Duff & Phelps, administrators of Rangers Football Club, issued the following statement today. Paul Clark, joint administrator, said: "As administrators we had hoped to announce today the acceptance in principle of an offer for the purchase of Rangers Football Club, which would be followed by a period of exclusivity while due diligence is undertaken. "Regrettably, this is not now possible as we were informed over the Easter holiday period that the SPL is proposing to consider at a general meeting on April 30, significant rule changes in relation to clubs which find themselves in an insolvency situation. "Inevitably, bidders are now considering this information and will have to take a view as to whether it will affect their individual bids as they now stand. The result is a delay in the sale process. We hope to receive feedback from bidders as soon as possible in order for us to take the sale process forward as quickly as we can."The effect of such revised measures being considered at this juncture is that we, as administrators are duty bound to inform those parties who have submitted bids of the proposed resolutions the SPL intends to consider. Failure to do so would constitute material non-disclosure on our part, which is a serious matter. "We fully respect the right of the SPL to review its own rules and regulations and will not comment on the detail of what is being proposed for the meeting on April 30 at this stage. However, the fact that such measures are being considered at such a sensitive point in the sale process at Rangers is disruptive and regrettable. We hope to issue a further update by the end of this week."
Yes true, but it was always known proposals where to be announced so its not new news only an update. This is an excuse not a reason for not announcing a perfered bidder.
If anyone told you five years ago that Rangers would be in their currant position, you would think they were off their head. Not only could you not believe the position they are now in financially but you would have thought that Mr Rangers, the man with the succulent lamb would have rode back into to undo the problems with and since his sale. D.Murray, claimed at one time nothing was good enough for Rangers, he ploughed money into Rangers and was rewarded treble times by soaring profits from his other business. He then began to bleed Rangers, until he got all he could get. Mr Rangers, you are needed now, more than ever before. Prove you are a true h.n put your money where it is needed and draw Rangers out of the SPL shameful position Rangers need you.
Yes, I wondered about that - Duff & Phelps must surely have known new proposals were in the offing but I suppose they'll say they have only just been 'officially' informed ... meanwhile, their meter is still running.
What I would like to know is what authority Duff and Phelps have to speak about Football Matters? How would they like it if the SPL told them to get a move on with the Admin process?
If I could do a laughy face with no full stop..... I would. but I can't. So you'll have to make do with a normal one.
have they been paid this though? I am sure I read that they simply become creditors and get whatever pence in the pound deal everyone else gets. not sure if this is the case or not tho
I would very much doubt it. I've never heard of an administrator not being paid full whack at any other club.
Yes, It was said that when they agreed to act as administrators they checked to see if Rangers had enough to pay them. They would have done a Whyte style ring fence to ensure there was always enough to pay. It is Rangers responsibility to pay and they are making sure its there for them.
