We are five days away from the end of the season, Duff and Phelps have spent 10 weeks trying to solicit an offer for the assets of the company and the only one they were in a position to consider has now been withdrawn.
The stadium remains in Craig Whyte’s hands.
The SPL has not offered a place in the league.
The players can choose to become free agents on Sunday.
Duff and Phelps have no money to pay anyone or anything after 31 May.
Are you getting the picture?
Whatever ‘good news’ Duff and Phelps come out with later, or ‘Rangers to benefit from Miller withdrawal’ you read about tomorrow, not one piece of positive news has gone Rangers way in weeks.
This is a dead football club. If there was an accountancy term beyond liquidation, perhaps uber-liquidation, they would be uber-liquidated (there’s not, but if this gets any worse the English language will need some re-work).
Yesterday’s delay was the most complete confirmation possible, for anyone still harbouring doubt, today’s message from Miller should be no surprise to Celtic Quick News readers.
Miller’s parting shot:
“After hearing the message from Rangers supporters and fans loud and clear (“Yank go home!”), I notified the administrators today that I have withdrawn my bid for Rangers”.
…has the makings of a topic for a business doctorate, if anyone is looking for one. I’d elaborate but reckon we’re all a little carried away at the moment for serious debate.
The histrionics since yesterday and, if you don’t mind me saying, lack of appreciation of these historic times, would dishonour teenage girls (no offense teenage girls).
Please stop with all the silliness, indignation and faux trauma. Some football supporters have real issues to worry about.
You can buy a hard copy of the new issue of CQN Magazine via Magcloud here.
The graphic below is just for a flick through, to read the magazine go here to it’s dedicated site.
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ernie
Can’t see that being successful, despite their claims, loyalty is not something they do.
Rangers are well and truly trucked
The three new bidders are Goldilocks and the two bears
Keep the faith
Hail Hail
dixiebhoy69 on 8 May, 2012 at 22:30 said:
Ya’ll have an emergency and dial 911. Sheriff Whyte and Deputy Phelps turn up and take away your license and cash then run off, still leaving you stranded on hells highway. You call for a tow truck and it fails to turn up. The only thing left to do is switch off the engine, lock up the car, call the scrapyard and continue on your road to hell by foot
surely you mean by hoof!!
“3 more bids on the table” This must be some *ffin table!!
ITV News – D&P will have a deal in place with a bidder by the end of the season.
I think they mean this season. No seriously.
Duff and Phelps have admitted
that ‘time and money for
Rangers is running out quickly’.
Four days after announcing Bill
Miller as preferred bidder Duff and
Phelps were left picking up the
pieces after the Tennessee
trucking tycoon decided to walk
away from a deal.
With no sign of income from
season tickets arriving and players
about to return to full pay there
seems to be no prospect of
Rangers surviving beyond this
month.
David Whitehouse of Duff and
Phelps revealed: “As in any
company takeover, the selection
of a preferred bidder does not
guarantee the completion of the
sale.
“In this case, with time and money
for Rangers running out quickly, it
was essential to move the process
forward with urgency. Mr Miller’s
bid was deliverable to creditors
and was the only deliverable bid
on the table at that time. We had
no other unconditional bid.
“Given the fact that Mr Miller did
not enter into an exclusivity
agreement, we informed all other
known potential bidders at the
time the door was not closed.
“As a consequence of Mr Miller’s
bid being accepted, three other
bidders have come forward to
express their interest in buying the
Club and these offers are being
evaluated with the utmost urgency.
“There is every opportunity for
these bidders to now complete
the purchase of the Club prior to
the end of the season.”
The prospect of any fresh bidder
coming in to rescue Rangers over
the next three weeks are remote.
For five years David Murray tried
to find a Rangers minded
individual to take over his
shareholding in the club, eventually
he sold out to Craig Whyte a year
ago for £1.
The prospect of any group now
coming in to pay £11+m for a
business riddled with debt and the
shadow of a £75m tax bill hanging
over their head looks bleak leaving
Scottish football in line for the
most dramatic summer in it’s
history.
Obliterated Huns crest on STV.
