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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Can someone explain HOW?
James Cook @BBCJamesCook
Administrators say they understand #Rangers will retain all previous titles and continue in SPL with no points deductions.
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James Cook @BBCJamesCook
Administrators say they understand #Rangers will retain all previous titles and continue in SPL with no points deductions
If this is correct now is the time to hear from the board and particularly PL who is on the SPL board, if some kind of closed door deal has been done and we’ve been complicit in that i’ll be handing back my season book!!!
Chairbhoy on 3 May, 2012 at 13:52 said:
Hi there,
I saw these numbers on RTC which are arrived at by summing the annual profits/(losses) from the mid nineties to 2009 (I think) Your numbers are slightly flawed in that they don’t all relate to trading. MIH recently wrote off £60m investment in RFC(ia) which I think (according to Douglas Fraser’s blog) took MIH cumulative looses to in excess of £100m. The key here is to look at the amount of cash poured into RFC(ia) which generated a resulting loss of £155m. The scale of corporate incompetence/deception is staggering.
HH
£11m for the pot in Millers offer? surely selling the team would raise £10-15m and ibrox and murray park worth something similar – that would be getting on for £30m – a substantially bigger pot for creditors.
Also from RFC(ia) website from February (would you believe it) :
For only £50 a Rangers paving brick gives you the opportunity to have your name engraved into the grounds of Ibrox for generations to come.
there must be plenty of bricks there!
Huns dont do walking away but they do walking all over creditors.
archdeaconsbench
Statement from proposed bidders for Darlington FC apparently.
Theres a thread on a Sunderland page carrying a rumour that the preferred bidder for the Huns wishes to amalgamate…
HH
To paraphrase one NFL ” this only the beginning – of the end:)” patience Tims.
THE EXILED TIM – Right turn, Ally! (thumbsup)
Gents, still looking to make contact with Sydneytim. Alternatively, if anyone has good hotel recommendations in Sydney it would be much appreciated.
Matt Slater@mattslaterbbc
Scottish colleague James Cook reports SPL has told BM that #RFC can continue in SPL with no further pts deductions
@Pmacgiollabhain: RT @mattslaterbbc: Scottish colleague James Cook reports SPL has told BM that #RFC can continue in SPL with no further pts deductions
KeV in the jungle you called it correct all the way through.
If whyte owns the Oldco and Miller owns the Newco, and apparently never the twain shall meet, will both be legally entitled to claim the title of “quintessentially dignified” for their respective companies?
On a lighter note if you think were p***** off with it, the orcs in my office really are boo boo bears just now.
board up your windaes this aint gonna end well
Why the confidence over the 3rd division predictions yesterday I wonder…
TimsinOhio on 3 May, 2012 at 14:26 said:
He only comes on the blog when we lose or to complain about the hoops.
RaRa – That means the SPL share must be transferred twice, once to the newco, then back to the oldco when reunited. Double sanctions?
Also, it still means that oldco doesn’t get liquidated, so HMRC ‘big tax case’ liabilities remain if they are not part of the CVA.
The Green Manalishi @14 21
” The scale of corporate incompetence /deception is staggering ‘
Indeed .
Add the big millions HBOS advanced to Sir David [ and never got back ] and you have a truly staggering affair .
Rangers played fast and loose with their taxes . The Treasury lost out . The British people lost out . HBOS threw money at Minty and never got it back . HBOS ‘s crazy lending policies caused HBOS to go into meltdown . The UK taxpayer bailed HBOS out. The British taxpayer lost out.
A truly disgusting double dunt.
Looks like the cancellation of the vote on Monday was a end around voting in punishments that would have driven BM off. Wait and see these new laws will never come to a vote and the newco will be allowed to waltz back into the SPL with no punishments at all!! A decade of cheating getting off scott free!!! Peter Lawell time to calm me down and make me a believer, but i’m really starting to think we’ve been complicit in this whole thing!!
So Windy’s bid is the only “unconditional” one on the table? “Unconditional” unless you factor in the condition that he wants no more sanctions from the SFA/SPL, or the condition that he is allowed to cherrypick the few saleable assets they have left and put them in an “incubator/incubus” where the nasty old creditors can’t get their mitts on them.
This is car-crash machinations par excellence!!
Where is the popcorn emoticon?
