Guess Which Major Player in the Rangers Saga Has Been Sold For Over £400 Million?

I missed this report at the time, and am grateful to one of my readers for pointing it out to me.

NEW YORK–(BUSINESS WIRE)–Apr. 23, 2013– Duff & Phelps Corporation today announced the completion of its acquisition by a consortium comprising The Carlyle Group, Stone Point Capital LLC, Pictet & Cie, on behalf of certain of its clients, and funds managed by Edmond de Rothschild Group in an all-cash transaction valued at approximately $665.5 million.

As previously disclosed, the transaction was approved by the Company’s stockholders at a special meeting of stockholders held April 22, 2013. Pursuant to the terms of the merger agreement, the Company’s Class A stockholders are entitled to receive $15.55 per share of Class A common stock in cash without interest. As a result of the merger, the Company’s Class A common stock will no longer be listed for trading on the New York Stock Exchange.

Stockholders of record will receive a letter of transmittal and instructions on how to surrender their shares of the Company’s Class A common stock in exchange for the merger consideration. Stockholders of record should wait to receive the letter of transmittal before surrendering their shares.

The deal involves the whole of Duff & Phelps’ global business, including its British arm.

The three men closely involved with the Rangers administration, Paul Clark, David Grier and David Whitehouse, remain listed as “Managing Directors” of the UK arm.

There remains at least one ongoing investigation by the Insolvency Practitioners’ Association into the handling of the administration.

One wonders if there was any account taken of the potential for liability on the part of Duff & Phelps UK should any wrongdoing be proved (and of course D&P maintain that they did a fine job and succeeded in fulfilling its statutory goals in the process).

At a price of over £400 million, I imagine that any financial issues which would be tiny by comparison would have had little effect on the deal. However, as private equity is not known for its generosity, I suspect that there are indemnities in place which mean that it would not be the new owners who would pick up the bill if there was any liability established.

Since the administration process ceased, and BDO took over as liquidation started, we have heard very little from D&P – even when Mr Whyte’s taped conversations appeared.

I imagine that we have not however heard the last of them in the context of Rangers…

Posted by Paul McConville


Filed under Rangers

103 responses to “Guess Which Major Player in the Rangers Saga Has Been Sold For Over £400 Million?

  1. Waiting with bated breath for the day where CW reveals the tapings of his meetings with duff and duffer personell prior to their appointment as administrators andalso the behind the scenes involvement at the same stage with CG.

    Only then will we have the true picture of collusion of the “principle” parties. any enquiry or investigation will only ever whitewash or paper over large cracks. A proper investigation should be undertaken be SFO in associaiion with BDO as duff and duffer in my opinion failed the creditors at EVERY turn and were in place with 2 goals in mind, save the club at all costs and make as much money as they could for themselves.

    Tick tick tick………………….

    • Budweiser

      Aren’t SFO already involved re Worthington Group?

      • No one actually knows if they are or not, they will not publicise any investigation and we have only their word that they have reported it. It my be that they are and if so as a result of this aspect they will take the view of additional investigations to the deal making. London City police were also involved but the main issue is that they are all fragmented and independant of each other where a proper step back and all encompassing view should be taken in my opinion, but as i say the establishment do not want to do that for their own reasons. Ultimately even the bears themselves are now scared of what might be uncovered and any subsequent outcome so better just to move along…..nothing to see here…….but they are so very wrong.

  2. Adam

    Paul, out of curiosity, from a legal standpoint, can tapes be used as evidence if things go to court ?

    Whats the laws around taping someone and advising/not advising them they are being recorded etc ?

    Thanks in advance.

    • @Adam.
      It seemed to be good enough to use against Lenny recently, when a microphone was placed near the tech area

    • Adam
      May 6, 2013 at 9:14 am

      Paul, out of curiosity, from a legal standpoint, can tapes be used as evidence if things go to court ?

      Whats the laws around taping someone and advising/not advising them they are being recorded etc ?

