new blog. Not a difficult task admittedly but so refreshing to read a professional at work.
Nail hit on head, courtesy of AT.
Got laugh when i hear Walter Smith figurhead for the new consortium. He’s the main culprit with Murray on why Rnagers are in this mess with his ridiculous spending in the 90’s along with Advocaat.
voguepunter on 10 May, 2012 at 11:28 said:
”beginning to get worried,the huns in the work are all happy :O(
Then I realised ,this is the 50th time in the last couple of
weeks theirs been a new messiah :O)”
What this looks like to me is Ali’s rope a dope tactic being used in the commercial sphere.
By the time the dust settles the huns will be so punch drunk they will be prepared to accept any post liquidation set up that leaves them with some vestige of a club.
Nearly 3 months into admin and not a cheep from Andy Cameron. Shameful!
traditionalist88 on 10 May, 2012 at 11:19 said:
I may be wrong but I think Paul’s words are directed towards the more pessimistic posters on here – those who think that RFC are goinf to wriggle their way out of all this. In other words carry on with the celebrations – lashings more of jelly and ice cream.
Rogueleader, cheers.
I forgot to mention that, post CVA, you still need to find a way of dealing with no European money when you’ve otherwise got a £10million annual running deficit, and the legacy of Duff and Phelps deal with the players, which will see them entitled to leave for far less than their book value in a month. They will also run out of cash to fund the administration in jig time, and have no identifiable revenue stream to see them through June and July. It’s hopeless.
Can anybody confirm if the price for the season books has went up. Not sure as I can’t find last years renewal forms but it looks like mine has went up 2 quid ( double what the Huns costs right enough) and the opt out also says rankers game ( not successor ) as some other people have mentioned… Just curious like.
HH
SNAFU F.C.
Never interrupt your opponent when he’s destroying himself……………
Off to work, will check back later.
Lifted from Elidor69’s post:
What seems astonishing too is another D&P admission – that it’s basically being left to manager Ally McCoist to brief the players on this mess day by day. These guys need to hear from financial rather than football brains one would have thought.
>>>>>
Or a lack of football brains. HH !
The huns in my work are so desperate for a saviour they would believe anything. I suggested the coolmore mafia is behind the uk bid. Frantic googling going on just now ;-)
WGS on 10 May, 2012 at 11:32 said:
Got laugh when i hear Walter Smith figurhead for the new consortium.
IF this was to be the case, and given that Walter was there at the time EBTs were being used and illegal players being fielded, surely this is one of those circumstances which would persuade HMRC to ask for a deposit or whatever it is of newco.
If there IS no newco, what measures can HMRC insist on to ensure that future payments are met?
Also, in the event that a CVA is agreed and then payments are not made, what happens? More court cases? Assets frozen?
TheOriginalSadiesBhoy
On second glance I think you’re right:)
Back to the conga…
HH
Message for Che.
Message from cathal there just reminded me – you gave me a tip for punchestown a few weeks ago “lucky william” – romped home at 4/1 . I gave the tip to my mate at the race and he went and backed a different one!!! muppet:)
Thanks again mate.
ernie lynch on 10 May, 2012 at 11:33 said:
Punch drunk hun,I’m happy with.
If vestige = a single atom ,I’m almost happy.
Rogueleader
sure it is not easy – far from easy – but today’s statement will help alleviate fears.
Especially when your gullible enough to believe that the nightmare scenario unfolding all depends on which way Motherwell will vote.
It will help with ST sales.
I am convinced that when the body stops twitching that Official Celtic merchandise sales will go through the roof.
There will be plenty of us that will want to make a 7 x 24 hour statement without shouting it from the rooftops.
In some situations clearly a permanent grin is insufficient :-))))))
HAil Hail
Must admit to looking forward almost every day now to another of D+P’s “proclamations”.
Not only do some of the huns continually fall for it, but the LL keep on lapping it up too.
Just gets funnier and funnier.
Will almost be a shame when they liquidate……
HAIL! HAIL!
Token
The Celtic FC statement says enough. Anything else could be used to make mischief by the media.
Time will come when what needs to be said can be said (with both barrells) but in the present state of confusion best to say little other than what has been said.
I am worried about Craigy boy, and have this horrible image of him trussed up in a room somewhere with a Frankie Fraser type minder standing by, pliers at the ready to help our hero do the right thing with his shares.
If Duff & Phelps issued a statement to the effect that Kyle Lafferty was working at Cern on a project involving improvements to the Large Hadron Collider, would Chris McLaughlin from Shortbread report this as fact?
The Token Tim
It is what they are used to.
They have all had a lifetime of it so it is difficult for them to change.
Some of them never will. With the dawning of a new age it will become even more difficult for them. They will never trust anyone any more and to be honest that is a good thing for peeple that stupid
Hail Hail
What a shame Michael Carroll spent all his cash
Big Swee walks on with Neil Lennon on 10 May, 2012 at 11:13 said:
Folks,
Can you confirm to whom any revenue goes for Scottish Cup and League Cup games if played at Celtic Park?
+++++
The home club gets up to 20% in the first instance to cover costs, the SFA/SFL (Scottish Cup or League Cup) get 5% and anything left over above £400 is divided equally between the two clubs.
Home team keeps about 60% of the gate money, away team gets about 35%, Organiser gets 5%.
The current answers to the quizz questions are :-
Glasgow Celtic
3 – 0
Gary Hooper
Will St Johnstone create history on Sunday or will these facts remain for all time in the history books?
The Large Hadron Collider? Is that still around?
What a brilliant job; you just sit there all day watchin’ the ole atoms whizz round, knowin’ the chances of anything actually happenin’ are pretty remote.
“What a brilliant job; you just sit there all day watchin’ the ole atoms whizz round, knowin’ the chances of anything actually happenin’ are pretty remote”.
Just like being an Administrator.
The Large Hadron Collider? Is that still around?
What a brilliant job; you just sit there all day watchin’ the ole atoms whizz round, knowin’ the chances of anything actually happenin’ are pretty remote
Bit like Duff and Phelps.
If I start training now to be a lawyer specialising in football financial shenanigans, do you think I will qualify in time to make a few bob from the RFC(IA) fiasco?
Seems like there is still a lot of good fun and a good living to had from this saga …
FF
I’m disgusted. For 3 months now all we’ve heard about is CVA this, preferred bidders that. Not once have I heard that a new owner is coming in and the first signing will either be Messi or Cristiano Ronaldo.
The gers will be back – they arra peepil. Surely it’s time Jardel got a run out in the first team, or Vialli, or (Brazilian) Ronaldo? Anyone, Bueller, Bueller…
Podium?
“First Battalion, Scottish Equality Brigade… Fix Bayonets”
“Second Battalion, Scottish Equality Regiment… Start your engines”
“Third Battalion, Scottish Equality Regiment… Flaps down”
“Fourth Battalion, Scottish Equality Regiment… Lock and Load”
“Fifth Battalion, Scottish Equality Regiment… Tally Ho”
“Bugler, if you please… To Arms”
Roccobhoy
I frequent CQN in between high profile major meetings….I can multi task.
Now the only thing you need to learns is the 24hr clock! That way if your dub flight is at 9pm…then you need to add twelve.
I learned most of this from Declan.