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…..
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If as expected the spl allow newco in ,can Celtic table a motion of ne confidence in the spl with Uefa .
hail hail
SSN leading with ‘not fit and proper’, but adding thems being accused of bringing the game into disrepute.
Good weekend eve Celts, I can’t keep up with all the shenanigans from the Huns.
Latest I think is
1. Whyte night is not a fit and proper person…. My that was quick.
2. The sfa are instigating an enquiry about der Hun bringing the game into disrepute… Will the enquiry look at the last 100 odd years do ye think.
V
tomtheleedstim on 8 March, 2012 at 17:17 said:
Exactly. And if Celtic manage to qualify for the CL we can afford to be magnanimous.
The core cause of our games problems was the distribution of CL money. A more equitable sharing would make our game more competitive overall. If Celtic did qualify just once they would then accelerate out of sight of all other SPL clubs.
I would read the 10 clubs meeting as a realisation that Celtic are now the only guaranteed cash cow in town and that it’s now time to reappraise things
I think everybody on here and include myself in this are getting too worked-up about the maybes, the ifs and the buts of hunsFC (in admin). IMHO this still has a long way to run. D&P or is it D&C did not get a result today at the high court in London. The next court meeting is 30.03 and the Huns need to be out of admin by 31.03, for Europe. 31.03 is a Saturday so no audited accounts will be available by then, or ever for that matter.
We are beginning to lose sight of what is important to us, ie, Celtic and WE have a treble to win. We can deal with what happens to the huns when it happens. The more I read the RTC blog and the excellent Paul McConville blog the more I believe that this is going to be very bloody and painful for the hun. I believe our sense of judgement is being fogged by brain freeze due to excessive intake of jelly and ice cream.
We can debate until the cows come home but I’m with JoeFillipisHC that none of us actually know how this is going to pan out.
Ps. I wish my spellchecker would stop trying to capitalise the word hun.
C’mon the hoops bring that treble back to Paradise ! Hail! Hail! PMTYH
fergus slayed the blues on 8 March, 2012 at 17:24 said:
If as expected the spl allow newco in ,can Celtic table a motion of ne confidence in the spl with Uefa .
————————————
I expect the opposite but if it happens Celtic would have grounds based on UEFA stated values and Platini’s Christmas statement to go to UEFA and they would have to.
I would recommend waiting to see why they are meeting, what they hope to achieve and who organised it before jumping to conclusions. Opinions are fine, I suppose but too often something began as an opinion grows legs and becomes a fact in the minds of many . No extension, RFC didn`t spend any money and won three titles !!!!) You know the kind of thing.
JJ
JJ
” 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)”
They bring it on themselves, you know.
Auldheid:
I’ll tell you another story from that movie, as a wee warning to the people who think NewCo Rangers are a good idea.
You will remember, near the end, when Phil Seymour Hoffman is standing at the party and pulls Hanks aside to tell him that the lunatics are taking over the asylum, something he had been warning about for weeks whilst the government congratulated itself and then cutting funding for the recovery effort.
Rangers survival as an SPL club may save the SPL for a day, or a week, or a month or a year, but the damage will be significant and fatal and sooner rather than later, the consequences will begin to hit home.
Rangers Football Club was born of four kids in a park kicking a ball. They were, as their fans are so fond of saying, once “all about the football.” They became something else, something darker, over time, as the Afghan mujahadeen started out interested only in driving the Soviets out of their country … having done it they set their sights higher and starter to think about a worldwide movement.
Rangers grew into something poisonous and destructive over years. They got their via a number of steps, all of which were taken at points where someone could have stopped them in their tracks. No-one ever did, and over time they grew, the way a pearl does, building ego on top of ego on top of ego.
Hate too.
NewCo Rangers will be born one of two ways; in humility, which offers possible good prognosis, over time, or in the self same hubris and arrogance that we have come to know and hate them for.
If they are born from that, if this club is born from cheating and fraud and blackmail, if it starts its existence based on an assumption of it’s own importance, then I tell you, God help us all, because they will be ten times more arrogant, ten times more likely to repeat the sins of the past and ten times more likely to get away with them again.
The SFA will have created a new version of this game, a version myself and hundreds of thousands of other fans will want absolutely no part of.
Why not just wait to see what comes out of the 10 club meeting it is a pointless excercise trying to guess what will take place at a meeting that has still to take place.I once was told dont try to bring in bad news from the future you have enough to deal with in todays bad news and that for me was good advice.H.H.
JJ
Sorry. Don’t get your point re. Extension/money/titles.
All that did happen or not.
MWD :-)))
Auld heid
Yeh who knows what would come of it, but I don’t see more teams in the league improving the league or attendances.
