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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Bada, just my luck you were lurking when I wrote that:-)). I’m waiting on Che now…….
Mort
Thanks,so if the player is selected in reality he has to go, and can’t play in the CL.
Not a good situation for the club then.
BT
I was with Linda Perratt when Papillon won that day. Been in worse looking company!
If the guy is selling his ticket, why does he need petrol money?
NeilR on 3 April, 2012 at 17:39:
Thanks for the clarification. However, on the bond, from a learned friend there is every likelihood the newco will be asked for this. Also there is a possibility and I only say it is a possibility, HMRC could go after newco if it mirrors enough the oldco. The newco does not necessarily need to include any oldco Directors.
Totally accept your clarification on the Ticketus position.
Keep the Faith!
Hail Hail!
MedTim
Thanks for your answer earlier.
Lennybhoy/Mort et all
Going by timbhoy2’s posts he is an old bloke, and I would imagine even a couple of pounds are precious to him.
I wouldn’t ask for more myself, but hey, I can afford a couple of pounds, I could even afford to buy the hun if I wanted, twice over as well :>)
St John Doyle
What utter pants.
Eilish Angolini would have attended Cabinet Meetings and plenty Ministers come from Catholic backgrounds including Michael Matheson, Roseanna Cunningham and others.
Fair enough to disagree with the SNP but please keep to facts rather than spurious nonsense.
The SNP like Labour and the Conservatives and Lib Denms for that matter do not discriminate on the grounds of religion.
C1st
to travel to Celtic park to purchase it
Did anyone clarify earlier an interesting question from I can’t remember whom (sorry)? Why would the admins of the oldco be attempting to organise anything on behalf of a newco? What’s it to do with them?
Thought of the Moment
Men never do evil so completely and cheerfully as when they do it from religious conviction. – Blaise Pascal, philosopher and mathematician
Another curious lil anagram before I leave for a smoke.
‘Rangers in admin’ is ‘Drains Renaming’.
QuiteAptCSC
Oh dearie me just back from Parkhead, with the cost that such a journey entails, to see a ‘Tim’ trying to sell a ticket for more than its value.
Completely unacceptable whatever the reason.
The ONLY way to re-sell any kind of ticket to any kind of event is @ face value….otherwise you’re just another tout/scalper/gouger.
The Holy gral, for me, would be them losing Ibrox & Murray Park, having to rent Ibrox back annually (forget Murray Park, that would be a luxury unaffordable in the circumstances). That would handicap them forever & is exactly what they deserve for their 117 years of sectarianism, rapidly followed by around 20 years of cheating. Astoundingly, that actually means that, in their inauspicious history, there are around 4 years where scummery of the highest order is unaccounted for! My arithmetic is obviously wrong somewhere.
st john doyle
S.n.p. were formed in 1930s (1936 i think )
for scotland to become an independant country
Man, FF is a dark and dangerous place these days – full of threats to Mr Whyte and his dear father.
the Police should do something before this gets out of hand.
Billy’s Bhoy on 3 April, 2012 at 17:58 said:
None of those people are members of Salmond’s cabinet.
Stick to the facts?
Is any legal body monitoring Duff and Duffer ?
Timabhouy on 3 April, 2012 at 18:03 said:
Can I suggest that you read Andrew Dewar Gibb’s Scotland in Eclipse.
Then come back and tell us why the SNP were formed.
Embdae know when the huns won the League, after the game did the DJ play some hun friendly ditties?
twists n turns on 3 April, 2012 at 17:51:
and
THE EXILED TIM on 3 April, 2012 at 17:58
Always a pleasure to read your contributions, as you both say time to move on. We just disagree on this occasion.
Mort:
I also enjoy reading your contributions but as twists n turns and THE EXILED TIM post, time to move on but I agree with you on this occasion.
Keep the Faith!
Hail Hail!
Son of Warsaw on 3 April, 2012 at 18:05 said:
”Is any legal body monitoring Duff and Duffer ?”
The Court of Session.
THE EXILED TIM
Depending on how far South Korea (or any other team with our players in it) go in Olympics could mean missing 1st leg of qualifiers or both legs.
They won’t miss it all.
Mort
Celtic_First
You are welcome.Would have got back sooner but “ma tea wiz oot”.
I live + 2 hours from UK.
Still hope you are right about Mr Doncaster.
I am afraid old age has made me so cynical that whenever I smell fresh flowers I immediately look for a grave!
Paul Murray can make debts vanish with a Poof! I’ve heard of financial wizards but he is a true magician. Real Round Table material. He must have some slight of hand! Poof! That big Barry Manilow lookalike with the sticky oot ears and the German supermodel wife made the Statue of Liberty vanish. He put it back of course. But Murrays gift is a real godsend in a world ravaged by debt. He could lay his hands on a company’s accountancy books and make it all disappear like fluff in a breeze. He could touch Africa on the map and make all the poverty vanish with his pinky. Poof! Is Paul Murray the new new most recent of recent Messiahs to grace Ibrokes? It begs the question: like the light in a bulb when you press the off switch where does the debt go when Murray touches it with his poof stick?
Sounds to me like Duff&Duffer are prime candidates for The Electric Kool-Aid Acid Test.
NeillR
good to see you back on…
re ticketus…i think their lawyers will be troubled at this time
seems that they have made a fairly shocking error re securing the debt
Mort,
I’m fed up with hearing about the Titanic here. Sure it’s worse in Belfast.
Mind you the new building looks great.
A quick story re selling tickets and 3 stalwart cqners, one if which I’ve never even met- moonbeams, token tim and sannabhoy. I took my 3 young nephews from up the nw and my 2 sons with my niece and bro in law to Inverness game. Mwd and tt provided us with spare tickets they had and would take nothing for them- we contributed to Vanessa; sanna supplied me with 2 client refs for Saturday, my boy’s birthday (sadly phone ticket system let me down). Great tims and cqners to whom I will always be grateful. Compare and contrast….. Hail hail
Stewart M. Regan @StewartRegan Reply Retweet Favorite · Open
Just back from two hours at Glasgow’s Barlinnie Prison talking football with inmates. Enjoyed the behind the scenes experience. #li
What the funk was he doing in the Big House, organizing cells for his mates I hope!!
Starry
Shortbread saying Whyte is getting legal document to “ringfence” his position as major shareholder and creditor.
starry plough
maybe Mr Regan was checking out the accommodation for Mr Ogilvie?
According to STV the two found guilty of assault by bomb have had death threats – from Celtic fans for sending the bombs and from Rangers fans for screwing it up.
I’m not making this up.
The one I love from old Blaise was:
The heart has reasons that reason cannot know.
Can the Court of Session intervene if they feel Duff and Fluffer are not doing their job properly ? Is there any precedent for this ?
STV reporting no UEFA licence for reasons I’ve been spouting for months.
UEFA told them last week apparently.
Son of Warsaw
they are officers of the court and are answerable to the court if they fail to discharge their duties properly
this is a bad comedy lol lol lol
Hail hail