At a media conference a few minutes ago Rangers administrators Duff and Phelps today told the world they have accepted the only unconditional bid got the club, from American Bill (Proxy) Miller. Mr Miller plans to start a new company to operate his ‘Rangers’ franchise. Duff and Phelps had the affront to suggest that the old club, established in 1872 and incorporated in 1899, would somehow manage to convince HMRC to accept a CVA, despite there being zero money available to them.
This will not and cannot happen. The last chance to save Rangers Football Club has gone.
Unfortunately for the UK taxpayer, they are about to take a bath for around £75m worth of medicines, school books, Help for Heroes and care services as Rangers spent all their tax money chasing football trophies.
Celtic Quick News told you this day was coming in our article on 3 October 2008. We didn’t know about the EBT case, ‘the bank running Rangers’, Craig Whyte or Bill Miller, but the available financial information made it clear that the club had debt obligations it would be unable to meet or renew.
Anyone from the boardroom of that club who claims surprise at these events is a complete fool. We should thank their media cheerleaders for refusing to analyse this issue while there was still time to do something about it.
More later, I have three months’ work to catch up on.
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IN THERE
Great stuff Paul
2
HH
Ok 3rd
Paul67
You keep me right Paul,thanks.
HH
Algarvian
Someone has to get that on FF and RM etc.
Wonder if that will be the official BBC line :D
Bye Bye Rangers 1872..
HH
Out with the old and in with the new (unchanged) version.
Lets see how the establishment deals with this one.
They say things are done for the majority
don’t believe half of what you see and none of what you hear
It’s like what my blogger friend Paul said to me
“Stick a fork in their ass and turn them over, they’re done”
The quintessentially british club,just done the British peepil oot of money
due, Shameless bassas.
Murdo McLeod talking rubbish on Talksport.
Hi Paul,
Just asked this on previous, but hopefully you can answer….
if Windy starts the Liquidation process, HOW LONG does it normally take (from first paper being submitted)??
WHEN are they finally gonna die Paul?? WHEN???
StevieS
Bye bye ra gers 1872
Rot in hell
Jam67
Ok, now read the post :-) Anyway Number 7 is the most sought after spot – who needs yer stinkin’ podiums
“Na na na na na na Craigy White, Craigy White, Craigy Craigy White”
P67
POP goes the Weasels
hhplc
Fife Today…
A week of hate, abuse & threats
Published on Thursday 3 May 2012 11:59
UP until last week, a day in the life of Eric Drysdale did not involve receiving advice on his personal safety from counter terrorism officers.
But all that changed the moment the Raith Rovers director became embroiled in the crazy world of the Old Firm.
Last Tuesday Ally McCoist, the manager of Glasgow Rangers, demanded that the names of the three men who sat on an independent, and supposedly anonymous judicial panel, which handed down a year-long transfer embargo fine to the administration-hit club, be made public.
Drysdale’s name, and the names of the two others, were subsequently leaked the following day, and once out in the open, it did not take long for the vilification to start.
By Wednesday afternoon, a phone call of a threatening nature had been answered by office staff at Stark’s Park, who subsequently contacted the police.
Drysdale himself had also received a number of hate emails and silent messages on his phone, while internet forums were awash with insults, threats and abuse.
A co-ordinated effort was quickly launched across three separate police forces – Strathclyde, Tayside and Fife – to offer advice and protection to a man who just a few hours earlier had been going about his normal daily routine like any ordinary person.
Banking
Speaking as the events unfolded, Drysdale told the Press: “I was asked by the SFA to sit on the judicial panel due to my knowledge of football finances through my work in the banking sector.
“I have also been directly involved in football for 13 years through my role as a director at Raith.
“I cannot comment on how the panel came to its decision as this information will be released by the SFA, but it’s fair to say we were following a very detailed set of protocols.
“It never entered my mind that I would be caught up in a situation like this because there was an anonymity agreement in place.
“I knew the subject matter was obviously high profile – but I didn’t think that it would result in any profile for myself.
“I don’t know how my name was leaked but I have certain feelings as to how it might have come about – but I can’t to go into that. It left me very annoyed.
“There is a significant risk that other members of the judicial panel may now reflect of these events and decide they do not want to risk that level of public profile.”
As well as encountering the irate reaction of Rangers fans, Drysdale also found himself caught up in a media frenzy.
On Wednesday, a national newspaper contacted him to say that he was being named in Thursday’s edition as one of the ‘Hampden Three’.
He told them he had “no axe to grind” against Rangers and, having spoken out, decided to work from his home in Perth on Thursday.
Speaking to the Press last Thursday, Drysdale said: “My wife does not keep well and can’t handle these things at all, so it’s just as well I am at home because the doorbell has just gone – it’s the Sky News cameras.”
Drysdale’s association with Raith, where he has served as a director for 14 years, also unwittingly dragged the Kirkcaldy club into the firing line in the build-up to a hugely important match against Queen of the South.
