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.
To read CQN Magazine go to the dedicated site the graphic below is just an overview.
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Likely to be Hearts game then that we will get the trophy as can’t see them doing it against the Huns or St Johnstone which is a midweek game
Going by the fixtures, are they going to present us with the trophy at the hun game.
After sallys tunnel handshakes, he now has to applaud the champions onto the park, along with his team.
That should be intetesting!!
How the post split fixtures stack up. I still think the whole system is a nonsense. A league where teams play different fixtures has no integrity. And to have the governing body with the power to set the crucial last few rounds of games is plain wrong.
——-
How are the fixtures for rounds 34-38 determined?
The most important thing is to try to ensure clubs finish the season having played 19 games at home and 19 away. In two of the previous three years this has been achieved but, unfortunately, it was simply impossible to balance the list for 2011/12. As a result, Kilmarnock will play 20 home games and St Johnstone have only 18 home games. Various versions of the round 34-38 fixture list are produced and we then select the one that provides the best fit overall. In line with previous seasons, all clubs will finish the season either home/away or away/home.
Will some clubs play certain opponents three times at home and once away?
Fixture reversals, to a greater or lesser extent, have been required in each of the 12 seasons that the split has been around.
So what games have been switched?
In the top six, St Johnstone travel to Celtic and Motherwell for a third time but to compensate they host Rangers and Dundee United for a third time. In the bottom six, the Inverness CT v Hibernian fixture will be played at the Caledonian Stadium for a third time.
How do you decide which fixtures are reversed?
We try to achieve as balanced a fixture list as possible. Also, among the things we look at is what has happened in previous years. For example, Kilmarnock had only 18 home games in 2006/07 but will gain a home game this season. St Johnstone are losing a home game but they have gained one in the past.
Mort
Think your right
The tweets I posted earlier from Chris McLaughlin are from a fake Chris McLaughlin.
1 tkt for killie game on saturday, chadwick stand block 9 row 0 seat 083 ,cost me 26 pounds looking for a couple of pounds more ,
De Bore in times: Scots need to go Dutch.
Would that make us double Dutch?
The coats already on…
O.G.Rafferty on 3 April, 2012 at 16:41 said:
BobbyRussell, 16:18
I think you’re right about the second bit
He’s right about being wrong, or he’s right about them being dead?
Just saw the post split fixtures. Disgusted, expected der hun game to be on the Sunday but Thursday night and the rest Sunday’s. So much for a working mans game! Now I know why season books are down in our Irish support. That’s my season over as to seeing the games in person.
timbhoy2
Why would you be looking for a couple of pounds more?
Mort
The fixtures show that the TV people have contempt for the supporters who attend games. Four Sundays and a Thursday! :-(
TB2
GTF
Mibaes the confusion and backtracking by the press is being caused by Media House are being mischievous with their leaks and tips because their pet poodle, Jabba, has been shunted into a siding.
If you can shunt a poodle.
timbhoy2,
It’s shameful that you are trying to sell a ticket on this site for a profit.
regiarding tkt i stay in livingston
timbhoy 2
more?? Why?
ianinascoli
Yep and yet we are constantly told that we need the TV money.
Saturday afternoon fixtures would over the course of the season bring in more money from gat receipts than the TV deal, if clubs got together to help market themselves.
Mort
ULSTER-CELT on 3 April, 2012 at 16:43:
I cannot see us getting the trophy at the orcs game, most likely to be St. Johnstone. Or the did the orcs not get presented it at Killie last year, might have been because it was the last game though.
Keep the Faith!
Hail Hail!
I would love to be there to witness the karmic irony of Jabba et al hit with the juddering freight of the Gravy Train.
Who is the conductor of the Gravy Train? Has it derailed into the roast beef embankment as a mangled mass of quivering coagulated jelly?
