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.
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THE American frontrunners in the race to buy Rangers are prepared to pay £25 million for control of the Ibrox club – and their preferred option is to put the club into liquidation.
The bid from Chicago-based Club 9 Sports is one of three which, if successful, may result in the new owners taking the highly unpopular option of winding up the club and reforming it as a new company (Newco), The Herald understands.
The only offer on the table which is conditional on Rangers emerging from administration and paying off debts via a Company Voluntary Arrangement (CVA) is the one from the Blue Knights, headed by former Ibrox director Paul Murray.
The American bid is more than double that on offer from the Blue Knights or Sale Sharks owner Brian Kennedy, whose offer was rejected by administrators Duff & Phelps yesterday.
But Club 9 Sports would have to address the £27m debt owed to Ticketus, who would not be creditors under the terms of the Blue Knights’ bid.
Until now little has been known about the substance of the Club 9 Sports bid or the company’s intentions if it was successful in taking ownership from Craig Whyte.
But the company has made it known that liquidating Rangers is in its plans, and it is understood two unidentified consortia – one based in the United Kingdom, the other in Singapore – are also open to the Newco route rather than trying to do a deal with creditors via a CVA.
It is believed Club 9 feels that liquidation would remove the risk of currently unknown debts emerging in the future, and would take away the uncertainty of not being able to agree a CVA with creditors.
But taking Rangers into liquidation would be deeply unpopular with fans and would have grave footballing consequences.
A new club has to wait three years before it is eligible to play lucrative Champions or Europa League ties. It would also have to be voted into the Scottish Premier League or else apply to join the Scottish Football League in Division Three, and the registration of all its current players would pass to the SPL rather than being held by Rangers.
The American firm emerged as frontrunner as Mr Kennedy was told by Duff & Phelps that his offer was not good enough.
With current owner Whyte refusing to deal with Paul Murray’s Blue Knights bid, Club 9 is in a strong position. The two unidentified consortia are thought to be unlikely to succeed.
Club 9 Sports, formed in 2009, has described its approach as seeking to revive struggling businesses “through cost-cutting and aggressive sales and marketing”. Its most recent sports venture was the purchase of Quad City Mallards, a minor league professional ice hockey club in Illinois. Attendances and revenue figures have increased since Club 9 Sports’ takeover although investment has been modest.
Club 9 Sports made attempts to buy Tranmere Rovers and take a controlling interest in Sheffield Wednesday but both moves were unsuccessful.
The bids appeared to fail because in both cases the business plan involved short-term restructuring, and drawing consultancy fees, with a view to selling the clubs on.
Meanwhile, Mr Kennedy said he was “disappointed but not surprised” after his bid was rejected.
He added the Blue Knights bid was in the best interests of the club.
A spokesman for Duff & Phelps last night declined to comment about any individual bid for Rangers.
Nicholas saying Neil is embarrassing the club?
Can you hear me laughing?
He is embarrassing the Wyndford; the English language; Catholic school education and when he stood on that stage to support Thatcher, I suspect he embarrassed many of his nearest and dearest.
Ps Wyndford or Barracks; depending on your age, of course.
67Heaven … I am Neil Lennon..!!..Truth and Justice will always prevail on 30 March,
////////
cheers m8!
Hail Hail
Can somebody tell me how Nicholas can even be regarded as a great Celt never mind a Celtic Legend???
188 games over 8 seasons, is onle 23.5 games a season average (thats not even 1 game in every 2)
85 goals, but 48 were in one season so after that he averaged 5.2 goals per season.
A journey man Celtic is a more apt moniker!
67 HEAVEN 0849
Correct!
Just in time as well.
I was starting to think I was paranoid!
Celtic will always need rangers
KevJungle – “Let the JUNGLE be the jury!” on 30 March, 2012 at 08:45 said:
Morning CQNer’s
Correct, this is the only tool we have to stop the cheats getting off.
to sink right into the cesspit where they belong!!!
I wonder who the media collaborators
will be that, are exposed tonight on CH4 ?
Is this why Jabba has disappeared to Australia ?
