((HT: SportsTonightLive))
So, now we know...
The Rangers have received what newco boss Charles Green is saying is the "ultimate punishment." 25 of the 30 teams in the Scottish Football Association voted for the team to start over at the bottom...
"I'm comfortable today that the Scottish Football League made a very, very decisive decision that was based on sporting fairness and I think the Scottish Football League were in the right place to make that decision," SFL chief executive David Longmuir said in a statement.
"This decision followed a tried-and-tested process and was taken in cognisance with the other options which were available for consideration.
"Today's decision has been one of the most difficult for all concerned but it has been taken in the best interest of sporting fairness which is the fundamental principle of the Scottish Football League.
"The Scottish Football League has been entirely consistent with our willingness to work with other bodies to ensure that we focus on rebuilding our game, restoring pride in our game and exploring revenue streams and our willingness to achieve these aims does not alter."
Here's the Forum discussion that includes Rangers and their future
And the anticipation of the vote from STVNews...
Nothing like starting over... and the same may be said about Scottish Football as conventional wisdom is calling that this act is the beginning of the end of Scottish football.
Showing posts with label Duff and Phelps. Show all posts
Showing posts with label Duff and Phelps. Show all posts
Friday, July 13, 2012
Wednesday, July 4, 2012
BREAKING: SPL Votes Against Rangers Newco
Not really a surprise, but the Rangers FC did not get the required 8-4 margin for the newco to gain access to substitute themselves for the Craig Whyte-owned, pre-administration Rangers that holds the record for most titles by a team in any league around the planet.
The vote took about five hours of discussion and now the team has applied for entry into the Scottish Football Association. The team could be playing in any one of the three leagues not involved in the Premier League.
The fall of Rangers continues... and it's still a pretty big fall that's not over with since the owners are still trying to figure out just how much is owed to Her Majesty's Royalty Council (HMRC, the Queen's version of the IRS).
Here's the statement from John Brown as he tries to get Charles Green to sell Rangers and let the fans have them for the new start...
((HT: SkySports/youtube))
As the fans always are trying to keep the club's best interest at heart, it seems Rangers will have a long way back from a long way back...
The vote took about five hours of discussion and now the team has applied for entry into the Scottish Football Association. The team could be playing in any one of the three leagues not involved in the Premier League.
The fall of Rangers continues... and it's still a pretty big fall that's not over with since the owners are still trying to figure out just how much is owed to Her Majesty's Royalty Council (HMRC, the Queen's version of the IRS).
Here's the statement from John Brown as he tries to get Charles Green to sell Rangers and let the fans have them for the new start...
((HT: SkySports/youtube))
As the fans always are trying to keep the club's best interest at heart, it seems Rangers will have a long way back from a long way back...
Saturday, June 30, 2012
Rangers Idea Of Staying Premier Fading
((HT: STV News))
Glasgow Rangers may have to find a new home outside the Scottish Premier League since the number of owners asked to allow the "newco" version of Rangers under their new ownership in Charles Green won't meet the desired 8-4 margin of approval...
Holly Hamilton describes what's up...
The new series of angst centers around the idea that Rangers is still Rangers even as the tax debt created by Craig Whyte is being settled by Her Majesty's Royalty and Customs (HMRC), administrator Duff and Phelps, and new owner Green.
This is turning out to be the largest opportunity for debate in Scottish soccer since... well, ever...
It's the opportunity for economic revenge on Rangers by the other SPL franchises. It's the opportunity for the league to lose at least a million pounds in the value of their TV deal without Rangers as a commodity to square off against Celtic. And it's the opportunity for every other level of Scottish soccer to extract some kind of corporate revenge against the team that has won more titles than any other team on the planet.
Here's the first ideas that Rangers would have to find a home elsewhere...
But, then, the larger question is: Where to put them...? If they're turned down by the SPL Wednesday- which is likely, they can't be relegated to the Scottish Football League below Premier because of the relegation ladder and its ups-and-downs that are law.
The thoughts by some fans are that Rangers just need to go to League Three- the baseball equivalent of Single-A- and just start over...
Glasgow Rangers may have to find a new home outside the Scottish Premier League since the number of owners asked to allow the "newco" version of Rangers under their new ownership in Charles Green won't meet the desired 8-4 margin of approval...
Holly Hamilton describes what's up...
The new series of angst centers around the idea that Rangers is still Rangers even as the tax debt created by Craig Whyte is being settled by Her Majesty's Royalty and Customs (HMRC), administrator Duff and Phelps, and new owner Green.
This is turning out to be the largest opportunity for debate in Scottish soccer since... well, ever...
It's the opportunity for economic revenge on Rangers by the other SPL franchises. It's the opportunity for the league to lose at least a million pounds in the value of their TV deal without Rangers as a commodity to square off against Celtic. And it's the opportunity for every other level of Scottish soccer to extract some kind of corporate revenge against the team that has won more titles than any other team on the planet.
Here's the first ideas that Rangers would have to find a home elsewhere...
But, then, the larger question is: Where to put them...? If they're turned down by the SPL Wednesday- which is likely, they can't be relegated to the Scottish Football League below Premier because of the relegation ladder and its ups-and-downs that are law.
The thoughts by some fans are that Rangers just need to go to League Three- the baseball equivalent of Single-A- and just start over...
Tuesday, June 12, 2012
Tuesday Rangers Update: HMRC Rejects Settlement Terms
((HT: STV News))
What both Rangers administrators Duff and Phelps and new owner Charles Green were looking for was an agreement with HMRC (the Crown's version of the IRS) where a Company Voluntary Agreement (CVA) would settle the team's debts at a percentage.
HMRC didn't go for it. That now means that liquidation will probably be the only resolution for the unpaid tax bill the team has and the "new" Rangers will be a "newco" set-up under a new corporate structure.
So, here's the next step...
Paul Clark, Duff and Phelps joint administrator, said: "It was a very disappointing day but we must deal with these things and move on.
"I can understand where this has come from, the position that HMRC have taken throughout is that until the final proposal was put to them they wouldn't confirm for sure whether they would vote in favour or against.
"They saw a proposal in a draft format and agreed it should be circulated.
"We were very hopeful because it showed the best possible financial result for creditors that vote in favour but they decided because of the delinquent tax debt from the past that on this occasion they were not prepared to vote in favour.
"So the decision was to reject the CVA on Thursday.
"This wasn't about personalities, we've had that absolutely confirmed by HMRC, it's also not about the fact they can't be certain as to what their debt is.
"Of course the big tax case has still to be decided, we still don't have the tribunal decision. We did make sure it wasn't just a case of timing or individuals and they confirmed to us that that is the case."
Here's the text of a Charles Green interview with Rangers TV about the challenges of the new era at Ibrox:
"One of the frustrations I have is we've spent a week explaining to people who believed we were using season ticket money to buy the club that that wasn't the case.
"There is a huge amount of negative energy being spent and what we have to do now is say that these are the cards we've got, not what we'd like or where we wanted to be.
"We need to say what we have, get behind it and move forward and after the CVA proposal is formally rejected on Thursday as you'd expect, I'll name my investors.
"We'll reveal who is on the board, what the names of the directors are and all of the things the fans, the SFA and the SPL are looking to see.
"The consortium's capabilities are not affected at all. There's obviously a reduction of £3million in price but we'd more than happily have paid the higher price.
"The support, commitment, willingness and ambition of the investors are all still there to take this club forward.
"The history of Rangers is not going to disappear just because HMRC decided to do an about turn on what they have been suggesting over the last few weeks.
"This club's history and traditions are based around its fans, their support and their loyalty and we're going to ensure the new structure preserves that."
