Generic Sevco / Rangers meltdown thread

[cad]

Whyte agrees to sell stake

London-based consortium agree deal with Gers owner

By Pete O'Rourke - Follow me: @skysportspeteo. Last Updated: May 10, 2012 2:17pm



Sky Sports sources understand Craig Whyte has agreed in principle to sell his majority share in Rangers to a London-based consortium.
The ownership of the cash-strapped Glasgow outfit took a new twist earlier this week when their administrators' preferred bidder, Bill Miller, withdrew his interest in buying the club.
Rangers' administrators Duff and Phelps had claimed talks with three other bidders were ongoing as they look to secure the club's financial future.
Joint administrator David Whitehouse claimed earlier on Thursday that Whyte has agreed to transfer his 85 per cent shareholding for a pound.
Sources understand Whyte has now agreed to sell his shareholding to a mystery London consortium, clearing the way for a takeover to proceed.
Whyte had previously rejected claims that he had agreed to sell his stake in the Ibrox outfit to The Blue Knights consortium and it remains to be seen if the new mystery consortium's takeover bid will be accepted by the administrators

[BarneyK]

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Whyte agrees to sell stake

London-based consortium agree deal with Gers owner

By Pete O'Rourke - Follow me: @skysportspeteo. Last Updated: May 10, 2012 2:17pm



Sky Sports sources understand Craig Whyte has agreed in principle to sell his majority share in Rangers to a London-based consortium.
The ownership of the cash-strapped Glasgow outfit took a new twist earlier this week when their administrators' preferred bidder, Bill Miller, withdrew his interest in buying the club.
Rangers' administrators Duff and Phelps had claimed talks with three other bidders were ongoing as they look to secure the club's financial future.
Joint administrator David Whitehouse claimed earlier on Thursday that Whyte has agreed to transfer his 85 per cent shareholding for a pound.
Sources understand Whyte has now agreed to sell his shareholding to a mystery London consortium, clearing the way for a takeover to proceed.
Whyte had previously rejected claims that he had agreed to sell his stake in the Ibrox outfit to The Blue Knights consortium and it remains to be seen if the new mystery consortium's takeover bid will be accepted by the administrators

Do Sky Sports understand this because they read it in a paper this morning? Personally, I dinnae understand a word of it.

[SteveHFC]

Terry Butcher is a clown

[jgl07]

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Whyte agrees to sell stake

London-based consortium agree deal with Gers owner

By Pete O'Rourke - Follow me: @skysportspeteo. Last Updated: May 10, 2012 2:17pm



Sky Sports sources understand Craig Whyte has agreed in principle to sell his majority share in Rangers to a London-based consortium.
The ownership of the cash-strapped Glasgow outfit took a new twist earlier this week when their administrators' preferred bidder, Bill Miller, withdrew his interest in buying the club.
Rangers' administrators Duff and Phelps had claimed talks with three other bidders were ongoing as they look to secure the club's financial future.
Joint administrator David Whitehouse claimed earlier on Thursday that Whyte has agreed to transfer his 85 per cent shareholding for a pound.
Sources understand Whyte has now agreed to sell his shareholding to a mystery London consortium, clearing the way for a takeover to proceed.
Whyte had previously rejected claims that he had agreed to sell his stake in the Ibrox outfit to The Blue Knights consortium and it remains to be seen if the new mystery consortium's takeover bid will be accepted by the administrators

This gets more and more bizarre.

Duff and Phelps have been claiming that Whyte's shareholding is of no relevance to the future of Rangers.

I suspect the 'consortium' are corporate scavengers who hope that they can salvage something from the liquidation presumably by claiming some interests in the real estate.

[1875godsgift]

Meanwhile another ex-hun nails his colours to the mast......

http://www.bbc.co.uk/sport/0/football/18025886

[JeMeSouviens]

Nobody wants them unless they're in the SPL *and* Europe. Alex Thomson reports that UEFA are all set to extend their 3 year ban from newcos to clubs exiting admin via CVA as well. If he's right, that's going to go down a bomb in Hunland.

