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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Although CQN is still a daily “must read”, I have refrained from commenting of late because the torrent from others has raged far too fast for me to try to dive in. Any attempt to enter the furious currents would have surely seen me either sink rapidly or pitched headlong and uncontrollably through the rapids to the waterfalls of destruction. So, I have refrained from even dipping my big toe. However, I simply could not let the return of the ‘Sh**y Knight’ (for all his apparent ‘hero to Celtic supporters’ comical status, he is still a con-man and I have outgrown his humorous image) and the ‘so called’ interview by Chris McLaughlin pass without “comment”. Whilst it would wholeheartedly suit my ambitions for the extinction of all that hints of Rangers, old, new or still to come, I am completely unconvinced by his latest proclamations. As for the BBC interview, what was challenging in any of it. The only short-lived probing focused on his ‘telling lies’. I firmly believe the efforts to push him to say he lied were merely to give the BBC a further excuse to distract the public eye from the actual issues and to focus on how hard done by were the Rangers supporters – the victim syndrome again. Otherwise, why was this the only thing about which Chris McLaughlin really pushed Whyte. No such pressure was put on him to back up his claims which were the nails that would have surely sealed this particular coffin. Every answer was simply a bland assertion that his story was the right one. There was no attempt to ask for proof or to enter into a more in depth investigation. I wanted so much that Chris McLaughlin would drag out where proof could be found. But, oh no, the same old same old. The question was never directly raised and the only documentation mentioned was what Whyte chose to mention himself. In the final analysis the interview was a mere catalogue of unabashed, blustering and unchallenged statements. If only someone would have the guts to force, Paxman-style, Whyte and others to disclose the real story. In the end, I was certain this interview was another pseudo investigation by the BBC that was full of the usual hot air, air that was putrefied by the blasé remarks of Newsnight’s ‘journalist extraordinaire’ when asked to analyse the interview. I switched off still feeling that it was all a continuing “palm-off” by the BBC. I hope I am wrong and it develops into the nuclear bombs that we are all waiting to be dropped by the H.M.R.C. Hurricanes and the BDO Lancasters.
H H
philvisreturns at 12:33 said stuff.
Twitter helps too, eh? ;-)
I just realised how bloody old I am – Hurricanes and Lancasters!. God help me :>))
Jonny
Or, “arrange” for said stadium to be razed to the ground, claim £80m insurance, pay the mbb his £20m et voila £60m in yer tail.
What?….no stadium. – who cares, you’ll be on a flight to the Bahamas.
Yes Arty, surely as this involves the tedious world of accountancy you meant to say “Drones” :-)
Marti
Arty – agree. They should have got Peter Allen from 5Live to do the interview. He would have sweated the slimy bassa.
Things nicely coming to head.
Don’t think this share issue is going to happen somehow.
Did Duff & Phelps apply to the Court of Session to have BDO appointed as liquidators?
How long would it take to schedule this into someone ( Lord Hodge??) diary, it is a matter of extreme urgency according to D & P??
Latest update from Wee Oscar’s blog
http://oscarknox.blogspot.co.uk/?m=1
THURSDAY, 18 OCTOBER 2012
He did it!
He did it, Oscar did it! He fought his way back from the brink, and is doing remarkably well. Sorry for breaking so many hearts with that last post – it was raw emotion spilling onto that page. Last Wednesday night we were told to prepare for the worst, and we did. We made sure Izzie spent some time with Oscar, and we each said our private goodbyes. It would be distasteful to talk about it any further than that, but it was surreal, and heart wrenching, to say the least. We made those preparations over the weekend too, very bleak days. The doctors here wanted a discussion with us about “when is enough enough?” – that was very traumatic. When IS enough enough? When do you give up on your child? An IMPOSSIBLE scenario to comprehend, and one we NEVER want to face again.
We weren’t being asked to turn off machines, but it was explained to us that the treatment Oscar was receiving wasn’t working, and the next step was for them to insert a breathing tube, a traumatic procedure that he wasn’t likely to survive. Did we want to put him through that trauma, when it was likely to end in his death? Or do nothing and let him slip away? Arghhh. I made a few frantic phonecalls home, and everyone said don’t give up on him. We certainly weren’t giving up, but we actually felt like his little body had had enough this time, and we didn’t want to have to agree to anything that would add to that pain. After everything he has come through, the fight he has put up for his life, it was cruel for his fate to be placed directly in our hands. We know how it must have seemed to those doctors – a critically ill child, with a rare genetic disorder, a rare cancer, and a rare heart and lung disease…that child doesn’t have much of a chance. But it’s Oscar, and he beats the odds to achieve the impossible, and you can’t give up on him.