What both Rangers administrators Duff and Phelps and new owner Charles Green were looking for was an agreement with HMRC (the Crown's version of the IRS) where a Company Voluntary Agreement (CVA) would settle the team's debts at a percentage.
HMRC didn't go for it. That now means that liquidation will probably be the only resolution for the unpaid tax bill the team has and the "new" Rangers will be a "newco" set-up under a new corporate structure.
So, here's the next step...
Paul Clark, Duff and Phelps joint administrator, said: "It was a very disappointing day but we must deal with these things and move on.
"I can understand where this has come from, the position that HMRC have taken throughout is that until the final proposal was put to them they wouldn't confirm for sure whether they would vote in favour or against.
"They saw a proposal in a draft format and agreed it should be circulated.
"We were very hopeful because it showed the best possible financial result for creditors that vote in favour but they decided because of the delinquent tax debt from the past that on this occasion they were not prepared to vote in favour.
"So the decision was to reject the CVA on Thursday.
"This wasn't about personalities, we've had that absolutely confirmed by HMRC, it's also not about the fact they can't be certain as to what their debt is.
"Of course the big tax case has still to be decided, we still don't have the tribunal decision. We did make sure it wasn't just a case of timing or individuals and they confirmed to us that that is the case."
Here's the text of a Charles Green interview with Rangers TV about the challenges of the new era at Ibrox:
"One of the frustrations I have is we've spent a week explaining to people who believed we were using season ticket money to buy the club that that wasn't the case.
"There is a huge amount of negative energy being spent and what we have to do now is say that these are the cards we've got, not what we'd like or where we wanted to be.
"We need to say what we have, get behind it and move forward and after the CVA proposal is formally rejected on Thursday as you'd expect, I'll name my investors.
"We'll reveal who is on the board, what the names of the directors are and all of the things the fans, the SFA and the SPL are looking to see.
"The consortium's capabilities are not affected at all. There's obviously a reduction of £3million in price but we'd more than happily have paid the higher price.
"The support, commitment, willingness and ambition of the investors are all still there to take this club forward.
"The history of Rangers is not going to disappear just because HMRC decided to do an about turn on what they have been suggesting over the last few weeks.
"This club's history and traditions are based around its fans, their support and their loyalty and we're going to ensure the new structure preserves that."
Wednesday, May 30, 2012
Wednesday Rangers Update: Looking To Leave Administration...
((HT: BBC Scotland))
There are a couple of items that are of concern in the Glasgow Rangers...
First the courts have agreed with the administrators and the franchise that the lockdown on signing players older than 18 was harsh punishment for a franchise looking to move forward.
From the Rangers website...
Paul Clark, Joint Administrator said: "We welcome the decision by Lord Glennie today that vindicates the Club's position that the original SFA judicial panel tribunal and the appellate tribunal acted beyond their powers in imposing a transfer embargo on the Club.
"The costs for this legal action have been awarded against the SFA and it is our position it is very regrettable that court action was required.
"Both we, and the SFA, will have to study the full ramifications of the judgment when it is published and either side has 21 days in which to decide the next course of action or whether they wish to appeal."
Charles Green, the new bidder at the top of the pecking order to take over for Rangers, wants creditors to accept the terms of the Company Voluntary Agreement (CVA) without having looked at the terms of it. A 75-percent majority have to decide if they want something without knowing what exactly that "something" may be in percentage...
Duff and Phelps, who hold secure creditor status, have legal fees of over £5.5-million which has to be paid while the outcome of a tax tribunal could send the club's debt above £134-million... thanks to Craig Whyte's shenanigans.
The CVA is being sent to approximately 400 trade creditors, over 6,000 fans holding debentures and all shareholders within the club.
If the plan is approved at the June meeting, another 28-day cooling-off period would be involved before Rangers could come out of administration.
If the CVA is not agreed to, Green plans to push through a newco purchase of the assets. Green, though, may have to fight the SPL's new rules against newco franchises... which would be a big problem...
Here's the BBCSI investigation on the past year of Craig Whyte's mismanagement
There are a couple of items that are of concern in the Glasgow Rangers...
First the courts have agreed with the administrators and the franchise that the lockdown on signing players older than 18 was harsh punishment for a franchise looking to move forward.
From the Rangers website...
Paul Clark, Joint Administrator said: "We welcome the decision by Lord Glennie today that vindicates the Club's position that the original SFA judicial panel tribunal and the appellate tribunal acted beyond their powers in imposing a transfer embargo on the Club.
"The costs for this legal action have been awarded against the SFA and it is our position it is very regrettable that court action was required.
"Both we, and the SFA, will have to study the full ramifications of the judgment when it is published and either side has 21 days in which to decide the next course of action or whether they wish to appeal."
Charles Green, the new bidder at the top of the pecking order to take over for Rangers, wants creditors to accept the terms of the Company Voluntary Agreement (CVA) without having looked at the terms of it. A 75-percent majority have to decide if they want something without knowing what exactly that "something" may be in percentage...
Duff and Phelps, who hold secure creditor status, have legal fees of over £5.5-million which has to be paid while the outcome of a tax tribunal could send the club's debt above £134-million... thanks to Craig Whyte's shenanigans.
The CVA is being sent to approximately 400 trade creditors, over 6,000 fans holding debentures and all shareholders within the club.
If the plan is approved at the June meeting, another 28-day cooling-off period would be involved before Rangers could come out of administration.
If the CVA is not agreed to, Green plans to push through a newco purchase of the assets. Green, though, may have to fight the SPL's new rules against newco franchises... which would be a big problem...
Here's the BBCSI investigation on the past year of Craig Whyte's mismanagement
Wednesday, May 16, 2012
Wednesday Rangers Update: Fine Stands, Embargo Stands... Team Screwed...???
And the Scottish Football Association sounds more and more like the NCAA every day...
The parent company for Scottish professional soccer is telling the Rangers football club that they can't bring in any players outside of the 40 they have access to already and can't sign anyone outside that roster over the age of 18.
The fine of 160,000 pounds stands even as the SFA recognized the financial non-payment of over 13-million in taxes was all Craig Whyte's doing...
The SFA also wants to find out just how many people (and who) are involved Charles Green's consortium. Green signed an irrevocable 8.5-million pound note to take care of creditors and appease administrator Duff and Phelps to get the team out of administration.
Here's Green addressing his desires for Rangers...
((HT: ITN News))
The parent company for Scottish professional soccer is telling the Rangers football club that they can't bring in any players outside of the 40 they have access to already and can't sign anyone outside that roster over the age of 18.
The fine of 160,000 pounds stands even as the SFA recognized the financial non-payment of over 13-million in taxes was all Craig Whyte's doing...
The SFA also wants to find out just how many people (and who) are involved Charles Green's consortium. Green signed an irrevocable 8.5-million pound note to take care of creditors and appease administrator Duff and Phelps to get the team out of administration.
Here's Green addressing his desires for Rangers...
((HT: ITN News))
Friday, May 11, 2012
Friday Rangers Update: Back To Two Bids, Kennedy Pissed...
((HT: Rangers their own selves))
The appeal of Rangers in front of the SFA for the Craig Whyte-inspired punishments is set for next week. Administrators Duff and Phelps are still hacked that the league isn't differentiating between Rangers then and Rangers now...
The Blue Knights consortium went public today with their displeasure of not being considered for preferred bid status.
Here's part one of the Blue Knights presser...
((HT: youtube))
David Whitehouse, Duff and Phelps joint administrator, took an extraordinary step of commenting on confidential activity:
"Throughout the process Mr Kennedy told us repeatedly he would be the 'last man standing'. As Mr Kennedy today made a virtue of explaining publicly details of his bid we are in a position to comment on those remarks. Of the £5.5 million cash on 'day one' figure Mr Kennedy quoted, £3.5 million of that would be provided by us in any case from the Club's debtors.