[JeMeSouviens]

Terry Butcher:

"If the situation changes then you're looking at clubs having to cut their cloth accordingly - and that's cutting a lot of cloth.

"TV companies would pull out, sponsorship as well, so our budget would change."

Uh-huh, so you managed to survive relegation and play in a league with no Old Firm and no TV deal but you can't survive in a league with half the OF and a reduced TV deal. Join Chick Young in dunces' corner.

[CropleyWasGod]

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This gets more and more bizarre.

Duff and Phelps have been claiming that Whyte's shareholding is of no relevance to the future of Rangers.

I suspect the 'consortium' are corporate scavengers who hope that they can salvage something from the liquidation presumably by claiming some interests in the real estate.

You raise an interesting point there. Will the "security" be transferred to this lot as well? I know I have said ad nauseam that the security is worthless, IMO, but do they know that?

[GreenPJ]

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Terry Butcher:

"If the situation changes then you're looking at clubs having to cut their cloth accordingly - and that's cutting a lot of cloth.

"TV companies would pull out, sponsorship as well, so our budget would change."

Uh-huh, so you managed to survive relegation and play in a league with no Old Firm and no TV deal but you can't survive in a league with half the OF and a reduced TV deal. Join Chick Young in dunces' corner.

To be fair to Butcher, when they were playing in First division the likelihood is that squad was smaller and wages definitely lower. He is losing him anyway but how could ICT expect to keep their stars (Hayes etc?) if they have to cut wages, they have a limited income stream whereby even a good run etc and top six finish would not generate many more fans due to limited population and other clubs (e.g Ross County) fanbase.

Whilst its not a reason to not want or have Rangers in the league he is stating what every other OF manager will have to face, at least we have the scope of adding 2-4K to a gate if we have a big game or are doing well. They in all probability don't.

[calmac12000]

I've stopped believing any news that emanates from Ibrox. Ever since this sorry saga began, all thats come out from the administrators is wishful thinking and half-baked ideas. In addition how many deadlines that were definitely going to be met have there been, no day, new final final deadline. Surely, even Rangers fans( well alright the one or two that are literate!), will begin to question their competence and surely the courts must begin questioning whether their primary aim i.e. ensuring the best return for creditors is really being pursued?

[Seveno]

I have a suggestion for D & P.

So that the 3 new bidders aren't just a bunch of time wasters, you should demand an exclusivity fee of £1m. If you can't get that then demand £500,000. If they won't shell out that then demand £250,000. If that is too much then waive the fee.

Oh sorry, you've already tried that ?



Oh, and remember to set a deadline

[Lungo--Drom]

Just read the article cheers. One thing that confuses me, what the hell is a 'quantum'? At age 43 I would have thought that by now I would have heard this word used in this way before. I did science at school and have heard of quantum physics, quantum mechanics and even that great 1980s t.v. show "Quantum Leap" but....

....hold on I'VE GOT IT SUSSED!!!! Panic not Der Hun fans. Duff & Duffer are putting off and putting off because Scott Bakula is going to turn up in a burst of light and smoke in an all new episode of Quantum Leap where he inhabits the body of a very rich and successful businessman and RFC fan who will save the club!

Before Sunday of course :D

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http://www.bbc.co.uk/sport/0/football/18025377

[JeMeSouviens]

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To be fair to Butcher, when they were playing in First division the likelihood is that squad was smaller and wages definitely lower. He is losing him anyway but how could ICT expect to keep their stars (Hayes etc?) if they have to cut wages, they have a limited income stream whereby even a good run etc and top six finish would not generate many more fans due to limited population and other clubs (e.g Ross County) fanbase.

Whilst its not a reason to not want or have Rangers in the league he is stating what every other OF manager will have to face, at least we have the scope of adding 2-4K to a gate if we have a big game or are doing well. They in all probability don't.

True, but what's true for ICT is true for St Mirren, Motherwell, D Utd, Killie, Ross County, St Johnstone ... He's talking about them not surviving when what he really means is they'd have to spend a lot less on players. But ... so would everybody else!

