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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From Traynor’s ridiculous, and unprofessional, mix of reportage and MediaHouse-fed opinion in the Daily Record:
“To be fair to Whyte, he did introduce Green to one of the administrators – but it was in a Chinese restaurant in London days after Zeus had brought in the Yorkshireman to mastermind the takeaway, sorry, takeover.”
Green says Duff & Phelps brought in Zeus Capital in February after they were recommended to them (by whom?) for their “experience in football”.
Zeus (Imran Ahmad and Brian Stockbridge, who had no prior “knowledge of football”) then brought in Green (former Sheffield United chief executive).
But Green says he needed Whyte to introduce him to the administrators in May so that “they could take me seriously”.
As for Whyte, he says he introduced the “buyers” to Duff & Phelps.
Zeus Capital are the office boys. Green is the loudmouthed frontman.
Who are the REAL buyers?
Ticketus? Leo Knifton? Rafat Rizvi? Minty Moonbeams?
This stinks to high heaven.
Celtic First
Sound advice.
Barca,
I recognise everything you say, but many of the events on the horizon are outstanding reasons not to go to market right now.
FTT is expected imminently, the kind of news that doesn’t inspire confidence as an IPO is launched.
Nimmo Smith will have concluded his brief this side of Christmas.
If LeCoist does stumble out of the maze at last, it’ll be August 2015 at the earliest before they’re in the top flight, and 2016 before they’re playing a European qualifying tie.
By that time, most of the current risks will have crystalised and been managed, and the impact will have passed. I respectfully suggest that irrespective of outcome of the FTT, Nimmo Smith’s verdict, or the weather in Peterhead, none of it will be any more traumatic at the business level than the recent insolvency.
In 1994, Fergus raised £14M from the support and promptly built a new stadium. The success of that investment trebled the company’s revenue, permitting a £30M exit 5 years later. Neat work.
18 years later, Green is looking to raise for £20M for a club shop and a pub next to Ibrox, the effect of which might increase revenue by £2M per year, but serves to dilute the original investors by half. That doesn’t stack up.
If the new cash is used to backfill losses, fair enough in terms of the original investors, but surely it would be a little easier, less risky and more rewarding if they simply ran at break even!
TBB
mattgallscot
some queer fella on a white horse rides to their rescue.
——————————————————————-
He may be a Republican,but leave Clint Eastwood be.
HH n welcome to our world.
j67
13:54 on 18 October, 2012
‘bada bing
ernie
after independence there is no guarantee salmond will
be in power as there will be elections for completely
new parties’
What makes you think Salmond is the worst of them?
He at least, albeit for entirely cynical electoral reasons, has made an effort to court the community (though of course if he ever attained his objective would no longer need to make the effort).
mattgallscot
Yes it is fascinating to watch the Rangers fans and their reaction to the latest blatant stroke by Green to fleece them. I’d say there is a thesis in there for any psychologist who’d care to brave those choppy waters.
It seems to me they wanna believe his spiel and are closing their ears to any criticism or questioning of his motives or actions. They did the same when the “internet bampots” began to question Whyte’s motives and actions. They want things to be simple and liked it better when Minty told them “everything is alright, I’ll do they thinking for you.” Since they followed Ally’s lead in supporting Green, their first reaction to any kind of reasoned criticism of Green is to immediately fly off the handle and attempt the character assassination of the critic without even remotely addressing the arguments.
Another trait, when they do attempt to make any kinda cogent response, is to regurgitate everything coming from Green’s PR department, ably assisted I must say by James Traynor. Even though most of it is delusional drivel meant to tranquilize the Hun hordes. It looks to me like the are sleep walking again into another insolvency event. The sooner the better.
Marti
Thankyou Celtic First.
http://www.fco.gov.uk/en/travel-and-living-abroad/your-trip/travellingfans1/barcelona-celtic
PapaFrantic07 :))
Congratulations to all the family and a special welcome to the celtic family to Fergus Brady
Great name fur a wean, Fergus!
Love the look of that CL table on the CFC web site. A draw or a win for Spartak an we’ll still be 2nd with 3 to play. Hoopy days indeed.
Surely Ralph Topping must have a conflict of interest in all of this.
A Scottish institution is going bust last October, the CEO of William Hill bookmaker has been informed and yet continues printing coupons, taking bets on the SPL winners and other bets concerning this team.