"The bid structure also factors in performance in Europe, and reaching the later stages of the UEFA Champions League which cannot be achieved next season for example.
"We therefore find it extraordinary and very disappointing that Mr Kennedy in particular should assert that the amount being offered is irrelevant. Time and again he and others have been afforded the opportunity to become the best bid in play and it has not happened. We have a statutory duty to accept the best bid that is deliverable."
Preferred bidder status is now set for a consortium linked to former Sheffield United CEO Charles Green- known for his ruthless nature of guidance for business on the pitch.
Current manager Ally McCoist has been advised to watch his back if Green's group gets Rangers.
Here's the look at the Lap of Honour again...
((HT: SkySports/youtube))
One final thing, Ticketus finally got smart and is now chasing after Whyte for their 27-million pounds...
About time...
The appeal of Rangers in front of the SFA for the Craig Whyte-inspired punishments is set for next week. Administrators Duff and Phelps are still hacked that the league isn't differentiating between Rangers then and Rangers now...
The Blue Knights consortium went public today with their displeasure of not being considered for preferred bid status.
Here's part one of the Blue Knights presser...
((HT: youtube))
David Whitehouse, Duff and Phelps joint administrator, took an extraordinary step of commenting on confidential activity:
"Throughout the process Mr Kennedy told us repeatedly he would be the 'last man standing'. As Mr Kennedy today made a virtue of explaining publicly details of his bid we are in a position to comment on those remarks. Of the £5.5 million cash on 'day one' figure Mr Kennedy quoted, £3.5 million of that would be provided by us in any case from the Club's debtors.
"The bid structure also factors in performance in Europe, and reaching the later stages of the UEFA Champions League which cannot be achieved next season for example.
"We therefore find it extraordinary and very disappointing that Mr Kennedy in particular should assert that the amount being offered is irrelevant. Time and again he and others have been afforded the opportunity to become the best bid in play and it has not happened. We have a statutory duty to accept the best bid that is deliverable."
Preferred bidder status is now set for a consortium linked to former Sheffield United CEO Charles Green- known for his ruthless nature of guidance for business on the pitch.
Current manager Ally McCoist has been advised to watch his back if Green's group gets Rangers.
Here's the look at the Lap of Honour again...
((HT: SkySports/youtube))
One final thing, Ticketus finally got smart and is now chasing after Whyte for their 27-million pounds...
About time...
Tuesday, May 8, 2012
Yank Go Home! Miller Drops Rangers Bid (UPDATED: Whyte Will Sell)
((HT: SkySports.com))
Well, if this doesn't throw everything into a tizzy...
Bill Miller, the Tennessee towing magnate, released a statement that, in part, dropped the bombshell that he wasn't going to be pursuing Glasgow Rangers after all- especially after growing sentiment against it...
"Having no intention of negatively affecting the potential outcome of the club's future and 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 and will not be moving forward."
Remember, administrators Duff and Phelps had labelled Miller's bid as the preferred bid over the local consortium bid of Brian Kennedy and the Blue Knights.
Here was the background on Miller and the Rangers deal, thanks to our friends at STVScotland...
And here's how Sky Sports looked at Miller's removal...
Here was part of how the mess started and Craig Whyte's dodging of the issues...
((HT: SkySports))
And here's the response from Duff and Phelps joint administrator David Whitehouse:
"We can confirm that Mr Bill Miller has decided not to complete his purchase of Rangers Football Club.
"Since Mr Miller was announced as preferred bidder on Thursday of last week, it is regrettable that more progress could not be made to further the sale of the Club.
"We have been informed by his advisors that there were a number of issues with which he felt uncomfortable including legacy contracts, the limitation of potential revenue streams and the expectation of required investment.
"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."
So, now we're back to three bids- none of them preferred, and a team that runs out of money at the end of the month...
THURSDAY UPDATE: Craig Whyte has now announced that he will sell his controlling percentage of shares to two of the three groups now being considered by Duff and Phelps as a suitable new owner.
Apparently, one of the groups actually has experience dealing with clubs on the Premier League and Championship level and Whyte thinks their bid is the only credible one on the table. That group, apparently, talked with D&P two days ago.
Here was the Lap of Honour Rangers took after their home finale of the season...
((HT: SkySports/youtube))
Well, if this doesn't throw everything into a tizzy...
Bill Miller, the Tennessee towing magnate, released a statement that, in part, dropped the bombshell that he wasn't going to be pursuing Glasgow Rangers after all- especially after growing sentiment against it...
"Having no intention of negatively affecting the potential outcome of the club's future and 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 and will not be moving forward."
Remember, administrators Duff and Phelps had labelled Miller's bid as the preferred bid over the local consortium bid of Brian Kennedy and the Blue Knights.
Here was the background on Miller and the Rangers deal, thanks to our friends at STVScotland...
And here's how Sky Sports looked at Miller's removal...
Here was part of how the mess started and Craig Whyte's dodging of the issues...
((HT: SkySports))
And here's the response from Duff and Phelps joint administrator David Whitehouse:
"We can confirm that Mr Bill Miller has decided not to complete his purchase of Rangers Football Club.
"Since Mr Miller was announced as preferred bidder on Thursday of last week, it is regrettable that more progress could not be made to further the sale of the Club.
"We have been informed by his advisors that there were a number of issues with which he felt uncomfortable including legacy contracts, the limitation of potential revenue streams and the expectation of required investment.
"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."
So, now we're back to three bids- none of them preferred, and a team that runs out of money at the end of the month...
THURSDAY UPDATE: Craig Whyte has now announced that he will sell his controlling percentage of shares to two of the three groups now being considered by Duff and Phelps as a suitable new owner.
Apparently, one of the groups actually has experience dealing with clubs on the Premier League and Championship level and Whyte thinks their bid is the only credible one on the table. That group, apparently, talked with D&P two days ago.
Here was the Lap of Honour Rangers took after their home finale of the season...
((HT: SkySports/youtube))
Friday, May 4, 2012
Miller Gets Preferred Bid For Rangers
Tennessee towing magnate Bill Miller has been given preferred negotiating status for Glasgow Rangers- which means he now has two weeks to exclusively get his affairs in order with the Scottish Premier League...
Rangers administrator David Whitehouse addressed the decision:
"We believe the bid from Mr Miller provides not only the best deliverable outcome but preserves the history of the club.
"Rangers Football Club will continue as the football club it has for some 140 years. Mr. Miller and his team have sought clarity in relation to any potential footballing sanctions.
"Very importantly the bid avoids the need for liquidation. All too often the term liquidation has been bandied about during this process without a clear understanding of what it actually means.
"There is no liquidation involved in this strategy and we cannot stress that strongly enough."
"Mr Miller's proposal is the only unconditional bid we have received. The bid proposed by Mr Miller is greater than any other and provides the best return to creditors."
Paul Murray, who only recently combined with Brian Kennedy for a consortium bid, was naturally disappointed. In a statement released, he warned of the idea of the "newco" and how it could deliver long-term damage to Rangers future...
"We believe that we have the best interests of Rangers Football Club at heart and our motives reflect a thorough understanding of the position that Rangers holds in Glasgow and indeed Scottish football.
"We believe that our bid was, and remains, the best bid for Rangers Football Club and its supporters.
"We were therefore surprised and disappointed to be informed earlier today that a preferred, non-exclusive bidder has been appointed which appears to entail the transfer of the assets and Rangers business into a newco structure.
"Whilst we acknowledge that the acceptance of a newco structure would be easier for Duff and Phelps to execute, we were not prepared to follow that course of action.
