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.
[calameo code=000390171a36dad35d58c lang=en page=76 hidelinks=1 width=100% height=500]
638 Comments- Pages:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- ...
- 17
- »
PF
u2 friend.. o))
Awe Naw
Your question about the general manager of Bayern Munich refers presumably to Christian Nerlinger. He has now left Bayern and has been succeeded by Mathias Sammer.
BT – what a Saint you are….! Aye right!
PF – take they flowers out yer back pocket, ya auld daftie!
GL! – have you SEEN this? FFS!!
T4
blantyretim
20:22 on
18 October, 2012
You’ll enjoy thatI’m sure!
I do love my euro away trips especially if its a overnight stay. Waking up the next morning and guessing how you got back to bed, bliss!!!!!!!!
79 caps
I will change the question then as I still want an answer from him on ANYTHING ?
Phyliss
No probs. I am open to any suggestions.
Should we now have an election on it or have I to decide ? ;-))
Too few answers maybe ;-)
I suggested that this would be zm ongoing process. That when answers were provided. I would fill in the answers to see if were satisfied with them.
But the questions keep coming and no answers.
But thanks for your suggestion. If enough press gang me then I will do it ..but then those whose questions are not mine might be a bit miffed or vote for their own.
I certaintly hope a brighter mind than my own would spend an hour on it.
Once the questions słów down I will put it up Sunday afternoon only.
HH
67heaven … i am neil lennon..!!.. ibrox belongs to the creditors
>>>>>>>
Agreed. Completely. This entire scandal and decades of being ripped off puts a sickener on everything.
Prestonpans
You must go on the same trips as me
Seems like ever since I was away on one
the last away trip I had and the only away trip I have had was Seville.
took me ten years to get another..it is going to be a good one..o)
T4
I was born 1st Nov, all saints day… o))
BT – enjoy your trip …. and it is a trip !!!!!!!!!!!!!!!
Look after my Uncle :)
Would love to be in Barça next week but will be in Taiwan. Travelling from Orlando to LAX to Hong Kong right now. I’m so lucky to travel in my job . . .
Hope all Bhoys and Ghirls have a great time in Barça!
Great news about Danny McGrain true Celtic legend, always remember the perfect execution to set up George McCluskey for the winner in the 1980 cup final, the infamous one. When Celtic scored nearly choked to death on the ash cloud that rose above the terracing!!
Hail Hail
RobinBhoy
BT – you sure it’s not the 5th, ya rocket?!
T4
The Boy Jinky
easier to get a ticket for the away trip than the home match..
you enjoy India my friend..
T4
unlike the orcs the day before my birthday..?
love the memory robinbhoy
TTTT
aye
BT
I have 3 in my posession for the home game and cant use any of them
But its small consolation that I will be watching it on Baga Beach – with Kingfisher @ £1 a bottle :)))))
….PFayr
20:37 on
18 October, 2012
Next one Lisbon and a wee CQN night oot as well
BT
I never got to Seville, I was offered a cheap plane ticket but not one for the game. So I spent that night in my conservatory with mostly Hertz fans, who were surprisingly supportive!!!!!!
Jinky
I will buy them buddy.. come up and see me sometime.. o))
Loving the Zombies on RM – they are convinced that the SFA /SPL will be ” found guilty ” of allowing an illegal takeover of their club and not only will they be re-instated but financially compensated too
67Heaven, 20:02
A truly great player and a great man whose loyalty and devotion to Celtic counted against him as he was ushered out the door when his playing career finished.
No slagging Celtic off in the press, in a book, or as a commentator at every opportunity on Sky for years to come.
The phrase ‘Celtic legend’ should be reserved for the Danny McGrains of the world because they are few and far between. I’m delighted he has been recognised for the true legend that he undoubtably is. Thoroughly deserved.
BSR
Woosh ????
HH
O G
And a true professional as well ….a great role model for the younger players in the squad
Really pleased with tis appointment
I posted way back Duff&Duffer had no interest in rangers until they started advertising a “unique property deal”.
