Singapore consortium enters battle to take control of Rangers

[R.J. MacReady 226]

A Singapore-based consortium has become the fifth group to lodge a formal takeover bid for Rangers. The offer, made on Friday, will now be considered by the club's administrators alongside those from the Sale Sharks owner Brian Kennedy, the Blue Knights consortium, Club 9 Sports and an as yet unnamed party.

Representatives of the Chicago-based Club 9 Sports are expected to make a trip to Sunday's Old Firm game at Ibrox. Despite Kennedy earlier having made sceptical noises about the likelihood of him gaining control of Rangers, he is already thought to have spent about £200,000 on his bid.

Paul Clark, Rangers' joint administrator, said: "What we want to do is analyse the bids and I would suggest we will be moving to a shortlist that might be two or three bidders at some point next week."

Clark reaffirmed his desire for Rangers to exit administration promptly. "Our preference would be for somebody else to be in control of the football club other than us by the end of the season," he said,"so they have got the whole close season, the whole transfer window, they have got proper preparation for the new season."

The administrator expressed frustration with the Scottish Premier League, which is conducting an investigation into allegations that Rangers have made undisclosed payments to players.

"We have written to the SPL asking why it is necessary at this time to conduct an inquiry," Clark said. "They have known about the issue for some time, we still don't have the [tax] tribunal's decision and we would like to understand why they feel they need the inquiry now.

"We will of course continue to co-operate with all the footballing authorities but with everything else that's going on it is a bit of an unnecessary hindrance for us when we still await the tribunal's decision.

"It is something we share the fans' frustration on, there's other work we could be getting on with. The tribunal has not yet confirmed Rangers is responsible so therefore why do the SPL feel they need to look at it? If they wanted to look at it, why didn't they look at it at the time it was going on?"

http://www.guardian.co.uk/football/2012/mar/24/rangers-scottish-premier-league-2011-12?

[nvager 498]

We want a high number of quality bidders. Just how many can be described as quality though is yet to be determined.

[R.J. MacReady 226]

We want a high number of quality bidders. Just how many can be described as quality though is yet to be determined.

Yes, the more bidders the better but it's imperative we end up in the right hands this time.

[SwallowsHisOwnSpunk 7,912]

I'm still holding out some hope that the grand leader of Qatar will buy us

[Right_To_Censor 1,951]

As long as they fly over on playing and not wok

Ah mee very sowy

[LegendofCoop 17,486]

Clark reaffirmed his desire for Rangers to exit administration promptly. "Our preference would be for somebody else to be in control of the football club other than us by the end of the season," he said,"so they have got the whole close season, the whole transfer window, they have got proper preparation for the new season."

Nothing against them, they are doing a good job and all that, but I was hoping for this to be resolved by the middle of April!

[GMac 1,405]

Interesting that they made the bid on Friday, that reinforces the notion that the court judgement has worked in our favour and won't hinder any takeover.

[boss 1,941]

Interesting. I look forward to hearing more about all the bids.

[R.J. MacReady 226]

Interesting that they made the bid on Friday, that reinforces the notion that the court judgement has worked in our favour and won't hinder any takeover.

THE race to buy Rangers hotted up last night when a fifth bid was lodged with the club’s administrators.

The latest interest is from Singapore.

Most of the club’s potential new owners – including Americans Prometheus/Club 9 Sports – are expected to be represented at this afternoon’s Old Firm derby to run the rule over their possible purchase.

The Singapore connection comes after a Court of Session ruling on Friday opened the door for Duff and Phelps to tear up the controversial Ticketus deal.

Paul Clark of the administrators said: “We’re pleased with the decision because what it means is that the destiny of Rangers’ season ticket holders is now in the club’s hands.

“It gives us the power if we think it is necessary and in the best interests of the creditors to cancel the Ticketus rights to the season tickets.”

Sale Sharks’ owner Brian Kennedy remains firmly in the frame, the Blue Knights along with Ticketus are still in there and Prometheus and an unidentified British consortium have now been joined by the Singapore group believed to be fronted by Glasgow-based businessman Shazad Bakhsh.

A Middle East group and New York financiers Fortress are hovering in the wings.

