Ticketus, one of Rangers three major creditors, Craig Whyte and HM Revenue and Customs, being the others, have announced they will no longer work with the Blue Knights (or it is Blue Knight) consortium in an effort to buy Rangers.
Ticketus were crucial to Duff and Phelps hopes of being able to acquire Craig Whyte’s shares in Rangers. Although anyone who actually listened to Mr Whyte will know how unlikely this was, their withdrawal from the process formally brings an end to this fantasy.
Without Rangers shares, Duff and Phelps cannot sell the club. Mr Whyte also has security over Ibrox stadium, so they cannot sell the stadium either.
Some weeks ago suggestions were leaked to the media that Ticketus had agreed to forgive all but £10m of their debt. It was even suggested this figure would be repayable on easy terms. Now the company will take their place alongaspirationsside other creditors. In the event Rangers remain in business long enough to sell tickets for next season, revenue from the first (circa) 25,000 tickets sold for each game goes directly to Ticketus.
The charade is over.
Those hoping to see a club resembling Rangers form in the future have had months to secure a stadium, club licence, stadium, players, stadium, and commercial infrastructure. Instead they have stalled, chasing an unattainable CVA.
There is no time left, there will be no CVA and the chances of a phoenix next season is increasingly remote.
#OneteaminGlasgow,
There’s only one team in Glasgow.
One team in Glasgow,
There’s only one team in Glasgow.
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I demand they name all the Blue Knights and whether they have paid all their taxes
So Kennedy withdrew before and said he would only re-enter the fray if it looked like Rangers were going to be liquidated.
Duff and Dope asked for a bid with “No Conditions”, or don’t bother.
Ticketus take a look and bail out this morning. This afternoon Kennedy and the Knight who say “Naw!” come back in with a “substantial” offer…….but tragically one that has those pesky conditions attached.
Priceless!! Cue D&P spending the weekend at least mulling over this latest proposal before tragically spotting those showstopping pre-conditions at the eleventh hour. Meanwhile their pockets end up much more lined, and there is much more wailing and gnashing of teeth amongst the Orc hordes.
Throw in a good shoeing for their hammer-throwers on sunday, and it could be yet another Carlsberg weekend.
HH
The Blue Knights consortium and Scots rugby club owner Brian Kennedy have submitted a conditional takeover bid for Rangers.
According to a statement released by the pair on Friday afternoon, the offer is subject to a company voluntary agreement (CVA) being agreed among the Ibrox club’s many creditors.
The new bid is also conditional on Craig Whyte’s shares being acquired, the group confirmed in a statement.
Earlier in the day London agency Ticketus confirmed it had withdrawn its financial backing of the Blue Knights consortium, citing the increasing complexity of the financial mess at Rangers being a barrier to it.
In a joint statement, the frontman of the Blue Knights group, former Rangers director Paul Murray, and Mr Kennedy, who owns Sale Sharks Rugby Union Club, said: “We are pleased to announce that the Blue Knights, led by Paul Murray and Brian Kennedy have joined forces and at 3pm today have submitted a written offer to the lawyers of the administrators to purchase Rangers Football Club.
“This offer we consider to be substantial and is conditional on a CVA being approved by the creditors, and Mr Whyte’s shares being acquired.
“We hope this is accepted so that we may proceed with due diligence forthwith and make a start to the task of re-building Rangers Football Club of 1872.”
Mr Kennedy has previously had two bids rejected while the finance behind the Blue Knights, aside from Ticketus when it was involved, has never been clarified.
The other bidder still in the running is American tow-truck business owner Bill Miller who has offered £11.2m for the club’s assets to be sold to a new company, which would most likely result in the old one being liquidated.
