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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Dee- ell:
Toe- telly toe-telly agree that Ally the super has been left oot in the rain without a towel…dunfermlines stand was closed becoz of a can of worms…the pudding is its own proof in sayin that at this moment in time…eh uh eh uh…bill leckie is oan a par wae Nietzsche…like ah wiz sayin aboot Ally he is like a virgin on prom night…so he needs tae walk slowly carrying a big stick then he can wake up tae smell the bag ov spannerz…ah feel fur ally for all he huz done…he huz now ended up wae milk spilled aw over eez red face…who knows all the answers? At the end of the day the kids gloves are a grey area…
Neveralone,
Well said.
quonno on 8 March, 2012 at 19:09 said:
saltires en sevilla on 8 March, 2012 at 19:02 said:
Celtic are a PLC
Good point …my guess they will not do what we want and make one almighty stink and rub them out or down a stank :)
But they will take a view…probably the long pragmatic view that keeps them around…paying their dues…and lacking influence for many years to come
That would suit me just fine
Oh and they must relinquish trophies they knocked off
Aye that about covers it for me
HH
M
Delighted to hear that the other clubs are planning to have a meeting without us.
The competition regulatory bodies take an extremely dim view of collusion
Dawell: ‘Why have Duff & Phelps not clarified who owns the ground?’
Because Duff & Phelps haven’t finished auditing the tea money!
Caller on now William: They made the Emirates intae flats!
Dawell: Highbury?
Dee-ell the daniel coozin thing baffles me…WBMI!!!!!!
henr1k
I don’t believe a word of that. (not shooting the messenger)
new article posted.
I just have endless loops in the tune of shamans “eez are good” of:
Sky deal! Sky deal! Sky deal! Over and over the amount of times av heard it noo…àaahhh!
sorry (hen1rik)
TTT
Naughty step again my bhoy …you will know your way to Awe Naw corner where the step is located ;-) and no blaming Steve Jobs ;-)
HH
Dee-ell ‘that’s what ah can’t farm out! he’s the only person tae stand oan the plate and ranjurz tea wiz oan it, Williams loast money fur the united game and he disnae ‘no’ if he’s getting his dinner!’
Interesting point on Clyde there.. how did Whyte sell the ST’s when he wasn’t owner of the club?
We are confident that …… and it going to deliver very substantial cuts…. we are looking to cost cutting of £1m per month by this weekend
Rangers Admin
http://www.bbc.co.uk/sport/0/scotland/17306585?utm_source=twitterfeed&utm_medium=twitter
Good evening friends, just passing through between household chores. Grrrr!
Jobo
EKBhoy on 8 March, 2012 at 17:49
I’m with you Sir.
All we are hearing now is the last rendition of “all together now…” from the monkeys and their friends. On the way home tonight I heard the guy on shortbread news announced that the admin guys were happy with the court result today. The same court they had applied to in desperation to secure the necessary funding which would let them play the season out. (The money would have staved off redundancies, that’s what they were holding out for – arguments I’ve seen on here about other creditors don’t stack-up. The players have been getting 100% of wages so far, regardless of creditors)
This is like shooting fish in a bucket.
HH
This tosser on RC supposed to be a tim
Very latest from Whytes mates
http://www.bbc.co.uk/sport/0/scotland/17306585?
Blazers preoccupied with the question of Whyte being a ‘fit and proper’ person to own a club.
The question they should focus on? Are rangers a ‘fit and proper’ club?
Can someone explain to me why duff and duffer would pay any ragers high earner reduced pay with the promise they could walk for nothing
Why pay them 5 grand a week when they are worth nothing to them
hail hail
You have to hand it to Craig Whyte.
Many have tried and failed to land the title “Not a fit and proper person”. Even Thaksin Shiniwatra, with an extremely dubious record on human rights could not earn this ‘honour’.
Well done Craigy boy another accolade to add your list of achievements to date.
What’s the Celtic proposal to the other 10 clubs?:
Currently Celtic and Rangers share 33% of the money (16.5% each).
The 10 get 66% between them.
Block theZombie Huns Fc Newco and get 80% between you, with Celtic taking 20%.
Everybody wins.
Except the Huns. Sweet.
A question worth asking!
Does anyone think that if / when Rangers are no more a newco starting at the bottom can be the only entertaining outcome
What I really mean is when the drink drys up after the mother of all parties and we are faced with no rangers at all would anyone miss the show that would be Rankers starting at the bottom and struggling to get back up and stay up, this would be hilarious!
Lets not kid ourselves they would be p**h and playing them in cups would be a wonderful experience for all of us who watched them cheat for years
We would have a great opportunity to demoralise them further!
Also, we do not do walking away,more p**h!
Untested, the Rangers fans that didn’t turn up when Grieg was boss have probably passed away, and the fans that watched the Murray years will defo walk away as they can’t handle defeat!
Where does this leave them,who are the fans that are going to save them
No players, no fans, no ground, no electricity or gas!
I wouldn’t mind a season or 2 or 10, ripping the p**h out of them on and off the park while they struggle , even as a newco I think they would struggle to survive!
Heard on Clyde 1 that adminstrators say our hero is not a preferred creditor, don’t know if its true, anybody?
This is the guy who has been made redundant . Shame!
Misha Sher (@MishaSher)
3/9/12 5:07 PM
@Bigelchombo Unfortunately I’m another casualty of the current situation. Thanks for the kind message