"We believe that the complexities of a newco process should not be underestimated and the likely loss of European football for a minimum period of three years may carry longer term financial consequences to Rangers Football Club and its many supporters.
"Under our CVA-proposed transaction, these issues could have been addressed more easily.
"Whilst we also acknowledge that the delivery of Craig Whyte's shares created a degree of uncertainty, our frustration lies in the fact that it is only in recent days has this issue been seen as an impediment to overcome in enabling us to make an unconditional CVA offer to Duff and Phelps.
"With the end of the current season now very close, the current uncertainty and delay in resolving matters has to be urgently resolved as there are many key decisions that need to be made to ensure that the club can plan properly for next season and beyond."
So, now we get closer to the end of the line if the Miller bid is approved...
Think "two weeks..."
The UK version of PTI discusses if the SPL punishments fit the crime of Rangers in the first place...
((HT: ESPNUK))
Rangers administrator David Whitehouse addressed the decision:
"We believe the bid from Mr Miller provides not only the best deliverable outcome but preserves the history of the club.
"Rangers Football Club will continue as the football club it has for some 140 years. Mr. Miller and his team have sought clarity in relation to any potential footballing sanctions.
"Very importantly the bid avoids the need for liquidation. All too often the term liquidation has been bandied about during this process without a clear understanding of what it actually means.
"There is no liquidation involved in this strategy and we cannot stress that strongly enough."
"Mr Miller's proposal is the only unconditional bid we have received. The bid proposed by Mr Miller is greater than any other and provides the best return to creditors."
Paul Murray, who only recently combined with Brian Kennedy for a consortium bid, was naturally disappointed. In a statement released, he warned of the idea of the "newco" and how it could deliver long-term damage to Rangers future...
"We believe that we have the best interests of Rangers Football Club at heart and our motives reflect a thorough understanding of the position that Rangers holds in Glasgow and indeed Scottish football.
"We believe that our bid was, and remains, the best bid for Rangers Football Club and its supporters.
"We were therefore surprised and disappointed to be informed earlier today that a preferred, non-exclusive bidder has been appointed which appears to entail the transfer of the assets and Rangers business into a newco structure.
"Whilst we acknowledge that the acceptance of a newco structure would be easier for Duff and Phelps to execute, we were not prepared to follow that course of action.
"We believe that the complexities of a newco process should not be underestimated and the likely loss of European football for a minimum period of three years may carry longer term financial consequences to Rangers Football Club and its many supporters.
"Under our CVA-proposed transaction, these issues could have been addressed more easily.
"Whilst we also acknowledge that the delivery of Craig Whyte's shares created a degree of uncertainty, our frustration lies in the fact that it is only in recent days has this issue been seen as an impediment to overcome in enabling us to make an unconditional CVA offer to Duff and Phelps.
"With the end of the current season now very close, the current uncertainty and delay in resolving matters has to be urgently resolved as there are many key decisions that need to be made to ensure that the club can plan properly for next season and beyond."
So, now we get closer to the end of the line if the Miller bid is approved...
Think "two weeks..."
The UK version of PTI discusses if the SPL punishments fit the crime of Rangers in the first place...
((HT: ESPNUK))
Friday, April 27, 2012
Two Rangers Bids In, McCoist Resigned To Fate...???
((HT: goal/RangersTV))
Duff and Phelps says officially that there are two bids in house for Glasgow Rangers...
One is from towing magnate Bill Miller and the other is a joint effort now with Brian Kennedy and the Blue Knights. The Kennedy-Knights bid is contingent on an agreement wit all creditors and the purchase of Craig Whyte's shares on the board...
David Whitehouse, joint administrator of Rangers from Duff and Phelps, said in a prepared release:
"We can confirm this afternoon that we are in receipt of two formal bids for control of Rangers Football Club.
"Both bids at this stage remain conditional.
"We are in receipt of a bid from Bill Miller, whose bid is conditional on securing greater comfort and clarity from the football authorities in relation to sanctions against Rangers.
"Clearly, the events of last Monday night when the SFA's judicial panel imposed severe and, in our view, unwarranted penalties on the club had a destabilising effect on the sale process.
"However, since then, Mr Miller's bid team have worked to develop a structure which enables the wishes of creditors to be taken into account whilst ensuring that the club is taken forward well-capitalised and the requirements of the footballing authorities are met.
"Mr Miller hopes a solution to all regulatory issues can be found and his team has been in constructive discussions with all relevant parties this week.
"This afternoon Brian Kennedy and Paul Murray submitted a bid which is conditional on a CVA being approved by creditors and we will seek guidance from prominent creditors.
"It is also conditional on the acquisition of the shares of Craig Whyte in the football club and we have asked for this and other points in the bid to be clarified.
"We note the statement today issued by Ticketus and its withdrawal as a potential partner for the Blue Knights.
"What should be clarified is that neither bid involves liquidation of the football club.
"In terms of quantum, there are significant differences between the two offers in terms of a prospective return to creditors and approach to future funding and these have to be evaluated.
"We will provide a further update as soon as possible."
Meanwhile, in an interview with Rangers TV, team manager Ally McCoist seems somewhat resigned to the idea that, maybe, dropping down a few divisions may not be such a bad idea while the Gers try to come up out of administration...
Wouldn't Celtic love that...???
The larger question now involves Ticketus and their stake in Rangers. They have pulled out of the consortium bid, but are still on the take for 27-million pounds as Rangers largest creditor. they could try and chase Whyte outside of Rangers debt and try and reclaim their money from him directly or Whyte could, simply, hand over his stake and Ticketus would assume those percentages.
Her Majesty's Royalty and Customs (the Crown's IRS) may supercede Ticketus as the Number One Creditor when all of the outstanding revenues are computed.
And that would get everyone in a lather...
Duff and Phelps says officially that there are two bids in house for Glasgow Rangers...
One is from towing magnate Bill Miller and the other is a joint effort now with Brian Kennedy and the Blue Knights. The Kennedy-Knights bid is contingent on an agreement wit all creditors and the purchase of Craig Whyte's shares on the board...
David Whitehouse, joint administrator of Rangers from Duff and Phelps, said in a prepared release:
"We can confirm this afternoon that we are in receipt of two formal bids for control of Rangers Football Club.
"Both bids at this stage remain conditional.
"We are in receipt of a bid from Bill Miller, whose bid is conditional on securing greater comfort and clarity from the football authorities in relation to sanctions against Rangers.
"Clearly, the events of last Monday night when the SFA's judicial panel imposed severe and, in our view, unwarranted penalties on the club had a destabilising effect on the sale process.
"However, since then, Mr Miller's bid team have worked to develop a structure which enables the wishes of creditors to be taken into account whilst ensuring that the club is taken forward well-capitalised and the requirements of the footballing authorities are met.
"Mr Miller hopes a solution to all regulatory issues can be found and his team has been in constructive discussions with all relevant parties this week.
"This afternoon Brian Kennedy and Paul Murray submitted a bid which is conditional on a CVA being approved by creditors and we will seek guidance from prominent creditors.
"It is also conditional on the acquisition of the shares of Craig Whyte in the football club and we have asked for this and other points in the bid to be clarified.
"We note the statement today issued by Ticketus and its withdrawal as a potential partner for the Blue Knights.
"What should be clarified is that neither bid involves liquidation of the football club.
"In terms of quantum, there are significant differences between the two offers in terms of a prospective return to creditors and approach to future funding and these have to be evaluated.
"We will provide a further update as soon as possible."
Meanwhile, in an interview with Rangers TV, team manager Ally McCoist seems somewhat resigned to the idea that, maybe, dropping down a few divisions may not be such a bad idea while the Gers try to come up out of administration...
Wouldn't Celtic love that...???
