Blogs

Duff and Phelps reject Blue Knights/Brian Kennedy bid to save Rangers

|
Image for Duff and Phelps reject Blue Knights/Brian Kennedy bid to save Rangers

Paul Murray Rangers newsDuff and Phelps have rejected the latest bid for Rangers from the Blue Knights and Brian Kennedy.

The latest offer described on Friday by Paul Murray as ‘pretty powerful’ was quickly rejected by Duff and Phelps. The bid was conditional on the transfer of Craig Whyte’s shares and a CVA of £5m being accepted by the clubs creditors.

Bids from the Blue Knights/Brian Kennedy and Chicago based Bill Miller are both on the table but neither is capable of providing an acceptable CVA increasing the likelihood of the club going into liquidation.

Less than 24 hours after tabling the bid David Whitehouse of Duff and Phelps said: “It’s been publicised that the Blue Knights bid in quantum terms is £13m. That is not correct.

It’s very substantially lower than that. We’ve been in ongoing dialogue with Brian Kennedy on behalf of the Blue Knights during the course of today and we understand that he may be revising his bid.

The Blue Knights bid needs to be increased so that it is more value to creditors. They need to increase it significantly. Bill Miller’s position is clear. The Blue Knights position is not clear.

“We are in detailed discussions with the Blue Knights to see if their offer can be increased to a level which will be acceptable to creditors. We would encourage both bidders to focus on finalising their bids in terms of deliver-ability rather than seeking to discredit the other.

“We only have two bids and therefore it is important that the removal of one of those does not make liquidation actually more likely. We are not in a position of supporting one over the other.

“Bill Miller has made it very clear that he values the support of the Rangers fans tremendously. He sees the fans as his customers in support of his bid. We would encourage the fans’ groups, therefore, to embrace both bids at this stage to keep alive the prospects of a successful outcome.”

Ticketus and HMRC are the two main creditors at Rangers and with over 25% of the total debt are able to reject a CVA regardless of the opinion of other creditors

Discussing the future of Rangers on Radio Scotland on Friday Murray warned: “A lot of people should be careful of what they wish for, in my view if Rangers do go out of business it will finish Scottish football.

“Lets be clear on that, I think that people need to get a grip on reality.”

for Celtic land Hooiveld Premiership bonus

Follow Video Celts on TwitterFacebook and YouTube 

 

Share this article

Online and independent- the only way to be. Enjoying instant news access and reaction, following the trends if not an influencer!

0 comments

  • I think the Huns need to get a grip on reality this whole administration has been shocking a blind man can see its only to get them till the end of season then start from scratch and any buns who think its not should get together and march on Hampden on say a Saturday when there’s no one there and let the sfa no there not happy that would be my idea. Hail hail and have a great day bhoys.

  • williebhoy says:

    This entire FARCE has gone on long enough, how many more deadlines do they require. Duff & Dumber are simply trying to see out the season rather than best serve the interests of creditors. Actions should have been taken weeks / months ago instead we now find that the club have lost another £ 2.5m which could have been saved to pay all those owed.

    Any supposedly “interested” parties have had more than ample time to submit a bid without clauses. Rangers FC (In Administration)’s plight is very well known…the dual contracts debacle will blow an even bigger hole in the financial black hole and no TRUE bidder would remotely think of purchasing. Is it not time to admit the TRUTH and wind the club up for the benefit of those who really matter….the creditors, that’s why the Administrators are being paid not to satisfy the stupid / moronic element who make demands against the innocent.

  • john says:

    Hopefully someone can explain to me how either of these bids expects to be accepted by any creditor? This is a genuine question?
    Both groups seem to be suggesting that creditors accept around 5-8p in the pound. Ticketus gave Whyte about 20 million about a year ago, apparently with Minty’s approval. Why would they accept 2 million now?
    The wonderful world of fiscal management (or mismanagement) is a foreign country to me. This appears to be one huge deception.

  • Jhimmy T jnr says:

    ahhahahahahahaaaaaaaaaahahahahahahaahahaha…ahem!! sorry…all I see is the metaphorical worn wriggling on the hook! Tbh it has been dragging on for too long I suppose but I’m lovin every minute of it! Self inflicted slow dimise of RFC…couldn’t wish for much more this season. Just can’t get enough!!! 1NL WATC HH 😀

  • wullie says:

    how can the tax man take 5-8p in the pound, the rest of the country will demand the same?

  • Althetim says:

    Paul Murray says

    ““A lot of people should be careful of what they wish for, in my view if Rangers do go out of business it will finish Scottish football.
    Lets be clear on that, I think that people need to get a grip on reality.”

    I say

    “Pure and utter nonsense. The only people spouting the doomsday scenario are Rangers*(IA) supporters. The VAST majority of football supporters of EVERY club are looking forward to life without Rangers*(IA) immensely”. It’s Murray and his ilk that need to get a grip on reality”

    Wake up and smell the coffee bears, we all want you gone and good bloody riddance.

    Hail hail.

  • Tommy Mulholland says:

    I am tired of hearing about jut how much the SPL will miss the likes of the cheating hordes over at Ibrox. Fact.. anyone being owed money in these difficult times is unfair. Do the hun care? No… They have lied and cheated and stolen money, titles, cups and trophies for well over a decade. It is time for them to go and go now. Celtic, Dundee, Motherwell, Killies, so many other decent clubs deserve a chance in place of the blue blaggers.

  • Billy Mac says:

    See me? Life long supporter of Motherwell. It is insulting to us all when we hear how much Rangers will be missed in the SPL. Total nonsense. Out of the 2 ugly sisters in Glasgow at least Celtic believe in fair play and honesty, not like their bigotted neighbours.

    I for one will no shed a tear when the Ibrox numpties are thrown out of the Leauge.

  • Charlie Magpie says:

    Good riddance to bad rubbish. The hun deserve everything they get. I’m losing my job as a programme seller over at greyskull entirely due to their incompetence in handling monies owed. As for Rangers being cheats? Of course they are, they have been for years and they are proud of the way they get away with it too.

  • NoPretender! says:

    we all kno the craic with “them”. paul murry, who isjut as responsible as any1 for rangers current demise, yet no1 wants to highlight this fact – hoops fans aside. 1 thing that has become clear, is that if rangers do come out of this even remotely intact, then they gonna need to dig the pitch at ibrox park & rid themselves of all these little weasel’s that seem to be running amok in the place b4 it spreads the length n breadth of glasgow.
    Hail Hail! WATC!!

  • dombhoy67 says:

    The MSM are conducting a very powerful exercise to see how much influence they have over the population of Scotland. I smell the manky hand of the Orange Lodge behind much of the propaganda surrounding this debacle. From marches to Hampden to the selling of useless wee flags and much of the bile that is being written in the ‘Broken Record’ and on Radio Shortbread their influence is everywhere and Ipox is their breeding ground. Keep vigilant bhoys!

  • RedditchBhoy says:

    Where was Murray and his Blue Knights when minty was selling for a pound to Whyte. Were not Duff and Phelps employed by Whyte to oversee his take over from minty. Why are Duff and Phelps allowed to preside over this hokey cokey bid process for so long. Scotland might need rangers, Murray, Kennedy and Miller might need rangers, Celtic certainly don’t need or want them because we got a grip a long time ago. The future is bright, because it is Green and White

Comments are closed.