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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Sparkleghirl, fantastic ! thanks
Was it Ibrox or Duke St?
TJ
Evening Bhoys n Ghirls
looking at the split fixtures , we are getting messed about big time how about the spl gang of ten change the rules to give a fair split of 3 o’clock kick offs to all teams and a maximum ticket price of £25
I know no chance !!!
share
Granger-Banyard on 3 April, 2012
at 19:10 said:
Kojo,
Is is possible for you to publish in a
language that can de understood by
ordinary people.
Bertie.
~~~
My Poor,Poor Bertie…
May I commiserate with you on your truly miserable level of perspicacity.
I noticed that even in the briefest of your submissions yesterday,you gave us ‘infarction'(rather than ‘infraction’),
and ‘venial'(rather than ‘venal’).
Obviously,a distinguished English Major,
like our High Heid Yin,Kojo,would instantly grasp the intended meaning of your less than erudite submission.
But what of my poor Moobster,MWD ?
Under the most able tutelage of Philvis,
he has been making steady progress with his spelling,grammar,and punctuation,having been previously been ‘disadvantaged’ by attendance at a non-denom school.
Would you want to be held responsible for his backsliding ?
‘Hoist by one’s own petard* ‘.
* that’s a primitive form of grenade,often used in naval encounters. Due to its intrinsic instability,it was almost as big a danger to the individual launching it,as it was to its intended victim.
Virginia Agog…..
Sitting watching Barca with Shine on You Crazy Diamond at full volume is almost like a psychoactive experience.
2-1 messi pen
2-1 barca ..second pen
a touch soft but a pen nonetheless
I have to say, I’m sick at the times allocated to us after the split. Why can’t we have at least 1 game at Celtic Park on a Saturday at 3pm? This is just totally ridiculous.
Great stuff from the bhoay, Messi. 2-1 to the good guys.
Criminal penalty given away by Nesta.
oh well passport back in the bag and staying there for another 9 weeks
Milan must have learned the shirt tugging at the legends game the other night
just googled ‘hybrid liquidation’ – and the only thing coming up is a few cheap golf clubs.
quite nice actually – might help me out of the rough at that damm 14th
jhilday
are all the games being played on Sundays or are we being inconvienced more than most
Paul67,
They are all out today, Club9sports
———————————————————————————
Statement from CLUB 9 SPORTS
“We can confirm that representatives of Club 9 Sports have been involved with investigating, analyzing
and considering a potential purchase of Rangers Football Club, plc on behalf of a group of interested
parties from the US and UK. However, at no time has Club 9 Sports itself offered a bid to acquire the
club. Our role has been as a member of a proposed consortium. We can also confirm that we have not
met with, spoken to or otherwise been associated with Craig Whyte in any way.
Furthermore, Club 9 Sports will not be bidding for control of Rangers Football Club, plc. We understand
that it has been strongly rumored that our group planned to “liquidate” the club. It should be made
clear that any party that attempts to acquire the club, eliminate the debts, affect a turnaround, invest
monies and put the club back on solid ground is in fact “saving” the club from liquidation and preserving
its past and its future. In an asset purchase, all of the good and valuable assets (records, marks, names,
trophies, players, staff, history) are preserved and separated from the bad and harmful liabilities (tax
bills, bad contracts, creditors), which have put the club into administration and which act to force the
entirety into liquidation. By putting all of the assets into a different corporate structure, the assets are
in fact rescued from liquidation. Such a transaction would be very similar to the one that occurred at
Leeds United in 2007, which simultaneously rescued that club, maintained its proud history and allowed
the club to shed its debt burdens so that it could have the opportunity for future success.
Finally, we would like to acknowledge that any successful bidder for Rangers will indeed need to
embrace the legendary fan base of the club and communicate with openness and regularity. There is no
doubt that the remarkable record of championships won by Rangers is matched only by its equa
—————————————————————————————
http://www.club9sports.com/
Ref looks well out his depth here,bit like that clown on Sunday.Milan wont finish with 11men.
2-1 half time
.PFayr on 3 April, 2012 at 20:30 said:
I imagine it’s just us and I imagine it’s for Sky, damn them
Joy to watch are Barca, football at it’s brilliant best.
It was a great defensive display from Meelan in the first leg, but they’ve given away two soft pens tonight. Hope they get another equaliser and we see a very entertaining 2nd half.
El Classico CL final or will Bayern in Munchen do the Galacticos in the semis?!
T4
The Singing….
” with his spelling,grammar,and punctuation”
I think you mean “with his spelling, grammar and punctuation”
A comma should not be placed between the last two items in a list.
Souness,a pundit….what a bad joke…one of the all-time lowlife,cheating,violent thugs. A disgrace.
Milan 50/1 available…..can’t see it.
So the hybrid orcs will parachute back into SPL…..
The SPL will vote them back in IF they can change the voting in the SPl….
Cunning move by hybrid fc whom will be debt free except the ticketus deal….
As their short term financial handicap due to no Europe will allow them to rebuild over 3 years whilst being competitive as WE will now be in trouble…
We will need to downsize as the rest of the league decide on everything!!!
They will come through this debt free , competitive and better organised …. No JJB constraints… No media right constraints
No tax liabilities..
Deadwood free
This is the biggest pantomime being played out !
The outcome is already in place
Disgusting
“Oh who will win the race to buy the dead cat?”
Hills offering 9/2 Celtic -2,11/1 -3 on Saturday.Might pay for some beers to celebrate.
hamiltontim.
You are ‘taking the apostrophe’…
Back in the day,we had Proper Teachers…
Not you Lefty types,who are altering and amending our language,just as George Orwell warned..
Just taken a draw @ 12/1 with Burnley @ 10/1 for 120/1 double, has to be worth a fiver.
hamiltontim on 3 April, 2012 at 20:38 said:
”A comma should not be placed between the last two items in a list.”
The old Oxford comma controversy, eh?
http://www.guardian.co.uk/books/2011/jul/01/oxford-cleared-serial-comma-
killing
♫ Yo ho ho, off we go.
What do you know, it’s nine in a row.
Bye bye Rangers
Celtic’s on the ball again, on the way to make it ten.
Bye bye Rangers ♫
Y’know,the Camp Nou is an intimidating arena,but,and I’m not kidding here,Celtic F.C.,Parkhead,in full flow and full voice is incomparable.
HT
The Swinging Deceptive; (AKA KOJO) is’ not wor-thy of, your precious? time.
MWD
Aw Nawww…
Alison Robbie @AlisonRobbie Responder Retwittear Favorito · Abrir
Club 9 Sports say they won’t be bidding for control of #Rangers
Retwitteado por Celtic Underground
Top Corner
Sorry to read about your uncle buddy.
My condolences.
Hail! Hail!
MWD
hamiltontim on 3 April, 2012 at 20:38 said:
The extra comma can be allowed sometimes, for added
Emphasis.
The Singing Detective on 3 April, 2012 at 20:45 said:
Clearly your teachers weren’t very good or are you just very, very old?
If rangers are allowed to carry on in any disguise or rise as a phoenix, I for one will be finished with Scottish football.
Paddy Gallagher who refuses to be a victim! .
3-1
The Baldy Hairy Iniesta scores
3 to 1
Iniesta….3-1. Defo onside.
T4