Rovers vice-chairman Turnbull Hutton released a statement stating his support for Drysdale, and revealed that the club had incurred extra costs to beef up security.
Speaking after Saturday’s match, which saw a larger than normal police presence inside Stark’s Park, Hutton said: “We incurred extra costs of £4000 as a consequence of this fiasco and the board is currently considering who it sends the bill to.
“Why should we stump up for the cost of collateral damage from a situation that does not involve or concern us?
Plastered
“We’ve had aspects of our club finances plastered all over Rangers’ websites, with personal stuff aimed at Eric that was wholly unacceptable. It makes you despair for Scottish football.
“We’ve also received a variety of emails direct to the club – more anti than pro.
“However, the encouraging thing is the amount of correspondence we’ve received from other clubs to say that the statement we released was absolutely spot on.”
Hutton was also scathing in his criticism of the Scottish FA’s handling of the affair.
He said: “Having had their three-man panel outed, the SFA managed to sit on its hands for two days and do nothing.
“There was no statement to take the heat off these guys. They were hung out to dry.
“It was left to this football club to release a statement in order to protect ourselves and get some clarity.
“The SFA’s inability to grasp a situation that was of their making was staggeringly deficient. Scottish football deserved a far better response.”
Drydsale has been advised against speaking further on the matter, but he wished to thank all those who have offered him protection amid the most stressful week of his life.
He added: “I am very grateful for the support of the Raith fans, the board, and the office staff – in particular Bob Mullen, Bob Farmer and Turnbull Hutton – for the efforts they put into ensuring that Saturday passed off without incident.
“The result against Queen of the South was far more important than any temporary problems encountered by myself.
“As a club, we now just want to get back to business as usual, and begin our preparations for next season.”
Paul67
Sorry for the dumb questions but will they not have to pay back any of the debt to HMRC? Will it just disappear?
Also, will the OldCo ever get punished for the dual contracts? ie. History be re-written?
Apologies for the re-post,but I gotta have my quid’s worth!
Somebody yesterday posted a link to the Sheffield Wednesday’s site and they had plenty of info re. The Tennessee Born Billionaire with off-the-radar wealth. It was illuminating.
I’ll say it again,Bill Miller is to Craig Whyte as Don Corleone is to Snow Whyte.
Der hun will go mental as the implications of this asset-stripping vulture capitalist ‘riding to the rescue’ sink in.
What,in the name of god,are Duff & Duffer playing at? Not that I really give a toss…but this is the weirdest administration you could imagine.
UPDATE: Bidding now at £510.00.
Bidding closes on Monday 7th May.
Historic Celtic top signed by the slayers of Rangers (In Administration).
Fellow Celts, I need your help.
My parents recently had to go into full time care in Wellburn Care Home, Lochee, Dundee. Wellburn is run by the Little Sisters of the Poor.
Wellburn offers incredible residential support for those in need in the Dundee area. It is only a viable concern through the dedication of the sisters and volunteers and fundraising initiatives such as sales of work, coffee mornings etc.
The sisters need cash to maintain the home for the benefit of the residents.
Trust me, you cannot visit there and not be inspired by the work the sisters do.
All our favourite players have signed the top which is in mint condition and in a fantastic presentation box.
Forever more this top will be known as the 3-0 (going on 7) massacre top.
You can support the work of The Little Sisters Of The Poor by bidding for this Celtic top signed by the first team squad at this eBay auction.
Your help is greatly appreciated.
http://www.ebay.co.uk/itm/Signed-Celtic-First-Team-2011-12-Champions-Top-Charity-Auction-Mint-Boxed-/320898089257?pt=LH_DefaultDomain_3&hash=item4ab7044129
I’m pretty sure that the tax money that rangers stole from me was spent on Ally McCoists pie habit. It’s partly my fault he is clinically obese.
So if they are dead why is everyone not partying?
I hear no fireworks, I see no congas
I smell the stench of toxic afterbirth and see the emergence of a stinking walking zombie born from a bloated rotting corpse.
The big hoose stayed open, that’s the bottom line.
You can fool a bare all of the time…
“We are delighted to announce that today we have received an unconditional bid for the business and assets of Rangers Football Club plc from Mr Bill Miller which has been accepted and he is now the preferred bidder. Mr Miller now proposes to complete his transaction by the end of the season.
“After many weeks of negotiation and deliberation we believe that the structure of the bid from Mr Miller provides not only the most deliverable outcome but preserves the history of the club. Rangers Football Club will continue as the football club it has been for 140 years.
“Furthermore, Mr Miller and his team have sought clarity in relation to potential footballing sanctions and the place of Rangers Football Club plc within the Scottish Premier League. Significant progress has been made and discussions will continue throughout the period which Mr Miller now enjoys as preferred bidder.
“Very importantly, the bid also avoids the need for liquidation. All too often the term liquidation has been bandied about during the process without a clear understanding of what it actually means.
