Rangers Football Club 0 Posted March 4, 2012 Share Posted March 4, 2012 (edited) 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." Edited March 4, 2012 by Zappa 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted March 4, 2012 Share Posted March 4, 2012 "We are looking to achieve cost savings of £1m a month to get through to the end of the season. They seem determined to reach this £1m a month cost cutting figure. That's one hell of a lot of money and it'll mostly have to come off the wage bill. Tomorrow will be an absolute bastard of a day. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted March 5, 2012 Share Posted March 5, 2012 They seem determined to reach this £1m a month cost cutting figure. That's one hell of a lot of money and it'll mostly have to come off the wage bill. Tomorrow will be an absolute bastard of a day. To be honest Zappa I feel sorry for everyone involved but if it saves our club then so be it. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted March 5, 2012 Share Posted March 5, 2012 To be honest Zappa I feel sorry for everyone involved but if it saves our club then so be it. Yep, the club needs to survive that's for sure, but I won't be happy if the administrators axe players who have good sell on values. I want to see them keeping players who have any significant level of transfer market value and focussing on getting rid of the older players. The major problem though, is that there's absolutely no way the wages of Jig, Healy, Papac, Goian, Boca and Alexander will cover the £1m per month cost-cutting. The wages of those 6 players might not be much (if any) more than £300k per month, so unless the players en masse agree to HUGE salary cuts, then the administrators could easily release some of our most valuable assets too simply because they are on large salaries. Very worrying indeed. We don't want to be losing players with good transfer market value when selling them in the summer could be the only way to build a good squad for next season. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted March 5, 2012 Share Posted March 5, 2012 Thinking out of the box for a moment, another angle/viewpoint that I think is worth considering in the context of this thread about the "Investors' Deadline", is that if the administrators release our most valuable players then essentially they reduce the value of the club which makes it easier to attract buyers and that's apparently something they are keen to do (attract buyers). 0 Quote Link to post Share on other sites More sharing options...
Guest Dutchy Posted March 5, 2012 Share Posted March 5, 2012 What I heard on the radio at some point was that the players that are made redundant are effectively then free agents and there's plans for other SPL clubs to get them for nothing. It's going to be a very complex scenario and if we do let our best, therefore better paid players go, then that's bound to effect the decisions of whoever will, or want to take over. There's far too many unknowns in this scenario for anyone to correctly predict the outcome. I just want the club to stay alive, then we can worry about how we'll get back on top. Over paid and under performing players leaving might just be a good thing, but then would we be good enough to win our way back to the top. I for one believe that there are still good youngish players out there wanting to play for the famous Glasgow Rangers. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted March 5, 2012 Share Posted March 5, 2012 Thinking out of the box for a moment, another angle/viewpoint that I think is worth considering in the context of this thread about the "Investors' Deadline", is that if the administrators release our most valuable players then essentially they reduce the value of the club which makes it easier to attract buyers and that's apparently something they are keen to do (attract buyers). If only keeping 17 year olds help keep our club together then I am all for it. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,279 Posted March 5, 2012 Share Posted March 5, 2012 As I said somewhere else, releasing players may make the club looking better financially, but at the same time buyers will be aware that to keep Rangers attractive, they would have to buy new players too. It might be wise to keep the or some of the household names and ask them to play for a lower wage for the time being, than to sign up no-names or new names. 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted March 5, 2012 Share Posted March 5, 2012 How much is Murray Park worth in the open market? Seems to me we need to sell any "non-essential" real-estate that can raise a significant amount. It would be sad and make things difficult but when you're fighting for survival then it's always better to survive than cling on to your possessions. 0 Quote Link to post Share on other sites More sharing options...
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