      I know its only drama and laced with poetic licence, but in TV law series you often see the judge rule out taped evidence.

      If there is any reality to this in the real world there is probably good legal reason for such decisions, but if so, it seems strange to me.

      If someone knows they are being taped when discussing dodgy dealings they are going to lie.

      I’m sure there’s a rational explanation.

    • mick

      Alex evidence is commen in court now with care issues and also with vandalism issues and police the selfs tape people in custody with the personify knowing the is a press sence set were this type of evidence is accepted so wee whytes tapes count Adam don’t forget it’s English law as its a English based company so there you go Adam we have had the tape debate here lots in past comments and tbh there is no better evidence than a tape weather it be visual or audible voice it’s as good as a admission

    • Bill

      I think they would need to prove that the tapes were complete and unedited. Little soundbites that suit your purpose would be no good.

      • Bill
        May 6, 2013 at 10:48 am

        I think they would need to prove that the tapes were complete and unedited. Little soundbites that suit your purpose would be no good.

    • Paul

      If you can use cctv and a guy swings a rubber mallet and tomato sauce is splashed over the guys head out of camera range and later the guy goes up to the hospital because he falls on his head and puts in a criminal charge to say he was smashed over the head with a mallet. What do you think the outcome would be from the cctv footage. Guilty as proven by cctv.Why are the sevco division worried about tape recordings surely they are innocent and wee craigy is just a wee troublemaker. I smell Whyte about to hit the fan.

  3. cam

    To give a brief answer to Paul and anyone else who wonders,,there will be no liability or any risk attached to this deal as all of the above mentioned group are part of the global conspiracy to ensure that a third division team in a footballing backwater are nursed back to a position of sporting,moral and sociological dominance.
    This brings balance to the force and saves all that messy faffing about with light sabres,,,,Luke Piemuncher out.

  4. Geddy Lee

    How much money did Dufferrs and Flops make out of the rangers debacle?

    It ran into millions if I’m not mistaken, but would it not be for the creditors to challenge their “handling” of what should have been a cost cutting and selling excercise? An excercise that dragged on for months, with practically no return.

    It looked like they were simply trying to keep the club open instead of doing what they were supposed to do and look out for creditors interests. I see now why agent Whyte went to court to force their appointment.

    Still, I doubt it’s possible to “prove” any wrong doing. We will just have to put it down to crass incompitence, in keeping with this whole farcical saga.

  5. mick

    Great read Paul there is news that a rangers fan killed a women with learning difficulties at weekend the women came out the shop and his car clipped her when aha gave the man a mouthful he reversed over her and killed he it happened at govan after sevco game how low can man go its a shocking evil incident also a fan died at killie a heart attack but the 1 in govan should be demanded that the driver how killed the women with learning diffucullitys witnessed by 2 young boys outside shop should be sentenced to 35 years recommended its sad that this can happen to a women in our country a car is as lethal as a gun and this man showed that

    • Adam

      “how low can man go” you ask whilst using a horrific incident to point score on the internet when you dont have the full details.

      I would suggest “thats how low”

      • mick

        Only a disturbed mindset would suggest this Adam no condemnation or sorrow just even it out with the above your low

        • Adam

          You are a Grade A clown mick. Disturbed beyond repair.

          It goes without saying that my deepest condolences are to both families who have lost loved ones, and if anyone is found guilty, irrespective of what team they support, then may hell catch up with them.

          • Monti

            I think your a clown Adam!

          • mick

            Am a clown your on the back peg already your a clown the fact you debate as a sevcoian proves this your name calling before lunch you lack basic sence when people mention sevco or there fans flares and violence in maryhill at start of week then murder in broad day light in govan scum is the only word to. Sum your fans up

      • mick

        A do have the full details Adam that above is what happened 100. % true factual will we not mention it till trial your very sensitive to criticism and seem to think any negative about sevco is point scoring your club killed a defenceless women with learning difficulties at weekend in govan area after match also a mentioned the killie fan why you avoid that part

        • Bill

          There was absolutely no suggestion in the story that the driver was even a football supporter, never mind a Rangers supporter. You made that bit up.

