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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SonsOfErin
I see only one transfer of share – to the NewCo. Once it is there it doesn’t need to be transferred back. The OldCo would just be bought over as a subsidiary of the NewCo.
The CVA will need to include the Big Tax Case or there is no point. I believe this amount was included in the ~£150m liabilities in the creditors report subject to appeal so they will try to negotiate a CVA including this.
It is a bit of a moot point though since a company with no assets and no business apart from a bank account with £11.5m in it might as well be liquidated as agree a CVA. The only possible angle here is that a CVA is better for unsecured creditors than liquidation. I suppose in liquidation that Rangers FC Group (i.e. Craig Whyte) take the whole £11.5m and unsecured creditors get nothing. However, HMRC won’t agree to any CVA that is only worth 1-10% to them regardless of it being a choice between that and nothing.
The OldCo Merge-Back is a blatant sop to fans and the SPL/SFA that will be quietly abandoned as soon as NewCo has played its first SPL game.
So Bill Millers bid STILL has conditions attached.
Hail Hail
This all reminds me of the way the Civil Service used to do pay awards (maybe still do?). You make the whole thing as complicated as possible and you don’t really know what you’re getting until it’s all been ratified and then you realise you’ve been shafted.
I still think this deal will fail though.
“The administrators say they understand Bill Miller has assurances that #Rangers will continue in the SPL with no further points deductions.”
Now read that again.
This is exactly the same as me writing
“Bill Miller told us that the SPL have said no more penalties but we have no proof if that is true or not”
Awe_Naw_No_Annoni_Oan_Anaw_Noo on 3 May, 2012 at 14:51 said:
ahh but theyre unconditional conditions…
BILL MILLER says he is honoured to have been given the chance to buy Rangers after being announced as the club’s preferred bidder today.
Miller said: “It is a great honour and privilege to have the opportunity to buy Rangers Football Club.
“I respect the club as one of the world’s great sporting institutions and one of the UK’s most venerable football clubs.
“What Rangers, which includes supporters, players, staff and anyone with the club at heart, have been put through, particularly in recent months, is a travesty and from what I can see they have been badly let down by a number of individuals.
“This will not happen on my watch should I become the custodian of this great club.
“Under my stewardship, Rangers will be managed with fiscal discipline such that the club not only conforms to UEFA Financial Fair Play regulations but also such that Rangers will never have to suffer this kind of anguish again. From now on, Rangers will live within its means – no excuses.
“I have fought hard to try and offer Rangers a fresh start and I hope all Rangers fans will continue to rally round the club as we endeavour to leave behind this distressing chapter in the club’s history.
“Finally, and perhaps most importantly, we have worked hard to ensure that there is no loss of history, no loss of tradition and no liquidation of Rangers Football Club. I wouldn’t have it any other way.”
archdeaconsbench
yes, or even lower. Probably nothing in it- but for it to appear on a Sunderland board from someone who claimed to have accurately predicted the turn of events involving Rangers was a strange one.
I’m holding judgement on all of this. Still very hopeful that they are fecked.
However, should newco be allowed into SPL, I actually hope they are NOT given any penalties.
Why?
Because I’d like the scale of their skullduggery to be farcically absolute, rather than slightly fudged, so that at least, before I walk away for good, I can be allowed to LAUGH at the corrupt excuse for sport that is Scottish football.
And anyway, a ten-point slap on the wrist will be cheated back by the MIBs within a month.
Gordon_J I think the assets and the debts are the straightforward ones to transfer and leave behind as you allude to. The challenge will be with the players and the SPL share.
Transferring SPL share will (presumably) bring with it a transfer ban, making it essential that the players are brought over during the old switcheroo. Leave the SPL share behind and I think you can reasonably argue it is a new club and therefore not encumbered by transfer ban, leaving you free to sign any players you like, including the now redundant Rangers squad.
The above assumes no dodgy, integrity-defying deals are struck. (case closed)
So, it took less than 3 hours for D&P to start u-turning:
Chris McLaughlin @BBCchrismclaug
Key points from PC interview: can’t guarrantee no liquidation, Whyte won’t get penny and looks like deal done to play in #SPL next season.
MATT slater tweet
Lots of questions re HMRC, rightly so. I hear one of #RFC’s arguments is issue of future tax revs, not just theirs, but whole SPL
lennon’s passion on 3 May, 2012 at 14:31 said:
@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.
