We'll Buy You - And Put You Into Liquidation!

Go G YellowScreen · Mar 30, 2012

THE American frontrunners in the race to buy Rangers are prepared to pay Â£25 million for control of the Ibrox club â and their preferred option is to put the club into liquidation.

The bid from Chicago-based Club 9 Sports is one of three which, if successful, may result in the new owners taking the highly unpopular option of winding up the club and reforming it as a new company (Newco), The Herald understands.

The only offer on the table which is conditional on Rangers emerging from administration and paying off debts via a Company Voluntary Arrangement (CVA) is the one from the Blue Knights, headed by former Ibrox director Paul Murray.

The American bid is more than double that on offer from the Blue Knights or Sale Sharks owner Brian Kennedy, whose offer was rejected by administrators Duff & Phelps yesterday.

But Club 9 Sports would have to address the Â£27m debt owed to Ticketus, who would not be creditors under the terms of the Blue Knights' bid.

Until now little has been known about the substance of the Club 9 Sports bid or the company's intentions if it was successful in taking ownership from Craig Whyte.

But the company has made it known that liquidating Rangers is in its plans, and it is understood two unidentified consortia â one based in the United Kingdom, the other in Singapore â are also open to the Newco route rather than trying to do a deal with creditors via a CVA.

It is believed Club 9 feels that liquidation would remove the risk of currently unknown debts emerging in the future, and would take away the uncertainty of not being able to agree a CVA with creditors.

But taking Rangers into liquidation would be deeply unpopular with fans and would have grave footballing consequences.

A new club has to wait three years before it is eligible to play lucrative Champions or Europa League ties. It would also have to be voted into the Scottish Premier League or else apply to join the Scottish Football League in Division Three, and the registration of all its current players would pass to the SPL rather than being held by Rangers.

The American firm emerged as frontrunner as Mr Kennedy was told by Duff & Phelps that his offer was not good enough.

With current owner Whyte refusing to deal with Paul Murray's Blue Knights bid, Club 9 is in a strong position. The two unidentified consortia are thought to be unlikely to succeed.

Club 9 Sports, formed in 2009, has described its approach as seeking to revive struggling businesses "through cost-cutting and aggressive sales and marketing". Its most recent sports venture was the purchase of Quad City Mallards, a minor league professional ice hockey club in Illinois. Attendances and revenue figures have increased since Club 9 Sports' takeover although investment has been modest.

Club 9 Sports made attempts to buy Tranmere Rovers and take a controlling interest in Sheffield Wednesday but both moves were unsuccessful.

The bids appeared to fail because in both cases the business plan involved short-term restructuring, and drawing consultancy fees, with a view to selling the clubs on.

Meanwhile, Mr Kennedy said he was "disappointed but not surprised" after his bid was rejected.

He added the Blue Knights bid was in the best interests of the club.

A spokesman for Duff & Phelps last night declined to comment about any individual bid for Rangers.
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http://www.heraldscotland.com/news/home-news/us-firm-in-25m-bid-for-rangers.17178029

This company is dodgy as ****. Google them and Tranmere or Sheffield Wednesday and you'll see they're a bunch of chancers. With Whyte refusing to sell to the Blue Knights and Kennedy being KO'd the future is not looking good for the bears.

Bib Fortuna's Maw · Mar 30, 2012

harryhood67 · Mar 30, 2012

Had sky sports on Ladies American golf, good looking lassie Chrissie Kerr, white baseball cap with Duff & phelps scrolled across it

Ciaran · Mar 30, 2012

harryhood67 said: ↑

Had sky sports on Ladies American golf, good looking lassie Chrissie Kerr, white baseball cap with Duff & phelps scrolled across it
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We'll Buy You - And Put You Into Liquidation!

Go G YellowScreen Well-Known Member

Bib Fortuna's Maw Well-Known Member

harryhood67 Well-Known Member

Ciaran Going for 55

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We'll Buy You - And Put You Into Liquidation!

Go G YellowScreen Well-Known Member

Bib Fortuna's Maw Well-Known Member

harryhood67 Well-Known Member

Ciaran Going for 55

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