          • mick

            bill it was a sevco fan a would not telling lies your clubs fans killed a women at the weekend there was 2 soccer related deaths 1 a heart attack 1 a murder in govan at 230 a man a rangers fan knocked down a women who he hit the women complained about it and got run over for talking back so there you go facts it was a sevco fan murdering bassa s

            • Bill

              Firstly , I am not a Rangers supporter and secondly you are using the gossip from kerrydale street instead of the facts which were reported.

            • cam

              biggest arsehole that ever breathed through its mouth

      • Monti

        Adam could you please refrain from childish name calling, Mick is pointing out an incident that happened at the weekend, this does not make him a clown. Someone said on here that you were academic & we’ll let’s say a better standard of Hun, I have seen NO evidence of this at all, I find you like the rest of your support, thick!

        • mick

          hi monti thanks for your support even in murder they are trying to muddy the waters as its a negative about there fans

    • Monti

      well said Mick.

  6. @gortchomhor

    If you look at the transaction, as delineated in the CVA proposal, it seems to suggest that Green and the gang would put up around £4.8 millions in total through the Newco route. Yet, the ‘estimated cost of realisations’ which includes the administrators remuneration as well as all associated legal and liquidation costs, would be £6.2 millions.

    That’s some transaction.

    For those of you who missed all this the first time, the good news is there will be another one along some time soon… Eyes peeled this time, ok?

    • Ed Paisley

      The liquidator’s fees are subject to audit by the court. I agree it is a ridiculous result for the creditors for the yield from realisation to be exceeded by the costs. Look for Duff and Duffer fees to be scrutinised closely.
      The public purse loses hundreds of millions each year from insolvencies and the superficial investigation of the circumstances of insolvency makes me sick.
      The reality is, in the corporate world profits are private but the losses are socialised because invariably the tax man is the biggest creditor (through unpaid tax and unpaid statutory redundancy pay).
      Inability to tax and adequately regulate used to be the hallmark of a third world country – it is about time the govt bared its teeth.

      • Niall Walker

        No argument from me, I am not happy HMRC allowed Rangers to trade for 9 months without paying a bean, gross negligence by HMRC.

  7. John

    When will we hear anything from the BDO liquidators?? What’s all the buzz around Tuesday? Lovin the circus as always 😉

  8. Adam

    Michael Higdon was arrested last night for assault hours after picking up the player of the year according to Sky and Clyde.

    A few people tweeted last night that he couldnt even get his acceptance speech out he was so drunk.

  9. Monti

    Duff & Phelps actively tried to ADD Daniel Cousin to the playing squad early into their administration. I am not sure this is normal practice? Wasn’t it their remit to REDUCE the wage bill? :/

  10. Monti

    Why is it that when other clubs go into administration,say Dunfermline Athletic, they have to drastically cut the wage bill & lose most if not all of their better players, yet Duff & Phelps tried to increase their wage bill by trying to sign Cousin & no notable players leaving? Surely almost immediately, Duff & Phelps should have been releasing players from the wage bill & I mean the high earners. What was the point in asking players to take a 75% wage cut & actually try to sign a player ( cousin)? It doesn’t make sense.

  11. Monti
    May 6, 2013 at 10:33 am

    Duff & Phelps actively tried to ADD Daniel Cousin to the playing squad early into their administration. I am not sure this is normal practice? Wasn’t it their remit to REDUCE the wage bill?

    Old habits die hard. I wonder if Daniel will be a contender for next season.

    Should be a doddle for Ally and his £10mill warchest.

    Unless Daniel is on a bosman there will be the little matter of the transfer embargo, but such a trifling problem will surely be swept aside for the all conquering 3rd division side

  12. The Carlyle Group? The Edmond de Rothschild Group?
    Wow. Those people are practically untouchable.
    Being onside with that lot is in effect like being given official approval to commit the crimes of your choice with total impunity. It’s close to a guarantee of protection from the very top.
    This is a discouraging development.