Ticketus, which struck a £25.3m deal with Mr Whyte for 100,000 Ibrox season tickets, will most likely now become a creditor of the company to the tune of £27m if that agreement is now torn up should it not be part of any takeover bid. The London agency has so far been paid £8m by Rangers for the deal, while it also struck a similar one with Sir David Murray for Ibrox season tickets in 2009
The huns are already talking about a war chest for next season
ahahahahah
Oops someones not really with it…
MCWotte @MarkWotte Reply Retweet Favorite · Open
Delighted for Rangers that they have received a proper and respectable bid from people that care for Rangers FC,hope for better times quick
Retweeted by Paul Larkin
it’s all a nonsense but the longer the nonsense goes on the better.
This is just to spin it out until either the end of the season or the tax case decision, whichever comes first.
I suppose from a public order point of view there’s an argument for delaying the end until the close season.
traditionalist88
Im with Kayal33 put me down for the 4th may day after elections Hmmmmm
PUBLIC ORDER and all that. :))))) HAIL HAIL
Great post on RTC (from Dundee Utd Mad):
Walter Smith (Oct 2009):
“Scottish football can survive without the Old Firm first teams. It will mean other clubs have a chance to be successful.
“When I say the Old Firm leaving to join an Atlantic League, I don’t exclude other Scottish clubs from having that chance.
“The team that wins the SPL could step up and, possibly, represent Scotland in the Champions League. If Rangers and Celtic were playing in the Atlantic League and Aberdeen win the SPL, then I think there could be a play-off to get into the Atlantic League for the next season.
“Even under this scenario the Old Firm would still have a presence in Scotland .
“Probably their teams would have to start in the lower divisions and work their way up. I fear for Scottish football if we don’t change.”
Walter Smith (April 2012):
“Despite all the joy that a lot of people might be taking at the situation that Rangers are in, no-one – especially in the SPL – wants to see Rangers leave with the support they carry and the amount of money they bring to the league itself.
“The sanctions they have given would, in my mind, put them in danger of relegation and every club in the league would suffer then.”
ASonOfDan on 27 April, 2012 at 16:14
Windows smashed! Wasn’t us it was a minority that weren’t part of the offical unofficial walk.
Why don’t they learn? I have no problem with anyone making a stand but it needs to be well organised and make a point.
What is there point?
‘It’s no fair!’
I just don’t get this. They should have made their point at Ibrox months ago. They have blown it!
LB
Any chance we can get Craig David “I’m Walking Away” played on Sunday?
D&D have reviewed all of the bids and are proposing a CVA at 5p/ginger bottle
TheCelticOne on 27 April, 2012 at 16:15 said: The huns are already talking about a war chest for next season ahahahahah
bwaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
When do HMRC deliver the killer blow?
Fat Sally with more rangers ‘please keep us in the SPL because we’re special’ propaganda.
“The fixture is certainly one of the greatest products Scottish football has and maybe British football as well.
“I’ve been fortunate enough to be at derby games all over the UK and all over Europe and there’s nothing quite like it. It’s a fantastic product.
“You can argue sometimes about the quality of football but the atmosphere both sets of fans generate is second to none. It is a spectacle we should be proud of.”
Doc is Neil Lennon
hadn’t thought of that one! Their fellow mutants must be putting them up for the night.
HH
I reckon this is just the Polis’s way of calming the knuckledraggers down this weekend.
By Monday, when we have horsed them at Paradise, and D&P have rejected this farcical bid, it will be back to BAU at the Orcdome!!
Rangers Football Club of 1872.”
Why do they keep quoting this? Is this the official club name?
I thought it was Rangers FC (IA)
LB
After Sundays game, supposed Sky contract honoured, 4 OF games in a season, shut Monday.
sorry for stretching the page but………
So Strathclyde’s finest now know that an unlawful demo and march is planned that has public order implications and a high likelihood of other criminal behaviour.
Manchester anyone
Over to you Chief Constable.
Following a 5-0 victory over rangers, Johann Mjallby reaches over to shake the neck of his counterpart sally mcmoist, the mighty Johann grips the scrawny neck tightly and whispers in his ear………..