Since all the clubs will see a similar income drop at the same time, I'm not even that convinced the overall quality of player will reduce that much. The non OF clubs can't compete with OF or championship or prob even league one atm so I think we'll just see a general drop in salary levels across the Scottish market with more of an accent on youth. Could even (shock horror) be a good thing.

[stokesmessiah]

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I have a suggestion for D & P.

So that the 3 new bidders aren't just a bunch of time wasters, you should demand an exclusivity fee of £1m. If you can't get that then demand £500,000. If they won't shell out that then demand £250,000. If that is too much then waive the fee.

Oh sorry, you've already tried that ?



Oh, and remember to set a deadline

On a serious note, a quick straw poll...How many people think that Rangers are going to survive this?

I can't help but think that somehow or another when the first ball gets kicked in anger at the beginning of next season there will still be a Rangers playing at Ibrox which will be filled with their "fans" which of course would include Dingwall who incidentally looks like the type of person when relaxing in the evening puts a Mars bar under his tit to melt the chocolate.

[Dashing Bob S]

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Alex Thomson's latest blog

http://blogs.channel4.com/alex-thoms...roptimism/1435


Well – we should all know more than enough to be wary – very wary – of Duff and Phelps the administrators of Rangers FC being optimistic. It’s their pathology. In D&P world the cup’s not so such half full as flowing into a series of overflow-vats.


Some reality here. Check what Mr Whitehouse of D&P is saying in the “small print”.

Even he suggests at least one of the four “bids” is a rank outsider. He admits no credible, detailed rescue package is yet really on the table at all. A lot of guff about hope, credibility – nothing about cash.

He admits all talk thus far from all “bidders” has set the money going into the rescue package at levels nowhere near enough to satisfy the key creditors. They’re saying “don’t be daft” at what’s been suggested thus far.

Alarmingly D&P seem to think that if a Company Voluntary Arrangement (CVA) is put in place as a way of rescuing Rangers by agreeing a deal with major creditors, then Rangers can play football in Europe somehow. I suggest they call UEFA urgently where I’ve talked in detail. UEFA insists a CVA is a change in legal status and means a three year ban – just like setting up a Newco: “It’s a loophole. We recognise it as a loophole and we wish to close it,” their spokesman told me late last week.

It’s critical to any proposed income flow at Ibrox and this morning the administrators are stressing this. Yes – they need to call UEFA.

And yes – setting up any kind of CVA rescue will take weeks – I’m reliably informed around six weeks.

No amount of talking up the bids in terms of a couple being from people who will be popular among fans is going to untie this – nor will it put more money on the table and a lot more needs to be on it and fast.

Ticketus – the London ticket company now one of the main creditors of Rangers and major shareholder Craig Whyte, have just told me they are not part of any current bid for Rangers.

“We’re out of all that – and happy to sit on the sidelines,” said their spokesman.

They’ve other fish in the fryer. Later today expect them to file a legal claim for £27m against Mr Whyte for season tickets he “bought” from them.

They insist the money was for tickets only, not for buying the club as has been reported elsewhere.

They expect a “long and protracted” legal case. But what if Mr Whyte should lose and does not have money like this?

“Well we know he has a large house in the Highlands of Scotland and another in the south of France. We know he has a web of financial arrangements based in the British Virgin Islands tax haven and we’re very patient about all this,” said the PR company who represent Ticketus.
Mr Whyte himself has indicated what the world and his dog already know well, that he cannot and will not realise anything like the £30m he was aiming to get by selling up his stake, just a few weeks ago.

And football? The club cannot sell season tickets at all in the current complete confusion. The squad have no clear idea what money they’ll get after next month when a lot of player contracts run out. Football’s a very short career, so facing a Euro-ban and wages/contractual confusion, many will hightail it from Ibrox to other clubs leaving potentially a squad of youths, never-will-bes and have-beens. And a manager as yet unable to buy, because of a year ban on buying because the club brought the game into disrepute over financial mismanagement.

What seems astonishing too is another D&P admission – that it’s basically being left to manager Ally McCoist to brief the players on this mess day by day. These guys need to hear from financial rather than football brains one would have thought.