Here comes the fat waster Dingwall.
starry plough
Agree, this has been a golden opportunity for the game to clean up its act. What we have seen has been utterly depressing so far. The men at the top have been sickening. The demise of the huns is brilliant, its what happens next…
Anyone have a link to watch STV on the net?
Very cracked crest on STV – Scotland Tonight!
Must be serious.
I know you can have too much of a guid thing,
but you know what would put theicing on the cake for me?
………..Gordon,
the boul’ smudger……….
…….taking centre stage,regimental blazer and tie…………
holding forth………and “explaining stuff”………..
Priceless!
It seems Bill found the prospect of dealing with ‘The People’ as one he could not stomach.
Stupid Huns…
BILL Miller withdrew his Rangers bid
after fearing much-needed austerity
measures would make him even more
unpopular in an already “inhospitable”
environment, according to one of his
advisers.
• Bill Miller feared blacklash from
supporters after receiving ‘vitriolic’
emails
• Adviser said Miller had backed off
after discovering evidence of years
of mismanagement
• Miller was also concerned over
uncertainty of player transfers and
league sanctions
Jon Pritchett, chief executive of Club 9
Sports, tonight explained that Miller
had discovered what he felt were
years of mismanagement when he
began his due diligence after being
named preferred bidder on Thursday.
The American businessman also
baulked in the face of “vitriolic”
emails from fans who feared his
newco plan would lead to the
liquidation of the original club, and
general uncertainty surrounding a
number of issues.
These included the future of players,
who might not have been obliged to
join his new company, and as yet
undecided sanctions from the Scottish
Football Association and Scottish
Premier League.
Club 9 Sports were initially involved
in a consortium with Miller before
announcing they had pulled out but
Pritchett said he was still personally
advising his friend, who made the
bulk of his money in the tow-truck
business.
Pritchett told Press Association Sport:
“There were three contributing
factors to his decision not to go
forward.
“There are big legacy costs as a result
of doing things poorly over a number
of years, structural and commercial
problems.
“It would be a hard time turning
things around and implementing
structural changes and discipline.
Such changes would have made Bill
very unpopular given the way things
have operated.
“Even after Bill announced his
austerity measures last week there
were people within the club asking
how much money was available to be
spent. It would take a fairly large
amount of money to keep it from
dying.”
Pritchett added: “The second factor is
some of the contingency liabilities:
are the players coming or going?
What are the final decisions with
regard to the SFA and SPL and
sanctions?
“The third factor was more about the
environment. It was a fairly
inhospitable environment for Bill.
“He was getting hundreds of emails
every day – vitriol and expletive-filled
– saying ‘Go home Yank’.
“Bill felt like it was a pretty
unwelcoming environment. He would
have had to do a lot of things that
would make him less popular.
“With that combination of factors,
Bill asked himself if it was really
worth spending part of his children’s
inheritance on this. He decided this
morning that it wasn’t.”
The motivation of Miller in bidding
for Rangers has been something of a
mystery.
The 65-year-old has been described as
someone who guards his privacy and
is not concerned with the trappings of
wealth and publicity despite his
status.
Pritchett claimed Miller’s love of
sports and his ability to turn around a
company made the project of
rescuing the Ibrox club seem a
worthwhile pursuit.
“Bill loves sports,” Pritchett said. “He
has looked at things in the US but he
has some Scottish and Irish friends
who told him how big Rangers and
the Old Firm are. I told him how big
Rangers are.
“There is probably not a comparison
in terms of the spirit involved in the
club in the US other than college
sports and you can’t buy a college
team.
“The other thing is, if you look at
Bill’s history, he has been very
successful in finding distressed
companies and turning them around
and getting them operating in the
right way. Rangers can be turned
round.
“With virtually every sports club, you
don’t make money on an annual
operating basis.
“But if you don’t have any debt and
look after the assets then you could
get something worth a lot more a
long time down the road.”
However, it appears the task of
turning Rangers around was bigger
and more complicated than first
envisaged with Miller, who last week
vowed to end a culture of over-
spending, fearing a backlash from his
plan.
Did you see that long black veil thing cummin down there?? I give you Johnnny Cash!!
http://www.youtube.com/watch?v=5pYA46dyKh4
Whilst being humped in public for the world to see they keep farting and calling it protest.