“theres jelly n ice cream all over your brogues….”
So what has changed from the last Blue Knights bid?
Seems to me they have gained Brian Kennedy and lost Ticketus. Doesn’t that make the bid weaker and less likely to succeed?
traditionalist88 on 27 April, 2012 at 15:54 said:
Meanwhile OG Rafferty’s latest little gem is being held for a few more days…
================================
what have I missed from OG?
RalphWaldoEllison-is Neil Lennon Season 2011-12
I would hope Eddie Smith is in attendance. He is an expert on unlawful songs.
LB
Gordon_J – is it possible to be less likely than “Nae Chance”?
From Jim Delahunt on twitter
Ticketus think liquidation better than Blue Knights who say no deal without guaranteed CVA and Whyte’s shares. The end? Or another twist
“It is a spectacle we should be proud of.”
Sally has finally ‘lost the plot’……….he is now officially KING FUD
Gordon_J backing Neil Lennon 16:23
Stop talking sense. The Blue Knights have put in a conditional bid, rangers are saved.
Jist like Ah said..Stil,l the same old, same old.
Rub a Dub, Dub,
Six men in a Tub.
Four Flushers, A Bum and A Liberty Taker!
Kojo
Still , Laffiin’ and Laffih’.. and Laffin’
From STV;
A spokeswoman for Strathclyde Police said: “We are aware of the proposed march.We are in discussions with the relevant authorities.
“We understand the need people have to demonstrate however there is a due process which needs to be followed in terms of organising a march.”
A spokesman for Glasgow City Council confirmed that the procession had been approved to go ahead by council officers at a meeting on Friday afternoon.
More cost to us taxpayers..
Cultsbhoy-I think they will wait til they run out of money.IMO they will use the huns case to get money from EPL & Championship clubs,which may be north of £1 billion. Liverpool allegedly have EBT bill of £220 mil,Newcastle supposed to owe more than any other team.
More from the deluded fools
http://forum.rangersmedia.co.uk/index.php?showtopic=218338
Livibhoy
Eddie’s still in polis purdah I think.
HH
RWE
Duff and Phelps pointed out the Tooth night Fairies have not made a bid. Press reports saying they were waiting in the wings or under a pillow with a sixpence are nothing but fantasy
Statement from Raith Rovers:
As a result of the participation of one of our Directors on an SFA panel, this football club finds itself now having to contend with various threats in the form of emails and telephone calls, during the build-up to an important SFL league match.
This club, along with every other club in the SPL and SFL, voted for change at last year’s AGM. Part of that change involved the setting up of a panel of individuals who would give of their time to better facilitate and judge on football issues affecting the game in Scotland.
Individuals who agreed to an involvement in that process now find themselves chased by the media, vilified by sections of the press, subjected to abuse and hate. If this is the consequence of participation, it is more than likely that many will wish to consider whether or not such participation is worth such a price.
This football club remains supportive of our Director’s involvement in what has turned out to be a fiasco. It is, however, incumbent on us as a football club to point out that we are NOT directly involved in the process per se. Threats to our staff, our infrastructure and our reputation is something we could well do without. So far this week significant additional costs have been incurred here at Kirkcaldy. Equally, tomorrow’s important game against our friends from Dumfries, will be subject to greater security and police presence than would otherwise be the norm.
The Board at RRFC will have to consider why we should be subject to additional costs in support of a battle which has nothing to do with the football club. We may well be viewed as ‘collateral damage’ in the wider debate re the future of one of the country’s larger footballing institutions, but we are nevertheless heartily sickened by what has happened this week.
This Board now looks to the footballing authorities to defuse the current mayhem and allow this football club – and no doubt others – to get back to business as usual.
I fear for Scottish football if we don’t change.”
Part of what The Cardihun said in 2009, was he referring to paying tax?
They didn’t change though, you reap what you sow.
Of for a run, shortly after the pub.
Is that irony?
Raith Rovers statement on official website.