  13. mick


    Two SFL1 clubs have confirmed to me that Stewart Regan contacted them to seek assurances that Sevco would not receive an invite to “SPL2”.

    regan can smell the toxicity from them lol t minus 24h

  14. Niall Walker

    There remains at least one ongoing investigation by the Insolvency Practitioners’ Association into the handling of the administration………….

    Morning Paul,

    From memory the IPA are investigating a possible conflict of interest, I can find no references to an investigation involving undersold assets by anyone.

    • tykebhoy

      Did Paul suggest there was a publically announced investigation into “undersold assets”. BDO may be investigating it with a view to pursuance of “grat a”. The IPA may also consider that selling assets below their value is a sign of conflicting interests.

      • Niall Walker


        There is no evidence to suggest BDO or IPA may be investigating Gratuitous Alienation, nor is there any link between a conflict of interest that may have existed with underselling assets.

        Where has all this nonsense come from ?

        • Simple logic and the available trail of historic connections.

          Your stoic defence of the establishment bodes you well. The issue as you are no doubt aware, but are deflecting from, is that every aspect of this matter has been carried out in specifically created individual boxes that at first viewing appear unrelated.

          The transactions, the game players, the authorities. Good stuff for conspiracy theorists but the fact is this, or most of it , has actually happened. Only through the constant pressure of groups such as this has it come to light so far. If the MSM and establishment had their way then this would have been brushed under the table, green would still be running his mouth off with whyte and murray jointly creaming off the money paid out by the majority of bears in various forms. The situation is criminal in its basest form and the only one not able to see that are the bears and those in apparent authority who choose not to see it.

          The several investigations, and there are far more than you highlight here, require to be brought under one central investigation that goes right back to the beginning murray>whyte, and take it from there. Only when that starts will any of the investigations in play have any relevance truth or finality. This is not something the establishment wants as it will bring all sorts of conflict, collusion and illegal practises together in some logical format where proper truths and equally untruths can be established without influence from interested parties being rammed down our throats. Then the true justice can be handed out in public and not hidden or glazed over.

          • Niall Walker


            What is the historic connection between Bill Miller and SDM, CW, CG, D&P, Ticketus, Octopus, Zeus Capital and Gratuitous Alienation ?

            What is the historic connection between HMRC and the above in regards to Gratuitous Alienation ?

            The answer is none, which renders your slippery slope conclusion a logical fallacy, you can’t just ignore evidence because it is inconvenient to your version of the truth. The bottom line is no creditor including HMRC objected to the sale price and but for a change of mind, the owner of Rangers would be Bill Miller at a price of 11 million.

            Now if you can give me a logical answer to these questions I will join you in your Quixotic adventure to blame all of British society for failing to crush a football club you appear to blame for everything but the holocaust.

            People wonder why non-OF fans find this so fascinating, the answer is it is a microcosm of human nature, culture and our inability to reason in emotive matters. I am not defending Rangers, I am defending reason.

            • Not defending sevco,That,l be the day.Thou dost protest too much !! You mention reason that sir ! seems like a stranger to one such as you.

            • @NW

              another good attempt at deflection………………………………..
              you appear to be obessed with your personal stand point on GA. I am not concerned with this at all and in fact do not mention GA in my response, quite frankly it has little or nothing to do with what I have posted nor is it something that I really care about. I disagree that in any event RIFC are called upon to justify they “sale” price then they will no doubt do so and to the establishments satisfaction IN spite of any public outcry.

              The link between HMRC>DM >TICKETUS> CW> DP>ZEUS CAPITAL>CG> etc etc etc is there for all to see and a lot more to come. This, in association with many individuals, companies, MSM and associations that have bent over backwards to obsure the truth and assist the myth of normality with club and company to the finacial detriment of some/many (I include the bears that have been and continue to be fleeced) and the massive financial gain of the chosen few starting with DM.