The larger question now involves Ticketus and their stake in Rangers. They have pulled out of the consortium bid, but are still on the take for 27-million pounds as Rangers largest creditor. they could try and chase Whyte outside of Rangers debt and try and reclaim their money from him directly or Whyte could, simply, hand over his stake and Ticketus would assume those percentages.
Her Majesty's Royalty and Customs (the Crown's IRS) may supercede Ticketus as the Number One Creditor when all of the outstanding revenues are computed.
And that would get everyone in a lather...
Monday, April 23, 2012
Rangers Update: Whyte Gets A Ban, So Do Rangers
The administrators from Duff and Phelps broke out the word "draconian" in describing the decision that came down today from the Scottish Football Association...
The SFA decided that owner Craig Whyte was to be fined 200,000 pounds and was the proud owner of a lifetime ban after being deemed unfit to own or manage an SFA franchise.
Whyte's response to the sanctions...?
"Tell me how it is going to affect me? I couldn't care less. It makes no difference to my life whatsoever - and good luck collecting the money.
"It's a joke."
But that wasn't all... much like what the NCAA does when they hand out sanctions to schools, the SFA acted in the same manner- a 160,000-pound fine and a 12-month embargo on any player signings for Rangers...
D&P wasn't pleased at all... here's their response in full...
Paul Clark is given credit for the statement...
"All of us working on behalf of the Club are utterly shocked and dismayed by the draconian sanctions imposed on Rangers in respect of these charges.
"It appears that on one hand the disciplinary panel accepted our central argument that responsibility for bringing the Club into disrepute lay with the actions of one individual - Craig Whyte - as is evident from the unprecedented punishment meted out to him.
"During this hearing the Club produced compelling evidence from a number of sources that following his takeover, Craig Whyte ran the Club in a thoroughly unaccountable manner, rather than adhering to a long-established and proper form of corporate governance.
"The thrust of the charges against the Club focused on non-payment of payroll taxes and evidence was produced that all such decisions in this area were taken by Craig Whyte during his tenure.
"Given this evidence, it is difficult to comprehend that the disciplinary panel has seen fit to effectively punish the Club even more heavily than Mr Whyte. As everyone knows, it has already been decided he is not a fit and proper person to run a football club and any further punishment on him will have little or no impact.
"However, for Rangers, a ban on signing players will seriously undermine the Club's efforts to rebuild after being rendered insolvent.
"Furthermore, we do not know how bidders for the Club will react to these sanctions and what affect they will have on their proposals.
"The Club has asked for full written reasons for these decisions and intend to appeal against the findings."
Let's go back to the original adminstration presser for a reminder to the SFA what the Rangers actually are going through at the moment...
((HT: BBCNews/youtube))
Spaeking of one of the guys chasing after Rangers...
Towing major domo Bill Miller is proceeding with his 11.2-million pound deal to create two separate but operating equally Rangers franchises. He says he has had conversations with the SFA and the SPFA (the player's union), but wants to still talk to head coach Ally McCoist when he can between now and the time of the team's next game this weekend against Hearts.
The plot thickens...
The SFA decided that owner Craig Whyte was to be fined 200,000 pounds and was the proud owner of a lifetime ban after being deemed unfit to own or manage an SFA franchise.
Whyte's response to the sanctions...?
"Tell me how it is going to affect me? I couldn't care less. It makes no difference to my life whatsoever - and good luck collecting the money.
"It's a joke."
But that wasn't all... much like what the NCAA does when they hand out sanctions to schools, the SFA acted in the same manner- a 160,000-pound fine and a 12-month embargo on any player signings for Rangers...
D&P wasn't pleased at all... here's their response in full...
Paul Clark is given credit for the statement...
"All of us working on behalf of the Club are utterly shocked and dismayed by the draconian sanctions imposed on Rangers in respect of these charges.
"It appears that on one hand the disciplinary panel accepted our central argument that responsibility for bringing the Club into disrepute lay with the actions of one individual - Craig Whyte - as is evident from the unprecedented punishment meted out to him.
"During this hearing the Club produced compelling evidence from a number of sources that following his takeover, Craig Whyte ran the Club in a thoroughly unaccountable manner, rather than adhering to a long-established and proper form of corporate governance.
"The thrust of the charges against the Club focused on non-payment of payroll taxes and evidence was produced that all such decisions in this area were taken by Craig Whyte during his tenure.
"Given this evidence, it is difficult to comprehend that the disciplinary panel has seen fit to effectively punish the Club even more heavily than Mr Whyte. As everyone knows, it has already been decided he is not a fit and proper person to run a football club and any further punishment on him will have little or no impact.
"However, for Rangers, a ban on signing players will seriously undermine the Club's efforts to rebuild after being rendered insolvent.
"Furthermore, we do not know how bidders for the Club will react to these sanctions and what affect they will have on their proposals.
"The Club has asked for full written reasons for these decisions and intend to appeal against the findings."
Let's go back to the original adminstration presser for a reminder to the SFA what the Rangers actually are going through at the moment...
((HT: BBCNews/youtube))
Spaeking of one of the guys chasing after Rangers...
Towing major domo Bill Miller is proceeding with his 11.2-million pound deal to create two separate but operating equally Rangers franchises. He says he has had conversations with the SFA and the SPFA (the player's union), but wants to still talk to head coach Ally McCoist when he can between now and the time of the team's next game this weekend against Hearts.
The plot thickens...
Friday, April 20, 2012
Friday Rangers Update: Down To One Bid
Singapore businessman Bill Ng was looked at as one of the clubhouse leaders for the new ownership for Glasgow Rangers...
He's not any more...
Concerned over the "deliverability of shares on offer" Ng is removing his Singaporean consortium from consideration, which now leaves only American businessman Bill Miller to talk things over with administrator Duff and Phelps.
Here's the new special report on the status of Rangers with Alex Thomson on just how in debt Rangers are...
((HT: Channel4 Scotland))
Brian Kennedy and his Sale Sharks group said they had put another bid together, but D&P turned it away saying that the new paperwork hadn't been filed in the first place.
The hook with the Miller group is that he apparently favors liquidation since debts could reach 135-million pounds. That would create another new group of headaches- players could walk without Rangers being compensated, Rangers starts the season with a 10-point deduction, and they would only get 25-percent of their normal league revenue share.
Miller's plan in full thought is hyah, thanks to the Daily Mail...
He's not any more...
Concerned over the "deliverability of shares on offer" Ng is removing his Singaporean consortium from consideration, which now leaves only American businessman Bill Miller to talk things over with administrator Duff and Phelps.
Here's the new special report on the status of Rangers with Alex Thomson on just how in debt Rangers are...
((HT: Channel4 Scotland))
Brian Kennedy and his Sale Sharks group said they had put another bid together, but D&P turned it away saying that the new paperwork hadn't been filed in the first place.
The hook with the Miller group is that he apparently favors liquidation since debts could reach 135-million pounds. That would create another new group of headaches- players could walk without Rangers being compensated, Rangers starts the season with a 10-point deduction, and they would only get 25-percent of their normal league revenue share.
Miller's plan in full thought is hyah, thanks to the Daily Mail...
Wednesday, April 18, 2012
D&P Chasing After Craig Whyte Now...
The hubris and ego of current and maybe former Rangers owner Craig Whyte is a real piece of work- earlier in the week he said openly that any new owner of Rangers, after administration, would still have to go through him to get full ownership.
Cute...
Not taking any of his gruff and huff Rangers administrators, Duff and Phelps, are now suing Craig Whyte’s company and his lawyers for more than £25-million in damages.
The legal firm of Collyer Bristow was facing the initial claim from the administrators, but it now extends to Whyte and the financiers both. Collyer Bristow is going to challenge the claim set for the London High Courts.
