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.
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Zombies, Daleks ……dearie me is that the best the huns can do :)
why would the orcs erect a statue of Grieg as a tribute to the 66 fans who died
What corelation is there
Is Griegs statue not just because he is a hun legned
A common occurance outside lots of grounds is a tribute to a past player
One of the few people to come out of the ibrox disaster with any credit is Jock Stein ….the stinking hoardes should remember that
Clink \o/ – I wonder if they will keep the statue after he goes to jail with the rest of the board for a £94m tax fraud……allegedly
PFayr – Leggo’s entire piece today is in fact an attack on Mr Stein and his Scotland record
tomtheleedstim – brilliant, was chucky there?
Clink…,
bingo, just what I was thinking
how long after the disaster was the memoroal raised
why did it take so long
the hun have been used like cannon fodder by various hnu boards throughout their history and all they can think to do is blame the taigs, stupid huns.
Catching up a bit the last day or two. Was really struck with the last line in Traynor’s article though:
He also added: “What other country in the world would deal with one of their biggest clubs in the way they have and demote them to the Third Division.”
Wrong again, Craig. Rangers had to go there because they were a new club starting over.
Now given how much he panders to that club and its support why would he say that? He certainly wouldn’t come out with something like that without a specific reason. Could it be that the FTT verdict is out (remember Chris McLaughlin also seemed to let something slip in the Whyte interview) and this is his way of distancing the tax bill from the new club?
A Jet 2 plane bound for Alicante from Glasgow emergency evacuation this morning,due to smoke in the cabin.4 injured,might be some bhoys on it heading out early to Barca,hope they all ok.
Best to ignore the p!#$ stained alky ,he will see posts on here as a badge of honour.
Bada…,
watch the rush of scots hacks trying to find out if a Celtic supporter was smoking in the toilet :o)
On the lookout for more Daleks at airport
Bada..,
bingo again, imagine leggo setting the agenda for CQN
stupid CQN’ers :oD)))
!!Bada Bing!!
10:41 on 19 October, 2012
”Best to ignore the p!#$ stained alky ,he will see posts on here as a badge of honour.”
Are you talking about Leggat or Jabba?
Snake:
I’ve seen those youtubes, they are a million miles away from what the huns are accusing Alex Thompson of.
They are scared of what Channel Four might dig up and broadcast if AT is given license. To stop that from happening nothing is beyond the pale.
I agee, there are some very sick huns.
Morning all,
Re the malicious hun rumour factory.
It’s fully operational and has been growing more sinister in the past few years….no need to explain why.
The idea of using malicious rumours in an attempt to demonize the victims of their bigotry is not new. It was a tactic used commonly by their cousins in the KKK to drive out those members of the community who didn’t fit their criteria, ie. Jews, Catholics, Italians, Irishmen, etc etc. These ethnic groups were a threat to them as unlike the Africans, they had yet to be enslaved.
A certain member of the community would be targeted with a carefully orchestrated campgain of untrue gossip. With so many KKK members colluding, the chosen victim was done for and would in most cases be forced to leave the community.
The same tactics are still being employed the huns today, in celebration of their cousins across the pond. Malicious lies and gossip, with a carefully set agenda.
Moronic it is, but it’s certainly dangerous. The fact that so many see us as the same as the huns, is proof enough of that.
(Petec, thanks for the kind words last night, enjoyed the Flying Lotus video :) )
16.10 into the Whyte interview he states the following in response to the question on Murray being Duped.
No not Duped. The sale agreement mentions season ticket funds , 3rd party funds, insolvency events, what would happen if a new company is set up…
Ticketus would never, NEVER, have extended funding to Whyte without a detailed plan of how they would get their money back.
What worries me at the moment is the conjecture that BDO are friendly with the purpose.
Clink\o/;
Off the top of my head I can’t remember what it is but there is a (confirmable) link between the John Grieg statue and the Ibrox disaster.
Rogue Leader
Thanks.
Doctor Who started on November 23rd 1963 (the day after the Kennedy Assassination). Daleks didn’t appear on the show until early 1964.
Older CQNers will be able to tell us if anyone started calling Rangers fans Daleks way back then – they won’t because it didn’t happen. At the time of the Ibrox Disaster Daleks had not appeared on the show for 5 years and wouldn’t appear again for one more year. I wasn’t born until 1979 but again those who were alive can tell you if the term was used – my guess was it wasn’t but yes I am an encyclopedia of Dr Who knowledge and fact.
It seems incongruous to me that a current generation would use Leggat’s knowledge of old Daleks (from his childhood which clearly must be pre-1970) when they couldn’t go up stairs with a current generation who have seen Daleks fly since 1985 and use that as a way to abuse the Ibrox Disaster victims. It’s at best a bit of a stretch and at worst the ravings of a sick mind.
Celtic fans as far as I know have never sung songs or mocked Rangers fans about the Ibrox Disaster (unlike Aberdeen fans) and I equally find it incongruous to believe a generation young or old who live in the here and now going back and watching William Hartnell and Jon Pertwee episodes featuring Daleks (as sadly Patrick Troughton’s two Daleks stories do not exist in complete form) with such regularity that it would occur to them to make “jokes” about victims of the Ibrox disaster especially after observing an impeccable silence on the anniversary of the disaster (despite the nonsensical garbage printed by Bill Leckie).
If Celtic fans of the 1970’s made that comparison we’d have heard about it before now. If they were prompting younger Celtic fans to go back and watch William Hartnell and Jon Pertwee in order to create a slur, I’d say that’s a bit of a stretch.
If younger people are going back and watching old Dr Who for enjoyment I say good on them, it’s a great show and the old show was better in my view regardless.