Thats worrying.
JF article here:
http://scottishfootballmonitor.wordpress.com/2012/10/18/three-shakes-and-a-twist/
The Honest Cover-up
13:27 on
18 October, 2012
well said that man
john brown is a funny guy tho
never doubted him for a minute
The Honest Cover-up 13:27 on 18 October, 2012
Cultsbhoy,
“With regards to John Brown I honestly don’t understand why Celtic fans laugh at and dismiss him. I watched the video of his speech last night again and the points he rasied still haven’t been addressed.
“Who’s name is on the title deeds?
“Who are Green’s unnamed backers?”
Fair points there, but that is least any of them should be doing.
But despite a perpetual battle to complete a sentence, Ra Bummer also outlined his plans for financial recovery during his Ibrox broadside – calling his proposals naive would be kind.
People also laugh at him because he is a buffoon. I encountered Ra Bummer a week ago at Glasgow Central Station staggering all over the place at four o’clock in the afternoon. The guy is a sad case. He’s certainly not leadership material.
There’s some speculation that Craigy’s masterplan was scuppered by losing to Malmo, thereby exiting Europe, and the delay in the FTT decision; speculation I believe to be sound.
I recall a conversation with a friend of mine who is a director of a SPL club. He spotted Craigy in the boardroom at a SPL game following the Malmo game. As he hadn’t met the bold boy, he wandered over to introduce himself. Almost at once, a clearly agitated Craigy, unprompted, launched into a tirade against “that stupid c*** Whittaker”.
You’ll recall Whittaker was sent off against Malmo for throwing the ball at an opponent and earning a second yellow card.
So, perhaps our theories are close to the truth
tigertim
14:22 on
18 October, 2012
Surely Ralph Topping must have a conflict of interest in all of this.
A Scottish institution is going bust last October, the CEO of William Hill bookmaker has been informed and yet continues printing coupons, taking bets on the SPL winners and other bets concerning this team.
Thats worrying.
===========================
as someone pointed out earlier, market to win SFL3 is only market not available on willie hill web site. Hmmm?
Afternoon, couple of guys were lookin on Phil’s site at whether the new club was on EUFA’s website( which they weren’t) but i thought this was interesting……. The Glen Bar!!!! Is that in Rutherglen? Do they have a co-efficient? http://www.uefa.com/teamsandplayers/index.html
Test
Rubicon… I have believed that all along. CW’s whole plan depended on CL or at least Europa Group qualification.
He said yesterday he made a few ‘errors’! Maybe the biggest, was leaving FPLG in charge!
(What am I saying, of course it was.For THEM anyway) ;-)
Rubicon
I do hope for his sake that Charles Green’s plan wan’t predicated on a decent run in Europe this year :¬)
Re Alex Salmond’s representations to HMRC, I took this up with my MP who incidently said “I still believe EBTs is nothing more than a tax avoidance scam instigated by David Murray.”
Anyway this is what he said re Salmond:
“Thank you for emailing me recently with your concerns about Alec Salmond’s discussions with HMRC with regards to Rangers Football Club (RFC). I am sorry for the delay in responding to you.
I enclose a printed copy of the Westminster Hall debate for your consideration. Throughout the debate I raised the issue of PAYE constituents who were receiving demands from underpaid tax dating back over five years in some cases, and owners of small businesses who had asked HMRC for assistance in working with short-term cash flow challenges similar to those you describe in your letter. A number of my constituents have always been met by rigorous chapter and verse from HMRC, automatic penalty charges and no leniency or understanding. Unbelievably, it now seems HMRC allowed RFC to not pay PAYE, or apparently VAT since May 2011- and according the news reports that amount is now estimated as being in the region of £15 million. Like you say in your letter, in relation to HMRC cutting deals with the big boys while hammering the little people, I raised the unfairness of how individual businesses are struggling to meet their financial commitments and RFC were allowed to pay nothing.
