Duff and Phelps hunt for scapegoats in blame game
After ten weeks in administration Rangers look no closer to emerging with a CVA or having a credible plan to go forward as a club.
No serious bid has been made for the club but with attention increasingly turning on the performance and agenda of the administrators Duff and Phelps believe that a transfer ban could kill off the club.
The irony of owing money to clubs in Scotland, England, Austria, Sweden, France and Italy seems to be lost on Duff and Phelps who appear to be speculating towards another transfer warchest appearing during the close season.
Duff and Phelps are no closer to resolving any of the key issues crippling the club but have opted for the populist stance of passing the buck elsewhere.
Dave Whitehouse of Duff and Phelps claimed:”The decision to prohibit the Club from signing new players is akin to a court ordering the administrator of a trading company not to buy stock.
“The principal operating and trading asset of a football club are its players and an inability to sign new players frustrates both the ability of the company to trade and the statutory objectives of administration.
“The football authorities are fully aware that we are in the throes of an extremely complex insolvency situation. There has been widespread support across the political spectrum and in the football world for Rangers to be saved as a club and a viable business, last night’s decision can only hinder rather than help.
“It is extremely disappointing that approximately three weeks ago purchasers were at the point of confirming unconditional offers which would have achieved the purpose of administration.
“This process was first delayed by the announcements of the SPL to implement the rule changes to be considered on 30th April, and has now been further hampered by the sanctions imposed last night.”
Warning over the commercial damage to the game of Rangers having to live within their means like all other clubs Whitehouse added: “We are unsure as to whether the judicial panel fully understood or considered the commercial impact upon both the Club and Scottish Football of these measures, nor are we satisfied at this stage as to whether these sanctions are indeed lawful.
“Clearly time is running out to achieve a sale of the business or a CVA and the Club can ill afford further legal arguments. Accordingly, we are urging both football authorities to adopt a more pragmatic approach to sanctions to ensure that the administration of Rangers Football Club can be brought to a conclusion at the earliest possible date for the good of not only the Club but also for Scottish football generally.
“We would then encourage the footballing authorities to introduce a framework so as to provide clarity in circumstances such as these going forward, rather than allowing arbitrary measures to be introduced on an ad-hoc basis which clearly impede a process of administration.
“We are sure the authorities recognise that any potential purchaser or investor in a football club must have clarity in relation to its future playing capabilities and revenue potential. By failing to provide clarity in relation to pragmatic and commercially sensible penalties the authorities are by default prejudicing the survival of one of the clubs whose existence is key to the well being of Scottish football.”
Perhaps if Duff and Phelps had acted as most administrators do to rescue an ailing business Rangers problems wouldn’t have reached their current state.
An apology for defaulting on payments to other football clubs at home and abroad would be a decent start and gain the club some sympathy rather than the constant need to create and highlight issues which are largely irrelevant in the bigger picture.
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