Stupid huns.
I think Dark Mingball could end up suffering one of those “Ned Beatty” moments in Deliverence the next time he turns up at Ibrokes…
As I said last week,A sale is not a sale until its paid for.
SMASHED Crest on STV….
Smashin’
.
BT..Didn’t get a text..
Summa
I think Speirs has aged 20 years in the last 3 months!!
Never watched Scotland Tonight before (where’s John Toye), but it’s just hilarious… As if the RFCiA fans had any choice? Funding gap? Are they on the same planet?
I really hope that the cst has misreported the meeting they had with Neil Doncaster. Dangerously out of his depth by the sound of it.
You do the right thing for years and years and a bunch of feckwits and intellectual pigmies make a joke out of it all.
It looks like absolutely nothing good is to come out of this whole episode, the entire game in Scotland outside of us is a decking joke.
We’ll have to settle for smashing them all in the park and knowing we did it right.
Why has that financial expert got a smirk on his face??
Have been trying to log in all evening.
It’s probably been posted, but Alex thomson has a new blog…..
http://www.channel4.com/news/alex-thomson
A good read, as always. This guy doesn’t mince his words.
On a lighter note…… bored with being bumped from CQN, I thought I’d trawl through the pitiful comments in the “Be@rs den” for gloating purposes only.
Their page was down too…… but hilariously, the message read… “If this problem persists, please contact one of our ADMINISTRATORS” …
I’m not kidding!
You couldn’t make this up!
HH
(so happy to be a ‘tic)
All we are short of is a coffin in the middle of the STV studio.Never seen Mingwall so despondent.
Bill Miller is the MBB way of explaining why it cant go forward.
HH
I’ve tried to suppress myself but feel i must share…
Playing 5s last night- guy on opposition warming up with a Hun top on. kind of neo fascist looking ..
couldn’t resist asking him during game if attended last ever Hun game on Sunday. He spots I’m wearing Celtic football socks..
so begins apparently good natured competitive tackling..until he comes through me on my ankles……red mist not quite descended but getting there..
Idiot starts nipping me…red mist really developing.
then I get ball and although he is 15 years younger (late 20’s, I suspect), I take him on and go past..he wantonly boots me off the ball….
RED MIST RED MIST RED MIST…ALERT
I take a runner at him and bizarrely in my haze of madness – opt to jump and knee him, catching him with some force in the side – all kicks off – by this time I’m ready to go completely mental..(not my thing and quite unbecoming for a mature player of 44)
all gets separated a la handbags…
He tries to apologise at end – I just walked past smirking…
Magnificentseven.
Foot, hoof, knuckle, belly, as long as they get there…….
That mark dingwall passing the blame to someone else now …. Anybody but the bhuns themselves ……LOL …..I know who has questions to answer …RIA
This is all great stuff…
Has anyone seen Mark Dingwall and Jim Traynor at the same time?
send me your number again 001…
monteblanco on 8 May, 2012 at 22:36 said:
What happens next…you have to ask supersally that he’s the question of sport man!!
Spiers – ‘nobody wants Rangers’…. Correct!
Shortbread hasn’t updated its web page for hours and hours…………..
Probably just waiting for the “scoop” on the three rival ‘bidders’ in the race for ranjurs…………….
Aye!
Dingwall looks like the love-child of Jim Farry and Nicola Sturgeon!
Boakin’ at the thought of that!
Dark Mingwall….the ex para!!!!!!!!!!!! I remember being threatened with that when I told a few home truths on fallow fallow a few years ago……………………my god he’s let himself go or was he always a fat t.rd??
The death knell has just sounded. The last sentence says it all.
“There are big legacy costs as a result
of doing things poorly over a number
of years, structural and commercial
problems.
“It would be a hard time turning
things around and implementing
structural changes and discipline.
Such changes would have made Bill
very unpopular given the way things
have operated.
“Even after Bill announced his
austerity measures last week there
were people within the club asking
how much money was available to be
spent. It would take a fairly large
amount of money to keep it from
dying.”
tBhb
Is nice and smashed!! o)))))