caseyjones

"@ScottBurns75: Former manager fronts new consortium trying to buy #Rangers. See tomorrow's Daily Express for story #rfc"

Take what you will from that.

Walter Smith fronting for Bill McColl.....

Who's Bill McColl?

Who would not if one is served such stuff like the above and more gloom-singing in the next thread. As has been said before, we soon need no enemies with friends like these.

Hey ho. Life's unfair.

If it's a newco then the contract would be null and void. If it's the same company then presumably the contract is still in existence unless theadmin process cancelled it.

 

We don't know the financial clauses to ases how good it is.

If the admin process cancelled the contract, would the caterers have continued to provide a service?

So we would have no catering money for a long time if we exit administration via a stand-alone CVA, is that what you're saying? Close Leasing are in the list of creditors though, so surely the administrators have some power regarding that contract?

 

What about exiting administration via a newco route? How would that change the outlook on the potential catering income?

Close Leasing have a fixed charge and will be one of the first to be paid. Rangers were encouraging people to buy food and beverages at games, so there must be some percentage still coming into the coffers.

Only if you put undue weight on every single word spoken.

No, she stated that there were 'three previously undeclared bidders'. What part have I put undue weight on?

Maybe so, but replacing players (pending a successful SFA appeal) with unknown quantities in roughly the same wage bracket would be even more costly.

What unknown quantities? Most of the squad will have been at Ibrox for years and will have come through the youth ranks.

You do wonder though how some feel comfortable sitting next to the bed telling you that the life support machine may fail, the nurse may put in the wrong antidode, and whether someone actually happens by to give you another bag of liquid food. What is even stranger is the amount of people who come along clapping the shoulder of said doom-singer while saying: look, he's right. You have to take these possibilities in, for they may become facts. And if you don't, you probably live in your own little world beyond reality. ... That they all just speak of their doom-and-gloom side of reality is neatly put aside though.

You sound more miserable than any of the doom-singers.

Huge cuts simply have to be made under a new owner though unless the new owner has a LOT of money.

Reading what Douglas Fraser has to say about the UK consortium, cuts will be guaranteed.

"@BBCDouglsFraser: New UK bid consortium for #Rangers bring football experience but, I'm told, "not in this for altruistic reasons""

Sounds about right.

Assuming that a sale of the club can be completed in time, then of course we won't know to what extent immediate cuts will need to be made until the new owner's in place.

 

That said nothing suggested on this thread so far has involved 'escalating' costs

You don't think new contracts incur costs? Signing on fees and agent's fees are very costly.

Azure signed a nine-year contract in the summer, I believe. I don't know if it could just be cancelled.

Can the Admin team offer these guys contracts if we don't get a buyer in time and try to limp on.

Not if they are claiming that there is no money left. They are not permitted to let us run at a loss.

Nothing will be done until there is a buyer confirmed. Escalating costs is not possible.

Just thought I'd do the happy cheery chappy thingy !

Only following orders, Guv!

Two to three million a month during the close season? He must be taking the piss with that. There are players whose deals come to an end on June 1st and I wouldn't be surprised to see others sold on, no matter who takes over. Sarah Bell's stated that all three bidders were new, now it's only two. Bizarre.

Who know we may be in for a pleasant surprise!

What a tease!

I was reading on twitter that it turns out the £30m number was made up. Who'd have thunk?

It says so in the article, so probably anyone who read it.

Poor frankie, having you lot in making a mess of his house....

O'er by has now re-opened for business.

The only up side to that is you dont generally know what is happening

The voice of experience. That explains a lot.

Doom-mongering ain't that funny, but we won't argue about taste here either. The topic is critical enough without people painting it in dark black and see oblivion looming in every corner ...

Lollipops and rainbows from here on in then.

Aye but you know when people are being smarmy and using big words it just confuses me

The man knows his stuff.

I never used to i thought you were a pape. That was due to your smarmy posts on RM though

He's smarmy on here too......and quite a few bite every time. Delicious!

So Friday it is then, I must have went back in time because I'm pretty sure I've heard this stament before, seems to before a match takes place

There's no way Due Diligence can be done by Friday.

http://www.bbc.co.uk/news/uk-scotland-glasgow-west-18010212#?utm_source=twitterfeed&utm_medium=twitter

US businessman Bill Miller has dropped his bid to buy Rangers after taking more time to examine the financial state of the club. It is understood that his team was looking at a figure amounting to about £30m, simply to turn around the Glasgow club.

Why did Bill Miller walk away from Rangers?

Speaking on the BBC's Newsnight Scotland programme, Mr Miller's adviser Jon Pritchett said that when the millionaire looked at the detailed figures the financial situation showed "the hole is maybe a little deeper and the length of time is a little farther" than expected. This is the key reason for the American businessman deciding not to invest in the club.

Why did the man from Tennessee want the club in the first place?

Bill Miller's business history includes turning around distressed assets. He was originally invited to invest in a consortium considering a bid for Rangers. The consortium failed but Mr Miller's interest was aroused and he decided to pursue the club alone. His strategy was to turn Rangers around so that it was in a position to break even. The thinking was that sporting assets accumulate in value even if they do not return large profits annually. If Mr Miller could acquire Rangers at a suitable price he would then be in a position to exit with a healthy return. But key to that calculation was the amount of money needed to get Rangers to a position in which the club could break even. Neither Mr Pritchett nor Mr Miller have commented on how big the financial "hole" was - but a ball park figure of about £30m has been suggested to the BBC. If accurate, and his plans are replicated by others, that could represent a significant commitment for any future successful bidder.

So he wasn't interested in football?

Mr Miller is said to be a sports fan but no-one suggests he has any long-standing affinity for Rangers Football Club. He is, however, from a country which is showing an increasing interest in soccer. Mr Miller noted this trend and it helped him decide to pursue the purchase of a football club. Friends, who are supporters of both Celtic and Rangers, then told him of the fierce Old Firm rivalry. It was something which he had planned to witness personally, but that now looks very unlikely.

Will he return?

There is little chance. Bill Miller has recently taken delivery of a new yacht and had been putting off a long trip on his new purchase. His concentration in future months is likely to be on nautical, not footballing matters.