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Daily Admin Statement


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Administration Statement

Mon, Apr 23, 2012

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DUFF AND PHELPS, the administrators of Rangers Football Club, issued the following statement today.

David Whitehouse, joint administrator, said: "We have continued intensive discussions with interested parties over the weekend.

"The Blue Knights and Bill Miller have asked for a further short period of time to finalise their plans for the club prior to any announcement on a preferred bidder.

"At this stage neither party has currently made an offer that is capable of acceptance by the administrators and we can only move forward when we have an offer on the table that can be concluded following a period of final due diligence.

"In broad terms, the Blue Knights are trying to resolve issues regarding the structure of their proposed funding partnership with Ticketus as well as conducting further analysis of player contracts.

"The proposed bid from Mr Bill Miller is, as he made clear on Friday, subject to specific conditions.

"Both bidders have raised with us their strong desire to attain greater clarity on potential footballing sanctions the club may face and these remain issues to be resolved.

"We believe that both bidding parties have the best interests of the club in mind and, frustrating as though it is for fans, it is better that these complex issues are addressed now rather than later.

"It is imperative that whichever offer is taken forward can be delivered. For the avoidance of doubt, neither bid involves liquidation."

Paul Murray, of the Blue Knights, said: "Frustrating though this is for everyone with the interests of the club at heart, the Blue Knights are supportive of the administration process and we think it is right the administrators are giving parties left in the race the opportunity to finalise their plans."

Ally McCoist said: "It has been a frustrating time for everyone associated with the club but I would ask our fans to stick with us for a few more days as we should have a clearer idea of where we are.

"The administrators are working hard behind the scenes in very difficult and complex circumstances to ensure the future of Rangers Football Club."

Andy Kerr, President of the Rangers Supporters Assembly, added: "Our fans are frustrated by the further delay but hopefully the issues can be resolved in the next few days.

"I'm sure every effort is being made to make progress and it is vitally important that we have clarification soon. It would be helpful if supporters allow Duff and Phelps to get on with their work at this crucial time."

David Whitehouse added: "Because of what has happened at Rangers, the football authorities too have a difficult task as there are many unprecedented issues to deal with.

"This is a complicated administration due to recent and historical events at Ibrox and while everyone wants to see a solution brought about quickly there is a need to grasp the reality of the situation.

"It is all very well for some parties to talk in terms of delivering a Company Voluntary Arrangement. That is an administrator's primary objective.

"However, that can only be delivered successfully if it is agreeable to creditors and it is fair to say that certain bids that have been submitted may not have been approved by creditors.

"It is deeply regrettable that some parties have continued to present their bid as being a solution when it clearly was not the case.

"In terms of timing, we believe that should an unconditional bid be made that would meet creditors' approval and a CVA process could begin, the club could emerge from administration within a period of two months and certainly prior to the commencement of next season.

"If we proceed with an offer that is based on a sale of the business and assets, then we would expect the football club share to be transferred within a matter of weeks, with a preference of prior to the end of the current season.

"We fully understand and share the frustration of the fans. However, we cannot ignore the fact that while they wish to see an exit from administration there is a not a bid on the table now that will deliver that.

"Everyone should also bear in mind that if that is not achievable then we have to look at all options to keep the club going.

"What would be the worst outcome is neither party deciding they wish to carry on. It is therefore not in the club's interest for people - failed bidders and concerned supporters - to be generating hostility to bidders who are trying to secure the club's future."

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"We believe that both bidding parties have the best interests of the club in mind..."

Boy. That's gonna be a real kick to the baws of some of you, if the admins think both of these bids have the same good interests for the club at heart.

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"If we proceed with an offer that is based on a sale of the business and assets, then we would expect the football club share to be transferred within a matter of weeks, with a preference of prior to the end of the current season."

I thought not of them were going down the liquidation route?????????????????????

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More delay.

I am not a fan of either bidder but I can understand them wanting certain conditions attached to their bid.

You cannot buy a football club without a reasonably clear idea of future income.

D&P do understand this and their desire to have a bid without conditions is almost unheard of.

That in itself will lead to delays as potential bidders do their own investigations and seek assurances.

This could drag on a bit yet

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Not a good sign.

Makes you think the TBK dont have the money to take the players back on at their original contracts? I expected some downsizing but if we dont honour player contracts, we will see all the players go at a pittance which helps nobody.

Also, as both parties look like they want more clarity on the sanctions the club faces... makes me think we will still be waiting until after the meeting on the 30th...

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TBK have never had a pot to piss in. :anguish:

It's a shame the admins didn't see fit to release a statement like this last week. It would have saved them, the bidders and us a lot of grief.

It does however fire a huge torpedo into the TBK's credibility as it lays bare their deceit and manipulation.

I'm liking them less and less and now see them only as a very last resort to buy the club rather than avoid liquidation as I don't believe they have the means to keep us afloat,much as they'd like to.

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Makes you think the TBK dont have the money to take the players back on at their original contracts? I expected some downsizing but if we dont honour player contracts, we will see all the players go at a pittance which helps nobody.

Also, as both parties look like they want more clarity on the sanctions the club faces... makes me think we will still be waiting until after the meeting on the 30th...

Think it's either that, or players want assurances of squad investment. Yes we as fans expect heavy downsizing. But players don't want to be here if we ain't competing for trophies. Clauses were added, we know that. I dare say, certain clauses will be discussed yet again.

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TBK have never had a pot to piss in. :anguish:

It's a shame the admins didn't see fit to release a statement like this last week. It would have saved them, the bidders and us a lot of grief.

It does however fire a huge torpedo into the TBK's credibility as it lays bare their deceit and manipulation.

I'm liking them less and less and now see them only as a very last resort to buy the club rather than avoid liquidation as I don't believe they have the means to keep us afloat,much as they'd like to.

So what's the RST/FF line now?

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More delay.

I am not a fan of either bidder but I can understand them wanting certain conditions attached to their bid.

You cannot buy a football club without a reasonably clear idea of future income.

D&P do understand this and their desire to have a bid without conditions is almost unheard of.

That in itself will lead to delays as potential bidders do their own investigations and seek assurances.

This could drag on a bit yet

Bid in bold: ??

This will drag on for months yet!

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Tbh i think its heading for a Leeds utd type situation no matter who takes over, we are such a shambles at the minute to say the least. Whyte,ticketus,Hmrc,unsecured creditors,Spl and players contracts to be sorted before the end of the season in 20 days. Can't for the life of me see how all that can be sorted in such a short length of time.

Get a good Rangers man at the helm as owner cut our cloth and head for SFL3. We will then sit back and watch the spl fiasco league fall apart, no t.v. money, no main sponser, league over after 6 or 7 games, all of them bumped out of europe by the end of August.

As long as we are Rangers football club and play at Ibrox thats good enough for me.

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lol

everyone knows what the bill miller bid involves.

dressing it up doesn't change a thing.

Have TBK guaranteed no liquidation yet ?

Have they mentioned how they hope to deal with Ticketus if we go into liquidation ?

We know exactly what the TBK bid entails too.

Despite what their mouthpieces say.

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They should stop promising things they can't deliver. So many delays for announcements. We heard last week "Monday will be the day for a final announcement" suprise suprise it's been delayed :rolleyes:

If they didn't give time frames and regular statements they'd get critisised too, bit of a no-win situation there.

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Have TBK guaranteed no liquidation yet ?

Have they mentioned how they hope to deal with Ticketus if we go into liquidation ?

We know exactly what the TBK bid entails too.

Despite what their mouthpieces say.

Indeed we do the people leading both bids have told us what's involved in both.

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