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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sixtaeseven on 8 March, 2012 at 17:14 :
An infrequent Poster, Catach is coming to your neck of the woods and wants to try and meet up. I communicate with him frequently via e-mail. I offered to get your e-mail details to pass on so that you can arrange something.
Catach is fine Bhoy, if you can please e-mail your details to lennybhoycfc@gmail.com
Keep the Faith!
Hail Hail!
jeez_I_thought_blinker_was_pants on 8 March, 2012 at 17:49 said:
Spotted outside the Griffin last night
share
LoL
Celtic can give notice to leave the SPL. The notice period is 3 years. That gives the club that time to prepare for life elsewhere .
Elsewhere has to be somewhere acceptable to the club, its shareholders and its supporters. If we can’t find somewhere that suits, we can withdraw our notice.
Of course it’s posturing, but it has a potential sting for all of Scottish Football. We as a default position should be a positive member of the SPL.We should act in good faith at all times.
That is exactly how we have been behaving . If the other SPL clubs decide to act in bad faith, and accept an unethical club with a gained history as a fundamental for the SPL, then they can have no complaint about ANY action we take, Whether it’s posturing or affirmative action is irrelevant as far they are concerned. Vote Rangers back into the SPL and you have lost the right to any consideration, and to be treated as worthy of respect
James Forrest is The Emperor of Ice Cream on 8 March, 2012 at 17:51 said:
“This can’t be blamed on the institution. It was the actions of rogue x,y,z.”
So they want to separate the actions of an individual from the club. but the individual, as I understand it, still holds an 85% (?) stake in the club. How can they distance themselves from him?
For goodness sake bhoys chill out!
The meeting of 10 is NOT a unique event. On several occassions, usually on various restructure scenarios, this has happened.
What is wrong with the minnows meeting? They have much more in common with each other than with either Celtic or RFCIA. After all it now seems to be the case it is only these teams which can be outside the top 6 or relegated!!!
Imagine yourself as owner of one of these clubs what would you do? Seems to me fate has put a rare opportunity into their lap. The chance to change the voting structure, to change the money distribution, to change the league structure, to write a new transparent financial management regime, to introduce play-offs etc. etc. – wouldn’t you take it?
I always imagine the ‘non OF’ clubs to be Scotland’s third club: their attendance combined is the equivalent of each of the two big clubs. It is only if they act together that their common priorities can stand alongside Celtic & RFCIA. It should be remembered too that the big two have, as often as not, acted in concert and the result has not always to the benefit of the game overall.
One of Fergus McCann’s complaints about Scottish football was of the ‘tail wagging the dog’ and of course he was right. However the dog would be better served by having a strong tail.
It is healthy to be on our guard but it is unrealistic not to accept the situation and immature to assume motives & outcomes.
If we want to prove we are not the same as ‘them’ then showing some respect for the other clubs who make up the league would be a good start. I suspect some people will be incredulous at this last remark but we are going through truely exceptional events and opportunities now visible may never come again.
People on this site have regularly argued for or against bigger leagues, SPL2, money allocations etc so to condemn the 10 for perhaps being in favour of any of these would not bring universal condemnation.
Ultimately I may be outraged by the 10’s proposals but meantime I am not uncomfortable.
I think Paul67 got mixed up today with regards pre-pack administration. The facts are that Craig Whyte was seen in tesco’s buying some pre-packed minestrone.
MWD
sparkleghirl:
You wait and see. This is the opening shot. They will soon be arguing that David Murray’s actions should not result in the club being punished. This is the first attempt to establish a Scottish football precedent that actions by previous owners should not impact on the club and its new owners. I’ve been waiting on this one.
Back up again.
Auld Neil Lennon heid on 8 March, 2012 at 17:52 said:
Meant to add that whilst not so familiar with the club licencing process (as opposed to UEFA rules on a UEFA Licence) I doubt as things stand if Rangers could be granted a license to operate.