………………..
Now is the time for Celtic to scream murder polis and start legal action
For Bill
Hi Ho Silver Here Comes The Lone Ranger To Rescue Me
Rules and regulations are boring but they are the mortar that cements any society, football or civil, together.
For the SPL and SFA and possibly UEFA to ignore or twist what their own rules failed to prevent precisely because they can be ignored with impunity is the height of folly and Scottish football will be lost, and for what? To save the corrupt entity that is the cause of its demise in the first place.
Madness, absolute madness.
SPL can not afford to lose Rangers – Strachan
Gordon Strachan believes the Scottish Premier League must ensure Rangers remain within their set-up.
“You must keep Rangers in the SPL, but they have to pay the penalty for their misdemeanours,” the former Celtic manager told BBC Scotland.
“It is unfair that Rangers players, coaching staff and supporters are blamed or punished for something that went on maybe decades ago.
“You cannot kill a club with history like that.”
Rangers are facing an uncertain future, owing to their perilous financial state.
But Bill Miller is nearing a takeover at Ibrox after being granted preferred bidder status by the club’s administrators Duff and Phelps.
And the SPL say they will continue discussions with the American businessman about his plans to form a new company.
Top flight clubs met on Monday to vote on proposals to dock such a ‘newco’ club points and financial income during their initial years.
However, the 12 clubs adjourned their vote and will meet again next Monday.
In the absence of regulations on the subject, any newco club would need to request permission from the SPL board to acquire Rangers’ share in the competition.
Rangers could yet face sanctions from the SPL, in addition to those punishments already handed down by the SFA .
But Strachan thinks it is imperative that the Glasgow giants stay in the top tier.
“So many players and managers have put so much into the club and to wipe that away, that’s not right,” he added.
“Celtic will enjoy winning more if Rangers are there and vice versa. Trust me.”
Strachan, who won three SPL championships in his spell in charge at Parkhead , was also praiseworthy of the Rangers manager Ally McCoist, who he believes has had the most difficult job of any previous manager of the big two.
“He is a strong minded character, but he has also got a sense of humour to see him through things. You need that,” he said.
“They don’t show you that in coaching courses or in the management course.
“He’s had as hard a job as any Old Firm manager’s had with what’s been going on.
“He’s handled it well because he’s had to answer questions on every subject.”
I wonder why Kodak, Lehman Brothers and Saab didn’t think of an incubated newco? Boy, did they miss out!
It is begining to look like Topping “washed his hands of this affair”
Can the Board of SPL let Newco in without reference to the Members of SPL?
There are conditional conditions, there are things we know are conditional.
We also know there are conditional unconditionals ; that is to say we know there are some things we do not know are conditional.
But there are also – unconditional unconditionals there are things we do not know we don’t know are conditional.
Hope that clears all this up.
Billy “Rumsfeld” Miller
A liitle light relief from @briankelly2011 on Twitter
Having two Rangers’ will be a bit like Jedward. You can’t tell them apart but you’d happily slap both of them
and so it comes to pass, It seems all they ( SPL&SFA) were doing was waiting to see how bad it was and then making new rules to help their pals out, quelle surprise as they say in darkest Lanarkshire.
I always thought they would wriggle out of this but am not clever enough to work out a couple of old things, can anyone help me out?
.- how can you stabilise a dead company with debts and no income and then pay off creditors?
_ How can you start a new company with all the assets of the dead company and none of the liabailities and not pay a penny back?
– Why doesn`t every other team do it ?
Oh now Duff & Phelps are saying they understand that Bill Miller has been given assurances direct from the SPL not from them directly
Hail Hail
Any action we take here can’t be directed at Celtic.
As the older generations now no longer with us used to say, ‘we can only beat what is put in front of us’… that statement is never truer than today. It used to be 12 men and a complicit linesman or 2(sometimes still is)…. now it is going to be a newco.
Even if the votes did go against the huns getting back in, the SPL board can vote them back in anyway.
I feel we are backed into a corner and should not turn on our own for this happening- Back the team and hurt the rest where it hurts…in the pocket.
Hh
You know what should happen next season?
The SPL should hire a load of staff writers and in pre-season agree on the “storyline” for that year. A really good one, 3 or 4 teams vying for the “title”. Loads of public fallouts between teams and managers. We can cast a “bad” team that we all boo, then get the goodies who will get beaten loads only to win right at the end against impossible odds.
