We have discussed the Craig Whyte narrative here in some detail since October last year when we first suggested he was preparing to liquidate Rangers and attempt a prepack recovery. I expect this to be put into motion today.
You can ignore any meetings Duff and Phelps hold with prospective buyers of the club, this is window dressing. Craig Whyte and his partner company, Ticketus, are the only people in position to make a viable offer for the business. They hold security on the stadium and Murray Park with Ticketus owning the first 26,000 season tickets (approx.) sold for the next three years. It would cost approximately £40m to release Ticketus security plus whatever is owned to Whyte. No one will offer to cover these costs.
Expect Duff and Phelps to conclude their meetings and report that they are in possession of a genuine offer from Whyte/Ticketus, or their proxy, to buy the assets of the company. The proxy may be required as pretty much everyone who has touched this club in recent years would not be considered a Fit and Proper person and would fail the requirement not to be involved with an insolvency within the last five years.
The offer for all assets will be for a nominal amount and will be conditional on all legal action against Whyte or his companies being dropped. Duff and Phelps will accept the offer.
Whyte cannot afford to allow large scale redundancies as he needs to be able to sell these players in the summer or play those he is unable to sell. With the players not agreeing to a short-term cut in pay, he has to make his move now, despite the enormous risks involved in going early.
Duff and Phelps could have made redundancies 24 days ago and ensured the club would be able to finish the season, or at least survive until the tax verdict, but retaining the football squad was an important part of Whyte’s forward plan – and Whyte’s notional offer will have been known to them from the beginning.
HM Revenue and Customs will take a bath for their £75m, Whyte will emerge with all property assets and the football club, although the club will carry the significant burden of selling tickets for Ticketus.
The SPL board will have to vote within the next week on whether or not to allow Rangers Newco to continue with the same league membership as Rangers FC. Whyte will have to take an enormous chance that his proxy will be presentable enough to allow them to turn a blind eye to the enormously inappropriate behaviour.
The vote could go either way but I expect Celtic will be the only club to object.
The issue is complicated by legacy issues. Neither the SPL nor the SFA have acted on the improper registration of players matter yet. If any of the current Rangers team had their current season contracts registered with the alleged improper procedures, games involving those players will have to be awarded a 3-0 defeat to Rangers.
The SPL will have to come up with a verdict on this matter within days or else revisit the matter in a few weeks, after deciding on what to do with Rangers Newco.
The SPL must also consider the issue of precedent, the consequences of enabling a club to disenfranchise a £75m creditor cannot be underestimated.
HMRC may also have an input here. They stand to lose most from this deal and may seek court intervention, arguing that liquidating the company prior to the FTT verdict is unnecessary and prejudicial to their interests.
Issue six of CQN Magazine, the Fit and Proper edition, is set to become a landmark collectors item. You can browse the magazine online here but you can buy your own hard copy by clicking on the link below. Read with 20-20 vision…..
You can support the online edition by making a discretionary donation here.
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But what can the SFA do about the money owed to Dundee United – ban Rangers FC PLC (in administration) from next year’s Scottish Cup?
Banned from the Scottish Cup next season as well?
Jim Whyte reads out the SFA statement on Craig Whyte, conveniently leaving out the part where his boyhood heroes have been charged with bringing the game into disrepute
Snake
I would think not holding an agm would be one of those other points.
rt rev david hay
How can you change Scottish Football without Celtic? St Johnstone who are demolishing a stand and Dunfermline who have closed one down are going to tell us how things will be from now on?
Don’t think so…
Rangers FC Update
Thursday, 08 March 2012
Stewart Regan, the Scottish FA Chief Executive, reveals that the findings of the Independent Inquiry into Rangers FC have been heard at a Special Board Meeting at Hampden Park today and will now be referred to the Judicial Panel.
“I can confirm that the Scottish FA convened a Special Board Meeting at Hampden Park today to discuss the findings of the Independent Inquiry into Rangers FC, prepared by the Chair, The Right Honourable Lord William Nimmo Smith.
Principally, it is the belief of the Board, taking into account the prima facie evidence presented today, that Mr Craig Whyte is not considered to be a Fit and Proper person to hold a position within Association Football.
We will be writing to Mr Whyte in relation to those findings and shall seek a response within seven days.
The report submitted by Lord Nimmo Smith, having been considered fully by the Board, highlights a number of other potential rule breaches by the club and its owner. The report will now be used as evidence and forwarded to a Judicial Panel for consideration and determination as per the protocol.
As such, the report’s contents will not be published at this time. Nevertheless, I can confirm that the club is facing a charge of bringing the game into disrepute. Specifically, areas of potential breach to be considered by the Judicial Panel include:
· Obligations and duties of members
· Official return
· Financial records
· Division of receipts and payment of expenses (Scottish Cup)
I would like to clarify the situation relating to possible non-disclosure of payments to players, and in particular the Employee Benefit Trust. Having noted the Scottish Premier League’s intention to investigate this matter, the Board has decided to allow the SPL to complete this process, given our potential status as the appellate body. We retain our position until such time as the SPL’s investigation is concluded.