Thank you Oscar. Thank you for not letting us face that final decision, and for fighting as hard as you did.
Oscar struggled on through Sunday, just about holding his own. On Monday things showed a slight improvement, his heart was working a little better and his collapsed lung showed small signs of opening up. On Tuesday all our wildest dreams came true, when the doctor came in and said “his chest x ray looks AWWWESOME” – words I will never ever forget. Oscar was interacting with us, up out of bed, and wanting to play. Incredible.
Nurses said we could try him with clear liquids, within an hour he was nibbling grapes and pancakes. We tweeted pictures of his progress throughout the day and everyone was astounded – most of all us. We know he’s a fighter, we’ve watched him battle his way through a year of neuroblastoma treatment you wouldn’t wish on your worst enemy, but we just can’t believe what he’s accomplished this time. Up out of bed, eating and playing, hours after spending almost a week critically ill.
I won’t bore you with all the cliches, and words we often use to try to express our admiration of Oscar – you already know. He is an incredible human being, and we are proud to be his parents. He has taught us many life lessons, and although we wish so hard that we didn’t have to learn them, we are better people for it. Little Izzie is already showing some of the courage and strength of character we see in Oscar, and we are so proud of her. Although we try to shield her from it, she has witnessed and experienced a lot of pain, tension and heartache throughout Oscar’s illness, especially this period in Philadelphia. She adapts to whatever situation she finds herself in, and never loses her playful nature. An amazing little lady.
Throughout these worst days of our lives, we also experienced the best of human nature. The incredible work being carried out in CHOP PICU on a daily basis is phenomenal. The sickest of kids with the most complicated of medical conditions are treated here. Every decision made by the medics is a “life or death” one. They give it their all. To work in that highly charged environment, and have such courage in your convictions, takes a very special person indeed. The heartache they witness is almost unbearable. We have witnessed 5 “code blue” episodes, where an alarm is activated because a child has effectively died. The staff here instantly drop everything and RUN to attempt to save that life.
CHOP is a “teaching hospital”, and we have experienced the benefit in that. On ward round every morning up to 15 people (each with their own speciality) gather to discuss Oscar’s case and current situation, and invite us to join them. Medics put forward their ideas, and the best way forward for Oscar is debated. They are not afraid to “think outside the box”, nor to face criticism. The VDR machine (and the technique which was used) was only used once before Oscar. This was an experimental process, and it saved his life. The machine sends a high pressure shot of air in through the mask Oscar was wearing, and while it does that, it vibrates to encourage his airways to open up. It sounded like a pneumatic drill. The doctors said Oscar might struggle to cope with it – he wore that mask for 40 hours straight and barely complained once.
The spirit of the Irish community here in Philly also has to be seen to be believed. The first people to reach out to us were 2 lovely ladies, Aisling and Fidelma. They arrived at Oscar’s room on Sunday, with a hamper of food from home, and a large bunch of helium balloons for Oscar. They had been following his story on Facebook and Twitter, and felt the need to help in some way. It was emotional for me, seeing those kind faces. Since then, more and more lovely ladies and gentlemen have stopped by, offering us their homes, cars, money, mobile phones, food parcels, home cooked meals, presents for the kids, things for me and Stephen to pass the time. It is an experience I will never forget, and if I ever see an opportunity to pass that kindness on to another family in distress, I’ll be the first one on my feet to do it. It adds to our sadness of leaving Philadelphia so soon, we think we would have really loved it here.
So what next for Oscar? We don’t know. His future is very uncertain. Immunotherapy in CHOP, which we had worked so hard for and pinned all our hopes on, is no longer an option. His neuroblastoma treatment has been put on the back burner until his heart and lung condition is stabilised. We will be flying home to either Belfast or Great Ormond Street Hospital in London via air ambulance as soon as all the necessary preparations are complete. Meanwhile Oscar lives to fight another day, the 3 of us alongside him. And we will never give up.