The potential owners are now likely to be whittled down to a short list this week.

Clark said: “We now need to take a proper look at them at all.

“That court decision was really a bit of a game-changer for the other bidders because with Ticketus in place few if any of them would have put forward a sensible bid because of the loss of the season-ticket revenue.

“It now gives a better assessment across the whole piece but just to be clear, we haven’t cancelled the arrangement at moment. It’s just if we feel it is necessary. At the moment, they still do have the rights but it gives the ability to cancel.

“So now we want to analyse the bids and I would suggest we will be moving to a shortlist and that might be two or three bidders at some point next week.”

http://www.express.co.uk/posts/view/310260

[bufforbero 128]

The fans can really come to the fore here.

Prospective buyers will be "blown away" by the atmosphere if we do our part.

[The Hammer 11 2,652]

The Singapore group will win the bidding war

[hugh_capet 341]

Whats the timeline for the admin lads approving a bid?

[bluegecko 306]

The fans can really come to the fore here.

Prospective buyers will be "blown away" by the atmosphereif when we do our part.

fixed that for ya

[boss 1,941]

Singapore bid sounds like the biggest. Time will tell if it is the best.

[WWTC 2,253]

Pal murray and the TBK could make this a whole lot easier by dropping ticketus, i fear other bidders will simply be priced out because of the greater rate of returns to creditors should tbk match any cash offer made by others

[Colonel Mustard 380]

Singapore bid sounds like the biggest.

What's that based on boss?

[bufforbero 128]

fixed that for ya

Thanks

[A.T.G 10,773]

[nachothelegend 1,932]

So the SPL are being Arseholes.No shocks there then .

Their timing is impecable.

I hope we as Fans never ever forget these Twats when this nightmare is over.

If and when we as Fans retain a say in the running of our club, we repay their patience and compassion somehow.

[GMac 1,405]

My way of thinking is that there wouldn't seem much point in taking over Rangers without putting in some serious cash. If they only put in a small amount and the club struggles then it would be difficult to sell the club to the fans through a share issue. Put in some serious dough, they'll gain the respect from the fans and possible investors. Thats my hope anyway.

[54andcounting 627]

another update:

Rangers takeover: Fifth bid for Rangers comes from Singapore

A fifth bid for Rangers from Singapore has emerged. Picture: SNS

By ANDREW SMITH

Published on Sunday 25 March 2012 00:00

RANGERS’ administrators confirmed yesterday that they had received a fifth conditional bid for the Ibrox club, with the latest interest coming from a Singapore consortium.

The offer was submitted on Friday afternoon and, while more information is required by administrators Duff & Phelps, the bid is understood to have come from a “credible” source.

Paul Clark of Duff & Phelps has also shed fresh light on the Ticketus deal. Clark described Lord Hodge’s refusal to rule on the Ticketus deal in the Court of Session on Friday as a potential “game changer” for some of the other bidders.

There had been confusion about how the hearing had been reported but Clark said: “We’re pleased with the decision. What it means is that the destiny of Rangers’ season tickets are now in the club’s own hands and gives the ability to properly assess the competing bids. Let’s be clear on what the decision means – it gives us the power, if we think it is necessary and in the best interests of the creditors, to cancel the Ticketus rights to the season tickets.”

The administrators, as they perceive it, have the ability to make Ticketus an unsecured creditor and therefore void the company’s hold over future season ticket sales which the company believe they bought in agreeing a £20 million deal with owner Craig Whyte. That could have implications for Paul Murray’s Blue Knights consortium, who were willing to work with Ticketus. In exchange Ticketus would provide £5m working capital ahead of a share issue and agree to a much longer repayment period for the £27m they are due than the original three-year Whyte deal.

The Blue Knights’ position would appear weakened while the bids of Brian Kennedy, the Scots businessman who owns rugby club Sale Sharks, Chicago-based investment firm Prometheus/Club 9 Sports, and an un-named British consortium, boosted. The various bidders could be represented among the crowd at Ibrox at today’s Old Firm game.