There's another 3.6-million pound claim that Her Majesty's Revenue and Customs (The crown's version of the IRS), Ticketus and two businesses connected to Whyte are all laying claim to in High Court- separate from the 25-million D&P is chasing.
Here's the BBC1 Scotland documentary on Whyte...
Just because...
Cute...
Not taking any of his gruff and huff Rangers administrators, Duff and Phelps, are now suing Craig Whyte’s company and his lawyers for more than £25-million in damages.
The legal firm of Collyer Bristow was facing the initial claim from the administrators, but it now extends to Whyte and the financiers both. Collyer Bristow is going to challenge the claim set for the London High Courts.
There's another 3.6-million pound claim that Her Majesty's Revenue and Customs (The crown's version of the IRS), Ticketus and two businesses connected to Whyte are all laying claim to in High Court- separate from the 25-million D&P is chasing.
Here's the BBC1 Scotland documentary on Whyte...
Just because...
Wednesday, April 4, 2012
Wednesday Rangers Update: Bids Are Due (4 In House)
((HT: SkySports))
Today is the day where we all see who is bidding for the opportunity to take over Glasgow Rangers and get them out of administration and into solid ownership...
The HQ knows of the Blue Knights/Ticketus bid- which makes sense for the ticket broker since it keeps them around with the promises they got from current owner/pariah Craig Whyte in regards to revenue.
A statement from Ticketus read: "The Blue Knights Consortium, led by Paul Murray and supported by fans' representatives (from the Rangers Supporters Assembly, the Rangers Supporters Association and the Rangers Supporters Trust) and Ticketus, confirms that it has this morning submitted its best and final bid for the acquisition of Rangers Football Club ahead of today's deadline, as requested by the administrators."
Brian Kennedy is staying out for now, but if administrator Duff and Phelps decides that the Blue Knights bid (or any other bid for that matter) doesn't work for the administration or with the HMRC, then he'll jump back in with a bid on his own.
There are also bids from, supposedly, groups in Singapore, Germany, and the United States but neither have given word officially. D&P have admitted that four bids, not including Kennedy, are on the table...
David Whitehouse, joint administrator, said on the Rangers website: "Following our announcement on March 30, that best and final bids for control of Rangers Football Club should be submitted by April 5, I can confirm we have received four bids by close of business today. The bids are structured in various ways but I would describe them as positive and constructive.
"The administration team will now analyse these bids over the forthcoming days and hold discussions with relevant parties to gain further understanding of the details of their bids.
"It will be our intention to accept an offer next week and this will be followed by a period of due diligence and exclusivity. At this stage, we cannot be precise in timescale but estimate that an exit from administration before the end of the season is achievable.
"We appreciate the need to conclude this process as quickly as possible. It is, however, most important to secure the best possible outcome for creditors, Rangers Football Club and its supporters."
It's optimistic to see if this will be settled by the end of the regular season. Financial advisors have admitted that the end won't be seen unless each of the four bidders (and/or Kennedy) have agreements with the HMRC and Duff and Phelps...
More when we know more...
Here's the Rangers win over Celtic- just because...
((HT: FoxSoccer/youtube))
Today is the day where we all see who is bidding for the opportunity to take over Glasgow Rangers and get them out of administration and into solid ownership...
The HQ knows of the Blue Knights/Ticketus bid- which makes sense for the ticket broker since it keeps them around with the promises they got from current owner/pariah Craig Whyte in regards to revenue.
A statement from Ticketus read: "The Blue Knights Consortium, led by Paul Murray and supported by fans' representatives (from the Rangers Supporters Assembly, the Rangers Supporters Association and the Rangers Supporters Trust) and Ticketus, confirms that it has this morning submitted its best and final bid for the acquisition of Rangers Football Club ahead of today's deadline, as requested by the administrators."
Brian Kennedy is staying out for now, but if administrator Duff and Phelps decides that the Blue Knights bid (or any other bid for that matter) doesn't work for the administration or with the HMRC, then he'll jump back in with a bid on his own.
There are also bids from, supposedly, groups in Singapore, Germany, and the United States but neither have given word officially. D&P have admitted that four bids, not including Kennedy, are on the table...
David Whitehouse, joint administrator, said on the Rangers website: "Following our announcement on March 30, that best and final bids for control of Rangers Football Club should be submitted by April 5, I can confirm we have received four bids by close of business today. The bids are structured in various ways but I would describe them as positive and constructive.
"The administration team will now analyse these bids over the forthcoming days and hold discussions with relevant parties to gain further understanding of the details of their bids.
"It will be our intention to accept an offer next week and this will be followed by a period of due diligence and exclusivity. At this stage, we cannot be precise in timescale but estimate that an exit from administration before the end of the season is achievable.
"We appreciate the need to conclude this process as quickly as possible. It is, however, most important to secure the best possible outcome for creditors, Rangers Football Club and its supporters."
It's optimistic to see if this will be settled by the end of the regular season. Financial advisors have admitted that the end won't be seen unless each of the four bidders (and/or Kennedy) have agreements with the HMRC and Duff and Phelps...
More when we know more...
Here's the Rangers win over Celtic- just because...
((HT: FoxSoccer/youtube))
Thursday, March 29, 2012
One Rangers Bid Gone, More To Follow...??? (UPDATED With Deadline)
((HT: SkySports/O'Rourke))
Administrators Duff and Phelps were looking to have new owners for Glasgow Rangers in place by the end of the Scottish Premier League (SPL) season, but by the looks of things one prospective owner is out the door.
And it may mean more follow...
According to Pete O'Rourke over at Sky, Sale Sharks owner Brian Kennedy's bid was shelved last week and is now gone since he wanted D&P to speed up the process.
That leaves four, but it now appears that former Rangers director Paul Murphy's bid might go away since his bid is contingent on current director Craig Whyte being bought out by the winner in the process. Whyte wants no such action done.
Whyte and Murphy have been at odds since Whyte removed Murphy from the Rangers Board when Whyte took over almost a year ago... or, "only" a year ago...
Murphy has made his feelings known about the Whyte share to Duff and Phelps, but won't move forward until the issue is resolved.
Here's what Rangers are having to go up against in Celtic...
Even after adminstration and the likelihood Celtic clinches the SPL title this year...
((HT: SkySports))
FRIDAY UPDATE: Duff and Phelps is asking three bidders for the best offers by Wednesday, but they're the first to admit that they don't have a front-runner...
David Whitehouse, joint administrator from D&P, said on the club's official website:
"The direction from Lord Hodge in the Court of Session in Edinburgh last Friday clarified important issues relating to the status of the arrangement between Ticketus and Rangers Football Club and our powers as administrators in relation to contractual rights.
"This has allowed the bidding process for the Club to move away from the previous uncertainty the issue caused. The direction has also enabled us to have intensive and constructive discussions throughout this week to confirm the levels of interest and the structure of any offers.
"It would be inappropriate for us to comment on the merits of individual bids but, in general, several parties have pursued their declared interest in the Club and five bids submitted have been subject to greater scrutiny.
"We fully understand the desire of supporters to see the bidding process concluded as soon as possible and have asked three bidders to submit best and final offers by Wednesday April 4. It is likely that a successful bidder will require a period of exclusivity to commit to final due diligence thereafter.
"Bids have inevitably been the subject of widespread comment and speculation but at this stage it would be unwise to perceive any particular party to be a preferred bidder, and the bidding process remains open for all parties until April 4."
So, then, the next step is next week...
More when we know more...
Administrators Duff and Phelps were looking to have new owners for Glasgow Rangers in place by the end of the Scottish Premier League (SPL) season, but by the looks of things one prospective owner is out the door.
