Rangers are preparing to set up a newco a week after the SPL vote on new financial fair play proposals.
The SPL have twice postponed voting on allowing the transfer of a share to a newco and are set to meet again on May 30 without knowing any definite news on the status of Rangers.
Duff and Phelps hope to get agreement for a CVA on June 6 otherwise they have two weeks to set up a newco that is accepted by the SFA and SPL.
The Ibrox administrators announced this morning that they have accepted an offer to purchase Rangers Football Club from Mr Charles Green but there is little to reassure those SPL clubs whose business plans seem dependent on being in the same league as Rangers.
The Green deal is dependent on a CVA being accepted by creditors such as HMRC otherwise they’ll have to encounter the uncharted waters of the newco route.
David Whitehouse of Duff and Phelps announced: “Mr Green has secured, via a substantial financial commitment, a period of exclusivity to complete the purchase of the Club and this is expected to be finalised at a creditors’ meeting on June 6.
“The structure and quantum of the offer from Mr Green is such that it is acceptable to us as administrators and, having been in discussions with major creditors throughout the process, we believe this presents the best prospect of financial recovery for creditors.
“Mr Green, through a corporate vehicle, has entered into a binding commitment to inject funds into the Rangers Football Club plc so that the administrators can propose a Company Voluntary Arrangement which, if approved by creditors, will result in their claims being compromised for specific amounts and the company exiting administration free of the historic debt and with new owners. Work on issuing a CVA proposal has already started and will proceed with utmost urgency.
“If the creditors do not approve the Company Voluntary Arrangement, the agreement obliges Charles Green’s purchasing vehicle to acquire the business and assets of the Club on agreed terms, through a newco structure.”
Green added: “At all times we will make decisions that are in the best interests of the Club. Not every decision at a club can be popular but I can tell every Rangers fan now that whatever decision is taken they will always be told the truth.
“We will do everything in our power to achieve a CVA and we already have a detailed written commitment from Mr Craig Whyte for the transfer of his shareholding.”
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So, is a CVA still possible, or is Mr Green at it as well ? By at it, I mean that he’s already decided it’s going to be the newco route, but he doesn’t want to upset the orc hoardes just yet.
‘Their’ fans have been spouting abuse & a thumbs down to Green for the last few days because they were so brainwashed by the BK’s so i’m sure they won’t make him welcome (although i’m sure Fat Sally’s lips will be puckered up for interviews next week)…
A CVA has no chance of prevailing as HMRC want all their dosh and will not accept 5p in the £1 also once Mr Green has browsed the books and seen the mess he will do a Miller so its also a no go they are hoping for the debts to be almost written off with little or no penalties and all this with UEFA’s approval hahahaha DREAM ON
mick…….if a CVA doesnt prevail and the newco route becomes a reality then HMRC wont get a penny therefore your argument doesnt stack up. suggest you listen to Mr Greens press confrence and will become clear
Not so, a law was recently passed which enables historical debts from a liquidated company to be transferred to a phoenix(newco)company.
Cva is a smokescreen, liquidation is inevitable.
Liquidation means all assets are sold off to pay creditors. Whyte has probably tried to be sneaky by putting Ibrox and Murray Park into another company to avoid a liquidation sale. If he succeeds he will be the huns hero, if he fails he could end up in jail.
What the hell does this mean…
“If the creditors do not approve the Company Voluntary Arrangement, the agreement obliges Charles Green’s purchasing vehicle to acquire the business and assets of the Club on agreed terms, through a newco structure.”
If Duff & Phelps are working for the best interest of the creditors as they are legally obliged to do, then surely the creditors would get more of their money back if Rangers were liquidated and the assets of Ibrox and Murray Park were auctioned off to the highest bidder. It is for this reason there is no way the creditors will accept a CVA.
This fact will be clearly obvious to these new latest investors who I strongly suspect must really only be hoping to be owners of Rangers Newco by default without investing a penny into the club.
We have still to find out the results of the big tax case, how Ticketus will go about trying to recoup their 27 million pounds investment and how Rangers will be punished for the dodgy double contract deals and how will Rangers deal with being banned from Europe for up to three years (should they ever be able to qualify).