Nice one Thommo. It's good to have a sober, analytical voice of reason in this mess, drowning the squawking cacophony of blue nose and brown nose nonsense coming from the flatulent Scotmedia bores of Young, Traynor, Speirs, Keevins etc etc

[Lungo--Drom]

http://www1.skysports.com/football/news/11095/7744459/

More pish and counter pish from Duff & Duffer on Sky Sports News site now.

Starting to remind me of a wasp. You keep hitting it with a rolled up newspaper but it takes ages to die and usually only once it has been broken in two...

[GreenPJ]

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True, but what's true for ICT is true for St Mirren, Motherwell, D Utd, Killie, Ross County, St Johnstone ... He's talking about them not surviving when what he really means is they'd have to spend a lot less on players. But ... so would everybody else!

Since all the clubs will see a similar income drop at the same time, I'm not even that convinced the overall quality of player will reduce that much. The non OF clubs can't compete with OF or championship or prob even league one atm so I think we'll just see a general drop in salary levels across the Scottish market with more of an accent on youth. Could even (shock horror) be a good thing.

The mediocre players for these clubs will still remain in Scotland on a reduce salary but anyone with any promise will be off to England (any division) to make more money. Whilst I agree that long term introducing more youth (assuming you have good coaching at youth level) could prove to be a benefit. The long term is not really in any managers agenda, they remain employed based on results not on what they are trying to do for the club in 4/5 years time.

I think its time for Scottish football to grab the bull by the horns and make some bold decisions but you can empathise with managers (and to a certain extent chairman) who are thinking about the hear and now as that is what there livelihood or club is based on.

[ehf]

Sh ite: looks like D&P have pulled an 11th hour rabbit out of the hat after all

http://www.bbc.co.uk/sport/0/footbal...ers_rescue_bid

Duff & Phelps, the Administrators of Rangers, have announced that they have appointed a new preferred bidder, Sheik Dallas D’Roparabuqué Uté Raborrell, a reclusive, but hugely wealthy oil and arms billionaire of mixed Arab/French/American descent.

The Sheik is understood to have been closely monitoring developments since the Ibrox club went into administration on 14 February, but it is only in recent days that he has come forward and declared his interest. Joint Administrator, David Whitehouse said this evening: “We first heard from the Sheik’s representative’s late on Tuesday night. To be honest, it all sounded a bit too good to be true at first, which is why we kept it under wraps, but it soon became clear that, at long last, a credible bidder had emerged. You can’t believe what a relief this is after the nutjobs, time-wasters and Walter Mitty fantasists we have been dealing with”.

Scant details are known about the notoriously private Sheik, who was formerly resident in Qatar but departed suddenly in November 2009 after a dispute with the ruling Al Thani dynasty, and is now believed to be based in the Turks and Caicos Islands. The Sheik was formerly an Olympic champion diver (although was subsequently stripped of his medals following an IOC investigation) and is understood to have developed an interest in Rangers in the 1980s after admiring John MacDonald’s technique.

Whitehouse would not confirm the exact amount of the Sheik’s bid, but said the administrators had received an indicative offer which, subject to further negotiation on a number of components, would be worth in the region of £225 million. “It will certainly be enough to pay off all the creditors in full, even when, sorry if, we lose the Big Tax Case, with a very substantial excess available to recapitalise the Club, so that it can compete at the highest level in the SPL and Europe next season” enthused Whitehouse, who confirmed he was confident that a binding deal could be concluded before the end of the season on Sunday.

Asked whether the Sheik’s offer was unconditional, Whitehouse asserted: “In essence, yes, it’s an unconditional offer. That’s in the sense that, okay, there are a few conditions attached but we see these as technicalities and are confident that, with the co-operation of all concerned, these are readily deliverable within the required time-frame”.