And it may mean more follow...
According to Pete O'Rourke over at Sky, Sale Sharks owner Brian Kennedy's bid was shelved last week and is now gone since he wanted D&P to speed up the process.
That leaves four, but it now appears that former Rangers director Paul Murphy's bid might go away since his bid is contingent on current director Craig Whyte being bought out by the winner in the process. Whyte wants no such action done.
Whyte and Murphy have been at odds since Whyte removed Murphy from the Rangers Board when Whyte took over almost a year ago... or, "only" a year ago...
Murphy has made his feelings known about the Whyte share to Duff and Phelps, but won't move forward until the issue is resolved.
Here's what Rangers are having to go up against in Celtic...
Even after adminstration and the likelihood Celtic clinches the SPL title this year...
((HT: SkySports))
FRIDAY UPDATE: Duff and Phelps is asking three bidders for the best offers by Wednesday, but they're the first to admit that they don't have a front-runner...
David Whitehouse, joint administrator from D&P, said on the club's official website:
"The direction from Lord Hodge in the Court of Session in Edinburgh last Friday clarified important issues relating to the status of the arrangement between Ticketus and Rangers Football Club and our powers as administrators in relation to contractual rights.
"This has allowed the bidding process for the Club to move away from the previous uncertainty the issue caused. The direction has also enabled us to have intensive and constructive discussions throughout this week to confirm the levels of interest and the structure of any offers.
"It would be inappropriate for us to comment on the merits of individual bids but, in general, several parties have pursued their declared interest in the Club and five bids submitted have been subject to greater scrutiny.
"We fully understand the desire of supporters to see the bidding process concluded as soon as possible and have asked three bidders to submit best and final offers by Wednesday April 4. It is likely that a successful bidder will require a period of exclusivity to commit to final due diligence thereafter.
"Bids have inevitably been the subject of widespread comment and speculation but at this stage it would be unwise to perceive any particular party to be a preferred bidder, and the bidding process remains open for all parties until April 4."
So, then, the next step is next week...
More when we know more...
Friday, March 23, 2012
Friday Rangers Update: BREAKING- Ticketus Deal Stands
And that may knock three of the four current bidders out of their interest in picking up Glasgow Rangers...
The Court of Session in Edinburgh decided that they wouldn't intercede and give any legal advice in the £24.4million season ticket deal with Ticketus.
Judge Lord Hodge said he wasn't "given sufficient legal information" to do anything, and Hodge also decided not to give Ticketus preferential treatment as a creditor.
Administrators Duff and Phelps went to court to try and get the Court to give advice and tear up the club's agreement with Ticketus. D&P claim that having the deal with Ticketus is preventing any serious bidders from taking over ownership.
The investment firm's eight-figure cash injection (60-percent of ticket sales over the next three seasons) allowed embattled owner-on the way out-Craig Whyte to pay off Rangers bank debt and complete his takeover in May.
The HQ knows this ain't over and it could get a whole lot messier before it gets any better... and all that is coming is the game against Celtic this weekend
Here's your flashback...
((HT: BBCNewsScotland/youtube))
The Court of Session in Edinburgh decided that they wouldn't intercede and give any legal advice in the £24.4million season ticket deal with Ticketus.
Judge Lord Hodge said he wasn't "given sufficient legal information" to do anything, and Hodge also decided not to give Ticketus preferential treatment as a creditor.
Administrators Duff and Phelps went to court to try and get the Court to give advice and tear up the club's agreement with Ticketus. D&P claim that having the deal with Ticketus is preventing any serious bidders from taking over ownership.
The investment firm's eight-figure cash injection (60-percent of ticket sales over the next three seasons) allowed embattled owner-on the way out-Craig Whyte to pay off Rangers bank debt and complete his takeover in May.
The HQ knows this ain't over and it could get a whole lot messier before it gets any better... and all that is coming is the game against Celtic this weekend
Here's your flashback...
((HT: BBCNewsScotland/youtube))
Sunday, March 11, 2012
Rangers Update: 20 Players Gone Without Salary Cuts
((HT: SkySports))
Harsh words from the administrators from Duff and Phelps over the financial woes of Glasgow Rangers... two players agreed to leave the squad voluntarily, but that was nowhere near the 1-million pound per month figure put out by D&P to secure Rangers future.
"We were looking at the decimation of the squad," Paul Clark said in interviews with the Sunday newspapers.
"There was mention over the last week of between eight and 11 players being made redundant had the players not taken pay cuts. If we'd made eight to 11 redundancies we would have still needed 50% pay cuts from the players who remained.
"If those cuts hadn't been made, and I couldn't do the sums until now, we would have been looking at cuts of up to 20 players in total."
Clark addressed the wage cuts to the press...
Duff and Phelps are trying to trim the folks who want to add Rangers to their portfolio within the next week...
Here was the initial announcement from Clark...
((HT: SkySports))
Harsh words from the administrators from Duff and Phelps over the financial woes of Glasgow Rangers... two players agreed to leave the squad voluntarily, but that was nowhere near the 1-million pound per month figure put out by D&P to secure Rangers future.
"We were looking at the decimation of the squad," Paul Clark said in interviews with the Sunday newspapers.
"There was mention over the last week of between eight and 11 players being made redundant had the players not taken pay cuts. If we'd made eight to 11 redundancies we would have still needed 50% pay cuts from the players who remained.
"If those cuts hadn't been made, and I couldn't do the sums until now, we would have been looking at cuts of up to 20 players in total."
Clark addressed the wage cuts to the press...
Duff and Phelps are trying to trim the folks who want to add Rangers to their portfolio within the next week...
Here was the initial announcement from Clark...
((HT: SkySports))
Monday, March 5, 2012
DEVELOPING: Rangers Not Taking Wage Cuts Yet
((HT: SkySports/STV))
This was supposed to be the day when Glasgow Rangers administrators were to announce budget cuts and redundancies when it comes to the Glasgow Rangers roster and personnel.
But... and this is a big but... no one agreed to anything... especially when the pay cuts for on-field players were to be anywhere from 25 to 75-percent...
The players asked for another day to negotiate something, and Duff and Phelps has agreed to it...
Administrator Paul Clark released a statement:
"Everyone involved in the administration process has been attempting to reach a consensual solution in regard to job losses within the playing squad. The prime reason for this has been to achieve essential cost savings while preserving the fabric of the first team.
"This has not been an easy balance to strike and we would like to thank the manager Ally McCoist, his players and the PFA Scotland for attempting to find a solution that would be workable for all. Every realistic option is being explored.
"Regrettably, it has not been possible thus far to reach a consensus where players could accept the necessary level of wage cuts to prevent job losses within the squad. We do not for a moment criticise the players for this as the wage reductions that would be required are very substantial and would have a significant impact on each individual.
"For clarity, we cannot enforce wage cuts. The players have to agree to this course of action. The players have asked us to consider a final proposal overnight for discussion in the morning and we have agreed to this request."
Charles Paterson was outside their training facility at Murray Park...
At the same time, both the Scottish Football Association and the Scottish Premier League are investigating the idea that players on the active roster from 2001 to 2009 received two contracts- which is a violation of the by-laws of the league.
Craig Whyte still is the preferred creditor, much to the dismay of supporters...
Here was his stance when all this went down in the first place...
This was supposed to be the day when Glasgow Rangers administrators were to announce budget cuts and redundancies when it comes to the Glasgow Rangers roster and personnel.
But... and this is a big but... no one agreed to anything... especially when the pay cuts for on-field players were to be anywhere from 25 to 75-percent...
The players asked for another day to negotiate something, and Duff and Phelps has agreed to it...
