Latest D&P Statement (RE: SFA Ruling) - Tuesday pm

[Frankie 8,224]

Duff and Phelps, the administrators of Rangers Football Club, issued the following statement today.

 

David Whitehouse, joint administrator, said: "We have today written to the Chief Executive of the Scottish Football Association requesting an immediate expedited appeals process over the sanctions imposed on Rangers by the Association's judicial panel last night.

 

"The decision of last night's judicial panel is in our opinion quite extraordinary. Not only in our opinion do the panel fail to have properly apportioned culpability between the Club and Craig Whyte, they appear to have rendered a penalty which could have a very detrimental effect on the ability of the administrators to achieve a sale of the business or a Company Voluntary Arrangement. This, in turn, cannot be in the interests of Rangers Football Club or Scottish football in general.

 

"The football authorities are fully aware that we are in the throes of an extremely complex insolvency situation. There has been widespread support across the political spectrum and in the football world for Rangers to be saved as a club and a viable business, last night's decision can only hinder rather than help.

 

"The decision to prohibit the Club from signing new players is akin to a court ordering the administrator of a trading company not to buy stock. The principal operating and trading asset of a football club are its players and an inability to sign new players frustrates both the ability of the company to trade and the statutory objectives of administration.

 

"It is extremely disappointing that approximately three weeks ago purchasers were at the point of confirming unconditional offers which would have achieved the purpose of administration. This process was first delayed by the announcements of the SPL to implement the rule changes to be considered on 30th April, and has now been further hampered by the sanctions imposed last night.

 

"We are unsure as to whether the judicial panel fully understood or considered the commercial impact upon both the Club and Scottish Football of these measures, nor are we satisfied at this stage as to whether these sanctions are indeed lawful. Clearly time is running out to achieve a sale of the business or a CVA and the Club can ill afford further legal arguments. Accordingly, we are urging both football authorities to adopt a more pragmatic approach to sanctions to ensure that the administration of Rangers Football Club can be brought to a conclusion at the earliest possible date for the good of not only the Club but also for Scottish football generally.

 

"We would then encourage the footballing authorities to introduce a framework so as to provide clarity in circumstances such as these going forward, rather than allowing arbitrary measures to be introduced on an ad-hoc basis which clearly impede a process of administration.

 

"We are sure the authorities recognise that any potential purchaser or investor in a football club must have clarity in relation to its future playing capabilities and revenue potential. By failing to provide clarity in relation to pragmatic and commercially sensible penalties the authorities are by default prejudicing the survival of one of the clubs whose existence is key to the well being of Scottish football.

 

"We will continue to work tirelessly over the next couple of days to attempt to secure the comfort from the football authorities as to the level of future sanctions which will be raised, so as to enable one of the bidders to proceed with an acquisition of Rangers Football Club Plc without further delay."

[Guest Tom Vallance]

http://www.rangers.co.uk/news/football-news/article/2747423

[Craigy1881 79]

No beating around the bush with that statment

[ascender 352]

Exactly, it covers the two main points, the first one being that the club is being punished for the actions of one man and also that the Sfa/spl seem to be making things up as they go along.

[Bears 0]

We also need a statement today from TBK’s and Miller to know exactly where they’re at at this moment

[GovanAllan 0]

We also need a statement today from TBK’s and Miller to know exactly where they’re at at this moment

 

Back to square 1 probably.

[Guest Tom Vallance]

Pretty strong statement, but one which will have no effect, I fear. It does look like the authorities are doing everything they can to interfere with a sale of the club.

[Guest DavieBlue]

Duff and Phelps should get Uefa to intervene as there is clearly an agenda!

[gisabeer 409]

i am in no doubt who ever implemented these sanctions new exactly what they were doing. The sole purpose was to hinder the sale of Rangers football club and drive them into liquidation.

 

whilst we are the case of the SFA we should ask for an investigation into the appointment into Mr Reagan. who approached him regarding the post, how many other candidates were interviewed and more importantly, can we see the minutes of the private meeting Mr Reagan had with Celtic and why he held a private meeting with them.

[stewarty 1,909]

Interesting that they are questioning the legality of the sanctions. Particularly that this is an impediment to the club's ability to trade out of administration, thus acting to impede officers of the Court.

 

Your move, Regan.