SPL grounds are pretty empty for most games excluding Celtic/rankers visiting. If st.johnstone/Dunfermline/hibs/Aberdeen fans don’t turn out to watch them play Dundee united or hearts then I don’t understand how the stay away fans are going to turn up to see ross county, Falkirk or dundee instead.
And I know they will only play each of them once at home instead of twice, and it could possibly increase interest through change, but how long would that last for. I just see a larger league with more lower quality teams.
Plus even regan said 16 team league would drastically reduce income. Remember that most of the clubs that want the 16team league were the same clubs that thought it was a great idea to knock back SKY money a few years ago…
I wonder if the 10 clubs meeting is at Joe The Barbers house. Scotish soccer mafia!! Hell mend them! HH.
auldheid
thanks
Interesting day again, couple of feelings from reading through the blog, but I think a theme that I would agree with is that Celtica should get as little involved as possible.
The notion of the aul’ firm is disintegrating let it be, everyone from the Scottish First Minister to the tardy tabloid throng have been tried to associate us into this farce.
There is a time and a place to stand up and be counted, at the moment dont interupt is my point of view.
Hail! Hail!
Right! I’m gonna have a shot at guessing the CQN FACT surrounding the 10 team SPL meeting.
I believe these 10 clubs are going to invite Man U, Man City, Chelsea, Arsenal, Barca, Real Madrid, AC Milan, Inter Milan, Bayern Munich & Celtic to join them in a ESL (European Super League).
Either that or they are going to decide what dessert is best between Jelly & Ice Cream or Humble Pie.
MWD
I agree with those who say don’t jump to the worst possible conclusions regarding this meeting and our absence from it.
At the same time we need to have a strategy in place to deal with any unacceptable proposals/outcomes and I’m sure our board are well aware of this.
Who at the SFA gave the go ahead for Whyte after the Fit and Proper Person test?Ogilvie?,Regan?I maintain that if the Media and the SFA had investigated Whyte,the same way they did Fergus,he would never be anywhere near the huns.The lapdogs and the Establishment were desperate for someone to take over their favourite team,they buried their heads and hoped for the best.They deserve each other. I’m glad wee Craigie’s there by the way :}
MWD
I agree it is not clear:
” No extension, RFC didn`t spend any money and won three titles !!!!) You know the kind of thing”
I meant that when enough people read often enough that there had been no extension and that RFC had won titles without spending, it became a fact. Obviously, as both statements are untrue, what started as a viewpoint ( a kind of opinion), became a fact in the mimds of many.
A bad example of my main point:
Opinions can easily develop into ” facts”.
JJ
.
I see that lord willie nimmo smith has reported and well done for doing so speedy, pity that you decided that you would
1) Compromise your own integrity by reporting in secret to the president
And
2) only allow one peerson to comment on the secret report. CEO Stewart Regan who will no doubt feel he has evened things up by stating some of the most obvious points, MBB not a fit person, Rangers may be charged or may not be charged with bringing the game in Scotland
into more disrepute.
We will never know as the report is a secret and only those in the secret circle will be allowed to make mischief with it.
HH
Someone mentioned earlier Brian Quinn is on the financial committee at UEFA….He’s Vice Chairman
http://www.uefa.com/MultimediaFiles/Download/uefaorg/Bodies/01/74/52/71/1745271_DOWNLOAD.pdf
Paul Clark, joint administrator of Rangers Football Club, has made the following statement:
He said: “We note the findings and announcement by the Scottish Football Association. We look forward to stating the Club’s case to the Judicial Panel.
“In broad terms, we believe there are mitigating factors and we hope to demonstrate the distinction between the Club and the actions of any individuals.”
So – a big boy (aka GEF) did it and ran away – that’s their defence? No chance.
PL and DD have their eye on the ball here – they know what’s at stake. P67 has previously mentioned the calculators in melt down at CP working out the losses to Celtic from Rankers financial doping. If the SPL and or SFA don’t do the right thing here they will be hit with a multi-million £ claim from Celtic who are well prepared and will take it all the way to UEFA and then FIFA. (In my opinion)
Hail! Hail!
DavieL
If the two contracts are revealed and there has been collusion between members of the RFC board who were also holding positions at the SFA
would CFC not be able to sue both organisations for loss of earnings?
The threat of legal action might give the SFA/SPL pause for thought
There also remains the fact that if such contracts exists then RFC also cheated every club they played in Europe over the time the scam was in operation
What punishment would they be likely to impose on a club guilty of such offenses?
Something tells me that it wouldn’t’ be a small fine
Lets not panic too soon
HH
ernie lynch on 8 March, 2012 at 17:20 said:
TinyTim on 8 March, 2012 at 17:01 said:
‘Celtic cannot threaten to resign unless we have a definite place to go to’
That’s factually incorrect. I think you mean shouldn’t, rather than cannot
————————————————————————
This is my opinion, surely this can be verified, or not, to put this ‘threaten to leave’ scenario to bed.
