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Purchaser confidential deal between Green and Whyte

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By on CQN BLOG & Comments

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.

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  2. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    O.G

     

     

    TTTT

     

     

    LMFAO …especially you TTTT ;-)

     

     

    Its almost back to full kick arseability

     

     

    HHHH

  3. tommytwiststommyturns on

    oldtim – Kingfisher used to be 40p a bottle in Goa until he started going over….!

     

     

    T4

  4. A Ceiler Gonof Rust on

    Thanks to all who responded to my rant last night re my multiple link post re the complete works of Billy Nowell and apologies to P67.

     

     

    For WMD, if he still has his popcorn at the ready…………………….

     

     

    In no particular order.

     

     

    The Complete Works of Billy Nowell Part 1.

     

     

    1. Billys Lament by Billy Nowel

     

     

    http://www.youtube.com/watch?v=IMyh1cGUUBs

     

     

     

    2. The Laughing Tim by Billy Nowell

     

     

    http://www.youtube.com/watch?v=oqiXRNqPMwk

     

     

     

    3. Stadium of Silence by Billy Nowell

     

     

    http://www.youtube.com/watch?v=ylucI-soxJ4

     

     

     

    4. You Are Dead by Billy Nowell

     

     

    http://www.youtube.com/watch?v=t_Bj3OnPoIM

     

     

     

    5. Sir Minty by Billy Nowell

     

     

    http://www.youtube.com/watch?v=X-4s-P8-2Rk

  5. Lennybhoy...Supporting Neil Lennon and CFC until I die on

    Bhoys on the 18th October 1999, I said farewell to Jim, my Dad. As I have posted before he was not a football man but understood what Celtic meant, especially to me. My Mum, who is still with us followed the Bhoys in her day, probably why Jim knew how much Celtic, meant.

     

     

    I will have a wee Jamesons to toast Jim, as I do every year on this day.

     

     

    Feel free to raise your cyber glasses and drink to absent friends.

     

     

    Keep the Faith!

     

     

    Hail Hail!

  7. The Boy Jinky on

    Oldtim …. Being the rascal that i am … I need to duck and dive as much as green & whyte …. So my name changes as often as bts boxers ;)

  8. A Ceiler Gonof Rust on

    The Complete Works of Billy Nowell Part 2.

     

     

     

    6. Subhuman Hunsick Blues by Billy Nowell

     

     

    http://www.youtube.com/watch?v=RriKdXTAfvI

     

     

     

    7. Yes We Will Survive by Billy Nowell

     

     

    http://www.youtube.com/watch?v=ZZMR3Xt1NIY

     

     

     

    8. Murray Murray Murray by Billy Nowell

     

     

    http://www.youtube.com/watch?v=Iee8EFQeVWE

     

     

     

    9. A Story by Billy Nowell

     

     

    http://www.youtube.com/watch?v=RQEb-rJgy9I

     

     

     

    10. Goodbye Glasgow Rangers by Billy Nowell/Celticminded.com

     

     

    http://www.youtube.com/watch?v=0zi4FwUGsX4

  9. A Ceiler Gonof Rust on

    The Complete Works of Billy Nowell Part 3.

     

     

     

    11. Smelt like Dung by Billy Nowell

     

     

    http://www.youtube.com/watch?v=4ybPBXIpEis

     

     

     

    12. The Trophy Stripper by Billy Nowell

     

     

    http://www.youtube.com/watch?v=KuzLvBuxxfo

     

     

     

    13. League With No Shame by Billy Nowell

     

     

    http://www.youtube.com/watch?v=JgKXfEcZlMY

     

     

     

    14. Always Chasing Rainbows by Billy Nowell

     

     

    http://www.youtube.com/watch?v=XzdZA7ZhA2M

     

     

     

    15. Charlie Said by Billy Nowell

     

     

    http://www.youtube.com/watch?v=QYXIhxBPvpQ

  18. tommytwiststommyturns on

    Lennybhoy – if your old man was half the gent you are, then I would have loved his company. Glass raised tonight and a couple of malts the next time we’re out and we’ll remember the men who went before us.

     

     

    HH

     

    T4

  22. dena29 on

    O.G

     

    I had the pleasure of meeting Danny in Dublin at an Irish association dinner, an absolute Ghent and Celtic to the core . Will always be a favourite of mine

     

     

    HH

  23. tommytwiststommyturns on

    Jinky – yup the very ones, but to be fair it was a long time ago! A large Kingfisher and a tuna toastie at the Bob Marley beach shack….hmmmm. Good memories!

     

    When you going back?

     

     

    T4

  26. Greenlion2 on

    Lennybhoy…Supporting Neil Lennon and CFC until I die

     

     

    21:08 on 18 October, 2012

     

     

    He raised a great Bhoy .. I’ll raise a wee red and blame you to the Lioness.

  29. Tim Malone Will Tell on

    Reilly 1926

     

     

    I haven’t been anywhere – and the point you make is exactly the one that gives us some hope that repercussions will still come out of all this for Minty, Whytey, Greeny and the whole cabal.

     

     

    The point I was making is that if we were to believe the conspiracy theorists that this was all some big set up from the start involving HMRC, then the huns would never have been liquidated at all and would be quite happily sitting in the SPL totally debt free.

     

     

    Its exactly the fact that some form of retribution must be seen to be enforced that gives me hope that some of them will go to jail, lose knighthoods etc. and implicate others when they go down.

  30. The Boy Jinky on

    TTTT … the bob marley shack is still there at the bottom of candolim beach rd. My mate works on the beach rd about 100m away.

     

    Im off on bts birthday for two weeks but booking up for three weeks in feb

  31. Lennybhoy...Supporting Neil Lennon and CFC until I die on

    ToneLoc 21:16

     

     

    Cheers mate

     

     

    tommytwiststommyturns 21:16

     

     

    I look forward to it, He was a true Gent, more than me,

     

     

    Burghbhoy 21:17:

     

     

    Cheers mate

     

     

    dena29 21:18:

     

     

    Cheers mate

     

     

    THE EXILED TIM 21:20:

     

     

    Cheers mate

     

     

    O.G.Rafferty 21:22:

     

     

    The big one?

     

     

    Keep the Faith!

     

     

    Hail Hail!

  32. prestonpans bhoys on

    Lennybhoy…Supporting Neil Lennon and CFC until I die

     

    21:08 on

     

    18 October, 2012

     

     

    Good enough reason fo me to open a bottle of shiraz!

     

     

    I’m sure your dad will be having a party with my dad. I can see the conversation now.

     

     

    “My bhoy knows yours”, “yep he’s one hell of a good looking bhoy”, “who mine”, “no I’m talking about Prestonpans…………..”

  36. Zbyszek on

    Aiden McGeady injured, out from football for next three weeks. Not good news I think because I would like to see Spartak taking points from Benfica.

  41. THE EXILED TIM on

    Tim Malone Will Tell

     

    21:25 on

     

     

    I don’t think the conspiracy theorists have ever said that it was all planed.

     

     

    Being one of them myself, I believe that after the fact, they have all come together to help the huns through their problems, with total disregard for the rules, and to the detriment of every other club in the land.

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