Administrator Paul Clark released a statement:
"Everyone involved in the administration process has been attempting to reach a consensual solution in regard to job losses within the playing squad. The prime reason for this has been to achieve essential cost savings while preserving the fabric of the first team.
"This has not been an easy balance to strike and we would like to thank the manager Ally McCoist, his players and the PFA Scotland for attempting to find a solution that would be workable for all. Every realistic option is being explored.
"Regrettably, it has not been possible thus far to reach a consensus where players could accept the necessary level of wage cuts to prevent job losses within the squad. We do not for a moment criticise the players for this as the wage reductions that would be required are very substantial and would have a significant impact on each individual.
"For clarity, we cannot enforce wage cuts. The players have to agree to this course of action. The players have asked us to consider a final proposal overnight for discussion in the morning and we have agreed to this request."
Charles Paterson was outside their training facility at Murray Park...
At the same time, both the Scottish Football Association and the Scottish Premier League are investigating the idea that players on the active roster from 2001 to 2009 received two contracts- which is a violation of the by-laws of the league.
Craig Whyte still is the preferred creditor, much to the dismay of supporters...
Here was his stance when all this went down in the first place...
Friday, March 2, 2012
Administration Update: Rangers Need To Cut A Million A Month
((HT: SkySports))
And now the Scottish Football Adminstration is taking in a new investigation over an allegation by former director Hugh Adam that payments made to players were not disclosed to the governing body.
Adam claimed in a newspaper interview that some payments had been excluded from contracts filed with the SFA.
Duff and Phelps Administrator Paul Clark released the following statement on the Rangers website:
"In short, the Rangers business is trading at a substantial loss and we have no alternative but to fill an approximate £4.5 million shortfall by the end of the season. It is therefore imperative that we find savings of approximately £1million per month to ensure the ongoing viability of the business.
"As has been widely publicised, there have been a number of discussions this week in an effort to achieve the necessary cost reductions. We are determined that all realistic options should be explored and today discussions have been ongoing with Ally McCoist who, in turn, has been speaking to his players and the PFA Scotland."
Any financial decision in regard to player redundancies, which is the next step in the process will be laid out next week- and not discussed since there is a game this weekend against Hearts.
The next questions will be involved around possible players' deferring wages until matters can be straightened out...
The first shocking live report is here from Murray Park...
Rangers administrators are set to seize £3.6m from Craig Whyte's lawyers. The money is from the sale of advanced season tickets to the ticket broker Ticketus. The original value of the deal is thought to be around £24-million and is the subject of roughly a missing 6-million. The money was transferred to solicitors Collyer Bristow.
David Cowan is outside Ibrox for STV
And here's more from the initial movements of Rangers...
And now the Scottish Football Adminstration is taking in a new investigation over an allegation by former director Hugh Adam that payments made to players were not disclosed to the governing body.
Adam claimed in a newspaper interview that some payments had been excluded from contracts filed with the SFA.
Duff and Phelps Administrator Paul Clark released the following statement on the Rangers website:
"In short, the Rangers business is trading at a substantial loss and we have no alternative but to fill an approximate £4.5 million shortfall by the end of the season. It is therefore imperative that we find savings of approximately £1million per month to ensure the ongoing viability of the business.
"As has been widely publicised, there have been a number of discussions this week in an effort to achieve the necessary cost reductions. We are determined that all realistic options should be explored and today discussions have been ongoing with Ally McCoist who, in turn, has been speaking to his players and the PFA Scotland."
Any financial decision in regard to player redundancies, which is the next step in the process will be laid out next week- and not discussed since there is a game this weekend against Hearts.
The next questions will be involved around possible players' deferring wages until matters can be straightened out...
The first shocking live report is here from Murray Park...
Rangers administrators are set to seize £3.6m from Craig Whyte's lawyers. The money is from the sale of advanced season tickets to the ticket broker Ticketus. The original value of the deal is thought to be around £24-million and is the subject of roughly a missing 6-million. The money was transferred to solicitors Collyer Bristow.
David Cowan is outside Ibrox for STV
And here's more from the initial movements of Rangers...
Wednesday, February 22, 2012
Wednesday Administration Update: Rangers and Pompey
((HT: STV/SkySports))
The news is better for Rangers than Portsmouth...
So, which would you like first...???
Okay... the bad news...
Portsmouth may run out of cash within months and they face this financial problem (or "new" financial problem) after not making any moves in the transfer window. Portsmouth Chief Exec David Lampitt has left the building (like, now)...
Administrator Trevor Birch released more information on the Portsmouth website this afternoon...
“We have had no choice but to take the difficult decision to make a number of redundancies across all levels and departments within Portsmouth Football Club.
“Additionally, we are asking certain employees to defer wages on an ongoing basis and are asking several members of staff to move from a full-time to a part-time role.
“These measures are painful for everyone involved with the club, but they are essential for Portsmouth’s survival, which is our main objective."
The bottom line is that the team needs a buyer.
The administrators are also saying that Pompey are running a triple-a squad on a major league budget- something they really can't do...
On the Rangers front, manager Ally McCoist and director Dave King met with Duff and Phelps adminstrators earlier today at Ibrox Stadium. The comments from David Whitehouse, joint admin from D&P, outline the obvious...
"Right now, it is quite simple - income now will help secure the future of Rangers.
"Our focus is on generating income for the Club but there is also a focus on costs and the steps we are taking in terms of the cost base of the Club will evolve during the next week.
"On a daily basis we are talking to department heads and seeing where there is capacity for cost savings but being very mindful of the need to both to preserve the performance on the pitch and retain the efficiency of the club off the pitch as well.
"Overall, I would describe the situation as positive. Everybody recognises the plight that the club is in and have come to the table to help and assist where possible."
There are more talks of a takeover by groups involved in the Rangers day-to-day, and there is also the prospect of further investigation into Craig Whyte and the finances that are missing...
And here's the BBC1 Scotland in-depth report on Whyte...
Yes, the HQ knows we've directed you to this before...
The news is better for Rangers than Portsmouth...
So, which would you like first...???
Okay... the bad news...
Portsmouth may run out of cash within months and they face this financial problem (or "new" financial problem) after not making any moves in the transfer window. Portsmouth Chief Exec David Lampitt has left the building (like, now)...
Administrator Trevor Birch released more information on the Portsmouth website this afternoon...
“We have had no choice but to take the difficult decision to make a number of redundancies across all levels and departments within Portsmouth Football Club.
“Additionally, we are asking certain employees to defer wages on an ongoing basis and are asking several members of staff to move from a full-time to a part-time role.
“These measures are painful for everyone involved with the club, but they are essential for Portsmouth’s survival, which is our main objective."
The bottom line is that the team needs a buyer.
The administrators are also saying that Pompey are running a triple-a squad on a major league budget- something they really can't do...
On the Rangers front, manager Ally McCoist and director Dave King met with Duff and Phelps adminstrators earlier today at Ibrox Stadium. The comments from David Whitehouse, joint admin from D&P, outline the obvious...
"Right now, it is quite simple - income now will help secure the future of Rangers.
"Our focus is on generating income for the Club but there is also a focus on costs and the steps we are taking in terms of the cost base of the Club will evolve during the next week.
"On a daily basis we are talking to department heads and seeing where there is capacity for cost savings but being very mindful of the need to both to preserve the performance on the pitch and retain the efficiency of the club off the pitch as well.
"Overall, I would describe the situation as positive. Everybody recognises the plight that the club is in and have come to the table to help and assist where possible."
There are more talks of a takeover by groups involved in the Rangers day-to-day, and there is also the prospect of further investigation into Craig Whyte and the finances that are missing...
And here's the BBC1 Scotland in-depth report on Whyte...
Yes, the HQ knows we've directed you to this before...
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