From the Guardian Diary:
The Titanic was made in Belfast, and sank 100 years ago this month. You may or may not be aware of this fact; if not, we gently suggest, you have not recently been in Belfast, which is sparing no energy in ensuring that no carbon-based lifeform can plead ignorance. Sharp-eyed locals have identified one or two voices of dissent, however – among them the stallholder selling T-shirts reading: “She sailed. She sank. Get over it.” Brave, since it’s only been 100 years. In the Northern Irish calendar, that’s last Wednesday.
timbhoy2
Bring it through to wishy for £27.50 and its a deal
Agent Craig “Green and” Whyte!! on 3 April, 2012 at 16:49 said:
Be careful what you wish for.
Am old enough to remember THEM applauding us onto the park after we had a good result in Europe.
Predictably THEY went on to fud our ersess
Ok lads til laters
Hail hail
Stupid question alert but somebody help me as I’m starting to panic….
Paul67 says that the taxman can’t come after a NewCo. It’s already assumed that a NewCo will probably come straight back into the SPL so why all the gloating on here? This sounds a nightmare – a debt-free hun coming straight back into the SPL. Paul67 says that financially they won’t be the same as the old Rangers but my question is, why not? They’ll have the taxman off their backs, the same sponsorship, TV and season-ticket possibilities. Please, someone fill me in and put me at ease….
Poordeadking, 16:51
Being dead
Gordon_J
The only good thing in Belfast with all this Titanic malarkey is that down the city centre they have a number of quite large copper masts bearing the names of other famous ships, one of which is Celtic. Can’t fail to smile when walking down the town seeing Celtic in huge writing on the street.
Apart from that, the overkill regarding the Titanic is awful. It’s one thing to commemorate all those who died but quite an other to put on this celebration of the worst maratime disaster in history by going “Look, we built it, aren’t we great”
Mort
timbhoy2 on 3 April, 2012 at 16:49:
Your no Celtic Supporter, absolutely disgraceful, if you have a ticket sell it for £26. You should be shamed…
Keep the Faith!
Hail Hail!
quonno on 3 April, 2012 at 17:01 said:
Agent Craig “Green and” Whyte!! on 3 April, 2012 at 16:49 said:
Be careful what you wish for.
Am old enough to remember THEM applauding us onto the park after we had a good result in Europe.
Predictably THEY went on to fud our ersess
The team of thugs they have kust now, i’d expect them to fud our ersess as we walked onto the park!!!
They will present us with the trophy on the 13th against the wee Huns
geebee1978 on 3 April, 2012 at 17:02 said:
They’ll be out of Europe for three years (unless there’s a derogation from UEFA, which I wouldn’t rule out). That’s about the only sanction. Forget the stuff about penalty point deductions, that won’t and shouldn’t happen.
As far as I’m concerned if a newco huns is allowed straight into the SPL I’ll have no more to do with Scottish football.
Ernie lynch:
Mr Chips shows the poddle being barged by a hooded figure…Roy Walker: if you can shunt a poodle then you can…name that catchphrase:
…if you can shunt a poodle you can punt a Pomeranian, Roy.
Wrong answer yea great galloping galloup!
timbhoy2 on 3 April, 2012 at 16:49 said:
Are you serious ????????
Mort on 3 April, 2012 at 17:04 said:
It is over the top, I’d rather drive up and down your street,far better craic :-)
UC
Shocked ( not ) with the post split fixtures. Four early Sunday Kick Offs and Thursday night, they really do make it up.
Potentially a four week gap between winning and receiving a Trophy.
UC
Ha, had a look out for yer old place on way home last night. Looks nice and tidy still.
Mort
I suppose the organisers of the Titanic exhibition just thought it would go down well. :-)
timbhoy2
Always gave you the benefit of the doubt about being a hun.
You have just made my mind up.
Those Brave conduits at the SPL…i hark for a day when men were more than mice…now they’re nothing more than mites on the backs of mice…
If any Celtic supporter in Livvy needs a ticket and can make use of it, go and collect that ticket and I’ll pay. Timbhoy2, I will give you £30 for it in the hope a decent Celtic fan can go and celebrate.