ian1964 10,724 Posted March 30, 2012 Share Posted March 30, 2012 THE American frontrunners in the race to buy Rangers are prepared to pay £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 £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. http://www.heraldscotland.com/news/home-news/us-firm-in-25m-bid-for-rangers.17178029 0 Quote Link to post Share on other sites More sharing options...
BlueMazza 0 Posted March 30, 2012 Share Posted March 30, 2012 Fuck....... 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted March 30, 2012 Share Posted March 30, 2012 Am I missing something here? I thought the job of the administrators was to keep the company alive and also get the best possible deal for the creditors. Why then has a bid that wants to put the company into Liquidation and F*** the creditors been preferred to kennedy's offer which would have kept the company alive and struck a deal with the creditors. I don't get that. Is this possibly a frightener for Ticketus and Whyte? 0 Quote Link to post Share on other sites More sharing options...
Craigy1881 79 Posted March 30, 2012 Share Posted March 30, 2012 they can gtf then if that is their plan 0 Quote Link to post Share on other sites More sharing options...
CumbernauldGers 0 Posted March 30, 2012 Share Posted March 30, 2012 Imo this is a total scare story. It's prob been put out there from the administrators to speed up talks. 0 Quote Link to post Share on other sites More sharing options...
Gers4Life 0 Posted March 30, 2012 Share Posted March 30, 2012 I don't quite understand this and the liquidation thing! If that happens 140 years of history disappears and everyone that is owed money ends up getting nothing! Strange one that but my advice to the American party! Stay the hell away from my football club! 0 Quote Link to post Share on other sites More sharing options...
Guest Dutchy Posted March 30, 2012 Share Posted March 30, 2012 Fuck them! Surely Kennedy and the BK's can get enough together to thwart this bid, and maybe a wee bit of backing from King, even though he's only half a billionaire??? D&P's are the most untrustworthy elements in this whole scenario, not just because they're CW's preferred bidders, but the history of accountants in general has been corrupt and instumental in the whole worldwide financial disaster, by hiding banks profits and loses from investors. 0 Quote Link to post Share on other sites More sharing options...
54andcounting 0 Posted March 30, 2012 Share Posted March 30, 2012 Aw naw! the old liquidation chestnut is back on the agenda. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,747 Posted March 30, 2012 Share Posted March 30, 2012 Let me cite the admins: "It would be inappropriate for us to comment on the merits of individual bids but, in general, several parties have pursued their declared interest in the Club and five bids submitted have been subject to greater scrutiny. "We fully understand the desire of supporters to see the bidding process concluded as soon as possible and have asked three bidders to submit best and final offers by Wednesday April 4. It is likely that a successful bidder will require a period of exclusivity to commit to final due diligence thereafter. "Bids have inevitably been the subject of widespread comment and speculation but at this stage it would be unwise to perceive any particular party to be a preferred bidder, and the bidding process remains open for all parties until April 4." Can someone please clarify how The Herald comes to the conclusion that the Club9 folk have jumped to the head of the queue and what their plans would be? Why the BK's are the only offer that does not want liquidation? Scaremongery at its finest ... and you do wonder why some of the hacks think that all want to liquidate the company (not winding up the club) after they themselves list all the backdraws of somesuch? Why would any bidder want a crippled low-key Rangers FC? To sell them off in four years time on a profit? What planet do these people live on? They could just as easily buy Hibernian or Motherwell today and start to invest straight away! 0 Quote Link to post Share on other sites More sharing options...
alexscottislegend 2,328 Posted March 30, 2012 Share Posted March 30, 2012 If CW won't deal with the Knights, then what choice do the admins have, unless they are hand in glove with CW? What we need is for Kennedy to beef up the BK bid so Ticketus can do one and CW into the bargain. Only downside from that is the fan scheme which could see that clown Dingwall on the board.BK is the best of a bad lot methinks. 0 Quote Link to post Share on other sites More sharing options...
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