People like Leggat cannot be allowed to invent lies and get away with it because once it filters into their mythology, it becomes whataboutery turned into fact.
kit..,
dont think that was Clink..s point, to look at the memorial, everyone would initially think it was in celebration of a player, its not until you read th plaque it becomes a memorial.
A football player with a ball does not spark disaster memorial thoughts.
As already pointed out when Greg goes to jail in disgrace will he still be considered the best choice to represent the casualties.
CAN I HAVE RASPBERRY…
I need two tickets for the game but fly to Spain on Sunday and live in Stonehaven??
Pat
Kit
I’m not saying it ain’t so
but why merge the two.
As their greatest ever Ragner surely a statue for it’s own sake.
And the same with a memorial.
Or are they just too tight
southside
10:10 on
19 October, 2012
Hope you don’t mind… borrowed this for Twitter.
canamalar:
I didn’t know it was a memorial to the disaster until a few months ago. I too saw the gif about Greig running away and thought it was funny at the time; it was only later I was made aware of the significance of the statue and the gif could be viewed in a different perspective. But only if you knew what the statue represented.
Clink\o/:
I wonder too.
The Bhoy With the Popeye Tatoo
That’s a tough break. I hope Thomas Cook play ball. I’m afraid I haven’t got any practical suggestions. I just wanted to wish you all the best.
Whyte to claim millions from Rangers assets sale
Martin Williams Senior News Reporter. The Herald.
FORMER Rangers owner Craig Whyte is preparing to claim millions of pounds from the remains of the old club that collapsed earlier this year.
The controversial businessman is hoping for a huge payout from the sale of the assets to new owner Charles Green’s Sevco consortium.
Whyte told The Herald he believes the RFC Group he used to buy the club and pay off its £18 million debt – using future season ticket sales – held a valid security over the Ibrox outfit’s assets sold to Mr Green for £5.5m.
If successful he will be placed ahead of other creditors when the remaining money brought in by the liquidation of the failed Rangers company is distributed.
Whyte said: “Everyone knows there was a security there. All these things are being dealt with.”
A recent progress report by administrators Duff & Phelps showed the old company had around £2.3m of funds – although a further £2.8m is estimated to be owed through outstanding transfer fees and millions more could be realised from outstanding litigation.
The administrators were also pursuing an unquantified sum held by Uefa as a result of players participating in matches for their national teams.
In their report Duff & Phelps also said they believed Whyte’s company was not owed anything.
London ticket agency Ticketus bought the season ticket rights from Whyte and is pursuing him for more than £20m paid to RFC Group to help him complete his disastrous takeover of Rangers. That money was used by RFC Group to pay off Rangers’ £18m debt with Lloyds Banking Group.
Neil canamalar Lennon hunskelper extrordinaire
10:41 on
19 October, 2012
Bada…,
watch the rush of scots hacks trying to find out if a Celtic supporter was smoking in the toilet :o)
It’s an early contender for post of the day :}
ernie-You’re right re the hacking hacks.Keevins called us “internet bampots,he should know as he shares an office full of them every day,trawling sites like this for up to date news,humour,and properly written articles.
Apologies if posted already havent read back and saw this on Newsnow
PAUL CLARK, of Duff and Phelps, joint administrator of RFC 2012 P.L.C (formerly The Rangers Football Club plc), issued the following statement today:
“Creditors have today given their approval for the Administrators to bring the administration process to an end and to place the company into liquidation.
“As a result, we as Administrators have instructed our legal team to prepare the necessary application for lodging in The Court of Session as a matter of urgency.
“Should the application be approved, then Malcolm Cohen and James Bernard Stephen of BDO will be appointed liquidators of RFC 2012 plc, and will undertake the process of liquidation of the ‘oldco’ company and the continued recovery of funds for creditors.
“This will not affect the current operations of The Rangers Football Club in any way as it is a completely separate entity.
“At this point, we would like to thank the many people, mainly the staff of Rangers Football Club, for their co-operation during a very difficult time for the Club.
“If it were not for them it would have been impossible for the club to continue functioning.
“As Administrators, our primary statutory function was to ensure Rangers continued as a business and this was achieved.
“Secondly, we were tasked to secure a buyer for the Club and this too was achieved. We are delighted that plans for the revitalisation of Rangers are now continuing with the new owners’ intention to float the club on the AIM market.
“There has been widespread comment on the administration process but in reality the period ‘oldco’ Rangers has been in administration has been comparatively short.
“Our conduct of the Rangers administration has been the subject of intense public scrutiny and we are wholly satisfied it has been carried out the highest professional standards.
“We have co-operated fully with inquiries into our appointment by Lord Hodge at the Court of Session and the Insolvency Practitioners’ Association.”
seanpat
No probs, am travelling over on Monday. Email me on vonnie7171@gmail.com
FFM 10:46
Good post mate…and to think that Salmond said of the club who spawned these people that they were ‘part of the very fabric of Scottish Society’.
One of many reasons he can shove his indy vote.
http://www.youtube.com/watch?v=5GOZjlwIwfk&feature=relmfu
Can I Have Raspberry-You an ex fireman mate?
I remember Dalek Willoughby,Dalek McDonald and more recently Dalek Rae – all of which made the original ones seem almost human….and cuddly.
Teuchter ár lá
!!bada bing!!
11:44 on
19 October, 2012
Can I Have Raspberry-You an ex fireman mate?
A long time ago, yourself?
Can I Have Raspberry -Retired 9 months ago,worked mostly at Parkhead, recognize your nickname on your email addy.How you getting on?
No bad thanks. How’s retirement?