BBC Scotland understands that the conditions include:

• all office-bearers and employees of the SPL, the SFA, UEFA, FIFA and the Court of Arbitration for Sport to be immediately dismissed and replaced with the Sheik’s nominees

• Rangers FC to be given 8 points for a win and 5 points for a draw in all domestic and European league fixtures

• The SFA/UEFA to undertake that any team beating RFC in domestic or European cup competitions will be disqualified from the competition and RFC re-instated

• Celtic to be punished for Neil Lennon’s bringing the game into disrepute by expulsion sine die from Scottish, British, European and World football; and stripped of all titles and honours they have ever won

• The Scottish Government to amend the Offensive Behaviour at Football and Threatening Communications (Scotland) Act 2012 forthwith to exempt all traditional RFC sectarian songs

• Buckingham Palace to undertake to make the Queen available to attend all official RFC functions

• HMRC to waive all liability of RFC for past and future taxes for all time coming

• The Scottish Government to subsidise RFC to the tune of £100 million per annum through a new “Hun Tax” on Scottish residents (RFC season ticketholders to be exempt)

• All RFC season ticket holders to be entitled to free shell-suits, hoodies and baseball caps

• Strathclyde Police to agree to police all RFC fixtures free of charge

• The English Premiership to issue an irrevocable invitation to RFC to join the EPL whenever they choose

• Wayne Rooney’s trichologist to agree to treat Ally McCoist free of charge

• Glasgow City Council to undertake to waive all liability of RFC for past and futures rates, and to erect statues of Walter Smith, Ally McCoist, Oleg Salenko and John MacDonald in George Square

• The Moderator of the Church of Scotland to make the singing of “The Sash” compulsory at all Church of Scotland services

• all Catholics resident in Scotland to attend compulsory correction courses

• all referees in Scotland to be senior members of the Orange Lodge (to the extent not already the case)

• Buckfast to be available free on prescription to all RFC season ticket holders

• The Scottish Government to undertake that only accredited supporters of RFC will be eligible to serve as MSPs

• The Pope to agree to disband the Catholic Church

[magpie1892]

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The Rangers Newco has been offered a place in the English Conference South, but have declined.

They don't do Woking away.

Conference Premier.

Woking got promoted.

[cad]

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Do Sky Sports understand this because they read it in a paper this morning? Personally, I dinnae understand a word of it.

Its just more smoke getting blown up the Rangers supporters chuff's if you ask me.



"Magnus Domus Haud Magis"

[CropleyWasGod]

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Sh ite: looks like D&P have pulled an 11th hour rabbit out of the hat after all

http://www.bbc.co.uk/sport/0/footbal...ers_rescue_bid

Duff & Phelps, the Administrators of Rangers, have announced that they have appointed a new preferred bidder, Sheik Dallas D’Roparabuqué Uté Raborrell, a reclusive, but hugely wealthy oil and arms billionaire of mixed Arab/French/American descent.

The Sheik is understood to have been closely monitoring developments since the Ibrox club went into administration on 14 February, but it is only in recent days that he has come forward and declared his interest. Joint Administrator, David Whitehouse said this evening: “We first heard from the Sheik’s representative’s late on Tuesday night. To be honest, it all sounded a bit too good to be true at first, which is why we kept it under wraps, but it soon became clear that, at long last, a credible bidder had emerged. You can’t believe what a relief this is after the nutjobs, time-wasters and Walter Mitty fantasists we have been dealing with”.

Scant details are known about the notoriously private Sheik, who was formerly resident in Qatar but departed suddenly in November 2009 after a dispute with the ruling Al Thani dynasty, and is now believed to be based in the Turks and Caicos Islands. The Sheik was formerly an Olympic champion diver (although was subsequently stripped of his medals following an IOC investigation) and is understood to have developed an interest in Rangers in the 1980s after admiring John MacDonald’s technique.

Whitehouse would not confirm the exact amount of the Sheik’s bid, but said the administrators had received an indicative offer which, subject to further negotiation on a number of components, would be worth in the region of £225 million. “It will certainly be enough to pay off all the creditors in full, even when, sorry if, we lose the Big Tax Case, with a very substantial excess available to recapitalise the Club, so that it can compete at the highest level in the SPL and Europe next season” enthused Whitehouse, who confirmed he was confident that a binding deal could be concluded before the end of the season on Sunday.