For Newco to get a licence in time to continue as per the current predictions the SFA would have to lay down conditions before the SPL could take any vote.
Who do they deal with? Not the administrators, they are not the ones who would have to honour any conditions set.
The SFA will have to be more than satisfied that any Newco is supported by fit and proper persons before any license is issued. They do not appear to exist.
Itv 4 now
Portuguese Hoops v Man City….Cmon the hoops….
My head is spinning!!
I just long for the days when I was a lone voice standing up for Stephen Mc Manus or poo poohing thoes who claimed Leny was playing a 4 2 4.
Those were issues I could get my head around.
Where can a 16 team league fit in?Sky contract is based on 4 buns games.
The media say we need them for the Sky money.16 team league equals broken contract.I say call their bluff and threaten to resign if they let Newco in or restructure to suit them.
Ah! These rogue individuals within R@ngers board are to blame.
Just like most of the Wafen SS were only obeying orders from higher up.
Oh well, that’s ok then…..
Coming up soon on Chanel 4 news, amongst other items “the end of rangers draws closer” ……
V
Happy liquidation eve CQN. Off to work then away for the weekend hope I don’t miss all the fun. Hail Hail.
Lurgan53
I know what you mean.
Ps it was a 4-2-4 system :-)
HECTOR – Moonbeams WD. Kano 1000 \o/ Supporting Neil Lennon 100%. Eating Jelly & Ice Cream. Awe Naw… on 8 March, 2012 at 17:55 said:
I think Paul67 got mixed up today with regards pre-pack administration. The facts are that Craig Whyte was seen in tesco’s buying some pre-packed minestrone.
………………………..
Craig Whyte was barred from Tesco weeks ago. Not fit or proper and did a runner with his trolley.
Radio Clyde is comedy gold allready.
Darryl really is gonny burst out greetin tonight
Listening to SNN the SPL interpretation of what happens in event of liquidation is that H5 is discretionary.
A lawyer has advised this interpretation does not stand up but it tells you that Doncaster is hell bent on not applying the rules.
Litigation if he does not adhere to them.
googybhoy
Is that where he got the pound from to buy the huns?
Let me make it simple.
The wee teams are meeting to talk about their big team.
Parcel of rogues.
As I type – sky are now explaining what liquidation means…
I’d love to ask Sir David Murray – was it worth it? was what you experienced worth what you wrought on Scottish Football?
Sorry gents but I smell a huge dirty stinking rat, this wee country is corrupt and rotten to the very core, when you look back through recent history all the signs are there……….
Tommy Burns being over looked for the Scotland Job.
Cadete’s registration clearance going t*ts up.
Dougie Dougie Gate.
Hugh Dallas, Mike McCurry, Willie Collum etc.
FPLG and Lenny have a spat because of FPLG but Lenny is the only one punished.
The limted number of yellow and red cards for opposing teams when their game plan is to “stop us playing”.
We are reported for offensive chanting when the manky mob have loyalist sing along at the league cup final, but hey ho that was a great advert for Scottish Football.
fixture congestion on Seville run.
Even this year 5 out of 6 games after a europa league game where away from home (random computer selection my b*ws).
The demonising of our very own Neil Lennon.
The failure to Jail a man that attacked and assaulted our manager in front of millions on tv.
They get 2 men sent off and we get hauled into goverment think tanks and emergency meetings.
EBT’S, 2 seperate contracts.
even in administration, they still try to push through the signing of Cousin.
That is just clearly the tip of the ice berg but lets not all act surprised about what is going to happen, they will not be sent to Div 3, they will be parachuted into the SPHell with minor deductions, of that there is no doubt.
This sick wee country is snake like, its a slimey evil wee place, they will jump through legal hoops and find illegal loops to get what they all want, its taken all this garbage to finally let us see 100% what we are up against, I am sick and tired of it, We can not be expected to compete for anything if you have the establishment leaning so far in one “institutions” favour.