Finally, we have sent a letter to the Rangers administrators, Duff and Phelps, advising them that failure to pay monies owed to another member constitutes a breach of the Cup Competition Rules. Consequently, the club faces disciplinary action unless they make payments due to Dundee United from their recent William Hill Scottish Cup tie. A Notice of Complaint has been issued to that effect.”
Why would the other 10 members of the SPL meet without Celtic to discuss the future of the game in Scotland?
Are they looking for something for themselves?
OR
Are they looking to shaft Rangers?
Or are they looking to help Rangers?
Or are they looking to shaft both Celtic and Rangers? (not sure how they could in this situation).
This is a more interesting development. Could be anything.
ASonOfDan 16.43.
Bhoycott all away games.
My point about UEFA Is more to do with us forcing their hand…if we withdraw from SPHell we would be immediately disqualified from Champions League…not a good scenario for them. Admittedly not so great for us either. But what if der hun & cohorts leave us no choice? Do we force down the bitter rancid apple of “their justice” or protest in the only way we can?
This might all be academic for the huns might pull us all down in UEFAs eyes with their double contract ruse…leaving us disqualified from europe anyway.
ADVICE MEMO: Should take my own advice about hysterical speculation!
“This from @bbcjimspence All 10 SPL clubs excluding Celtic and Rangers plan to meet next week to discuss radical changes to Scottish football”
That strikes me as a little…. unusual. Can they meet without a rep from Celtic?
death by a thousand cuts
still on the cards
Snake – The compromise of SPL 1 & 2 is on the horizon.
they could say to say Celtic – OK no Hun NewCo if you agree to this.
they could say to Hun NewCo – OK you’re in if you agree to this.
Why would the 10 other clubs meet without us? Is this good or bad?
sfa have just announced whyte is not a fit and proper person….bbc
I have thought all along that this sordid affair has the potential to destroy the whole fabric of Scottish football. I have been revelling in this from the outset as much as the next man but I think we are being a wee bit myopic if we think that we are immune from all of this.
a son of dan
they are circling the wagons in
preperation of voting back in
the scumbags.
remember this…its us versus the rest
always has been and always will be.
So, CW adjudged ‘not to be a fit and proper person to be in football’. Wow! Who knew!
ok lads til laters
hail Hail
Leaving aside all this Rangers guff, why are the other 10 SPL clubs meeting to discuss the future of Scottish football without the biggest contributer to Scottish football.
Do they think if they come up with some radical plan, we will just sit back and accept it?
Celtic should issue a clever statement along the lines of:
We note with interest that 10 of the SPL clubs plan to meet next week to discuss radical changes to Scottish football. While we are dissapointed not to have been invited, we will look forward to seeing what their proposals entail and whether this is something we wish to be a part of.
Mort
Jim Whyte after reading out half the statement:
“If it wasn’t a serious matter, it is now.”
rt rev david hay
A pointless meeting regards the other clubs
Ostracizing Celtic when they have done nothing wrong, allows us further restitution from UEFA in seeking to play our football away from the Scottish game
Last comment SFA have now also contravened the FFP guidelines by allowing Craig Whyte to unfurl the flag LMFAO
Hail Hail
Mort
Rangers die they will be queueing up to perform fellatio on us.
Hail Hail
HECTOR – Moonbeams WD. Kano 1000 \o/ Supporting Neil Lennon 100%. Eating Jelly & Ice Cream. Awe Naw… on 8 March, 2012 at 16:39 said:
I disagree. The SPL are to investigate, RTC has the goods on that issue. It makes sense for the SFA to be ready to be appelants.
Is this part of his plan Whyte that is, its all a bit confusing to me
the other 10 clubs meeting without us stinks, they have a cheek branding us with the same tag as rangers when it’s us who have been cheated the most out of rangers cheating
Awe_Naw
I know. We hold all the cards, but a subtle warning would go down a treat.
Mort
ten men won the league
that is the positive im clinging too and imagine if the other clubs have been
told already of our intentions??????
Mort
maintain a dignified silence.
Hail Hail
I would hope that those running our club are aware of, or are taking steps to find out, what this meeting is all about.
Obonfanti – I would agree but as someone on KDS has pointed out, perhaps they are meeting to discuss a proposal put to them by Celtic.
Unlikely I think as it would have leaked by now but a possibility.
Someone has to instigate a meeting.The question is who?
rt rev
word
u
Awe_Naw
There’s that argument too. I think we have done that plenty, just a warning shot across the boughs should be enough to get the others to take stock.
Mort
ORRRRR
Celtic stay have stayed away from the meeting by choice????
rt rev david hay
My take on it is that the clubs see an opportunity to try and wriggle more dosh out of Celtic/Newco per the new tv deal
The KDS rumour on Celtic having put a proposal to the other 10 clubs is interesting though
tomtheleedstim- can only hope so…