After three weeks in charge of Rangers finances administrators Duff and Phelps have admitted that the club is burning cash at a significant rate.
Hours after director Dave King claimed that liquidation is inevitable the club administrators delivered their most serious warning on the future of the club.
A week of failed negotiations with players to find £1m a month in cuts forced Duff and Phelps to reveal that the club may be unable to fulfil their fixtures for the remainder of the season.
Last night David Whitehouse warned: “In the next 48 hours or so we are approaching and meeting with those parties who have already expressed an interest in acquiring the club to understand their timetable and to try to accelerate what would be a normal timetable for this sort of transaction.
“We have a meeting this evening and we have a series of meetings tomorrow and we will have to conclude our strategy in that regard during the course of Friday.
“In light of the outcome of those discussions we can then form a view as to whether we can continue to operate the club within its existing cost base.
“If we do form that view that would have to be over a very short period of time because the company is burning cash at a significant rate.
Whitehouse added: “We have detailed financial forecasts and inventories of assets that potential purchasers can look at as well as full details of the playing squad in terms of salary packages and length of period of contracts.
“So they are the things they will be weighing up and one of the things they will want to understand as well is the strategy in terms of the playing staff through the management so Ally McCoist is feeding the information in that area.
“This will enable them to find out what kind of investment is required in the years ahead.
“A CVA is still very possible and the more likely route to achieve the greater value for creditors.
“We have to look at the time constraint and if it is possible to conclude a transaction within a very short timetable simply because we can’t deliver the cost-cuts necessary to keep the fabric of the business in place then we would also have to look at selling into a newco scenario.
“That brings with it risks in terms of the level of European activity in the coming years and also sanctions from domestic football which would need to be subject to negotiation.”
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Bill leckie(sun) wants the game on the 25th cancelled due to crowd trouble as there will be 43,000 angry bears who won’t like 7,500 Celtic fans having a party and doesn’t think there’s enough police to stop trouble when it happens. The buns are shiting themselves that we will destroy them on the pitch and off it poor bill spoken like a true bun. Hail hail
LOL big fat Bill, what a wazzock…. I hope the manky mob survive until the OF game…. Would be great to destroy them on and off the park…. 7,500 happy as larry tims showing the bigots what it’s like to party it up ice cream and jelly style…. I would be surprised if 43,000 angry bears showed up…. Think they will be going into hibernation for a very very very long time….
Hail Hail
get your wee fergus bunnets ready for ibrox and the title party at parkhead the next week
rangobango
Mark, frankly, I have never liked Leckie. But he is right on the money this time. Why walk into what is certain to be a bloodbath when you can walk away with a smile on your face instead?
These scenarios need to be given serious consideration before you act in intimidation. The world knows the rangers fans are traditionally amongst the very worst in the world. They have a record that is incomparible anywhere, or by anyone. Why stoke their fire? (no pun intended).
There are two guys in court today charged in their blatant attempt to murder our manager and at least two high profile fans of ours. Do you really think these retarded pair are “two of a kind”? There are some good fans out there who wear their hearts on their sleeves, and those, I respect, but there are others, many of them, who just want to make trouble and they two who attempted to murder Lennon and the others are not the only two who will think this way.
Because he is outspoken and a great manager, Lennon is always going to be their target. They simply hate him more than they hate anyone or anything else on earth. We all know their bigoted reasons. But they are a real danger and they can’t all be kept at bay. We are not talking about sensible logical people here. We are talking about a group, or groups of retarded individuals who don’t have a whole brain collectively.
I say if the SFA and SPL were responsible, they would have the balls to intercept their hatred and cancel this game until the league is won officially. they won’t show after that anyway. Going to ibrox where they have their fans disguised as empty seats is what I’d rather see.
I also want to see our fans live to enjoy the humiliation Lennon has placed on rangers over these past couple of seasons. We don’t need to rub their noses in this. We already have!
I can remember when going to Celtic v raggers was quite a ‘terrifying’ experience when neither team was particularly dominant. I dread to think what it would be like at this game.
Any bears I have been near have always been behind great big walls and or shackled by the neck. These ones will be free and in the open.
I know when you are young and when the hype becomes adictive, it can be extremely difficult to act with restraint. When you have been at the end of the jack-boot for so long it is understandable that you look to avenge the abuse and humiliate your abuser. But all i say is beware the rabid dog.
In its death throws it can be a monstrous killer. This is one time the usual police advice may be worth heading “Please stay at home.
The journey is not necessary and certainly is not worth it”. Believe me, our dignity in this regard will be held in high esteem in many quarters or at least in the ones that really matter.
H H
I disagree. We are entitled to our day. If they cannot handle it then it is their fault.
I am going to presume that the police are aware of the situation and will be prepared for every eventuality at Ibrox on the day. To allow them to get away with not having this pushed down their collective throats is caving in to them. They deserve everything that is coming to them.
Do you think Leckie and the other raging bears of the media would advocating cancelling the game if the shoe was on the other foot. Would they hell. They would be gleefully spewing forth about how Celtic supporters would have to act with restraint. They are not even doing this as they know that restraint for this murderous, thieving band of cretins is not possible. Well tough the authorities will have a job to do.
Of course i hope every Celtic supporter is safe and would encourage vigilance at all times en route to the game and swift passage to a friendly boozer afterwards to fully enjoy the day. Don’t get involved on the street. Why would any one want to do that any way. plenty of Guiness to be sank in celebration in the company of like-minded individuals.
Not to mention lashings of jelly and ice-cream. But to placate them because they have cheated everyone including themselves is not the right thing to do.
Some of out supporters let the side down in the famous 1999 game. However, it was the dubious nature of the referee that started things off (no real excuses though but we all know what happened to him-it would be interesting to know how many contracts he had). They even contributed with their mock huddle. To expect us not to reciprocate is beyond belief.
The 25th will be the biggest GIRFUY in the history of sport.