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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new article posted.
Wilsons book spread the blame
“But this isn’t about finding targets for ire. It would be too easy to point fingers at a few key figures and say that it is their fault. The issues that have come about are very rarely down to misjudgements by just one person. They are down to structure, to mindsets and occasionally, to people making the wrong decisions”
Daleks ?
I remember traveling to a Glasgow derby at Ibrox on the ole Glasgow Underground . My companion was the dearly departed and much missed Zooney [ RIP ].
We boarded at Kelvinbridge . Our carriage was crammed with Hunanity at its worst . We were in close physical contact with a fabulous quartet — Pa . Ma and 2 teenage boys . Soap had been a stranger to them for many a month.
Zooney , being Zooney started talking about The Peacock Family . I nearly died .
Don’t tell Leggo.
http://www.youtube.com/watch?v=L3vvn2qOh58
http://www.youtube.com/watch?v=vBKO5KxSBsY
horse for today
ARABIC 5.50 wolv.
Galaxy Rock, 3.40 Cheltenham, for me today.
Good luck everyone.
A big step up but an improving animal………. ILE DE RE 1:45 ASCOT……..
Good Luck……..
Regards & Hail Hail
TBM
255 ASCOT
WOW
NeedawinnerCSC
Kelso 540 Vallani
Good luck everyone
Eijaaz 4.00 Catterick
Thetaxmancometh
Maarek 2:20 Ascot.
Good luck.
One to avoid today;
Annelko 720 wolves.
T4
You trying this week?
Had a wee look at mister Dillon 420 Ch with our old friend Jez McGrath on board for Henderson….
Lads, naps here today please…
Cheers, fleagle1888
CQN Saturday Naps Competition – Week 11 Results & Standings
Another 3 winners last week – green T (Kitegen @8/1), Che (Pearl Blue @13/2), and Rockon Neil Lennon (Reckless Abandon @9/4).
As a result, green T is back on top of the pile !
+£16.25 green T (5)
+£11.50 Sixteen roads to Golgotha (3)
+£ 9.13 Rockon Neil Lennon (4)
+£ 6.50 Che (2)
+£ 4.00 Valentine’s Day (2)
-£ 1.80 TheBarcaMole (2)
-£ 2.97 hunza rugli (2)
-£ 3.00 BULL67 (1)
-£ 3.00 voguepunter (1)
-£ 6.00 fleagle1888 (1)
-£ 6.00 gerry_bhoy (1)
-£ 6.50 tommytwisttommyturns (1)
-£ 7.00 leftclicktic (1)
-£ 7.25 MHARK67 (1)
-£ 8.00 Glen (1)
-£11.00 Bada Bing
-£11.00 bobbymurdoch’s winklepickers
-£11.00 Cathal
-£11.00 gourockbhoy
-£11.00 Magnificentseven
-£11.00 Raymac
-£11.00 Som mes que un club
-£11.00 What is the Stars
*No selections from : bobbymurdoch, gerry_bhoy, gourockbhoy
*Non-runner : n/a
Cheers, fleagle1888
Today’s dunkey
CHELTENHAM 2:30
EASTER METEOR
cheers
HH
Morning Lhads,fekme, Greent 4wins,sixteen roads3 n rockon4 ,well done ghuys(cough)
Need to get my finger oot .hh
SORRY
That should have been
WAS 255 ASCOT
Lads, my nap for today is :
Nadiya de la Vega (Cheltenham 2.30)
…another for A.P. & J.P. ?
Cheers, fleagle1888
2.30 Cheltenham-Bobowen.
Morning bhoys.
Today’s nap which reflects my tipping abilities –
Havingotascoobydo – 2.30 Cheltenham.
Good luck all!
Bada/Fleagle/Mhark I’m going up against you ghuys today.
Going for Triangular 2.30 Cheltenham…cause I like ….toblerone and they wee
green sweeties fae quality street.HH
Cheltenham 2.30 Nadiya De La Vega
Che – the one to avoid is Defence of Duress in the 4:20 at Cheltenham.
T4
meandmyshadow
5:15 catterick
God loves a trier :))
Deise Dynamo 2.05 Kelso
Just run out of it last week–better luck today maybe. The Cheka, 2.20 Ascot. Likes the soft and can lead or come late.
Jack dexter in the last at ascot please
CQN Saturday Naps Competition – Week 12 Results & Standings
Woo-Hoo… what a week… fleagle1888 and Magnificentseven landed the same nap (Nadiya de la Vega @10/1) !
Other winners – Bull67 (Jack Dexter @11/2), What is the Stars (Deise Dynamo @ 5/1), and Valentine’s Day (Maarek @5/1)…
+£15.25 green T (5)
+£10.50 Sixteen roads to Golgotha (3)
+£ 9.00 Valentine’s Day (3)
+£ 8.13 Rockon Neil Lennon (4)
+£ 5.50 Che (2)
+£ 4.00 fleagle1888 (2)
+£ 2.50 BULL67 (2)
-£ 1.00 Magnificentseven (1)
-£ 2.80 TheBarcaMole (2)
-£ 3.97 hunza rugli (2)
-£ 4.00 voguepunter (1)
-£ 6.00 What is the Stars (1)
-£ 7.00 gerry_bhoy (1)
-£ 7.50 tommytwisttommyturns (1)
-£ 8.00 leftclicktic (1)
-£ 8.25 MHARK67 (1)
-£ 9.00 Glen (1)
-£12.00 Bada Bing
-£12.00 bobbymurdoch’s winklepickers
-£12.00 Cathal
-£12.00 gourockbhoy
-£12.00 Raymac
-£12.00 Som mes que un club
*No selections from :
gerry_bhoy, gourockbhoy, Som mes que un club, Sixteen roads to Golgotha
*Non-runners : n/a
Cheers, fleagle1888
Late again,missed most of the racing.
Not sure if this will count,but i am going to brass neck it anyway!!
20:20 @ Wolverhampton – Lesleys Choice – NAP!!
Apologies fleagle1888.