              You should look beyond your obessive point and aquaint yourself with the wider picture that is a true reflection on the matter. The fact that this is an emotive topic has little to do with rfc/sevco and the fact that I am a CFC fanatic and more to do with the injustice of the way this particular club/business and the individuals associated with it past and present and to a lesser extent future have managed to get away with literally daylight robbery while rubbing everyones face in the smelly stuff.

              I seek only fairness and justice that is never available when “the establishment” is involved.

              The fact of the situation is that D&P were totally inept in their duties and responsibilities to the creditors. The first order of business should have been the sale of the players or at the very least send them out on loan until end of season transfers could be achieved coupled with redundancies of staff and curtailing of unnecessary expenditure would have put money into the bank to pay the creditors and if no relief was to be made available the firesale could have started in earnest. This as we know did not happen assets were wasted away and money spent rather than saved or made all in the name of keeping the club playing. THIS WAS FUNDAMENTALLY WRONG. What they ultimately sold the remaining assets for is wrong in my opinion but its past and nothing I fear will result in it, but it is not an obessive point for me so I do not dwell on it.

              I will keep going back to my principle point, that a totally ALL encompassing investigation should take place. This is not because its rangers, it is because this company and the individuals surrounding and involved in it have used and abused their own faithful support, the taxpayers and small businesses of Scotland, their peers in the game of football in Scotland and generally anyone else that they could conceivably screw and are still getting away with it now.

              If this had happened to any other club…..Dundee/Dunfermline/Livingston/Gretna/Airdrie/Hearts? then none of this shambles and breach of professional integrity would have occured.

              The “establishment” maintain this myth the establishment continue to blindside the public and paper over the cracks where gaping chasms exist and quite truthfully I am p***ed off listening to the deflection at all levels in UK society.

              Now if you want to discuss any point of view other than your own obession then happy to engage. I am not defending rangers, celtic or any other club/society I am defending the right of the people to be informed of government and business parctises that affect all our lives.

              “When the government is affraid of the people its called democracy, when the people are affraid of the government its called tyranny.”

            • Niall Walker
              May 6, 2013 at 1:25 pm

              …you can’t just ignore evidence because it is inconvenient to your version of the truth.

              Why not Michael?

              You do it day after day.

            • Niall Walker
              May 6, 2013 at 1:25 pm


              I am not defending Rangers, I am defending reason.

              You’re not doing a very good job of it.

            • “…no creditor including HMRC objected to the sale price…”

              You just don’t get it, do you? There does not need to be a complaint from a creditor for a challenge against GA to be made.

        • Don

          I would imagine that in each and every case of Liquidation, purely as a matter of course and best practice, the Court appointed Liquidator would be obliged, even if somewhat cursively, to examine the possibility of Gratuitous Alienation, without having to have any regard whatsoever to the general public, the press and other media. Moreover, in many cases this would be self-evident and the need to pursue a case for such fairly quickly established. Always remembering that the onus of proof lies with the purchaser, not the liquidator. However, unlike Gratuitous Alienation, a Conflict of Interest, if in deed one exists, such as that which some suggest and publicly allege may have occurred between Duff and Phelps and the eventual purchaser(s) of the assets of the former Rangers PLC 2012, might well take the Liquidator down a different path namely that of making a criminal complaint to the Procurator Fiscal. In the likelihood of the latter I would not, until such time as appropriate admissible evidence is gathered by BDO, envisage them making any meaningful comment on this matter. Consequently, a lot of what is presently out there should be regarded as mere speculation.

          • Niall Walker


            You are spot on, there is some evidence of a potential conflict of interest but as I said its got no connection to the actual sale of the assets, in fact I am not sure what the benefits would be for such a conflict.

          • Frankie Lad

            I support your comment in it’s entirety. For Gods sake can someone ask Green or his Paki friend, I mean no ill by using this term, I refer in the same friendly format Charles Green does, how they justify paying less than 2m for premises, fixtures and fittings and then 3 weeks post sale announce they would only consider selling up if the price was in excess of 50m……………………………. BDO, the world is watching and with abated breath.

