Duff and Phelps will be in possession of final bids for the Rangers tomorrow and soon thereafter will formally select a preferred bidder. Liquidation, what you have known to be inevitable for many months, has now formally been acknowledged as a possibility by each bidder.
Duff and Phelps have enough cash to keep the club operating until the verdict of the big tax case, which is expected this month. If Rangers achieve a substantial victory from the First Tier Tribunal they have a fighting chance of survival. If they incur a substantial loss, The Rangers Football Club established in 1893 and incorporated as a limited company in 1899, will almost certainly cease to exist soon thereafter. All shareholders will lose their rights and notional value. Unsecured creditors will take an enormous bath and the secured creditor will acquire Ibrox and Murray Park.
Craig Whyte is, of course, secured creditor and majority shareholder in Rangers, so although some creditors and shareholders face wipe-out, he will emerge with the stadium, giving him an excellent opportunity to form a new football club.
He also has the burden of a liability to Ticketus, to whom he has underwritten payment for the tickets they purchased last year. So any new club to emerge from this debacle has to be designed by Whyte and Ticketus or acknowledge the rights of both. I am ignoring reports today that Whyte may hand over his shares in Rangers for nothing if it was in the best interests of the club.
With fresh investment capital likely to be at a premium, a deal which excludes ownership of the stadium is likely to generate most for the unsecured creditors. Whyte could retain ownership of the stadium and offer Newco a 99 year lease. This would enable him to receive a suitable return for his year’s work and ensure he has the ability to accommodate Ticketus. It would also allow Duff and Phelps to offer HMRC and other creditors the bulk of whatever cash is on offer from the organisation bidding to run Newco.
It will be interesting to see what the preferred bid looks like but leaving Ibrox with Whyte has an irresistible look to it.
Newco will play in blue jerseys but the differences between it and Rangers will soon become apparent. Income for years ahead will not enable them to employ footballers on the kind of money Rangers have employed for the last 20 years. Even if they are able to acquire Rangers player registrations those on premium money will have to be sold, generating an early cash bonus for the new entity.
If the Blue Knights gain control I expect a reasonably cash neutral forward plan but if an outside investor concludes a deal with Whyte and Ticketus, in particular one who advertise themselves as a joint venture between investment capitalists and a merchant bank, you can expect an onerous return on capital to be extracted from Newco in sunshine or in shadow.
There will be many shadows.
Arguments about which league Newco will play in and an appropriate penalty for any transfer of player registrations, how the SFA punish an insolvent Rangers for Lord Nimmo Smith’s findings, what they do if Duff and Phelps acknowledge void player registrations over many years, or what the SPL do about the same issue remain to be resolved.
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medtim
Not sure them being utterly crap equates to a wrongly awarded licence.
I think O.G Rafferty stands for….
Outstanding Ghuy. Rangers Are F&&&&d For Ever. Really. Totally. YEEESSSSS!
I could be wrong, though…
” Rangers set for £25m transfer warchest from prospective new owner Craig Whyte if takeover deal goes through”
Nov 19 2010 James Traynor
-> And this is a man who has the gall to throw callers off a radio phone in, stating they don’t know what they are talking about.
Warchest? You sir………… are a total cretin.
Journalist? A monkey with a keyboard would produce something more accurate.
wonkyradar on 3 April, 2012 at 15:04 said:
I think it would be great to add a new face to the starting line-up, but Lenny will no doubt want to give the core of the squad the chance to finish it off.
Once it’s in the bag I expect to see some changes and chances given to some fringe players. They need to prove they are worth keeping next season.
I’m desperate to see Ibrahim, heard lots about him. Be good to see Kayal back also.
So now we are led to believe Duff &Duffer are talking to SFA/SPL about the consequences of a newco .
That’s good ,I will now look forward to the SFA/SPL informing the duffers and THE REST OF SCOTTISH FOOTBALL that any newco will be able to apply for a place in DIV3
Anything else will make Doncasters statement of no fear or favour ,just hot air .
IMO we need to know if ragers bidders have been given assurances of a place in the spl post liquidation ,that is the question EVERY journalist should be asking at every opportunity .If so who gave them that assurance and when ,as the so called 6 man panel (stop laughing at the back) are supposed to be the ones to decide .
Why would the Yanks pay 25m for a Scottish Div3 team ?
Why is their bid still in and why is it more than double any rival bid ?
Awe_Naw_No_Annoni_Oan_Anaw_Noo on 3 April, 2012 at 16:07 said:
Mr Doncaster as Auldheid has pointed out has a financial interest in bonuses from his position within the SPL, trotting out commercial spin to Channel4 Thomson in order to protect the SPL from potential future commercial damage in the form of reduced TV/ sponsorship deals doesn’t give out much confidence that the SPL will hold a club who has broken every rule in the book to account
@CelticHub: Government interference folks 30996680173800 This is what the administrators will be reporting soon. Liquidation slipping away?
Tweets from the Chris McLaughlin BBC
Chris McLaughlin @BBCchrismcIaug Reply Retweet Favorite · Open
BBC understands an Adair/Pellow lead consortium are 5th bidder in race to control Gers #Rangers
Chris McLaughlin @BBCchrismcIaug Reply Retweet Favorite · Open
@rangerstaxcase #nosurrender
Mort on 3 April, 2012 at 16:08
I’m sure as he says him self merely a conduit, I just saw his emergance and put 2+2 and came up with 5.
Whatever, he should used his conduit status to ask AT to go after the real villans, AT obviously has his ear.
If I were a jurno, sure as eggs are eggs I would want the big fish and not the minnows, plenty of big fish out there who are rotten to the core.
A fair game is all we want.
OG
Sorry talking about you :>)
Don’t give up amigo, fair play to you, I’ve only been around for a couple of years or so.