Get loads of T Shirts and hats sold. Hand out pre-made placards at each game with pithy slogans on them. Each team can get special music to come onto the pitch too.
It will be fantastic entertainment.
Seems like Miller was prepared to put up the 500k, had a plan that could be dressed up as non-liquidation, seemed to deal with Craig Whyte’s ownership of 85% of the shares and his status as preferred creditor, wanted assurances that there would be no penalty on the club by SPL, made no comment on Ticketus, and made no comment on the HMRC case.
Apart from that it was an unconditional offer.
Ticketus Tocketus, Ticketus Tocketus…
I no longer live in Scotland so I am asking, what is the outcry from the other SPL teams. I know well what we the Celtic fans are saying but can somebody summarise the level of disgust of the other SPL team supporters. I don’t hear anything from them at all and I would have thought that they have a voice that needs listening to.
Is Miller’s wealth off the radar yet?
Big Nan on 3 May, 2012 at 15:00
As Doncaster told us on BBC interview with Jabba, the allocation of the SPL share is up to the SPL board. Deal will have been done to give Newco the Oldco SPL share which lets them keep playing in SPL with no sanctions.
This lets Doncaster close the TV deal for the next 5 years (guaranteeing 4 OF games) and pick up his healthy bonus for a job wel done !
Really stinks, I’m seriously considering throwing in the towel and telling PL to stick his ST (including £30 increase !) where the sun dont shine.
I still don’t understand it. I’m not the brightest but I’m not an idiot either. This strikes me as unlikely to be legal.
I hope Lawwell and co come out with a response that rallies the troops not only of Celtic but every right thinking fan in Scotland.
Sky getting cancelled tonight. I’m not paying to watch a ‘rigged’ league.
Big Nan,
SPL articles:
“11. Except where such transfer is occasioned by the promotion of an association football club from and relegation of a Club to the SFL the consent of the Board shall be required before the transfer of any Share shall be registered.”
The argument about whether the Board can act or whether clubs would have to vote them in relates to liquidation of a member.
The greenmanalashi
Re operation hornet it was BRTH who posted on it.
It was a 1 billion scam investigation into hbos after llyods takeover which has went to vince cable. 8 arrests so far.
It has come to murrays door as well. Peter Cummings was fined a 7 figure sum by FSA about 10 days ago.
Masterton / Cummings ( who lost 20billion on a 120 bn fund ) bankrolled Murray. One of the dodgy things for murray is that when he sold of part of the steel business to Americans to service his debt, the sudden profitability of this steel business unit was down to the steel supplied to RFC for the club deck. I hope the yanks due diligence were not duped by murray/masterton/cumming.
There is more to come on this one.
RalphWaldoEllison-is Neil Lennon Season 2011-12 on 3 May, 2012 at 15:06 said:
Is Miller’s wealth off the radar yet?
Dunno mate but its off of Google
Celtic will go to UEFA and resigm from the SPL if that is the case.
I mean it’s wasy for a club to run up debts and buy players. anybody can do it, then realise they aint going to get punished.
I think its now time for Celtic to PUBLICALLY go to UEFA and say the game in this country is officially bent and demand to placed in another FA and League.
The Green Manalashi —–
I have hopes for Operation Hornet. Hopefully it will see some people in the jailhouse.
Thanks re the piglets . They [ and Mum ] have taken up residence under a carob tree. All well.
traditionalist88 on 3 May, 2012 at 15:03 said:
”I feel we are backed into a corner and should not turn on our own for this happening- Back the team and hurt the rest where it hurts…in the pocket”
So after a newco huns is safely installed in the SPL we should take action?
What exactly will that achieve?
Will the newco huns be kicked out?
lennon’s passion on 3 May, 2012 at 14:33 said:
TimsinOhio on 3 May, 2012 at 14:26 said:
He only comes on the blog when we lose or to complain about the hoops.
Hahaha. Forgot about that trait. Thanks for the reminder.
Ticketus have said nothing that I can see.
Now does ol’ Bill Miller argue that his shiny newco has no deal with Ticketus and that they should go join the queue of creditors for the crumbs left with the oldco?
Can’t see them being too crazy about that plan.
Really struggling to get my head round this stitch up , if we are getting stiffed by all and sundry then surely the Club must come out with some statement regarding the situation .
We need leadership and we need it now.