        • Niall Walker
          May 6, 2013 at 12:00 pm

          Where has all this nonsense come from?

          Don’t know. Where do you get yours?

        • tykebhoy

          You are correct there is no evidence. There is also no evidence to the contrary. I suggest you stick to what you insist everybody else does and not speculate but deal in facts. The fact is that at no stage in this blog did Paul suggest there was an investigation into underselling of assets. However the fact he didn’t doesn’t mean there isn’t an investigation. Grat A being proven is more likely than prrof that you primarily support East Fife

    • Monti

      Morning Ferrero Rocher 🙂

    • Niall Walker
      May 6, 2013 at 11:36 am

      There remains at least one ongoing investigation by the Insolvency Practitioners’ Association into the handling of the administration………….

      Morning Paul,

      From memory the IPA are investigating a possible conflict of interest,
      I can find no references to an investigation involving undersold assets by anyone.

      Even if you could Niall, you would not be interested.

      You’d be too busy looking for reasons to rubbish it.

      If you’re not being employed by Media House to spread Zombie propaganda, you’re doing a splendid job for free.

  15. notnearlydeadbutreallydead

    Enjoy the bank holiday.
    Don’t work too hard today at ibrox lads!

  16. Geddy Lee

    Paul ,
    you and Archie mcpherson are taking pelters over on the demented Bear’s Den Forum.

    Oh and check out the thread where they think they have been awarded the CPL final at Ibrox.

    It’s hilarious. It transpires the info comes from some computer game. This follows on from the excitement generated when they thought it was them and not Celtic who have been invited to open Berlin’s new stand. PRICELESS.

    I’ll say this for the sevcovians, they certainly know how to put a smile on a Celtc fan’s face.

    At least the finances will take another quick boost before the season’s end with todays “legends” match.

    • Ed Paisley

      I presumed the “Legends” match was to benefit the Rangers Charity Foundation?
      It could be used to support the trustees against the ongoing investigation by OSCR.
      I have heard that OSCR have asked for a breakdown of the income and costs from certain benefit matches – the effect could be a further VAT bill on oldco. But who cares – that is a closed chapter in the stellar history of the mighty Rangers.

  17. A Denial of Service attack on the Internet is when multiple computers are set up to launch a coordinated series of high-volume messages to a web-site/service. The target service expends so much effort dealing with these requests that its legitimate activity grinds to a halt and more often than not completely stops.

    Don’t know why reading some of the posters/postings on this forum made me think of that.
    (Not a comment on the author or the majority of ‘legit’ service users.)

    • Plughole

      Hi NN,

      But do you have the evidence.
      He is totally exposed.
      Everyone, please do not engage, do not reply. Then he will f**k off and reappear under another new name.

      • Niall Walker

        What is fascinating is the level of animosity toward me, and its underlying causes, it is so out of proportion it justifies some form of research or study into why humans need to demonize others to enhance their own well being. We are discussing footballing matters not the nature of existence, well at least I am.

        • JimBhoy

          Or why some people seem to like the spotlight more than others, like the sound of their own voice, crave attention, presenting contentious views just to get ANY sort of feedback… Your MO in a lot of ways follows the way Chico conducted his business with the media.. This post does not enhance my well being it’s just some words…. More akin to scratching an irritating itch.

          • Niall Walker


            Lets be honest here, my views and intentions are no different to yours or anyone else who likes to post their opinion. the big difference is I am good at it, which irritates some.

            • JimBhoy

              Aye keep telling yourself that mate. LMFAO 🙂 delusional just like Chico too…

            • Honesty,(some say is a stranger to you).but I could not possibly comment.

            • Niall Walker
              May 6, 2013 at 2:08 pm


              Lets be honest here, my views and intentions are no different to yours or anyone else who likes to post their opinion.

              The big difference is I am good at it, which irritates some.

              Heh! Heh!