I thought McLaughlin thought that repeatedly saying ‘so you’re a liar then’ was somehow Paxmanesque, when in reality he missed so many key points. Whytie was there for the taking.
The Green love-in was even worse. When challenged on his numbers and investors, he even included fat sally. How much did he invest, for goodness sake? a month’s pie money? (quite a lot, come to think of it)
too many ‘thoughts’
My view (perhaps wrong and naive) is that Rangers’ problems are more about plain old fashioned greed, incompetence, and corporate and administrative mismanagement than the coordinated scheming of a (or is it the?) masonic cabal. No doubt there have been some bigots, masons, Rangers “supporters” and other dubious characters involved in the various shenanigans along the way, but what have they achieved? If the current predicaments of The Rangers situation are the result of the machinations of some all powerful masonic cabal in favour of their team then surely they’re worshiping at the altar of the wrong gods, or none?
The apparently carefully coordinated plans of this all knowing masonic cabal see a Rangers entity plying their trade in 4th tier of Scottish Football with no prospect of European football for at least 3 (probably 4) seasons. Whatever reputation they had is in tatters. Assets, including a loyal fan base, are being systematically stripped and milked by unscrupulous businessmen well-used to operating on the edges of legality.
The depth of corporate mismanagement and scale of debts means reputable people with business acumen and high worth must sit on the sidelines until the very worst is done to whatever represents or resembles their former club. The decent Rangers fans (and they do exist) have no voice or platform. The eventual task of rebuilding a new Rangers entity to anything like their former glory will be long. They may never attain – at least consistently – the status of Celtic. The job of repairing any semblance of a decent reputation in business and in football will be even more difficult.
The wrecking Rangers is about greed, arrogance and incompetence.
When it comes to secret societies I’m completely indiscriminate – they all get my goat.
…and Ticketus will get their money back and more – somehow.
Chris
Subterranean
Name me a decent Rangers fan?
;-))
MWD
Richie
not enough brain cells.
:-)
MWD
blantyretim.
May not be on the blog much tomorrow and will be coming through to Glasgow on Saturday depending when I can check- in online,If I can check in around lunch time I’ll be in Glasgow in the afternoon for a wee swally,I’ll have to keep the head as I don’t like flying out with a head on me.get back to me, or, give me a call.
Wee Oscar is Awesome.
Oscar Knox …… Super hero!
I think I’ll away and give ma bairns a cuddle
MWD
Wee Oscar and his family are clearly very special people. Go Oscar!
just watched last night’s newsnight – Traynor is an out and out fud
MWD – Wee Oscar’s parents’ blog is both heart breaking and uplifting in equal measures.
Richie
Last nights interview was not a CIA Guantanamo style interregation
Why’re was not there for the taking, he was there cos he wanted to be , probably his choice of interviewer,his choice of questions his say on edit .total PR job
MWD,
Ha!
– At least one of my best friends is a decent Rangers fan :-)
Chris
Link to photos of yesterday’s John Paul Academy Wee Oscar Cycle in the pouring rain from Summerstin to Celtic Park.
http://m.flickr.com/#/photos/61614987@N07/8099254001/in/photostream/
MWD
Subterranean
Every Celtic supporter has a best friend who is a Rangers fan. Yoda! Even me. I think though that this best friend must be the same person.
:-)
MWD
MWD
Not wanting to interfere but
I suspect there are lots of decent people who happen to be (the)Rangers Fans – I work on the principle that all (the)Rangers fans are not huns but all huns are (the)Rangers fans
The Honest Cover Up
I agree- it’s as big a mistake to equate inarticulate with stupid (bomber) as it is to equate articulate with intelligent(Charles)….
The question remains and will be answered in due course..
Who owns Ibrox?
I suspect the next owner will be HMRC whoever the current owner is probably knows that too..
Remember Bhoys n ghirls.
WeeOscar4Life Race & Auction night tickets are still available. Send an email to
weeoscar4life@gmail.com entering ‘Race Night’ in subject field.
Tickets are £7.
or you can book a corporate table for £500 (further details available on request).
MWD
Wee Oscar – marvellous. Keep battling wee man.
(Got me greetin’ again)
MWD
“every Celtic supporter has a best friend who is a Rangers fan” Speak for yourself.