I too shared your concerns about the First Minister’s involvement and knowledge of RFC’s financial position. I asked if the Minister, David Gauke MP, would confirm whether or what representations had been received from the Scottish Government, either before or after RFC went into administration, on the issue of its tax liabilities. Mr Gauke MP responded by stating Scottish Ministers were kept informed of
significant developments such as the timing of court proceedings, but he insisted HMRC did not seek or take advice from Minister’s as how to handle matters that were entirely in HMRC’s responsibility. It seems that HMRC are entitled to inform Scottish Minister’s, because of issues relating to devolved powers and it was right that the First Minister was informed, it was, however a courtesy that was not extended to others, like DAFC, before the administration was announced. Mr Gauke went on to clarify the “discussions” by saying that at Alex Salmond’s request, HMRC explained its general policy for customers who were having difficulties in paying their taxes.
As you can see, I continued to push the Minister by asking what advice the First Minister offered. Mr Gauke claimed he did not know what advice the First Minister provided, if indeed he provided any. He went on the say that there was nothing in any way improper about a discussion with Ministers of the UK Government and the discussions were not about the specific tax information of RFC due to the constraints of taxpayer’s confidentiality.
I respect your commitment to openness and transparency of government, which I share and I understand your concerns in relation to this matter. On the whole, however, I was satisfied by the Minister’s candid approach to the debate. I would be grateful if you would read the debate and come back to me in the near future with your comments.
I realise that there are daily challenges to the First Minister’s integrity and the alleged “representations” he has made in relation to BskyB and Donald Trump which have been reported in the media this week. I do not believe that this saga will be resolved in the near future.
P.S. I make no political points here but simply want to give a flavour of what my constituency (opposition) MP thinks of this matter.
Bloody hell – didn’t back it either.
2.50 – Wincanton
Lennybhoy-2.50 Wincanton Provo ? wins at 3/1 in a canter,I text it to a few guys for a laugh,not a penny on it.
Frantic07
Congratulations auld yin, a granpappy again.
I’ve already left John a message.
You know who I am. I used to play guitar in the band with yer boy.
Hail hail
Just read Oscars latest blog. Amazing courage and strength from the little man. What a trauma for mum and dad over the weekend and of course the wee man himself. Very uplifting after the previous blog. A truely incredable little guy with a wonderful family behind him. Keep fighting young man xx
Bhoys & Ghirls I need a little travel help, I have a friend who’s son wants to go to India, Delhi I believe. He lives in SFO and can fly to LHR/AMS/FRA using her flying benefits, from her days as an airline employee, to get to one of the European destinations. I need to know if any of the cheaper airlines fly to India from one of the cities mentioned above, it can be from a secondary airport if need be. By the way, they say the sandwiches in India are fantastic..?? TIA for any info rendered.
I am off out for a walk before the rain starts, will check back later for any info. Congrats to Wee Fergus……..
Jeezo,quiet on here today………
Weeman67 – Air India and Lufthansa both fly direct from FRA/DEL – in fact it could be a shared flight.
Today’s Viz Top Tip
Do you own a football club and need to raise £20m capital to help with running costs?
Instead of sifting through “£17m” worth of notes of interest, just arrange an interview on STV, declare that your stadium is worth £80m, and sell it for £50m. New buyer saves £30m, you pay Agent Whyte his £20m, and you’re £30m better off!!
Simples.
That video of Craigie has some really poor continuity editing at 19:19. Why would it need to be edited?
Bada Bing………
Everyone exhausted after taking in the latest developments wi wee Craigy and the dishonest crew!!!
Weeman67
Not sure if the basement budget carriers do this kind of route…maybe £500 return is the low end of things.
Whatever happened to Chennaiseabird? He/she might know better…
HH
Burghbhoy-Maybe a wee lull before another storm :},got a feeling wee Craigy Bhoy isn’t finished,hope he has emails to implicate others ,but………….
There must surely be documentary evidence to prove who is lying in this whole sordid affair.
Anyway, the Hun are sleepwalking into oblivion again……..oh happy days ( bring on the Barca)
Hail Hail
Almost finished readin Philip Normans book about Mick Jagger one thing amomg many that stood out was when the Stones went on exile to France was because they owed the taxman lots of money, this was caused by Alan Klein loaning them money tax free (i.e. EBT) which they would have to pay back the taxes. HMRC closed that loophole back then.
Even former LSE student Mick or Mike as he was known then got caught out on that.
Weeman67
In and out with Emirates changing at Dubai regardless of which hub you choose.
Ain’t ‘cheap’ though.
Hendrix67, and all the CQN family, thank you for your kind remarks. Oh and btw Joe I am only a auld yin on the ootside. Frantic07