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Purchaser confidential deal between Green and Whyte

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By on CQN BLOG & Comments

I thoroughly enjoyed Chris McLaughlin’s interview with Our Hero yesterday; there is so much to digest.  It’s tempting to explore the information that in October last year Craig Whyte informed SPL chief executive and chairman, Neil Doncaster and Ralph Topping, that Rangers were very likely to go into administration and that a CVA was likely to fail.

Was this assertion shared with other SPL board members or did Doncaster and Topping keep it to themselves as they pretended all was well while preparing to change the rules to allow a Newco access to top flight football? There is a whole ocean of duplicity here as fans were kept in the dark while being asked to accept revolutionary changes.

Unsatisfied creditors who extended credit after this date, from HMRC down, will all be fascinated by this admission. As will liquidators BDO.

Tempting thought this question is, I’ll leaving it hanging for now.  There is a more intriguing topic.

When asked how much profit he made on his Rangers venture Whyte said, “Any arrangements I made with the purchaser [Green] are confidential.”

The BBC headlines from yesterday, proclaiming that Whyte “brought Green in to buy Rangers” points to the most important matter.  While Duff and Phelps were busy using creditors money to try to sell the business, Craig Whyte realised he was the Only Game in Town, and operated a parallel sales process.  He had security over the stadium and it therefore didn’t matter who else entered the bidding for Rangers.

No matter what deal they put in front of Duff and Phelps. The Blue Knights, Bill Miller and Bill Ng would never in a position to pull a deal together as Whyte agreed a deal with Charles Green.

It doesn’t really matter if Green had any prior relationship with Whyte or if they were brought together by Whyte’s contacts in London (which both seem to agree on).  Whyte had a price to hand over his shares (likely to be £1) and his security over the stadium (this is the interesting bit) and Green met it.

The Blue Knights thought they had a deal, so did Bill Miller, but neither had the stadium.  Having secured agreement with Whyte, only Green could deliver a deal; no matter how little was on the table for creditors. Duff and Phelps subsequently accepted £5.5m for the assets of the club, the highest deliverable bid received. The only bid from the population of one who had secured use of the stadium.

Which brings us back to the heading at the top of the page, “Any arrangements I made with the purchaser are confidential.”  Agree, Craig, this is not something you want to discuss openly.

This statement came in response to Chris McLaughlin asking how much of a profit Whyte made at Rangers.  A more reserved interviewee would have dismissed the question by saying something like “No one but Duff and Phelps made money out of this one”, but our Craig was in full flow by this stage of the interview.

With a glint in his eye he confirmed a deal was done.  Forget all the adjectives you’ve heard about the man over the last year, “stupid”, “dumb”, “clown”, this clown gave Ticketus a personal guarantee for circa £24m, put the man who agreed to his terms in place, and then made a profit out of the deal.

I’ve no idea who owns the stadium (could be Green, Whyte or Whyte senior) or what consideration passed for it when Green and Whyte put pen to paper, but this is the crux of the entire deal. Did Craig Whyte secure his profit by signing over the Ibrox security for free, did he sell it to Green at an undisclosed price or does he retain an earn-out interest in the property – and, therefore, ultimately the Newco.

It remains to be seen what liquidators BDO make of the confidential deal between Green and Whyte.  Will they see the stadium asset exchange as being in the best interest of creditors or as a deal against creditors’ interests? I hear Charles Green yesterday claimed the company’s property assets were worth in the region of £80m. I’m sure HMRC were taking notes.

Is there anyone left who believes that all Craig Whyte received in exchange for passing the keys of Ibrox to Green was £1? Maybe Mr Green will be keen to explain ahead of his share issue, just to clear up where working capital is going.

There is a great Tribute Night for Pat McCluskey coming up at the Supporters’ Club on London Road next Friday, 26th October. Frank McAvennie and top comedian, Pat Rolink, are both speaking after a three course meal. Cost for the event is £40 per person. The Club holds around 200 people and I hear there are only a small number of tickets available from Pat Rolink on 07905 174275.

Fancy writing an article for the ever-popular CQN Magazine or maybe advertising therein? If so get in touch, celticquicknews@gmail.com.

Click here to read the fabulous CQN Magazine for free, or strain your eyes squinting below. You can also buy a hard copy of the magazine here from Magcloud.

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  2. kitalba on

    Just_a_Bhoys_game

     

     

    The blog has evolved over the last seven or so years; it is quite successful in its current format. Long posts are ubiquitous and there are several reasons for them.

     

     

    One of the reasons I love people copy and pasting articles is because when I am at work I cannot always access the sites where they originated. If people post articles that don’t interest me, then I simply scroll by without comment. However, Twitter is always an option for those who don’t enjoy long posts.

  3. A Ceiler Gonof Rust on

    28/1?

     

     

    I’ll have some of that. Its worth a couple of twenties.

     

     

     

    Mon the hoops.

  7. Just_a_Bhoys_game on

    STBF, i knew their would be someone to put me straight(2 vowels), god bless ye! Ah dogged it a lot ye know.

