“A financially-stricken institution and … an amount of toxicity in there” – Any Bidders?

Paul Clark, administrator of Rangers, came out with a Gerald Ratner-esque line yesterday in an attempt to encourage the prospective bidders for Rangers in advance of the next “final deadline” for bids.

He was quoted in the Scotland on Sunday saying:-

“The preferred option remains a CVA and it remains an option for all of the bidders. And we still think it’s 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 and there is an amount of toxicity in there as a result of what’s gone on.

“So all of the options have to remain open and it may be that some of the bidders decide that they would rather start afresh. 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.“

Whilst attempting to sell the club, it was an interesting turn of phrase. One hopes for the sake of the creditors it does not have the same effect as Mr Ratner’s comments did so long ago!

 

Mr Paul Murray, the Arthur to the Blue Knights, took exception to the mention of liquidation.

“It seems the other groups are pushing to put the club into liquidation. That is not what I want to do. They have their own reasons for wanting that – but it’s not part of my plan.

“Paul Clark was misquoting me if he said I was considering that. I didn’t say that. I’m a little bit surprised and concerned, in fact, that the administrators seem to be almost moving things towards liquidation in the last couple of days.

“From my point of view, first and foremost, we want to reach agreement with creditors – a CVA.

“That’s the whole reason I’m talking to Ticketus. Those talks are ongoing and we’re getting closer, although it’s not done yet.

I’m trying to put in place a restructuring deal that involves a CVA. I think the football and financial benefits of that outweigh the liquidation option.

“So I don’t know why Paul Clark seems to be briefing in that direction. It is certainly not my intention to put the club into liquidation.”

 

Quite how Mr Murray plans (a) to reach an agreement with Ticketus (b) reach an agreement with HMRC and (c) deal with all of Rangers’ other financial and regulatory issues, including the unfortunate fact that the 85% owner does not want to sell to Mr Murray’s group, remains to be seen.

 

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24 Comments

Filed under Administration, Rangers

24 responses to ““A financially-stricken institution and … an amount of toxicity in there” – Any Bidders?

  1. shall the deed be done before the cock crows thrice?

  2. Maybe Mr Murray holds all three tickets that won the American lottery and will use the $600M or so to pay off all of the debts?

    Well it’s about as credible as any other plan I’ve seen to avoid liquidation.

  3. Timabhouy

    Karma phantasma ghost is still doing its
    thing , head boy of duff & phelps is a
    manchester boy born and bred ,
    revenge is best served with ice cream
    and semolina , riot at that stupid huns !

  4. davythelotion

    The Blue Knights are probably walking away as we blog!

    • easyJambo

      Name & Registered Office:
      RANGERS (2012) LTD
      40 HUNTER STREET
      SHOTS
      SCOTLAND
      ML7 4BS
      Company No. SC418962

      I don’t know Shotts at all but going by Google Earth it looks like a “cooncil hoose” with a few white van men around

  5. Auldheid

    There is only so long a chain can be yanked before it stops having effect.

    See what I did there? 🙂

  6. hitch22

    IMO not a chance they will make Friday night, no bidders=Liquidated this weekend, Duff N Duffer have treated administration like a baby wi a choco cake..all over the shop 😉

  7. hitch22

    Janice Thompson ‏ @antyjan Reply Retweet Favorite · Open
    @celticrumours Administrators have to submit a public order notice when a company is coming out of administration and into liquidation
    Retweeted by Celtic Underground

    I read Duff n Duffer have done just that 🙂 , anyone heard this?

    • I have heard from a good source about a notice going in the Herald on Wednesday. Looking for confirmation.

      If correct, that would suggest D&P could have been at court today.

      This may of course be a rumour akin to the “I’ve just seen Messi get in a taxi at Glasgow Airport” which abound every transfer deadline day!

      I have my large pinches of salt at the ready.

  8. charles

    Hi paul,
    Do you think this week will see them liquidated?
    Going away for a few days and will miss the party.
    CR.

    • As the courts are closed on Good Friday, on the basis that it is not a good idea to be a judge on the same day as Pontius Pilate was, I suspect that the Wednesday bidding deadline means they would not shut down this week, nor prior to the game at the weekend, as that will generate income.

      Next Tuesday is the deadline for them to tell the creditors how they intenmd to achieve the purposes of administration.

      That should be interesting, although they have already told the court that the plan is (a) share issue + CVA and (b) sale of business and assets + CVA.

  9. easyJambo

    Celtic Underground tweeting
    Duff & Phelps have apparently sent out notices of a creditors meeting to be held at noon on 20th April at Ibrox.

    Alasdair Lamont tweeting
    Paul Murray has agreed a deal with Ticketus, which means they’ll be part of the Blue Knights consortium bid for Rangers

    It looks like things are starting to move in the end game

  10. nowoldandgrumpy

    Hi Paul
    Could the comment make safe, refer to a parachute into the SPL?

    • It could – but I don’t think that the SPL clubs are the tightest when it comes to security. There would be knowledge of meetings, and would Dundee Utd, for example, be schtum about it if the G10 were trying to lay the groundwork…

  11. nowoldandgrumpy

    The reason for my question was that I fail to see why anyone would consider taking RFC on if liquidated without the certainty of either a parachute and/or the granting of a license.

  12. there’s more….

    GLASGOW RANGERS FOOTBALL CLUB 2012 Limited SC418862 (B1) 07/03/2012
    GLASGOW RANGERS FOOTBALL CLUB 2012 Limited SC418862 (C1) 07/03/2012

    http://www.edinburgh-gazette.co.uk/issues/27070/supplements/55

    GLASGOW RANGERS FOOTBALL CLUB 2012 SC418862 07/03/2012 http://www.edinburgh-gazette.co.uk/issues/27070/supplements/5

    • Conduit to the uninformed

      Missing RTC tonight, hope you don’t mind a lurker on your fine blog. Interesting reading that there may be more than one Good Friday Agreement. Oh the irony!

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