Hail Hail
The Club9 stuff is hilarious, especially as the Duffmen (oh yeah!) have not yet thrown it out.
Clearly they take this bid more seriously than poor old Brian Kennedy’s “bid”.
Charlie Nick a no sock no morals soup taking quisling.
What a Friday…..
Expectin’ even more bad news for the ‘orribles today.
hen1rik on 30 March, 2012 at 08:56 said:
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Yer absolutely right but…..
I’m only reflecting what Margaret McGill has been
banging-on about for years now!
Her common sense solution HAS to be
acted upon! IMO!
Hail Hail
I said yes to a boycott last year but I was wrong because we needed to win that title but now this titles in the bag it’s time to make moves.
“What’s that you say, Skip?…….
Jim’s been sidelined……….
Strewth!!
He’s not gonna like that!”
XXXX CSC
What do u get when u cross bungle from rainbow and Jed from weird science after Lisa has turned him into the human turd. (tried to place links however they were massive) take a look at google photos and answer will be placed in an hour.
I think this Sunday should be a Celtic Park celebration of Neil Lennon. I want the stands shaking to the sound of “There’s Only One Neil Lennon!”.
If Ally McCoist took over a disaster of a team with several under-performing big name players all departing and turned them into title contenders in 6 months.
If he did that despite his main rivals cheating to sign expensive Croatian strikers at the expense of bank debt and taxes.
If he did that with only free transfers and bargain basement signings.
If he did that to a backdrop of death threats, assault and receiving bombs and bullets in the post.
If he did that after losing his friend Tommy Burns, seeing his friend Gordon Strachan lose his job and losing another close friend in Paul McBride….
The papers would have 16 page pull outs dedicated to what a managerial genius we have in our midst. He would be lauded to the heavens and his commitment to Rangers would be praised in gushing terms. Directors would be called to back him to unprecvedented levels to make a real impact in Europe. There would be no limit to what he could achieve in the game.
The papers will never dream of doing that for Neil Lennon……..
But we should!
Craiginho
Neil Lennon CSC
why are there no noises telling msm to back off neil or else. why is dignity at work not being defended here. i would like to see my club defend its employee.
why are there no muscles being flexed in the defence of neil………..
he seems very much alone!……….ok he’s not alone ’cause we’re all behind him, but i mean legally. whos’ there for him?.
could some of the great and the good on here tell me.
alex thomson @alextomo
Hoping for major report on #rangers on #c4news. Tonight @7pm. NB hope does not = promise.
(sorry if re-post)
greenjedi on 30 March, 2012 at 08:54 said:
////////////////
Charlie Nicholas was one of my favourites when he played in
1980-81,82, 83 seasons. But, fast-forwarding to today and,imo
Charlie could, crawl under Nevin with a, top hat on!!!
Charlie Nich for me, was the darling of the Jungle in the years
stated above.
I’ll always hold the suspicion that, the board of that time….
couldny wait to sell Charlie knowing full well that, they could get
away with not winning the League or, losing the league to the
‘new-firm’.
But, when the huns got sorted out and, started winning the league..
the clock was ticking for the old board.
Hail Hail
American bid for them. Now what is that word that rhymes with Yank.
quonno on 30 March, 2012 at 09:13 said:
American bid for them. Now what is that word that rhymes with Yank.
________________________________________________________
Geez another clue.
voguepunter on 30 March, 2012 at 09:14 said:
I was too well brought up to utter such not nice words.
Does’t stop me thinking them though.
Charlie Nicholas, Neil Lennon, only one of these guys is an embarrassment to Celtic Foorball club and it ISN’T Neil Lennon.
Time for a banner telling yet another uncle Tim what the support thinks of him.
W@nker not strong enough in my opinion.
I hope Neil remains with us for many years to come.
TAL
Kev Jungle
If we’re being honest Nicholas had 2 good seasons, then went to London for the Discos (as they were called then).
If he had anything like a brain in his head he would have went to Liverpool where he would have joined the best team in the world at the time and been teamed upfront with Rush n Kenny. It was a no brainer, but he was to thick to pick them, a fact that is proved whenever he opens his mouth these days!!!
