Sterling work by Chris McLaughlin at the BBC who brought us the news that Duff and Phelps have rejected a bid for Rangers from Brian Kennedy, the owner English rugby club, Sale Sharks. Earlier today Kennedy suggested the administrators get their act together and move towards appointing a preferred bidder.
A preferred bidder may now be identified, if not yet publicly announced.
I can imagine the process to whittle bidders down:
‘Tell me, do you own Ibrox Stadium or security and floating charge over it?’
‘No? Ah, that’s a problem, as we don’t have it either. Where do you propose to play matches?’
‘Forget that one, someone tipped off St Mirren.’
‘Don’t take that tone with me, we’re doing our best in difficult circumstances and we’ve not been paid a pound. Yet.’
Craig Whyte controls the security and floating charge over Ibrox. He provided Ticketus with security for the money they due on the season tickets they purchased, worth in the region of £40m.
Mr Whyte and Ticketus, or a proxy, are the only show in town – and that show is not a CVA. Everything else is just shooting the breeze at £600 per hour.
To read CQN Magazine go to the dedicated site the graphic below is just an overview.
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