              Niall, you truly are good for a laugh!

            • KMac


              “the big difference is I am good at it, which irritates some.”
              You’ve just lost all credibility.

  18. JimBhoy

    PMcG has an interesting post today… Suggesting this could be quite a week…

    • Budweiser

      tbh I just can’t see what all the fuss is about. Business people rarely observe bank hols – they just get on with business. PmacG asks lots of questions without much of substance ,in his piece. He intimates that Alex Thomson has ‘more to come’ later this week – well lets wait and see. All in all a poor piece from Phil imo.

  19. JimBhoy

    Taped conversations were used in evidence against those two numpties who sent lennie the parcels…

    • Ed Paisley

      Off topic – remember the Nixon tapes during the Watergate hearings in 1974? There was so much deleted on the tapes that someone thought it was a Normal Collier gig!

    • cregganduff

      Yea Jim
      And on a number of occasions against police who racially abused black people.

      Given that Director Imran Ahmad stated “On a bad day the club is worth £50m.” shortly after purchasing it for £5.5m, gratuitous alienation would have to be considered a prime consideration for the liquidators.

  20. JimBhoy

    Is this Ally saying Green duped him?

    Will this aid in selling SBs, knowing that the quality was not there last season in an easier league to the one they will find themselves in next season?? IMO next season will stretch the loyalty of the bears… I still think they will be lucky to see 20k SB sales.

    I am sure those who will come into Ibrox before the end of the year will have loved Sally’s comments below…’You are a free transfer for a reason’!!! I would have thought there were many reasons…


    But, asked if he was confident of proving he is the man for Rangers, he said: “I just want the opportunity to do that. I’ll be honest, I don’t think there will be massive amounts of change for next season.

    “With the greatest of respect, we are bringing in free transfers.

    “Before I sound as though I’m criticising the people that we hope to bring in, you are a free transfer for a reason.

    “We’re not going to get the best youngsters. It ain’t going to happen.

    “If people think we are going to go out and sign boys at 22, 23, 24, who have a tremendous future ahead of them, that’s not going to happen because they are not going to be free transfers.

  21. Niall Walker

    If season tickets fall to 20k this would reduce turnover to approx 24 million incurring operating losses of approx 8 million. I doubt whether any sane investor would accept these level of losses and administration or a resale would be the only option. I said almost a year ago that I didn’t believe the newco would work because I doubted the degree of fan loyalty that was key to its success. Expectation level at Rangers and Celtic are higher than most amongst Scottish fans, its a big drop to watch mediocre football for 3 years at any price.

    My gut instinct is this regime may not work, the bridge between CG/Ahmad and CW may be a bridge too far, and the future of Rangers may lie in the hands of other parties.

  22. arb urns

    Dont lose sight of the issue that Niall started off all these posts thinking that it was one of the unsuccessful bidders that would claim GA.!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    The original legend in his own mind only. You’re reduced to a pinch of salt on here now.

    • Niall Walker


      I haven’t a clue what you are inventing, but I do know why, if you are unable to debate with me then just say so, all this invention is just waving a white flag. I await the day you reduce me to a pinch of salt, and the briefest glance at your posts tells me it will be never..

      p.s. GA can be claimed by a creditor or unsuccessful bidder, unlike you I am aware of all the contexts of GA, including money laundering and capital gains tax evasion.

      • arb urns

        Niall Walker

        May 3, 2013 at 3:11 pm

        Gratuitous alienation in a 4 month public sale ?

        To prove this would require a bidder accusing D&P of ignoring the higher bid, no such complaint has ever been made.


    • cregganduff

      Yes Arb
      A waffler and a bluffer, who conveniently forgets the nonsense he posted a few days ago.

      • Niall Walker

        You forget to prove its nonsense, try again.

        • cregganduff

          Niall Numbskull

          May 3, 2013 at 3:11 pm

          Gratuitous alienation in a 4 month public sale ?