“Liquidation means selling off the assets of a business individually to raise cash and therefore bringing about the closure or winding up of that business. This has never been on the table from any party in any form. There is no liquidation involved in this strategy and we cannot stress that strongly enough.
“As we stated at the outset, one of the prime objectives of the administration was to achieve a CVA which would deliver a return to creditors. Mr Miller’s bid meets this criteria.
“In recent weeks there has been much debate about Rangers exiting from administration through a stand-alone CVA. However, the barriers to a proposed stand-alone CVA are now too high.
“These barriers include, in particular, the absence of any bidder proposing unconditionally sufficient funds to enable a stand-alone CVA to take place.
“Crucially a stand-alone CVA would take so long now to effect, the club could not survive in administration.
As a consequence, no party has been able to submit an unconditional bid in a stand-alone CVA scenario.
“We confirm that discussions with the two final bidding parties for the club included the possibility, as part of the proposals, the formation of a new company in addition to the preservation of the Rangers Football Club plc.
“Mr Miller’s proposal involves the use of a specially created newco in addition to the retention of the Rangers Football Club plc. The business and assets he proposes to purchase will be sheltered in a newco and returned to the plc once the plc has been ‘cleaned up’.
“He sees this route as a necessity rather than a choice and in our view this is an entirely workable strategy. Indeed to ensure the continuing operation of the club beyond the end of May it is in our view a very compelling strategy.
“For the avoidance of any doubt as administrators we can only accept ultimately an unconditional bid – and Mr Miller’s proposal is the only unconditional bid we have received.
“The bid submitted by Mr Miller is substantially greater than any other proposal and provides the best return to creditors, a fundamental part of our duties as administrators. Importantly, the structure provides a stable platform through which new investment can be deployed to ensure that the Club thrives again in the future.
“The bid from Mr Miller creates the most suitable framework to deal with the issue of the majority shareholding in Rangers Football Club plc.
“Mr Miller will be making his own statement in due course and we can confirm that it is envisaged that the sale of the club will be completed by the end of the current season.
“We hope fans will now support and appreciate the commitment made by Mr Miller. His approach has been consistent throughout the process and on two occasions he has stepped back from the fray to enable other parties to submit an unconditional bid.”
CELTIC FC SC3487 (1888)
RANGERS FC SC004276 (1872-2012)
RANGERS FC SC???? (2012)
MWD
So let me get this right….
The oldco is killed off and replaced with the newco…..
And this isn’t liquidation????
Astounded of forehead AGAIN!!!!
Hail hail
MME
StevieS on 3 May, 2012 at 12:43 said:
My answer from the previous:
“Could take days, could take years. Probably the latter. This will not be a “normal” liquidation…”
The (next) interesting part to this is when we find out exactly what the truckin’ toilet tycoon has (and hasn’t) bought.
SFA and SPL about to make statements about the NewCo.
I think today will be the day Celtic finally step forward.
Fergus Sings the Blues. (thumbsup)
dont be fooled by murdo mcleod he might have played for celtic but he is no celtic
man.
Never mind preferred bidders, was the key to this entire scam the appointment of the eh, ‘preferred’ administrators?
HH
The most worrying bit of all is that SFA/SPL have been talking to this guy all along whilst denying it.
BHOYCOTT away games and Hampden.
” Furthermore, Mr Miller and his team have sought clarity in relation to potential footballing sanctions and the place of Rangers Football Club plc within the Scottish Premier League. Significant progress has been made and discussions will continue throughout the period which Mr Miller now enjoys as preferred bidder.”
ASonOfDan on 3 May, 2012 at 12:46 said:
You can fool a bare all of the time…
>>>>>>>
Unadulterated gobbledygook! lol!
Keep the faith!
Now that Neil Lennon (MOTY)has apoligised to the ref. Can NeiL(MOTY) expect the same from MIBS Murray & Brines who conspired to send Neil (MOTY) off at Ibroke? I wont hold my breath and neether should NeiL(MOTY)
Choose your own adventure:
You see David Bowie standing next to a car with a flat tyre. What do you do?
A) Walk On By
B) Ch-ch-ch-change it!
(thumbsup)
I love the smell of napalm in the morning.
is this not a form of fraud?..where is the government in all of this?. can they really get away with a £100m tax scam?
the ball is up on the slates…game over”
his statement about rangers and their owing tax “forget about that thats in the past”
yes murdo just because you want it that way does not mean we do or that any decent folk do.
Statement on Rangers FC
Thursday, 03 May 2012
Scottish FA spokesperson: “We have received formal notification from the Rangers FC administrators, Duff and Phelps, confirming that preferred bidder status has been granted to Bill Miller.
“It is our intention to enter into detailed discussions with Mr Miller to clarify his position and to establish his strategy to ensure a sustainable future for the club.
“We will make further comment when that process has been completed.”