HH
So,where are we now? Are they really to be allowed to continue as Newco, as if nothing has happened? If so, we must let the SFA/SPL know that they will have to make do without the Celtic pound. Corruption and cheating condoned for the good of Scottish football!! Way beyond scandal.
This is a sting that has been a long time in the making.
How many months “due diligence” was it by Whyte? What was there to discuss? Many months planning and scheming with Murray.
They have funded this season by taking unsecured lending from Ticketus (that will never be paid back) and by not paying their taxes (as well to be hung for a sheep and all that) which they knew added to the extant BTC and WTC, would never be paid back.
We had Whyte with his floating charge – protects the most important capital assets.
We then had the most valuable players put immediately on very long contracts – protect the key playing assets. A bunch of cheapos were brought in to bolster numbers – just enough to be competitive. “Honest Mistakes” continued.
Non Euro progress was an unforeseen pain, but heh, plenty more taxes not to pay.
We then had the farce of Administration where NO assets were sold nor valuable players removed from the squad. Just a wee wage drop for a while whilst we sort it all out lads. Everything was kept intact including all the non playing staff – extraordinary in light of other football administrations.
Rangers have, as yet, seen no footballing consequence for 10+ years of cheating. And they won’t – it’ll be SFA’d and SPL’d to nothing or attached to an oldco that isn’t really an oldco. (Jelavic probably wanted to go – typical football mercenary).
All that remains is the wee dance with the SFA / SPL and UEFA to legitimise it all.
Everything has been orchestrated to keep the club intact. Now just the change of skin to get rid of those pesky debts and sanctions.
They will be “Rangers”, in blue, at Ibrox, with all the history, in the SPL, with no debt and no football sanction. Back in Europe for 2013/14.
Not only have they had their cake and eaten it, it had hundreds and thousands on top with big chunks of marshmallow – all washed down with YOUR jelly and ice cream and champers.
Prove me wrong.
HH
TLK
Big Nan on 3 May, 2012 at 13:19 said:
But the Board will be constrained by collective responsibility, and commercial considerations. If the SPL members decide on a course of action then Celtic FC as a member club are bound by that.
===============================================
You would have thunk so wouldn’t you? But obviously not since there is now precedence of a member club running a coach & horses through multiple regulations with (what looks like) minimum sanctions and a GUARANTEED place at the top table.
What have Celtic got to lose by fronting up (at the due time, not now cause they might still be abusted flush) against the SPL skulkers?
Non co-operation with tickets; media; confidentiality etc. etc. There’s lots Celtic could do given a will.
lennon’s passion on 3 May, 2012 at 14:31 said:
Not quite right.
That what D&P say that SPL say not the SPL themselves
Hail Hail
traditionalist88 – Has Miller applied for the SPL share yet? No.
He is sounding out his options……
3rd Division still remains their most stable option, removing all the unknowns and quantifying all potential income streams.
The Darlington thing is a non-starter. Moving a team’s home ground cross-border requires the same permissions as joining a league. FA and SFA would need to agree, then propose to FIFA. In other words it ain’t happening……
And the SPL are PRESENTLY refusing to take any calls from anyone !!!
Hail Hail
Rogue Leader
Yep. Probably didn’t expect such an easy ride back into the top tier.
HH
Phil MacGiollaBhain @Pmacgiollabhain
@BTWCelticShow No chance. This is liquidation with lipstick. #itisstillliquidation
My head hurts with all of this!
The oldco currently has four things that are relevant: an SPL share, assets, football players and debt.
The newco will want the first three but obviously not the fourth!
The SPL share could be transferred if the SPL Board says so. Never mind any could/ should/ morals, that’s the bottom line.
The assets could be sold to the newco. But that’s where Whyte’s security comes in. How do they get around that? This could be the sticking point – and Whyte would fight.
Could the players be TUPE transferred over? Surely that would involve the newco signing players. But then it could in theory do this in the summer window if it has the SPL share.
The debts. If the oldco sold its assets it then would have only cash. Either the creditors agree a CVA for all the cash between them or … what? Liquidation wouldn’t actually raise any more money.
Post lunch Celtic quicky, Miller is my preferred bidder!
Strip them bare and retire back to the land of the free, I like this dude.
V
A son of dan : This is one of them
Four shareholders have filed a lawsuit against former executives of Team Sports Entertainment Inc., which failed to create a stock-car racing league that would compete with NASCAR. That effort, Huntersville-based Team Racing Auto Circuit, was abandoned in August. Its first season was supposed to begin this spring.
