Events at Ibrox seem to picking up pace.
As we know there has to be a proposal made by D&P to creditors telling them how the goals of administration are to be achieved. This needs to happen by April 10th.
It seems that a creditors’ meeting will take place at Ibrox on 20th April.
Paul Murray’s Blue Knights seem to have reached an agreement with Ticketus, whilst Mr Murray is upset at D&P suggesting liquidation.
Mr Murray, or his cheerleaders, seem unhappy that D&P did not start moving to void Mr Whyte’s purchase of Rangers straight away on taking up office.
Let’s imagine for a minute that there are grounds for doing so, which seems highly debatable.
As Phil Mac Giolla Bhain has said, it is not the MO of businessmen like Mr Whyte to commit crimes. It would take a crime to render the transaction void.
If there are allegations that Mr Whyte misled the seller, then the sale would be voidable. It would require a court to determine this. As we saw with Martin Bain’s case, a straight forward legal dispute which was raised in court last summer was scheduled for a full hearing this summer.
The issues in an attempt to reduce Mr Whyte’s purchase would be far more technical and subject to legal debate. On year, two years or more would be needed, especially looking at the possibility, or indeed certainty, of appeals.
But even if that all happened successfully, then Rangers Football Club PLC would now be owned, again, by MIH. Suddenly Sir David Murray, or more precisely the banks which effectively control MIH, would have control.
Would they be prepared to give up Rangers for nothing? (Which is really what any group buying the company, rather than the assets, would be looking to do).
Suddenly a Rangers without the bank debt and with Ticketus onside, and with only the Big Tax Case to come, might seem, at least as per the statements by the Blue Knights, to be an entity which someone might be willing to pay money for.
If we think that the situation now is complicated, can you imagine the clamour that would ensue if Rangers reverted back to Sir David Murray’s nominal control, and MIH told the Blue Knights that they would have to pay for the 85% shareholding?