“[The court decision] doesn’t rule out a deal with the Blue Knights but what it does mean is we may not be able to do a deal right away because of the other competitive bids,” Clark said “We now need to take a proper look at them at all. Really the decision is a bit of a game-changer for the other bidders because, with Ticketus in place, few, if any, of them would have put forward a sensible bid because of the loss of the season-ticket revenue. It now gives a better assessment across the whole piece. Just to be clear, we haven’t cancelled the arrangement at the moment. It’s just if we feel it is necessary. At the moment, they still do have the rights but it gives the ability to cancel and then I think they would be a creditor.

“What we want to do is analyse the bids and I would suggest we will be moving to a shortlist and that might be two or three bidders at some point next week.”

As it stands, no party has made an unconditional offer to buy Whyte’s 85.3 per cent shareholding and cover the debts owed to creditors and HMRC. All interested parties will base their offers on what might be required to go into the “pot” as a buyers’ fee. In order that there will be sufficient funds, creditors will be asked to vote for a pence-in-the-pound deal via a Company Voluntary Agreement. No clarity can emerge on the likelihood of a CVA being obtained until the result of the tax tribunal is announced, with Rangers facing a bill of up to £50m if their use of Employee Benefits Trusts is declared illegal. That outcome should be known in the next month. “It may well be next week or the week after,” Clark said.

Wrapped up with the tax case result is the Scottish Premier League’s investigation into alleged non-disclosure of payments to Rangers players between 1998 and 2010. Although there is no dispute from former owner David Murray that payments were made to players through EBTs that were not lodged with the SPL and SFA, his defence is that these were “discrectionary”, even though the rules state that all payments must be notified. However, if Rangers’ EBTs are found to be a form of tax evasion that sought to shield salary payments from full tax and national insurance contributions, potentially all Rangers players who had EBTs will not have been registered properly, raising the possibility of all games involving those players being subject to review.

Clark is unhappy that the SPL’s inquiry is on-going as he seeks to sell the club.

“There has been frustration from the Rangers fans and I share those frustrations. We have written to the SPL asking why it is necessary at this time to conduct an inquiry. They have known about the issue for some time, we still don’t have the [tax] tribunal’s decision and we would like to understand why they feel they need the inquiry now. The tribunal has not yet confirmed Rangers is responsible, so why do the SPL feel they need to look at it? Why didn’t they look at it at time it was going on?”

[gunslinger 270]

A Singapore-based consortium has become the fifth group to lodge a formal takeover bid for Rangers. The offer, made on Friday, will now be considered by the club's administrators alongside those from the Sale Sharks owner Brian Kennedy, the Blue Knights consortium, Club 9 Sports and an as yet unnamed party.

Representatives of the Chicago-based Club 9 Sports are expected to make a trip to Sunday's Old Firm game at Ibrox. Despite Kennedy earlier having made sceptical noises about the likelihood of him gaining control of Rangers, he is already thought to have spent about £200,000 on his bid.

Paul Clark, Rangers' joint administrator, said: "What we want to do is analyse the bids and I would suggest we will be moving to a shortlist that might be two or three bidders at some point next week."

Clark reaffirmed his desire for Rangers to exit administration promptly. "Our preference would be for somebody else to be in control of the football club other than us by the end of the season," he said,"so they have got the whole close season, the whole transfer window, they have got proper preparation for the new season."

The administrator expressed frustration with the Scottish Premier League, which is conducting an investigation into allegations that Rangers have made undisclosed payments to players.

"We have written to the SPL asking why it is necessary at this time to conduct an inquiry," Clark said. "They have known about the issue for some time, we still don't have the [tax] tribunal's decision and we would like to understand why they feel they need the inquiry now.

"We will of course continue to co-operate with all the footballing authorities but with everything else that's going on it is a bit of an unnecessary hindrance for us when we still await the tribunal's decision.

"It is something we share the fans' frustration on, there's other work we could be getting on with. The tribunal has not yet confirmed Rangers is responsible so therefore why do the SPL feel they need to look at it? If they wanted to look at it, why didn't they look at it at the time it was going on?"

http://www.guardian.co.uk/football/2012/mar/24/rangers-scottish-premier-league-2011-12?

hopefully this can move on quickly now.