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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Hybrid liquidation, aye alright dawell
top corner
don`t know about CFC but i will
TopCorner on 3 April, 2012 at 18:53
Was Terry O on Snyde last night??
Hail hail
Well there lineing up to takeover Rangers by 5pm tomorrow night there could be 5 bids mmmmmm, but they have been in talks about a newco wih the football authorities I bet they have because thats all the bidders are interested in the current club is in its death throes.Soon it will be all hands to the pump the establishment the Lodges and the football authorities to see how they can get newco straight into the SPL.We Celtic supporters will be told its for our own good as Celtic need Rangers” make sure you tell everyone you know that its a no go” we Celtic will not accept a newco going straight into the SPL lets see who need who. H.H.
TC
You starting a poll? :-)
Duff and Phelps love there Deadlines dont they,,,how many is that now???
Hail hail
HT
you`re guid at that
bevvying this Saturday ?
noo dawell is saying that der hun if liquidated that they can keep the name rankers if newco starts. how is this possible
HH
I haven’t lived in Scotland for a couple of decades. I visit Glasgow to see family and catch a game @ Parkhead when I can. So,I had no reason to listen to Snyde until this soap opera started,and I had very little reason to read the papers up the road. So,when I started to look at the Scottish meejah I could hardly believe,that in The 21st. Century,how hun-centric it has become;even more so than decades ago.
About 2 years ago my brother pointed me to CQN….thank god for that.
Otherwise I’d go mad.
How deep does The Orange Order run in the fabric of Scotland today? I find it troubling. It seems they have co-opted the msm completely in Scotland.
I say this because I’m observing it all from 100’s of miles away,and it makes me sad that our Celtic Community is so under attack in my homeland.
I feel most at home in Eire. I always felt discriminated against in Scotland,and for good reason : mainly Rankers fans in the street,from the time I went to primary school.
Even in England I never suffer ANY problems if I’ve got any Celtic gear on.
It’s crazy.
PFayr
Probably. You out?
I, like many thousans of Celtic fans, will be at Rugby Park on Saturday in the hope of seeing the Bhoys win the SPL title. I will be there alongside my son & daughter & we were anticipating seeing Scott Brown hoist up that shiny big trophy.
Well thanks to those in charge a dampener has already been put on the big day, 4 days before a ball is even kicked, by refusing to present the champions with the trophy they have earned the right to win over a long & eventful season.
As if it isn’t bad enough that that mob from Ayrshire are charging £30 for a ticket, with no concessions for anyone, those wallopers at the SPL are doing their utmost to annoy our support. It’s a disgrace, a total disgrace that wouldn’t have happened if Rangers I.A. had been in our position.
I hope our club let the feelings of the Celtic family be known to all. We are not a happy bunch.
Hail Hail
Possilbhoy on 3 April, 2012 at 18:59 said:
I got two weans running wild here and maybe I missed the post but have the SPL giving a reason why the trophy will not be a Rugby Park on Sat.??
Hx2
TopCorner on 3 April, 2012 at 18:53 said:
I posted a while back that our club could end up suffering more than anyone if the mongrels are allowed straight back in.
I will definitely turn my back on scottish football for good if that’s what happens, and even though it’s my club that will suffer; i wont pay to watch a rigged “competition”.
There’s many more like me who will adopt that position too.
“We don’t need no stinkin’ rangers”
I don`t particularly mind about the trophy but a home match on the first split weekend would have helped. The important thing is to win it on Saturday! :-)
Until we meet again…
Keep the Faith!
Hail Hail!
Hybrid Hun? The monster beneath the surface? Chimera?
Chimera is from khimaros: meaning “she goat” and was according to Greek mythology a fire breathing beast- does that sound familar? An entity composed of the parts of other animals- my question panel is: are Duff & Duffer unleashing the Dragon of the Apocalypse, the Beast of Revelation upon Scottish football- and further more is South Govan the true site of Megiddo?
I just wanted to know what you that about that panel.
mighty tim on 3 April, 2012 at 18:58 said:
noo dawell is saying that der hun if liquidated that they can keep the name rankers if newco starts. how is this possible
After BBC Chris McLaughlin’s tweets today mate I would take whatever they say with a pinch of salt now.
Think of the rubbish they spouted when we didn’t have twitter or the Internet.
Hybrid liquidation? That’s a new wan for me. Sounds like a Toyota Prius.
So let me get this right. The transfer window in both Scotland and England closed in January. West Brom are sitting 14th in the EPL and ahve decided to make an offer for a player who has been out with a self inflicted injury for months even though the window is closed and he is unfit, our heroic administrators who obviously have the creditors? best interests at the forefront of their work knock them back and STV have decided this is newsworthy. Why are West Brom making bids outwith the window for a player who won’t play again this season and why do Duff and Duffer feel they should knock back this cash offer, and can they even bid at this time? There is a strong smell in the air over Govan way at the moment, still at least they applied to the SFA for a European licence, after all they are of course the peeepill.