Firstly let me state that I am one of the guilty that seem to fund huns and MIBS (Margaret McGill on 30 March, 2012 at 08:30 ) by attending away games. Despite Neil Lennon and his players stating on many occasions that the away support are magnificent, it appears that the Celtic fans reasons and motivation for following them at 6am to travel to Inverness and Aberdeen, is not to support the guys in the Celtic Jerseys its some more sinister funding of huns and MIB’s
He then goes on to state that we are watching Celtic on the cheap, well in my experience it is almost impossible to get the tickets for away matches unless you are a season ticket holder, therefore I am contributing as much as the avarage Celtic supporter to our club
I believe that Margaret lives on distant shores and will find it difficult to attend matches, I have my sympathys for that position having lived in Europe for 5 years, however it only strengthened my resolve to watch Celtic whenever I had the opportunity which now that I am back in Scotland is more frequent
Until there is a coherant and organised boycott of away grounds which will be absolutely effective there is no point in posturing and criticising those fans who choose to attend the away matches
If it is boycotts that you are looking for consider starting with enemies like the scottish press and phone in shows and leave the celtic away support to make their own choice.
If it comes to a point where there is an organised boycott you wont find us wanting
Craiginho at 09:06:
I think this Sunday should be a Celtic Park celebration of Neil Lennon. I want the stands shaking to the sound of “There’s Only One Neil Lennon!”.
Seconded and then some. The last home game of the season against Motherwelll was one of the best atmosphere’s I’ve ever seen at Celtic Park. Replicate that and it will show everyone what we are all about.
From the online ticket site, there are only 42 tickets left for the game. Wonder how many St Johnstone will take and if they can all be crammed into a smaller section? If so, we could set a new SPL record attendance on Sunday.
Mort
greenjedi on 30 March, 2012 at 08:54 said:
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I always remember my father telling me and, my brothers during one of his, Celtic team talks that…”when you pull on those green & white hoops….the only friends that you have on this earth are, the guys/ghirls with the, green & white scarves on!!!”
Oh, how true those words have been for, from my time supporting Celtic….almost 50 years!
Hail Hail
“We are the Interlopers in this country!” CSC
greenjedi on 30 March, 2012 at 09:19 said:
////////////////
That might be so. But, it dizny change the fact that…the board couldny wait to get rid of him! IMO!
Hail Hail
All this talk about Clark’s article in the sun,and Nicholas’ in the express (or mail) I just checked the front page of the two best-selling rags in Scotland.
You know the ones even if you don’t buy them!
They each have loads of links to various stories and articles.
STRANGELY NOT ONE OF THEM MENTIONS “THOSE” CHARGES BEING DROPPED!
At least,not when I checked-disclaimer.
Bertie Auld is a Celtic Legend, Danny McGrain is a Celtic Legend, Henrik Larsson is a Celtic Legend, Charlie Nicholas, well he’s something else….
Phil MacGiollaBhain @Pmacgiollabhain Reply Retweet Favorite · Open
People tuning into C4 news tonight for RFC scandal won’t be disappointed. #smokinggun
Intae them…
@Pmacgiollabhain: People tuning into C4 news tonight for RFC scandal won’t be disappointed.
#smokinggun
Beat me to it starry lol
Kenny Clark’s comment in The Sun are despicable. Another no-mark still trying to snuffle at the trough of Scottish Football.
I always remember a hun journalist from, The Sunday Mail, away back when CN was the star-man for us. And he was!
Anyway, the journo was called, John Faigrieve. I think ?
Fairgrieve said in one of his columns during, CN’s last season(83) of, his 1st spell at the club, “Scottish football should look to keep the talents of, Rankers Davie Cooper and, Dons Gordon Strachan in this country but, Rankers fans don’t have to worry too much as, Nicholas will be no more than an, ill-wind!”
I couldny believe he said that!
Hail Hail
An English journalist investigating Scottish Football, you couldn’t make this up.
I suppose the succulent brigade can’t investigate for legal reasons is that correct Hugh.
hen1rik on 30 March, 2012 at 09:33 said:
Great minds think alike!!