Rangers Football Club

DUFF and Phelps expect bids as cost-savings are expected on Monday More... ADMINISTRATORS Duff and Phelps have set a March 16 deadline for parties interested in investing in Rangers to indicate their plans as they continue with cost-saving plans which are likely to be announced tomorrow. David Whitehouse, joint administrator, revealed that there have been a number of expressions of interest in terms of bids for the club. However, as they revealed on Friday Duff and Phelps are seeking to save £1million per month and have been in discussions with Ally McCoist and PFA Scotland about how this can be achieved. Mr Whitehouse said: "What we have done is set a deadline of 16 March for first indicative bids from interested parties and there is a level of momentum which has been created in terms of our discussions with those parties that leads us to think we will receive bids. "HMRC would form a creditor of the company, so it will determine how big the creditor pot is. It could be that the creditor pot is, and I'm guessing here, £20m, or it could be £100m, but there will be a value for creditors that will then be distributed, pro-rata, to their claims. The size of the pot would frustrate the process. "We are looking to achieve cost savings of £1m a month to get through to the end of the season. "That's to preserve the core business but, through any administration process, the ultimate objective is to secure the survival of the business. We have now got a significant level of interest in terms of potential purchasers. "The vast majority have expressed a desire that they would wish to formulate their plans to make a bid for the business based on a materially reduced cost structure from that which currently exists, so that they can approach the business with a cleaner sheet of paper in terms of new investment."

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LATEST information from Joint Administrators Duff and Phelps More... DUFF and Phelps, Administrators of Rangers Football Club, today issued the following statement. David Whitehouse, joint administrator, said: "Since being appointed administrators last week there has been widespread concern raised with us, not least by Rangers supporters and season ticket holders, about the agreement between the Club and Ticketus. "Following information received, it is now apparent that the proceeds from the Ticketus arrangements amounted initially to a sum in the region of £20 million plus VAT. Subsequently, £18 million was transferred to the Lloyds Banking Group. "The application of the remainder of these proceeds is subject to further examination. "We are now investigating all the circumstances surrounding both the purchase of the majority shareholding in Rangers Football Club plc and the flow of funds which stemmed from the transaction and were intended to fulfil the purchasers' obligations at the time of the sale. "We cannot comment further on these matters while enquiries continue."

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CLUB statement on intention to appoint administrators The Rangers Football Club plc has today announced it has filed a notice of intention to the Court of Session in Edinburgh to appoint administrators. The Club will conduct its business as usual and will not be in administration until it decides whether to formally proceed with an application to appoint administrators. Until such time, the Club will not face any sanction from the football authorities in terms of points deduction within the Scottish Premier League. Sanctions such as a 10-point deduction will only apply if the Club proceeds with the appointment of administrators. It is expected to be 10 working days before a decision is made whether to appoint administrators. Suppliers to Rangers Football Club and the Club's business partners and sponsors are currently being informed of today's announcement and arrangements between the Club, suppliers and creditors will continue as normal. There will be no impact on season ticket holders and shareholders. Season tickets will continue to be valid for this season and any commitment to a season ticket for next season is secure. The Club is continuing to have dialogue with HMRC in the hope that a formal insolvency procedure can be averted and has put forward pragmatic proposals. The Club's owners believe there is no 'realistic or practical' alternative to this course of action in order to secure the long-term future of the Club. Should administration take effect, the Club is proposing a Company Voluntary Arrangement (CVA). The Club wishes to seek the protection of a moratorium from HMRC action whilst a CVA proposal is made to creditors. The Club has put forward a CVA proposal to HMRC in which creditors would be paid and provision made for the legacy HMRC case, commonly known as the 'big tax' case. This, if approved by creditors within a month, would minimise any points deduction and enable the club to participate in European football next season. The Club has engaged Duff and Phelps, a specialist restructuring practice to assist in finding a solution to the present position. Should the Club proceed into administration, the appointed administrators will in all likelihood implement a cost-cutting programme and staffing levels will be reviewed across all departments of the Club's business. Rangers chairman Craig Whyte said there is no 'realistic or practical' alternative to this course of action due to a combination of the Club's ongoing financial situation and the impending result of the HMRC first tier tax tribunal. The tribunal relates to a claim by HMRC for unpaid taxes over a period of several years dating back to 2001, which, if decided in favour of HMRC, could result in liabilities and penalties substantially more than the £50 million reported which the Club would be unable to pay. Further investment in the Club from any source would be impossible as the threat of winding up by HMRC cannot be removed. The Rangers FC Group, the majority shareholder in the Club, is prepared to provide further funding for the Club on the basis the funding is ring-fenced from the legacy HMRC issue. Mr Whyte said: "It is extremely disappointing the Club's finds itself in this position but decisions have to be taken to safeguard the long-term survival and prosperity of the Club both on and off the field. The harsh reality is that this moment has been a long time coming for Rangers and its roots lie in decisions taken many years ago. If we do not take action now the consequences and the risks to the Club are too great. "In addition to the HMRC issues, it has been abundantly clear to me the Club faces serious structural and financial issues which will continue unless they are addressed. "There is no realistic or practical alternative to our approach as HMRC has made it plain to the Club that should we be successful in the forthcoming tax tribunal decision, they will 'appeal, appeal and appeal again' the decision. This would leave the Club facing years of uncertainty and also having to pay immediately a range of liabilities to HMRC. Even if the Club were to succeed in the tax tribunal, it would still face substantial liabilities. Zero liability will not happen. "Whilst it appears that a consensual restructuring looks unlikely outside of a formal insolvency procedure, the above steps, if agreement cannot be reached with HMRC, will bring an end to the legacy threat of closure and will provide stability required to enable the required investment to be made into the future of the Club. "I can, however, reassure Rangers supporters that the Club will continue and can emerge as a stronger and financially fitter organisation that will compete at the levels of competition our fans have come to expect. "At this point I would ask all Rangers supporters to continue to show the tremendous support they have shown to the Club, Ally McCoist, his management team and the players."

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