Discussions formally opened with 'certain interested parties'

[Bluedell 5,329]

Johnstone said at the AGM all outstanding transfer monies had been paid to other clubs (~�£9million) so I assume they have also been received as well.

 

From memory, there's a bit still due to us on the Hutton deal.

[Frankie 8,150]

Yeah I remember the wording was a bit open on that one.

 

Is Ellis now the 'exclusive' preferred bidder or can anyone perform due diligence?

[Bluedell 5,329]

I still think the RST's Mr Duffy will step up at the last minute and save us all.

 

I guess it's not beyond the realms of possibility that he's involved in a minor role in the Ellis proposal or perhaps some other consortium.

[Bluedell 5,329]

Yeah I remember the wording was a bit open on that one.

 

Is Ellis now the 'exclusive' preferred bidder or can anyone perform due diligence?

 

I doubt that they would make it exclusive at this stage, but presumably a price in the ball park of being acceptable would need to be proposed first, together with proof that the finance was available before the club would open up their books to an interested party.

[Frankie 8,150]

Isn't performing due diligence a six figure sum? Do the club receive some of that or is this just the associated costs: lawyers, accountants etc?

[Bluedell 5,329]

It may be less on Rangers, as it should be fairly straightforward, although it's been many years since I've been involved in such a process so I may have lost touch.

 

The fees for due diligence would go to the accountants who perform it.

[OnlyOneAmoruso 0]

Hasn't due dilligence been performed by another interested party at the six figure mark at Frankie mentioned?

 

Is it naive to assume it could work similar to house surveys?

[Frankie 8,150]

It has been alleged that the Park consortium have undertaken due diligence but I've not seen it confirmed anywhere...

[Bluedell 5,329]

Hasn't due dilligence been performed by another interested party at the six figure mark at Frankie mentioned?

 

Is it naive to assume it could work similar to house surveys?

 

Yes.

 

The accountants that perform it do it soley for their clients and any liability arising from it would be limited to their clients. They would not be happy for anyone else to have access to it. Likewise the clients would not want anyone else to get the benefit of their report if they are still wanting to buy it themselves.

 

If someone else wants due diligence carried out, it's doubtful that they could use the first set of accountants as well due to conflicts of interest so they would need to get another company to carry it out.

[Zappa 0]

Yes.

 

The accountants that perform it do it soley for their clients and any liability arising from it would be limited to their clients. They would not be happy for anyone else to have access to it. Likewise the clients would not want anyone else to get the benefit of their report if they are still wanting to buy it themselves.

 

If someone else wants due diligence carried out, it's doubtful that they could use the first set of accountants as well due to conflicts of interest so they would need to get another company to carry it out.

.

It's a bit of a racket then just like house surveys used to be. You have to assume that's the reason for the law on house surveys being changed so that only one single survey is now required to be done by the seller rather than separate surveys being conducted by every interested party. Saves a lot of time and money, although house surveyors probably aren't too chuffed.