Asked whether the Sheik’s offer was unconditional, Whitehouse asserted: “In essence, yes, it’s an unconditional offer. That’s in the sense that, okay, there are a few conditions attached but we see these as technicalities and are confident that, with the co-operation of all concerned, these are readily deliverable within the required time-frame”.

BBC Scotland understands that the conditions include:

• all office-bearers and employees of the SPL, the SFA, UEFA, FIFA and the Court of Arbitration for Sport to be immediately dismissed and replaced with the Sheik’s nominees

• Rangers FC to be given 8 points for a win and 5 points for a draw in all domestic and European league fixtures

• The SFA/UEFA to undertake that any team beating RFC in domestic or European cup competitions will be disqualified from the competition and RFC re-instated

• Celtic to be punished for Neil Lennon’s bringing the game into disrepute by expulsion sine die from Scottish, British, European and World football; and stripped of all titles and honours they have ever won

• The Scottish Government to amend the Offensive Behaviour at Football and Threatening Communications (Scotland) Act 2012 forthwith to exempt all traditional RFC sectarian songs

• Buckingham Palace to undertake to make the Queen available to attend all official RFC functions

• HMRC to waive all liability of RFC for past and future taxes for all time coming

• The Scottish Government to subsidise RFC to the tune of £100 million per annum through a new “Hun Tax” on Scottish residents (RFC season ticketholders to be exempt)

• All RFC season ticket holders to be entitled to free shell-suits, hoodies and baseball caps

• Strathclyde Police to agree to police all RFC fixtures free of charge

• The English Premiership to issue an irrevocable invitation to RFC to join the EPL whenever they choose

• Wayne Rooney’s trichologist to agree to treat Ally McCoist free of charge

• Glasgow City Council to undertake to waive all liability of RFC for past and futures rates, and to erect statues of Walter Smith, Ally McCoist, Oleg Salenko and John MacDonald in George Square

• The Moderator of the Church of Scotland to make the singing of “The Sash” compulsory at all Church of Scotland services

• all Catholics resident in Scotland to attend compulsory correction courses

• all referees in Scotland to be senior members of the Orange Lodge (to the extent not already the case)

• Buckfast to be available free on prescription to all RFC season ticket holders

• The Scottish Government to undertake that only accredited supporters of RFC will be eligible to serve as MSPs

• The Pope to agree to disband the Catholic Church

Ahem.... SOURCE??

[Winston Ingram]

However, Kennedy stressed: "Financially, a newco doesn't work unless you can write a cheque for £35m to compensate for the absence of European football.

Since when do ye get £35 million for getting pumped in the 1st qualifying round?

[CropleyWasGod]

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Just read the article cheers. One thing that confuses me, what the hell is a 'quantum'? At age 43 I would have thought that by now I would have heard this word used in this way before. I did science at school and have heard of quantum physics, quantum mechanics and even that great 1980s t.v. show "Quantum Leap" but....

....hold on I'VE GOT IT SUSSED!!!! Panic not Der Hun fans. Duff & Duffer are putting off and putting off because Scott Bakula is going to turn up in a burst of light and smoke in an all new episode of Quantum Leap where he inhabits the body of a very rich and successful businessman and RFC fan who will save the club!

Before Sunday of course :D

Don't start me on so-called professionals (and I include many of my own "profession") who like to use words that ordinary people don't, just to (a) make out that they're clever and (b) justify big fees.

Rips a very large quantum of my knitting, so it does.

[Hibrandenburg]

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The Rangers Newco has been offered a place in the English Conference South, but have declined.

They don't do Woking away.

Heh heh heh!

[ScottB]

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Since when do ye get £35 million for getting pumped in the 1st qualifying round?

Nobody seems willing, at least publicly, to accept that Rangers must cut back their costs. Yes, on their current wage costs you would need such a pot of cash, so if the income isn't there cuts must be made.

What do they want? A hug? That the leading bidders that we've heard from seem to be following the Whyte / Leeds Utd model of 'everything's fine as long as we make it into the group stages of the Champions League, if not further' suggests they'll end up in Admin again by Christmas.