          To prove this would require a bidder accusing D&P of ignoring the higher bid, no such complaint has ever been made


          “It is for the party seeking to uphold the transaction to produce evidence that the consideration was adequate – not for the liquidator or challenging creditor to produce evidence it was inadequate.”
          Paul McConville

          “Equally, even if the price was the best achieved in the sale process, this does not necessarily make it an “adequate” consideration.”

          • Niall Walker


            Its not your day, let me give you a tip, never post the words of others you do not comprehend to support your argument, it makes you appear weak.

            “It is for the party seeking to uphold the transaction to produce evidence that the consideration was adequate.”

            Ignoring a higher bid would be evidence that the consideration was NOT adequate, D&P can prove they considered all bids thus providing evidence that the consideration was adequate.

            “Equally, even if the price was the best achieved in the sale process, this does not necessarily make it an “adequate” consideration.”

            It does when the largest creditor considers the consideration adequate, which they did.

            Case closed.

            • Niall Walker

              In summary the case for GA seems to consist of a bunch of Celtic fans persuading each other that the assets were sold too cheap, that is it, no evidence, no creditor complaints, no bid investigation, nothing.

              Its called a bare assertion, and bare assertions that contradict known evidence is called a delusion..

            • arb urns

              really the largest creditor didnt vote for 8.5m but they were happy with 5.5m….wow…………they even said so in a statement and agreed to foot the bill for the liquidator too………..nah HMRC chose CVL read their statement N.

              case open

            • cregganduff

              Niall – you wrote
              “It does when the largest creditor considers the consideration adequate, which they did. Case closed”

              Not quite

              I Would you like to provide some proof of your assertion quoting the relevant legal basis. Also who was the largest creditor and a copy of their statement accepting the consideration as adequate. The section of the Insolvency Act below would appear to contradict your assertion

              Insolvency Act 1986
              Reduction under ss.242 and/or 243 of the 1986 Act [10] Ss.242 and 243 of the 1986 Act provide, so far as material to this action, as follows:

              “242 Gratuitous alienations (Scotland).
              (1) Where this subsection applies and-
              (a) the winding up of a company has commenced, an alienation by the company is challengeable by-
              (i) any creditor who is a creditor by virtue of a debt incurred on or before the date of such commencement,
              (ii) the liquidator;

  23. Can’t stop laughing at Sevco. . .just can’t get enough!
    Their real nightmare hasn’t even begun yet.
    There IS a God and Karma does exist.

    Poor new Sevco the Lilliputians of Scottish football trying to pretend they are a real football club and getting further into the mire. Someday the 3.D rose tinted glasses will fall off the deluded supporters’ head’s and they will see what the rest of the world has been seeing for years a Third Rate zombie tribute act fleecing poor deluded souls for all they are worth.

    Pure Gold.

  24. Niall Walker


    Thanks for your reply, you seem concerned by the actions of D&P in their duties as administrators, you seem to think they failed the creditors.
    Couple of points, all CVA bids paid more to the creditors than newco bids, this proves the company was worth more to the creditors as a going concern. There were a couple of reasons for this, one was the cost of footballing sanctions and the other was player assets. D&P could not sell high value players as assets mid season, it was outwith the transfer window, a new owner could sell them at the end of the season, and sanctions would reduce turnover by 30-50 million over 3 years, thus reducing its value.

    D&P were led to believe by HMRC that CVAs would be considered, HMRC then state any CVA bid regardless would have been rejected because they wished to pursue certain lines of non-compliance.

    As I have stated many times, none of the conspiracies would be even considered if Bill Miller’s bid had gone through, but it didn’t and suddenly all the conspiracies are true.

  25. Niall Walker


    I am convinced you either do not read my posts or do not understand what legal statements infer.

    Neither the creditors nor the liquidator are going to scream GA if the bid is open and above board, and no creditor objects.

    The bid for Rangers was so open it was almost a Dutch auction, and the biggest creditor ( HMRC ) wished the buyer all the best in their new endeavors.

    Do you understand the term ” self evident ” ?

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