The prospect of Rangers avoiding liquidation look bleak after Brian Kennedy and Bill Murray lodged another bid for the stricken club.
Duff and Phelps have already stated that they haven’t received any acceptable offers for the club with the latest offer conditional on aquiring Craig Whyte’s shareholding.
Whyte re-iterated his position to retain his 85% shareholding in the club with Duff and Phelps powerless to intervene.
A statement anouncing the latest development read: “We are pleased to announce that the Blue Knights, led by Paul Murray and Brian Kennedy, have joined forces and at 3pm today have submitted a written offer to the lawyers of the administrators to purchase Rangers Football Club.
“This offer we consider to be substantial and is conditional on a CVA being approved by the creditors, and Mr Whyte’s shares being acquired.
“We hope this is accepted so that we may proceed with due diligence forthwith and make a start to the task of rebuilding Rangers Football Club of 1872.”
While some of Rangers’ smaller creditors may accept a pennies in the pound deal through a CVA that sort of offer won’t be accepted by HMRC.
Earlier today Ticketus withdrew their backing for Murray’s Blue Knights group meaning that the London based agency will also be a creditor if their season ticket deal is cancelled.
Despite the popular support for Murray and Kennedy the conditions attached to their joint bid are certain to be rejected by Duff and Phelps who know that there is no chance of being able to deliver an acceptable CVA or hand over Whyte’s shareholding.
Whyte’s former business partner Andrew Ellis is taking legal action over a 24.9% stake in Whyte’s shareholding.
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OH NO, does this mean Scottish football is dead? Hehe… Every Friday we seem to hear they are saved & all is back to normal, it might stop them rioting on Sunday. Their fans still don’t think they have done anything wrong & don’t deserve any punishment worse than the 10 points, they have no shame.
Joe am afraid you not telling the truth mate, take it from me a was talking to craigie bhoy myself and he told me he is more than happy to hand over everything to the blue knights or whyte knights or brown shites or what ever there called and that everything is going to be alright because Paul Murray has some fairy dust and when he sprinkles it over Ibrokes all the big bad people will go away trust me I’m in the know mate ( wink wink) hail hail bhoys am here all week
So Scottish Media getting all excited over a bid, that is full of non starters! In other words, there is no bid! Liquidation of death looms!!!
I believe the key to all this is who owns Ibrox. I think Whyte may have put the ownership of Ibrox and Murray park into the hands of a different company other than Rangers FC.
This way when Rangers are liquidated, he still owns the major assets, (Ibrox and Murray Park), as they would not be Rangers FC assets, therefore wouldn’t be able to be sold off to recompense the creditors. Whyte could then create a Newco with the major assets in tact, incredibly becoming a hero of the Rangers fans into the bargain!
The only snag with this plan is it is probably illegal and the creditors would no doubt challenge Whyte in the courts.
It could go on for years.