Celtic are a PLC.
A fair proportion of posters seem to be relying on the weapon of withdrawal from the SPL. I believe we are in danger of dissolving our fighting options and we need to focus our energies into a strategy which has a good chance of success. The directors of Celtic are legally bound by StockExchange rules
Stock Exchange rules will surely prohibit a deliberate action by the directors which kills off the core revenue stream.
Anyone?
RTC?
Glendalystonsils likes a mr whippy with his lime green jelly on 8 March, 2012 at 17:37 said:
Agreed let’s wait and see but we still need to be on our guard.
We must have a plan in place and it must start now before it’s to late.
I don’t trust anyone to vote against a newco.
mic1888-He will probably be removed from his post re any inquiry in to the huns,the way things are going mate.
JJ
That is a CQN Fact.
MWD
Mersey Celt:
Great post.
Ghuys
Good result from Nimmo, Regan now has the mandate to thump them across a broad front, and with the SPL inquiry into dual contracts next on the list, a double whammy is not far off.
Hopefully, the judges on the FTT can be a wriggle on and come out with the verdict….. I am expecting to see for each player the 2 contracts and a spreadsheet of games played and payments received for each season. This document will be used to hump Dignity by withdrawing flags and cups ……
In respect of the other 10 teams meeting , no problem with that our Board are a respected bunch of individuals and a redistribution of the TV and points money is a no-brainer to offset Dignity being elsewhere.
Still my view that the legal mess will prevent Dignity being ready to register for football at any level next year. Their problem after liquidation is that they cannot afford to play in Div 3 whilst being at Ipox, given their pot chasing fans will not turn up and the running costs are too much.
They will end up in Div 3 starting season 2013 -14 , possibly at St Mirren’s or Airdrie’s ground …… Near total destruction …..
Crystallballcfc
Spotted outside the Griffin last night
We should as a Support and as a Club,hold our tongue for now,,,wait till the end game,and then if we are not happy with how thing’s turn out,,, UNLEASH HELL!!!!!!
:D
Hail hail
There is no need for Celtic to be at the meeting we have nothing in common with the other ten. Our Turnover will be far greatly effected if there is no rangers than the other ten put together.
There are other clubs within the ten with much to gain if there is no rangers. I would be very surprised if they are a united ten. There will be alot of self interests in the meeting and not all willing to support cheating rangers.
Anyway if the SFA say you are not a Fit and Proper person to own a football club can they actually stop you from owning a club – especially if you already own it?
Whose interests are the Administrators going to present at the Judicial Panel?
The creditors, I hope.
I find their role – administrators- in all this very strange.
What the hell are they doing to cut costs.
They seem to be spending a hellava lots of time siding with the Huns.
merseycelt lmfao as the big house door slams shut on 8 March, 2012 at 16:29 said:
Spot on and ties in nicely with something I posted earlier on rtc as follows:
Forgiveness requires a wrong to have been done and to be recognised as such by the wrongdoer. To forgive a wrong doer their continued wrong doing would be an offense against self. Christianity does not ask that of persons. “Love your neignbour as yourself” cuts both ways.
The thing about Rangers and some of their followers is the mystfying inability to recognise wrong doing. They never condemned TFS but said stop it for the police will arrest you, they never condemned TBBs, they never condemned their sectarian policies. They have only ever changed when an outside morality forced change on them but it has never been in their hearts, no metanoia. It has normally been UEFA and it might be them again but HMRC are the prime agent in this instance. God even their current strategy is to a) deny wrongdoing and then b) escape the consequences.
There can be no forgiveness until the full extent of their wrongdoing is accepted. The minute that happens and they come out with an apology for crimes against Scottish football and Scottish Society, I’ll be the first to offer them a way back to ethical living.
They are a breed in need of redemption with, at present, no observable redeeming features.
And so is rolled out the excuse I have been waiting for, and that excuse is going to be rolled out against every negative charge that comes the way of Rangers in the next year and beyond.
“This can’t be blamed on the institution. It was the actions of rogue x,y,z.”
Every corporation in the known world which has committed fraud has argued the opposite; individual members are not responsible for the acts of the organisation. Enron’s directors were finally found liable, but they are the exception to the rule. I have never heard of any individual arguing the reverse … that the organisation should not be held accountable for the actions of its board.
It would be a travesty if this garbage was to be accepted.
DavieL on 8 March, 2012 at 17:44 said:
That statement from the Admins seems to have been taken down from the rangers site.
Kevtic on 8 March, 2012 at 17:50 said:
No but they can refuse to grant a licence to play rendering the ownership meaningless..