I’ve spoken to a few Rangers fans over recent months, the base line of acceptability has been redrawn many times. If you read back on what was presented as reality on 13 February, when Craig Whyte announced that while it was “business as usual” he applied to the court for a 10 day period to appoint an administrator.
Back then, administration was abhorrent, but suggestions of liquidation were regarded as outrageous. On 22 February Celtic Quick News asked questions about Improper Registration of Football players, was it possible that Rangers results would have to be re-written as 3-0 defeats for a decade or more?
In March Rangers director (still, I believe) Dave King sent out a new baseline, liquidation was inevitable but there was no question that titles would be taken off Rangers. Even this concession to liquidation was disputed by the Blue Knight and Duff and Phelps. Publicly, both still hold to this line, although Duff and Phelps use some creative ideas to get there.
Most now know that liquidation is inevitable. A few understand that the SPL inquiry into player registration is likely to result in five or more league titles being reallocated to Celtic, but I don’t hear anyone accepting the reality of the situation.
Rangers don’t have a buyer, primarily as the administrators don’t have a stadium they can sell. Even if they try to remain in administration for next season, Ticketus own the majority of their income. It will cost countless millions to pull a deal together, much more than the £11.2m Bill Miller considered putting on the table, and no one is coming up with that kind of money.
In the unlikely event these problems are resolved, whatever club emerged would have to deal with the fallout from players refusing to join a Newco and becoming free agents, football fines debts from Oldco, SFA penalties, Newco penalties if preferential treatment is provided in order to get them into a higher league, and SPL penalties for Improper Registration of Players.
There are two simple solutions. Form a new club, ask to share Firhill or Love St – or better still, rent Cathkin Park (reset ambition for Rangers as the new Third Lanark), and apply for entry to the Scottish Football League. Alternatively, co-opt a lower league club, maybe Airdrie United could help, rename it and spend however many years as it takes trying to acquire whatever parts of Ibrox survives liquidation.
This is a controlled and predictable way forward, a concept not delivered by Duff and Phelps, totally in the control of whoever wants to harvest fallout from the demise of the Rangers brand.
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The graphic below is just for a flick through, to read the magazine go here to it’s dedicated site.
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Saint Stivs 9.00
Cheers for that Stivs.
That was my first ever Celtic Rangers game and I was 11 years old.
I can still hear the fans now
“Paul McStay Paul McStay Paul McStay”
I can remember feeling so low at half time as Rangers led 2-0 but the second half and the applause for Charlie Nicholas as he was leaving after this game was amazing.
Hilariously, as someone has already pointed out, Whyte offering his shares back for the quid he’s already spent is a masterpiece of trickery. These are the very same shares D&P said they could swipe from him for free.
As long as Whyte holds shares it makes it hard for them to dispose of assets. As long as Whyte has a floating charge over the assets it makes it hard for them to do any deal on the shares. He’s essentially giving up the worthless part of the company … but will hold the cards which matter.
Ticketus decision to sue him is Real Trouble for Rangers. Unless he’s willing to part company with his castle and his personal assets, he now has to stand up and fight, and hold out for the best possible price for the stadium etc. Otherwise, this situation is going to wash his face.
I thought we were nearing the End Game. We’re nowhere near that yet.
This could rumble on for months to come.
Okay so they’re getting a CVA then. That’s it done and dusted eh?
Okay so the following will need to happen then:
One of the bidders puts up the cash for a CVA Not going to happen without…the shares.
The shares are owned by Craigy boy. Now the Shares are worth the proverbial hill o’ beans, but he might want paid something for his…floating charge.
Effectively this requires the CVA to be inflated by whatever price Craigy boy wants to do walking away, and bear in mind (absent a legal move to reduce/remove the value of his floating charge) he gets paid first and in full….
Expect HMRC to go batshit mental crazy if a deal is put on the table which sees CW waltz off into the sunset with £5million in his sky rocket, leaving them arguing the toss with the rest of the schmuck unsecured creditors for the thruppence ha’penny residue of the CVA pot. They have far more than 25% of the total debt and can block a CVA. They WILL under most circumstances, unless they get paid in full for back taxes on the PAYE/NIC/VAT, in which case they might look the other way re: penalties, maybe even interest. My understanding is there won’t be enough in the CVA to cover the £15million from WTC/PAYE/NIC/VAT, not including interest and penalties. Ergo, nae deal.
Even if Hector deals, which is unlikely, this still leaves the problem of ticketus, who will probably oppose their treatment as a creditor, and try to claim monies from season book sales after a CVA has been agreed. I’ve not even mentioned BTC, legacy issues with penalties for dual contracts, or the transfer embargo. Unless somebody has ALOT of cash to get rid of Hector (even before BTC result), is willing to deal with Ticketus, and pay Craigy boy the same as he would get in a straightforward assets sale, the CVA route just doesn’t make sense.
Therefore…it’s sale of assets into a newco. Craigy boy has a floating charge over the assets. The extent of assets covered by his floating charge is unknown but in any event, he still gets paid in full before anybody else. This is why he’s the only show in town. His Floating Charge is probably reduceable on the basis of what we know of how he bought the club. However, he’s a pig in a poke financially. If you want to remove his floating charge, you’ve got to pursue him in court, spending £££s and time, win, and then get your fees back. Nae chance. Trying to pursue CW in court to remove his floating charge is tilting at windmills. From his point of view, he knows his charge, if determined by a court, is probably worthless. However, he knows that a new buyer of the assets just wants to buy the assets, and quickly. He will price himself at just below the cost of pursuing him in court for years and years and get paid to walk away. He will even throw in his shares in the oldco if you want, in the 1,000,000/1 chance the oldco is ever merged with newco. A sensibly advised purchaser will be told to hold his nose and pay CW to walk away.