Go get em….
lionroars67 on 3 April, 2012 at 16:21 said:
“… doesn’t give out much confidence that the SPL will hold a club who has broken every rule in the book to account … ”.
—
Sorry, but this is precisely what he has just said they will do.
medtim, 16:16 said:
If you have any info send it to him
A future is the predicate for the hun. Living “within their means” might not even happen. It may not get that far.
medtim on 3 April, 2012 at 15:05:
If the BTC is not realised or recognised and CW is looking for £30 million then HMRC cannot block the CVA. They would need to go to Court to get EBT recognised.
Keep the Faith!
Hail Hail!
Neil Doncaster said it would be looked at by an independent board. Consisting of Donny Finlay, Cammy O`Gilvy, Almak Oisty, Andigo Ramm, Laurie Amroosso and Peate George
THE EXILED TIM, 16:28
A journalist is nothing without sources.
If you have something, send it to him. And the truth will out
Is it just the funky hardwire of my conspiratorial brain or are there not a lot of these big stars from the past suddenly appearing in Scotland- De Bore, Amarillo, Loud rup etc. Coincedance perchance or a pattern with plan?
hen1rik on 3 April, 2012 at 16:14 said:
political red herrings regarding the SNP are a delight to and a much welcome distraction for the tories in keeping the spotlight away from the likes of McLetchie, Mundall, and Fraser, all Rangers men to the core, not forgetting Labour’s O’Donhoe we should in particular keep an eye on the tories who will be lobbying hard at Westminster on the party’s treasury and finance minsters for interference in the HMRC case with their beloved glasgow rangers, all in keeping with their traditions, it will involve secret meetings and funny handshakes.
Wonkyradar 16.34
Theyve flown in especially to pay back the loans they received
jesus, twitter a bit mental today, the BBC guy McLaughlin being shown up very badly today
Post split fixtures
Motherwell (A) 1400 22/04;
Rangers (H) 1245 29/04;
St Johnstone (H) 1945 03/05;
D/Utd (A) 1245 06/05;
Hearts (H) 1230 13/05
Mort
There are a lot of rotten fish eggs in the underbelly of Scottish football…is a conduit the same as a channel?
@celticfc: #Celtic SPL Motherwell (A) 1400 22/04; Rangers (H) 1245 29/04; St Johnstone (H) 1945 03/05; D/Utd (A) 1245 06/05; Hearts (H) 1230 13/05 (TH)
Mort on 3 April, 2012 at 16:07 said:
leftclicktic
or are they both being fed the same lines from MediaHouse and as per usual repeating as fact without any investigation?
Mort
Maybe they are listening to Jangles media house crap :))))
HAIL HAIL
obonfanti1888
I think one of those is a fake account using a Capital “i” as an L in his name.
Mort
Chris McLaughlin clearly hasn’t learned that journalism involves more than simply copying and pasting. Verifying the facts is an important part of the role – or did he miss that day at journalism school?
Celtic Football Club@celticfcReply
#Celtic SPL Motherwell (A) 1400 22/04; Rangers (H) 1245 29/04; St Johnstone (H) 1945 03/05; D/Utd (A) 1245 06/05; Hearts (H) 1230 13/05 (TH)
3rd home game v St Johnstone
Applying the rules “without fear or favour” doesn’t really mean anything when you change the rules whenever it suits.
If rangers* liquidate and are allowed back into the spl is that following the rules? Not as it stands but the rules will be changed to allow it.
What then, if rangers survive with a standard of first team squad that is vastly inferior to what they have now and so they find themselves in the relegation spot? Do the rules get changed again so they can be applied “without fear or favour”?
The sfa and spl are a shambles.
BobbyRussell, 16:18
I think you’re right about the second bit
Auldheid
I think Traynor’s absence is. Pure co-incidence. I think he has a son or daughter over in OZ and he visits annually.
……………………………………………
Auld Neil Lennon heid on 3 April, 2012 at 13:46 said:
tigertim on 3 April, 2012 at 13:08 said:
I heard it and like you I reckon the end is nigh for Mr K but I think he is ready for it himself. His ignorance of the issues at play does neither himself or football any favours. I noticed Mr Traynor was also absent, in Oz apparently. Funny that, jsut when the succulent gravy train is about to hit the buffers. Just what hold does SDM have over him?
Passed the Louden on the way to pick up semi final tickets, guy on a set of ladders frantically painting over the green paint.
@AlisonRobbie: Brian Kennedy has NOT tabled a revised bid for #rangers More on @RadioClydeNews
Re fixtures
Is that a trophy presentation for the Huns game?
UC
Semantics is a fishy business…a hake is nothing without a sauce.
Confirmed by SPL:
Sunday April 22 – Motherwell v Celtic – 2pm (Sky Sports)
Sunday April 29 – Celtic v Rangers – 12.45pm (Sky Sports)
Thursday May 3 – Celtic v St Johnstone – 7.45pm
Sunday May 6 – Dundee United v Celtic – 12.45pm (Sky Sports)
Sunday May 13 – Celtic v Hearts – 12.30pm (Sky Sports)
Saw that Mort, though the real Chris McLaughlin isn’t much better, sure I just read that Brian Kennedy has rubbished putting in a new bid and the admin have rubbished the rumour that whyte sold his shares to the blue knights of nee; guess who tweeted both of these rumours as positively as possible……
lionroars67 on 3 April, 2012 at 16:35 said:
McLetchie is a Hearts fan.
@McNallyMirror: @Pmacgiollabhain Lapdogs running amok chasing their own tails as they fight for scraps from their PR masters table. Embarrassing & shameful!
Forget all these big questions about the teleological end game for der hun & all the subseqent speculation- the question I want answered is:
Has anyone seen a fish eat a sausage?