The suit alleges breach of contract, wrongful conversion of company monies, mismanagement, breach of fiduciary duty and fraud. Named in the suit are William Miller, former chief executive of Team Sports, and Jon Pritchett, former president.
In an Aug. 14 filing with the Securities and Exchange Commission, the public company reported a cumulative loss of nearly $7 million since its creation in 2001.
In a press release about the suit, shareholder Edward Garland says, “The company and its directors thought they were getting an experienced CEO capable of completing the company’s team auto racing concept. Instead it got a man full of greed who wanted control of the company for himself.”
The suit, filed in Fulton County, Ga., Superior Court, pins Team Sports shareholder losses of more than $50 million on the former managers.
Miller left TRAC in August 2002 and Pritchett departed soon after.
Company officials were unavailable for comment.
Team Sports Entertainment is a sports and entertainment-marketing company based in Huntersville
If Duff & Phelps are presently saying this can we assume that the SFA have finished hearing Rangers appeal and have either upheld the original decision or reduced it and conveyed this message to Duff & Phelps but not the football community OR should Duff & Phelps face disrepute charges ?
Hail Hail
Once upon a time there were two Englishmen and an American
They decided to re-write the rules and everything turned to shit.
The end.
neveralone on 3 May, 2012 at 14:37 said:
Big Nan on 3 May, 2012 at 13:19 said:
But the Board will be constrained by collective responsibility, and commercial considerations. If the SPL members decide on a course of action then Celtic FC as a member club are bound by that.
===============================================
You would have thunk so wouldn’t you? But obviously not since there is now precedence of a member club running a coach & horses through multiple regulations with (what looks like) minimum sanctions and a GUARANTEED place at the top table.
What have Celtic got to lose by fronting up (at the due time, not now cause they might still be abusted flush) against the SPL skulkers?
Non co-operation with tickets; media; confidentiality etc. etc. There’s lots Celtic could do given a will.
………………………………
Whatever else PL is he is no fool. He knows where his bread is buttered and if he went along with any of the dodgy dealings that would ensure Rangers Newco come into SPL with a clean slate he would be finished.
He would also have the distinction of doing a Fergus in reverse.
PL is not going to let the Celtic be the only losers from Rangers survival.
3rd Division and stripped of titles is the only way to punish the thieves, anything else sees SPL/ Scottish football finished.
Matt Slater @mattslaterbbc
Just spoke to experienced footie admin Brendan Guilfoyle (yes, PAFC fans, I know), he’s suspicious of Miller’s incubator ruse #RFC
Matt Slater @mattslaterbbc
Guilfoyle says #RFC will have big job convincing Uefa his newco/oldco merger is same old Rangers & therefore has 3yrs of accounts…
Matt Slater @mattslaterbbc
…& that’s if he can even get a CVA for oldco. Big if!! European football in years 2 & 3 crucial to Miller plan
There is an old saying about not having your cake and eating and another about there being no free lunch.
It appears Rangers want the cake to eat between breakfast, lunch dinner and a late night supper and not pay for any of it.
But there is no free lunch, somebody has to pay and it is the supporters of all clubs with Celtic as the biggest honest contributor at the head of the queue who are footing the football bill and the UK taxpayer the civil bill.
Oldco survives by paying its bill, Newco takes its chances where they can pay the bill and that is not the SPL.
Have the huns had their accounts signed off for this year yet??
Just asking like..
traditionalist88
Aye seen the post re. Darlington….. Sounds interesting, although was there not talk of them being demoted to the 6th or 7th tier…….?
Thanks.
And meanwile on a yacht just off the Monaco coast, Craig Whyte creases another Cuban Cigar, pours a glass of Champagne and watches his bank balance increase…with a chuckle he says to his bikini clad companion…..
“Cubansnadchamperswhenrangersdie…cubansandchamperswhenrangersdie”
As he sails into the sunset, he thinks of his old friend Keech Jockstrap Jackson….. The Motherwell Born Billionaire triumphs again.
South Of Tunis on 3 May, 2012 at 14:34 said:
The Green Manalishi @14 21
Agree totally, in terms of Minty/HBOS I only recently picked up on operation Hornet, are you familiar ?
I think it might have been BRTH who posted it here first ? Need to do some digging when I get some free time.
PS my regards to the piggy wiggies
hail hail