[Lungo--Drom]

Priceless! Priceless!!! :D

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Sh ite: looks like D&P have pulled an 11th hour rabbit out of the hat after all

http://www.bbc.co.uk/sport/0/footbal...ers_rescue_bid

Duff & Phelps, the Administrators of Rangers, have announced that they have appointed a new preferred bidder, Sheik Dallas D’Roparabuqué Uté Raborrell, a reclusive, but hugely wealthy oil and arms billionaire of mixed Arab/French/American descent.

The Sheik is understood to have been closely monitoring developments since the Ibrox club went into administration on 14 February, but it is only in recent days that he has come forward and declared his interest. Joint Administrator, David Whitehouse said this evening: “We first heard from the Sheik’s representative’s late on Tuesday night. To be honest, it all sounded a bit too good to be true at first, which is why we kept it under wraps, but it soon became clear that, at long last, a credible bidder had emerged. You can’t believe what a relief this is after the nutjobs, time-wasters and Walter Mitty fantasists we have been dealing with”.

Scant details are known about the notoriously private Sheik, who was formerly resident in Qatar but departed suddenly in November 2009 after a dispute with the ruling Al Thani dynasty, and is now believed to be based in the Turks and Caicos Islands. The Sheik was formerly an Olympic champion diver (although was subsequently stripped of his medals following an IOC investigation) and is understood to have developed an interest in Rangers in the 1980s after admiring John MacDonald’s technique.

Whitehouse would not confirm the exact amount of the Sheik’s bid, but said the administrators had received an indicative offer which, subject to further negotiation on a number of components, would be worth in the region of £225 million. “It will certainly be enough to pay off all the creditors in full, even when, sorry if, we lose the Big Tax Case, with a very substantial excess available to recapitalise the Club, so that it can compete at the highest level in the SPL and Europe next season” enthused Whitehouse, who confirmed he was confident that a binding deal could be concluded before the end of the season on Sunday.

Asked whether the Sheik’s offer was unconditional, Whitehouse asserted: “In essence, yes, it’s an unconditional offer. That’s in the sense that, okay, there are a few conditions attached but we see these as technicalities and are confident that, with the co-operation of all concerned, these are readily deliverable within the required time-frame”.

BBC Scotland understands that the conditions include:

• all office-bearers and employees of the SPL, the SFA, UEFA, FIFA and the Court of Arbitration for Sport to be immediately dismissed and replaced with the Sheik’s nominees

• Rangers FC to be given 8 points for a win and 5 points for a draw in all domestic and European league fixtures

• The SFA/UEFA to undertake that any team beating RFC in domestic or European cup competitions will be disqualified from the competition and RFC re-instated

• Celtic to be punished for Neil Lennon’s bringing the game into disrepute by expulsion sine die from Scottish, British, European and World football; and stripped of all titles and honours they have ever won

• The Scottish Government to amend the Offensive Behaviour at Football and Threatening Communications (Scotland) Act 2012 forthwith to exempt all traditional RFC sectarian songs

• Buckingham Palace to undertake to make the Queen available to attend all official RFC functions

• HMRC to waive all liability of RFC for past and future taxes for all time coming

• The Scottish Government to subsidise RFC to the tune of £100 million per annum through a new “Hun Tax” on Scottish residents (RFC season ticketholders to be exempt)

• All RFC season ticket holders to be entitled to free shell-suits, hoodies and baseball caps

• Strathclyde Police to agree to police all RFC fixtures free of charge

• The English Premiership to issue an irrevocable invitation to RFC to join the EPL whenever they choose

• Wayne Rooney’s trichologist to agree to treat Ally McCoist free of charge

• Glasgow City Council to undertake to waive all liability of RFC for past and futures rates, and to erect statues of Walter Smith, Ally McCoist, Oleg Salenko and John MacDonald in George Square

• The Moderator of the Church of Scotland to make the singing of “The Sash” compulsory at all Church of Scotland services

• all Catholics resident in Scotland to attend compulsory correction courses

• all referees in Scotland to be senior members of the Orange Lodge (to the extent not already the case)

• Buckfast to be available free on prescription to all RFC season ticket holders

• The Scottish Government to undertake that only accredited supporters of RFC will be eligible to serve as MSPs

• The Pope to agree to disband the Catholic Church

[Brando7]

They can have as much detailed talk all they want...talk is cheap n they cant afford chit chat.. until they see the book as MR Yank did they probably dont know the full extent of debt, only what D&D are telling them & when they do get to see the books they'll run a mile like he did.