For me there is no easy way out for Glasgow Celtic but we must get out of this league because its a poison and its eating away at us, feck the peepil, you can keep it, its my baw and im no playing anymore.
sickandfedupCSC
What really rips my knitting is when they try to distance the things that murray and whyte where up to from rangers. When they cheated to win the trophys then the club took the glory, so they can now take all the fallout that I hope is heading their way
I will be brief, not had a chance to get on today.
I confidently predict there will be a liquidation event but there will be no prepack. The latter would have to have been agreed at the start of the administration process.
Far too many variables all of which have been discussed on here before. More importantly HMRC allow Whyte to get involved, no chance. Would HMRC oppose such a pack between Whyte and Ticketus, most definitely.
Timescales not realistic to what is being suggested. They are in a right Laurel and Hardy…that’s another fine mess you’ve gotten me into…
Any proposed ‘Prepack’, although I have said it will not happen would have to be put before a Creditors meeting.
Oh and taking HMRC out of the equation, there is the small point of Whyte now being called an unfit and proper person. I would suggest of an unfit and proper Club for nearly 140 years.
They are mess, they are goosed, they have taken a hell of a beating and there is more to come.
Next I’ll be hearing they will buy Cowdenbeath, coincidentally, Donald Findlay has connections to them.
I smell liquid…
Keep the Faith!
Hail Hail!
and the motherwell supporting Gordon Dayell is choked with emotion also.
Paul67 is right. Of course Celtic are at liberty to give notice of resignation from the SPL, but to do so without first securing a guaranteed place in another league would be madness.
How foolish would we look going back cap in hand a year later and asking to be let back in?
Woops:
…Whyte and Ticketus, most definitely not.
Keep the Faith!
Hail Hail!
hamiltontim on 8 March, 2012 at 18:07said:
googybhoy
Is that where he got the pound from to buy the huns?
Nice one ….
Did you miss yesterday saint.
St Paul the Simple. These old Popes were not politically correct.
Hello panel, Question for Hugh
Hugh, where do you see the SKY deal with an expanded 16-team SPL? Ye widnae huv 4 auld firm games ivry season then, wid ye?
I love the sound of straw clutching in the evening….
Mon the Hoops…
Just listened to Archie macpherson, totally stuck in the past with his “old Firm” tradition statement and concerning for me his idea they would be the same as a new club as they were before.So what will have changed and been learned?
If it is in the mind of the Celtic board that, depending on how things turn out, they might want to seriously consider resigning from the SPL, I am sure they would have long before that juncture, put the feelers out about the possibility at least, of being accepted into another league. It won’t be a case of them saying – right let’s resign from the SPL and find another league.
Who knows? They may well have been working behind the scenes already on just such a scenario.
How much better would it be to say – we are resigning from the SPL and will be taking up an invitation to join the EPL/Championship/whatever.
If you were in charge of one of the ten clubs what would you be looking to happen next?
Would you be thinking about sporting integrity as Rod Petrie talked about? Trying to avoid relegation if you happen to be bottom of the table? Looking at things in purely financial terms for your own club?
If finance is nost important can we as a club put together a proposal with no Newco that would divide tv and sponsorship money in a way that appeals?
dessybhoy on 8 March, 2012 at 18:14 said:
Just listened to Archie macpherson, totally stuck in the past with his “old Firm” tradition statement and concerning for me his idea they would be the same as a new club as they were before.So what will have changed and been learned?
……………
In fairness to Archie his book on Jock was brilliant.
I think he has more time for us than Admin Fc.
His point maybe that they need to reform with humility and comeback.
SFA confirm the Pope is a Catholic.
Life is always Elsewhere.
i hope someone at Snyde has taken Dawwells shoe laces, tie and belt of him.
Barcabhoy at 17:53
The notice period to leave the SPL is “two full Seasons”.