Administrators Duff and Phelps are bracing Rangers fans for the liquidation of their club.
After seven weeks in charge at Ibrox Duff and Phelps seem no closer to a solution and have described Rangers as a ‘financially stricken institution’.
The £600/hour administrators have run up their own hefty bill but have still to clarify the situation regarding Craig Whyte’s shareholding and the complex deal with London based agency Ticketus.
On Friday Ally McCoist openly discussed the liquidation route before Duff and Phelps issued a statement that the consortiums interested in the club must declare their best bid by Wednesday.
There are only three bids left in contention for the club with Paul Clark issuing a stark warning that exiting administration through a CVA may not be possible.
He said: “The preferred option remains a CVA. We still think it is achievable and we’re still recommending that as the preferred course of action to the bidders. We must accept, though, that we have in Rangers a financially stricken institution.
“All of the options have to remain open and it may be that some of the bidders decide that they would rather start afresh.”
“CVA is our option and it remains an option for all of the bidders. However, we cannot rule out the winning bid could prefer a different structure that meant the sale of the business to a new company and in that eventuality it is certainly possible that Rangers would be liquidated, but it would only be done so after the football club was made safe.”
The latest comments from Duff and Phelps are in marked contrast to their introduction at an Ibrox media conference.
Despite having little detail to hand they presented an upbeat message and expressed their confidence that the club would come out of administration with most of the financial problems created by Craig Whyte’s ownership.
On February 16 Clark said: “Looking to the future we are hopeful that a Company Voluntary Arrangement can be achieved and these are measures that are put in place and deal with all of the club’s liabilities.
“As a result of our preliminary assessment we are wholly confident that Rangers will continue as a football club.
“We do not think that liquidation and the closure of the club is a likely outcome at all.
“We need to stabilise the financial position and ensure from now on income exceeds expenditure.
“We fully understand the 140 years history of Rangers Football Club and are taking steps to ensure this history will endure.”
The reality of the situation that Rangers are in has been largely overlooked in favour of short term solutions such as avoiding player redundancies, battling for second place and the future of McCoist.
Liquidation is looking more and more likely, probably before the end of the current season, with the first alarm bells going off a month ago from director Dave King.
On March 7 he stated: It grieves me to state that it seems inevitable that the footballing institution will survive but the company won’t.”
Later on that day Duff and Phelps issued an equally stark warning: “However, no one should be in any doubt that in the absence of sufficient cost-cutting measures or receipt of substantial unplanned income, the Club will not be able to fulfil its fixtures throughout the remainder of the season. “
The liquidation of Rangers before the end of the season will be a catastrophe for the credibility of the SFA and SPL.
With numerous legal issues still to be addressed the re-emergence of a newco Rangers is likely to be even more messy than the administration of the existing club.
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Fantastic news.
I will enjoy winning the league but I think I will enjoy the death of the huns even more.
its a great time to be a celtic fan and this day has been coming.
I just hope the dying cheats get stripped of their titles too.
HH
If there is any decency here in scotland they arrogant rats have GOT TO be stripped of those titles.
I hope the SFA do act. If it goes the other way, I would hope that the Celtic legal team use that opportunity to highlight any inconsistencies in their argument to the relevant authorities.
That would be a much stronger case if a number of teams were involved (Dundee United, Aberdeen and whoever else has lost out).
couldn’t agree more with HH. 5 titles off them, 5 titles to us, score uglies 49, celts 48. 2nd division for uglies, and first to fifty officials for the celts. Just Brill !
Let the Orcs die. Scum of society. Will they be known as EBT FC?
I think the big battle has yet to come…
namely their efforts to have a Newco. put straight back into the SPL.
Be prepared for a bitter war of words…with the Dark Side getting their usual sycophantic support from the footballing authorities and the Laptop Loyal..including STV and BBC Hun Scotland.
This will be a huge test for the integrity of not only Scottish football…but Scottish society in general.
If they do cheat their way back in….
God help us all.
good april fools 😉
Let the feckers burn!!! Nuff said!! HH 1NL WATC 😉
The campaign to get them back into the SPL has already started. McCoist is already stating that regardless of what happens there will always be a Rangers and the history will remain intact. If Celtic allow them to walk back into the SPL and Rangers continue with their history still in the records book of Scottish football I don’t think I will ever attend another game in Scotland again. They must be punished for their crimes or the game means nothing. These cheats are unbelievable in their arrogance.
people dont realise the 50 million they skanked off the taxman has got to be made up from somewhere else . And now the people of scotland will end up paying for it. Its time for us to make sure they are well punished for their crimes .
If a zombie SHAMEGERS are allowed back into the SPL after liquidation, would there be an opportunity for fans of the other clubs to take action against SFA for allowing a club to cheat for over ten years, at a great financial loss to all other clubs and fans.
The SFA/SPL will have to be forced to remove titles and cups from a dead dodo club.
Take the titles off the bigots.
Even heard fat Sally claiming if they are liquidated they will still be rangers? The EE will just keep their fingers in their ears, shouting & saying i can’t hear you we are still the same old rangers even though EVERYONE knows they wont be. I’d bet they’d even have the bare faced cheek to keep the 5 stars on their strip & keep the 54 numbered on the seats.
The fat ladies voice is almost giving up, nearly time to take old shep out & put him out of his misery.
UEFA have to make sure the 5 stars are removed . I cant believe how easy they are getting it . They should all be sitting in the high court .
Rangers RIP the worlds shame. die a slow painful death
The day of liquidation will be the best ecstacy EVER .
Sure it looks bad for scumville, I would not rule them out just yet, rats have an unbelievable nack of survival, yes this scum should be put out for all to see and know how much they have cheated and squirmed there way to titles they should never had got. Hail hail.
PS Get well soon Stan
While I would welcome the demise of the worst virus to ever exist in football, I think they may survive in a NEWCO identity.
I think those 10 directors of the remaining SPL clubs will vote them back in for a change to the voting system. A change to 8-4 or 9-3 plus a revised financial plan will lead to a compromise.
I have to pay my debts – I generated them so it’s up to me to repay them. Them, on the other hand, don’t seem to think that way.
Put them back to the lower leagues and let them fight to survive like Montrose and Arbroath.