If i was a creditor and found somene offered £20million to share between them but took an £11.2million offer instead i'd be well piss.ed off

I bet D&D rang up a fortune on rangers phone bill to NG with 20 missed cals n messages lmao makes me wonder if these new bidders came forward or were called by D&D begging them to bid again

[Cropley10]

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Conference Premier.

Woking got promoted.

Whooooosh!

[jdships]

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They can have as much detailed talk all they want...talk is cheap n they cant afford chit chat.. until they see the book as MR Yank did they probably dont know the full extent of debt, only what D&D are telling them & when they do get to see the books they'll run a mile like he did.

If i was a creditor and found somene offered £20million to share between them but took an £11.2million offer instead i'd be well piss.ed off

I bet D&D rang up a fortune on rangers phone bill to NG with 20 missed cals n messages lmao makes me wonder if these new bidders came forward or were called by D&D begging them to bid again

Good post !!! : there seems to be so many hidden agendas .
When the dust has settled with Rangers " back where they belong " and everyone is living " happily ever after " does anyone have a notion as to how much Duff and Phelps stand to make out of this ( even after paying tax ) ?
Plus : who pays that invoice ?

[grunt]

More from that C4 chappie

http://blogs.channel4.com/alex-thoms...rs-shares/1445

From the horse’s mouth – so to speak. The man whose name is sung around Parkhead by the green faithful has duly reduced the price of his share buy-out by the small matter of £29,999,999.

Craig Whyte, the man who bought Rangers from Sir David Murray for a pound when the club was in a deep mess will now – in theory – sell it on for a pound now it’s in a much deeper mess. Theory, because the whole thing depends upon a Company Voluntary Arrangement being set up and agreed with shareholders.

Duff and Phelps – the Rangers administrators, went well out of their way last week to say this will take 6-8 weeks, meaning Rangers could still be in administration even at the beginning of next season and incur more penalty point deductions. Scottish rules are tougher than the English ones in this respect. D&P made it pretty plain that a CVA at Rangers was pretty much a non-starter.

So the clock ticks. Creditors have to get a CVA document by the end of next week realistically. Creditors then need around 3 weeks to vote and consider the deal. Then they have a 28 day cooling off period. The clock is indeed ticking. Mr Whyte’s only real hope therefore is that this process – whilst still adhered to in theory – will in practice be somewhat short-circuited by cash onjections early on and nods of good faith at every turn. Well, perhaps. Craig Whyte keeps telling me he’s desperate to get the club out of admin by the before the beginning of the new season.

And then that leaves the floating charge Mr Whyte has over Rangers – effectively another large separate financial stake in the club and I can reveal this is still to be negotiated away somehow. This is where the tough-talk has still very much to be done. So: floating charge subject to talks and shares still to be nailed down subject to that CVA. Is this a done deal? No. Hence all the secrecy and everyone saying the name of the buyers will leak but nobody yet leaks of course. All will soon be clear but a real deal? It is not in the bag.

The other big issue is UEFA. I am urgently seeking clarity over this yet again but last week UEFA’s Head of Communications went away to their compliance department and explicitly checked – again – that UEFA are now minded to look at CVAs just like a new company (Newco) ie it’s a 3 year ban from European football.

Speaking to Craig Whyte his understanding is very different and this could hardly be more vital – buying into a CVA at Ibrox would surely be a non-starter with that 3 year ban in place? Well – UEFA wouldn’t be the first party totally confuzzled by this 38 act tragi-comedy. They’ll not be the last either. Let us see though, whether they or Craig Whyte are correct on this.

From omnishambles to ubershambles? Rule nothing in or out just yet…