Is there a deadline for the deadlines?
re the Louden Tavern
It has not been vandalised ,it seems as they are in the middle of repainting it and the colour of the base coat showed up green in bright sunlight ,it actually looks more of a blue colour in dull conditions .
hail hail
Kojo,
Is is possible for you to publish in a language that can de understood by ordinary people.
Bertie
I’m sick of huns, I’m sick of scottush hun journalists, I’m sick of hun radio programmes, I’m sick of the SFA, the SPL and I’m sick of the BBC, I’m sick of hearing about the huns, their stories their lies and their cheating.
Just die and gie’s all francing peace..
hybrid liquidation- sounds now that they are peeing on their own plants.
Mclaughlin now on 5 Live spreading the gospel from D&P.
geebee1978 on 3 April, 2012 at 17:23
NeilR on 3 April, 2012 at 17:39 said:
Lennybhoy,
Assuming a Div3 start the wage figures for footballing ops would start around £4M in year 1, £5.5 in Yr 2/3 and in year 4 could rise to £17.9M after the period in purgatory is over having climb back up the divisons and got back into Europe..
Lower gates, which will be their main source of income would obviously have an impact. The spreadsheet at
https://docs.google.com/spreadsheet/ccc?key=0Aq2m3ggkEX2RdExpY2o1b1luZHFDWXU1VnIwVFJtS1E#gid=0
allows variables to be entered to see impact on wage bill. If the botton line goes red, wages need to be reduced until a figure that turns it back to black is entered.
Woo hoo flights booked for mini Huns on 13th, trophy presentation too! All for £45 return!
Bonus is 6 year old is going to his first game. Can’t wait!
Glasgow Celtic champions oh oh oh oh oh oh
SffS
fergus slayed the blues on 3 April, 2012 at 19:10 said:
What ever colour it was it is now back to its original colours, I had a wee look earlier on.
starry plough on 3 April, 2012 at 19:12 said:
>>><<<
Agreed. It's like the longest horror film you've ever seen.
Evening Celts que pasa?
Just in from work, apart from the split fixtures what else is happening in planet Celtic and Dodorfc.
Thanks in advance
V
bhoywithseethrougheyes. Fella if Newco go straight into the SPL you will not be alone in walking away from Scottish football in my opinion there will be thousands of supporters lost to the game. The cheats at Ibrokes have been laughing at the rest of Scottish football for years stealing from the tax man or the public purse as its known and paying it to there over hyped players in Murrays lust for European glory .Now they have been found out but instead of contrition and asking for forgiveness they cant see that they have done anything wrong as they are the peepil.They now see it as convienant to have there club Liquidated and leave there debts behind them and start again with a clean sheet in the SPL if this happens Scottish football will be finished.H.H.
Lads answer me this ?
Why should we walk away from Scottish Football if Huns get back in to the SPL.
Other clubs are already on their knees and if they vote a Newco back in to the SPL then we boycott.
Lads do you not think if we boycott the away grounds and stay outside and protest this will cause more embarrassment to this corrupt set up.
If clubs are struggling now then let’s see if they can cope without our cash.
Mrob, Celtic bought Scott McDonald and Scott Brown in March I think. Both didn’t officially join until July. Maybe that was the same Ratboy.
SffS
March 28 – UEFA fine Celtic £21,000 for a “F*ck UEFA” banner.
April 3 – UEFA fine Porto £16,000 for racially abusing Mario Balotelli.
Not the best PR management when you’re trying to establish to the world where your priorities lie.
ibleedgreenandwhite1
yes Terry was on last night
around the hour mark on this…
http://www.clyde1.com/on-air/ssb-listen-again/
honestly, it truly was as tho…yep….thats it done
and…..whats all the fuss been about
jduffy said there was no such thing as sporting integrity
Auld Heid
having to live within their meagre means will result in the gradual disintegration of any Newco
they must win at all costs …they will not win and they will lose interest
Possilbhoy on 3 April, 2012 at 18:59 said:
The trophy is rightly being presented in front of the season ticket holders and other paying Celtic supporters, it is right that the main stay of the Celtic family is recognised and rewarded, hopefully it will be a full house at paradise, ensuring more money for all our teams from the first team to the youth set up is paid for.
hen1rik
am with you on that
that is one of our best weapons
– to deprive others of our cash !
simple
HT
possibly
however ..i think the trip back to hun infested Ayr could be problematic when i`m drunk and exhuberant :¬))