MWD,
The least that we can do on a Celtic blog is respect their anonymity :-)
Chris
From Sporting Life Website :
Hooper Liverpool link denied
Last Updated: October 18 2012, 13:56 BST
Celtic boss Neil Lennon has denied contract talks with Gary Hooper have broken down and is unimpressed with reports claiming his star striker could be on his way to Liverpool.
With Fabio Borini expected to be out for up to three months with a broken foot and Andy Carroll on loan at West Ham, Luis Suarez is now the only senior striker available to Anfield boss Brendan Rodgers, who is reportedly interested in the 24-year-old former Scunthorpe player.
“It is speculation,” said Lennon. “It wouldn’t surprise me if there are a number of clubs in for Gary because of the way he is but I would poo-poo that (Liverpool link).
“We are still in negotiations at the minute and I don’t think we are too far away.
“There will be interest in them (Hooper and keeper Fraser Forster) but they are not going anywhere.
“Fraser has signed a new contract and hopefully we are close to getting Gary’s signature.
“If there are offers coming in, they will have to pay what we feel the valuation is.”
Lennon is hoping that midfielder Victor Wanyama also signs a new deal.
He said: “We are hoping to meet his representative again next week.
“He has been offered a new contract. We don’t have to offer him a new contract, his (current one) still has a couple of years to run but we feel it is a reward for performances he has put in since he came in the door.
“Whether his agent feels it is sufficient – that’s what negotiations are all about.
“Hopefully we can come to a conclusion about that as well.”
——————————————————————————–
Chairbhoy, I’m sure HMRC are taking a keen interest.
SwanseaBhoy, no credit required from our man Alex.
EXILED TIM, perhaps.
Wee Oscars’ blog is very emotional reading,
We(my family) got a small insight into what they’re going through,
When 27yrs ago my son Colm was born at only 2lb 4ozs
It was a nightmare 3 months in the ICU in the RVH.
Nothing compared to what Oscars’ family have endured.
Now my son is a fine man with his own son.
I pray every night for the same happy outcome for Wee Oscar and his wonderful family
There is always hope and miracles sometimes do happen
Maybe we’ve just witnessed one…….
bb
I understand Philvus will be unmasked as Gary McKinnon amy day now.
Gene’s a Bhoys name – 16:21 on 18 October, 2012
just watched last night’s newsnight – Traynor is an out and out fud
————————————————————————
‘fud’ and ‘hun’ are same in this case
Green announces board reshuffle at Rangers
18 October 2012 | Posted in Soccer, Europe, | By Michael Long
Rangers Football Club has announced two new appointments on the Scottish soccer club’s board of directors.
The first sees existing director Imran Ahmad become commercial director. He will be responsible for generating and developing new business and investment opportunities.
Meanwhile, founder investor Craig Mather has been appointed as director of sports development and will assist the club in reviewing the overall organisational structure and assume financial responsibilities for Murray Park.
Rangers chief executive Charles Green said: “My roles have been stretching me to the limit and certainly the commercial side is something we want to improve upon.”
“Imran has been alongside from the start and he knows where we want to take the club. He is a very experienced hand and someone I trust completely. For Imran to leave his post at Zeus to join us is a very good step for the club.”
“In terms of Craig, he signed a cheque for UK£1million and was one of the founder investors. He has particular interest in youth development and Murray Park is a big cost centre for the club.”
“I think there have been issues that we need to address in terms of how the club manages its affairs, how we use the cash that comes in and of course where we are going to spend the money that we are now raising in the market.”
“Craig is completely independent. He has come in as an investor and he is looking at things completely objectively. When a man signs over £1million from his own bank account then I think he is entitled to have a look at what he has invested in.”
Green also confirmed that additional directors will be appointed in due course following last week’s initial public offering, which is expected to raise UK£20 million.
He said: “We would certainly like to appoint more people to the board and part of the IPO process will be to enlist more non-executive directors and their role is about governance to make sure that people like Imran, Brian Stockbridge and myself are working to the model code and looking after the shareholders’ interests. They can also give us a balanced opinion and that will be important to shareholders.”
Good afternoon CHAMPIONS
Spartak game on sky ch 428 via Celtic TV. Second half just started.
Weefra HH
I see Lenny thinks that Brown, Forrest and Commons will miss Saturday but may make Tuesday – Damn internationals