This still leaves HMRC, who can interdict any sale of assets they think is less than they would get after a successful winding up petition, and Tikcetus, to potentially interdict the sale. They have got MILES to go before a newco is ready to be presented as a fait accompli, particularly if this would involve having the structure in place before Sunday’s game, a scenario which has been war gamed on here before (Auldheid maybe?).
So, everybody, RELAX, they’re still dying.
I think ;-)
I can exclusively reveal that the latest bidder for rankers is………………………
Doctor Evil, and his bid is one MILLION dollars.
Fat Bastard is already on board.
Loath to mention this as the “tip” was brought down at the first fence 2 races ago – it subsequently ran 2nd at 20s and tonight at 8.45 runs at Kelso. The rain in Kelso is helping it’s cause. Hawthorne Bay is the horse in question. It will stay and is expected as an e.w. shot – forecast around 10s.
“Feeling” is that the fav only needs to stand up to win, but doesn’t particularly like the soft going.
Good luck if you take part.
Just finishing reading the Celtic statement and lo behold the postman just pushes through the season books renewals… Tis a sign I tell you
C’mon ee hoops
Has the FTT result been released unofficially ?
HAil HAil
That statement seems like nothing though this particular paragraph jumped out at me:
“Our guiding principle is that we will do what is in the best interests of Celtic Football Club and our supporters, consistent with upholding the interests and reputation of Scottish football.”
After all, how ridiculous would we look after all the “we dont need rangers” rhetoric if we voted in a NewCo? If we did, I’d not be back.
I’m slightly more optimistic that we will do the right thing when the time comes
Whyte giving up his shares means nothing in itself. D&P are running the club at the moment and they can do pretty much anything with or without his permission anyway.
But, as I said earlier, there will be conditions. Anyone who thinks Whyte is taking his £1 and running is kidding themselves. He will want much more than that before he is done.
He still holds a charge on the assets. And he won’t give that up for £1 – only for many million pounds.. Especially as Ticketus is taking him to court as he guaranteed their deal.
Ticketus is not involved in any of the three (or is it four?) new bids. Ticketus needs to get back a hell of a lot of cash from someone!
Never mind, D&P reckon it will all be clear by lunch time. Mind you, given their usual grasp of time and deadlines, lunch could be sometime this evening.
FTT / CVA / BTC / WTC / D&P /….
…help Declan….help
(in a Penelope Pitstop stylee)
new article posted.
A good statement from the club, emphasising that they themselves are watching intently and patiently to be able to make the right move when the time comes.
“The issues are complex and there is much
uncertainty. Indeed, the situation repeatedly
changes, even on a daily basis. I am sure our
supporters understand that these developments are
receiving our full focus and attention.”
No way to a newco in the SPL.
One part of the club’s statement makes me feel a little uneasy.
“As the Club prepares for the final league match of this season, when the SPL trophy will be presented to Celtic after Sunday’s game against Hearts, Chief Executive Peter Lawwell also thanked the Celtic supporters for their unwavering backing of the team throughout the campaign, which has helped to deliver the title back to its rightful place.”
Celtic Park is not the rightful place of the League title. I grew up reading such crap in the DR and other papers only it was, “Rangers will return to their rightful place at the top of Scottish football”. No club has a rightful place at the top – it must be earned each and every season by the quality of footbal you play on the pitch – a meritocracy. That’s what we’ve been banging on about in CQN since it’s inception. Let’s not start adopting Hun attitudes even before their demise.
Footbal = football. Too light on the ‘l’ key.
It’s clear to all that D&P have not exactly covered themselves in glory in all of this. We hear this morning that they made 20 calls overnight to reach Bill Ng in Singapore in order to get him to re-enter the process. Not surprisingly, sensing their desperation, he then offered HALF his original amount.
This is just criminal on behalf of the admins. What on earth are they thinking about? Their professional reputation will be in tatters after this, if not already.
Ticketus to CW : we are going to sue you for £27 million.
That is normal business practice.
This is the Satan F.C. way :
Walter Smith to CW : we know where you are. gie us yer shares ya bam or the boys are gonnae chib you rotten.
I hope duffer and duffest’s employers have got it under the pillow; I hope they have it stashed up in the loft; I hope it’s falling off the shelves in the pantry; I hope they have it in abundance; I hope they stocked up for the winter; I hope they have heaps and heaps of it, mountains of it in fact because when it comes to the crunch, and HMRC can crunch like the best of them… you just can’t ever have enough Professional Indemnity Insurance.
HMRC haven’t even got the ralgex out of the bag yet.
new article im off !
Can anybody tell Paul67 the new article isn’t appearing?
The Celtic statement is spot on ….. This is not our problem….like all other Clubs, we can only monitor the situation, only intervening where Celtic’s interests are in danger of being compromised….. In Celtic we trust (to coin a phrase….LOL….!!!!!!!!)