“We’ve got a valuation from an independent source on the properties that values them now at in excess of £80m.” Chuck
O .G
And I still have my picture at Butlins in Ayr with Danny when I was 11. Me proud as punch. Danny the professional smiling for the camers but secretly fizzing as I went past him repeatedly.
HH
Anybody else have trouble reading ‘the demise of rangers in pictures’ website on a mobile?
I cant get it to scroll properly,any chance of a cut paste?
Prestonpans, were you holidaying in The Miramar in Fuengirola in 2005?
The reason I ask, is, I remember a family from there who were big Celtic fans.
Hail Hail.
you just know that loads of huns still not watched that interview yet. Lot of things became cear(er) out of it.
doncaster knew last october that admin followed by newco inevitable so his position is untenable andhe needs to go .
The entire previous board knew admin was inevitable and had already sought advice about this.
The entire previous board knew that cva highly unlikely and a newco only way out.
entire previous board had opportunities to stop this happening by cutting coss but chose not to.
our hero always intended to put club in admin and newco route and everyone in position at ibrox knew it. they still sold it to him (as he says thats what he does in his business life)
our hero had to stop payin PAYE as club had run out of money due to ally’s fantastic european record- it was either that or game was up last year!
Our hero in some form whether it be through contacts “in the city” got greene on board to takeover sevco.
our hero made a tidy wee sum out of this.
Prob the best bit of the interview was whyte saying that he done all this wthout using his own money and without anyone beig made redundant so in any other company this would be a triumphant success!
then he rode into the sunset with tonto!
prestonpans bhoys 20:16:
And both of us looking good
blantyretim 20:17:
Watch it you, you never know who is lurking…50 and proud of it…enjoy your trip auld yin and look after oldtim…:)
Keep the Faith!
Hail Hail!
Jonny the Tim
20:52 on
18 October, 2012
Nope it was not me…..I was in Crete Oct 2005.
Tim Malone Will Tell
19:21 on
18 October, 2012
I can appreciate and relate to all of the conspiracy theories – and there is no doubt that there are all sorts of shenanigans afoot to cover tracks, protect positions and help Sevco get off the ground.
But I do keep coming back to the one question that gives me hope that heads will eventually roll over all of this – why did HMRC refuse the CVA?
===================
Where have you been mate ? If HMRC had agreed a 2p in the £ deal with RFC(IA)what message would it have sent out to other companies willing to cheat Our Majesty in the future ?
….PFayr, 20:48
Entirely. And that is something that really stays with anyone who is interested in being just that – a professional footballer – as opposed to someone famous who plays football.
Lennybhoy…Supporting Neil Lennon and CFC until I die
20:55 on
18 October, 2012
prestonpans bhoys 20:16:
And both of us looking good
Many a man has said Craig Levein looks like me. I fear for my life :(
Awe_Naw_No_Annoni_Oan_Anaw_Noo, 20:50
You should have got off your moped and give him a go
Aw Naw – I’ll bet Danny’s ankles are holding up better than yours! :-)
T4
Blantyretim.
Is The Bhoy Jinky none other than Jinkybhoy of old,or am I just imagining it.
Chuck telling porkies again?
Stating that if Sevco go on the AIM Market then it means the FSA have approved the share issue. FSA dont oversee companies on this market. That is why it is so high risk.
Stupid zombies.
Just putting 2+2 together.
From TSFM
smartie1947 says:
Thursday, October 18, 2012 at 16:22
Just when you thought the wheels of the judicial system couldn’t possibly spin any slower, it now appears the app’t of BDO must first wait for an official notice, followed by 8 further days in the event that any creditor wishes to object. Never mind another £60K in D n P’s burgeoning coffers.
==========================================
So much for D & P wanting this done urgently or do they say one thing and a select group know they mean another??
Greenlion2
your link to the picture of big Billy lifting the Big Cup…that must be the best image ever of any captain of any team lifting the European Cup standing majestically on a concrete platform like Caeser in the Colliseum looking over the hordes.No wonder Celtic are admired throughout the football world.God Bless Mr Stein and the Lions HH