Or another intriguing angle is if Whyte has put the assets of “The Big Hoose” and Murray Park into one of his dubious shell companies, thereby protecting them from an asset sale? This is a very big question because if he has then surely this activity would be deemed illegal? Nevertheless, perhaps Whyte is in on this devious plan to liquidate Rangers thereby removing all its debts while at the same time protecting its assets in a dubious shell company, so that when the Newco is formed, the Newco can use the assets for free? Interesting conspiracy theory but highly plausible?
My worry is the SPL will keep trying to bend the rules to accommodate the cheats, effectively jeopardizing the integrity of the whole of Scottish Football bringing us into disrepute with UEFA who could quite easily decide to ban all Scottish teams from Europe as well as the National team.
Tighten your seat belts and loosen up your chuckle gums – there is still a long way to go in this messy hilarious circus of clowns and juggle artists.
If Green is going to rule the EE (in whatever form) will those fans who are so grateful ask for a section of Ibrokes for them to gather, perhaps a small brigade of them? That would of course make them a green brigade, THERE’S ONLY ONLY ONE GREEN BRIGADE & IT’S OURS…HH
Lets be clear about this, the players at Rangers FC would if sold bring in around £20million, the Stadium and Training Ground would sell for another £25million at least and the Car parks in the region of £2.5million.
All that would total around £47.5million – so WHY would or should the Creditors accept a pot of £5million (if it is that). WE as taxpayers should be able to ask for a judicial review of any decision by HMRC to accept such a low return and groups of supporters from clubs should approach solicitors if this is the case.
Only the liquidation of the Assets will bring in the money owed and it is NOT the Administrators objective to keep Rangers FC going whilst the Creditors get screwed. The Creditors are owed and if there is assets that can be sold which would bring in far more than what is being offerred then the Assets must be sold.
The only other acceptable way out is for the new owners to agree to repay the outstanding monies owed IN FULL over a set number of years.
I simply do not understand any of this. How is any of this plausible? Why would anyone want to touch this toxic dump? Rangers are the football equivalent of sub-prime loans, create a toxic bank and sink them into that.
Preferably a sandbank.
And as for Mr Green? Are Rangers the biggest dodgy scumbag magnet on the planet. Tramps and thieves. It beggars belief.
A patch up job to appease the fans, liquidation still a certainty. As for Mr. Green another aquaintance of Crook Whyte, with a huge list of ex directorships, dissolved Companies….so will he pass a fit & proper check. Even the greatly deluded will struggle to accept that a CVA can be attained.
Smoke & Mirrors…..time we cut to the chase and got down to brass tacks…a complete fire sale of ALL assets.
I expect their appeal to be turned down flat in midweek and further sanctions imposed..thereafter a Dodo FC to be re-formed to subvert the sanctions.
The contrast could not have been starker. There Celtic were running rings around Auld Reekie rangers with a Hoopie hat-rick plus two before going on to lift the League trophy amidst a sea of beautiful emerald green and white and with beautiful songs that filled the air with joy.
Meanwhile on the south side of the town another shade of green, toxic green was trying to breathe life to a ravenous brain dead zombie that has feasted and fed on the backs of the living for far too long and is dying for lack of blood.
The omens are in place. Their first saviour was Whyte, now its green their last will be taxing, very very taxing.
Brian Kennedy will be the owner of Rangers (in the SFL)next season.
Its all very clear now. Everything is going according to Craig Whyte’s plan from the beginning. He has put the major assets (Ibrox & Murray Park) into one of his own shell companies so the shares he has sold to this new consortium does not include Ibrox & Murray Park.
The consortium are in cahoots with Craig Whyte. A proposed CVA will be refused and they know that, so Rangers FC will have to be liquidated which means all their assets will be sold off to pay the creditors. These assets will not include Ibrox and Murray Park as Craig Whyte has protected them in his shell company.
A Newco will be formed and Craig Whyte will “donate” the use of Ibrox and Murray Park to the Newco whilst retaining ownership of these assets (which he got for nothing). The new consortium will have a debt free Newco Rangers FC (which they got for nothing).
The only “fly in the ointment” for these crooks is Ticketus who will no doubt sue Craig Whyte for knowingly deceiving them out of 27 million and I’m sure the HMRC Tax office won’t be too happy with this fraudulent arrangement either.
Meanwhile the SPL will bend over backwards to accommodate the Newco cheats and fraudsters jeopardising the integrity of the whole of Scottish Football to the point that all clubs competing in the tainted SPL would be banned from competing in Europe.
thai tim, i have said the same from day 1.