  10. A Ceiler Gonof Rust on

    kitalba, you are the “mister sensible” of this blog. Thanks for setting me straight last night (amoung others). Five links are allowed via the server this site is operated on.

     

     

    Any chance you want to be a bit wreckless and buy a speedboat, I’ll chuck in a big titted blonde ferra day, plus the barca ticket:-)

     

     

     

    HH Bruv

     

     

    BTW, I posted all that stuff back on P6………….Fanx

  12. A Ceiler Gonof Rust on

    Just_a_Bhoys_game

     

     

    Show me the deeds.

     

     

    5 litre mercruiser, a tidy wee number, just the ticket to impress yer kids, grandweans, wives and her pals, huns……………………………….awerite, the last wan wus a ringer, huns are eassily impressed. They’re buying into the chuckie torchbeams.

     

     

    HH

  13. petec on

    A Ceiler Gonof Rust

     

     

    Barca tickets going spare?

     

     

    hehe

     

     

    It is awesome to check out the Spartak home game tickets, totally red apart from the one section.

     

     

    Celtic have pitched things perfectly this season and I’m definitely wanting to buy a season ticket next season for me and my Son despite knowing I will probably miss at least 1/3 of the games. Prudence is always needed as every penny counts.

  14. Just_a_Bhoys_game on

    ACGR, how do you impress a hun?

     

     

     

    A. Buy him a cup of Yorkshire Tea an promise him/her/,an orange shirt!

     

     

    Then DO ONE!

  16. Just_a_Bhoys_game on

    A Ceiler Gonof Rust

     

     

    01:57 on 19 October, 2012

     

     

    kitalba, you are the “mister sensible” of this blog. Thanks for setting me straight last night (amoung others). Five links are allowed via the server this site is operated on.

     

     

    Any chance you want to be a bit wreckless and buy a speedboat, I’ll chuck in a big titted blonde ferra day, plus the barca ticket:-)

     

     

    HH Bruv

     

     

    ———————————————————————————-

     

     

    Looking back you could have said he would be Captain Sensible, but now i left this too late i feel ive rather, ‘missed the boat’. :-(

  18. A Ceiler Gonof Rust on

    One of hero’s proudest if not funniest moments.

     

     

    All the while he’s doing this he’s rippin tha pash oota auld betty. He’s fast becoming a favorite of mine.

     

     

     

    http://www.youtube.com/watch?v=-dJpf3zOXd4

     

     

    The loving cup. Ha ha ha aaaa……………..aaaaaaaaa. A quality laugh at the stupid hun “stuff”.

     

     

     

    G’nite Celtic men and wummin.

     

     

     

    HH

  19. A Ceiler Gonof Rust on

    Just_a_Bhoys_game

     

     

     

    I like the cut of your gib me hearty. Arrr arrrrr

     

     

     

    £40 at 28/1, nice………………………..I saw a post a few days ago suggesting we play two goalies. I like that game plan.

     

     

     

    Mon the bookies.

  20. Just_a_Bhoys_game on

    A Ceiler Gonof Rust

     

     

    02:39 on 19 October, 2012

     

     

    MY F******* God, that must be shown, over an over again. To the huns, what a stupid bunch of ***** they really are, and G Smith troughing in too, snouts in the same cup, weird weird people.

  23. Thecelt45 on

    A Ceiler Gonof Rust

     

    01:57 on

     

    19 October, 2012

     

    Any chance you want to be a bit wreckless and buy a speedboat, I’ll chuck in a big titted blonde ferra day, plus the barca ticket:-)

     

    ———————————————————————————————–

     

    Hi ACGR,

     

    ah’ll gie ye a quid for it! Deal?

     

    HH

     

    TC45

  27. petec on

    Thecelt45

     

     

    04:14 on 19 October, 2012

     

     

    HH Petec,

     

    quiet on here tonight. How y’all doing? Enjoy your posts BTW!

     

    TC45

     

    ______________________________________________

     

     

     

    What is wrong with you?

     

     

    ;)))

     

     

    I really appreciate yer comment.

  36. kikinthenakas on

    Leaving for Barca in 5 mins, to all you bhoys goin, have a ball, to all who aren’t going, we know we are the lucky ones, to all the cqners going hope we meet up, probably not remember as there are plenty of bevvy merchants going.

     

    One point for the next 3 games isn’t unreasonable anything else will be a great bonus.

     

    Hail Hail God Bless, stay safe.

  37. petec on

    A Pure Capitalist system to me is where there is no class and where EVERYONE has every opportunity to capitalise. Where everyone is Honest when it comes to money, etc.

     

     

    Everyone flocked to America because there was no real class system there, unlike the UK.

     

     

    I would like to hear my critics comments because as sure as eggs are eggs I have no interest in any politics. My Agenda is well established, I don’t hide it in any way, shape or form.

     

     

    The cord that binds me is Glasgow Celtic, so, unfortunately, or otherwise you are stuck with me. ;))))

     

     

    http://www.templeinstitute.org/red_heifer/introduction.htm

     

     

    http://www.youtube.com/watch?v=HPGit-xFs1U

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