GovanAllan 0 Posted April 3, 2012 Share Posted April 3, 2012 That's what it reads to me they want to buy Rangers the football club and all it's assets not Rangers PLC, So they get Rangers and start a newco to run the club. Think its called Liquidation in the normal world. If it looks like shit and smells like shit then it usually means its shit. Can somebody tell me why the Admin guys seem to be pushing liquidation when part of their job is to look after creditors? 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,327 Posted April 3, 2012 Share Posted April 3, 2012 We do not know for sure what the admins are looking for, but they sure try to cover their hides from all angles. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted April 3, 2012 Share Posted April 3, 2012 Admins are up to their neck in it. We are going to be royally shafted. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,486 Posted April 4, 2012 Share Posted April 4, 2012 Lifted from FF The secretary of the RST received the below response at 1.30am from Jon Pritchett CEO of Club 9 Sports. Thank you for your e-mail and introduction. We have purposely avoided any public comments until today because we didn't see the benefit in talking until we knew more about where we were internally. At an early stage, there really is not much value in public statements. Unfortunately, that did not keep people from talking about us. We read with some humor many of the stories, opinions and rumors about Club 9 Sports. Some of it was accurate; much of it was fictional or factually incorrect. Regardless, as you may have seen, we were never going to bid on the club ourselves. We were working with a group of people in the US and UK for a few weeks to take a hard look at the deal but that group decided not to move forward. I just wanted to thank you for reaching out and to say that any smart owner (no matter which side of the pond) will most certainly want work with your group and others to ensure the fans, supporters and followers are an integral part of the plans for Rangers. After all, they are the most important asset of the club. Warm regards, Jon JON L. PRITCHETT CEO/OPERATING PARTNER CLUB 9 SPORTS, LLC 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,327 Posted April 4, 2012 Share Posted April 4, 2012 So from the reply above, Club 9 Sports is no longer involved? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,199 Posted April 4, 2012 Share Posted April 4, 2012 So from the reply above, Club 9 Sports is no longer involved? Seems that way but I'm not convinced. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,486 Posted April 4, 2012 Share Posted April 4, 2012 So from the reply above, Club 9 Sports is no longer involved? Aye,but not according to the record article today: BRIAN KENNEDY will only launch an eleventh-hour bid to rescue Rangers if Paul Murray’s Blue Knights fail to win control of the stricken club. Record Sport understands Edinburgh-born millionaire Kennedy – eliminated from the takeover process last week – will return to the table in the next 24 hours if the club is in danger of being forced into a form of liquidation by another rival bidder. With final bids due before 5pm tonight, a consortium from Chicago – involving Club 9 Sports – is edging towards preferred bidder status after pledging to pump in more money than Murray, Kennedy or a Singapore group headed by wealthy businessman Bill Ng. Last night Group 9 Sports released a statement on their website indicating that, if successful, they’d aim to emerge from administration by setting up Rangers as a new company. Kennedy will not stand back and allow the club’s 140 years of history to be wiped out. And he insisted any such move could put Rangers out of existence completely. He said: “The prospect of a newco frightens the living hell out of me. Whatever euphemism you may want to use, we are ultimately talking about the liquidation of Rangers FC and the selling of its assets into a newco, with all the issues which result from that. “If this is the only option left standing, that’s when I will come back in. “The financial model involved in a newco situation does not work unless you are prepared to invest many millions of pounds and take a four-year view on the club’s finances. You would need to accept losing excessive amounts of money. “These guys will be looking for a decent return. They are not doing it for the love of Rangers so why enter into a deal like this? “The existence of the club is at stake and the next 48 hours could be crucial.” While Kennedy kept a watching brief from his base in New York, Club 9 Sports in Chicago were admitting for the first time they are putting together a bid to buy out owner Craig Whyte. The Americans have been in regular dialogue with Rangers director Andrew Ellis. It’s believed they have secured financial backing from both the States and the UK and shown proof of funds to the administrators. But they are reluctant to release details about the make-up of their consortium. A statement posted on the their own website last night read: “At no time has Club 9 Sports itself offered a bid to acquire the club. Our role has been as a member of a proposed consortium. “We understand it has been strongly rumoured our group planned to liquidate. “It should be made clear any party that attempts to acquire the club, eliminate the debts and put the club back on solid ground is in fact saving the club from liquidation. “By putting all of the assets into a different corporate structure, the assets are rescued from liquidation. Such a transaction would be very similar to the one that occurred at Leeds United in 2007, which allowed the club to shed its debt burdens.” Shamed Whyte was still insisting yesterday he has not struck a deal to give his shares to Murray’s group even though administrator David Whitehouse was busy saying a deal is in place. Whitehouse said: “As of today, I am told by Paul Murray’s consortium that they have an agreement with Craig Whyte.” That claim also came as a surprise to Murray who has struck a deal with Ticketus to wipe out £17million of the £27m currently owed to them by the Ibrox club. Whitehouse also confirmed at least one of Murray’s rivals has plans to liquidate and the administrators have already opened talks with the SFA and SPL about how a newco could re-enter the Scottish set-up. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted April 4, 2012 Share Posted April 4, 2012 Clear as mud. I do not trust the Admins. What have they actually achieved in the last 2 months. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,327 Posted April 4, 2012 Share Posted April 4, 2012 So no-one wants to liquidate us, but everyone blames someone else that this might be their plan? Do they know more about the respective confidental bids? Oh, btw, ... From scott burns twitterA new bidders moves to the front of the line in the battle to save #rangers. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,486 Posted April 4, 2012 Share Posted April 4, 2012 Martin Williams @Martin1Williams Senior news reporter at The Herald Martin Williams @Martin1Williams Close #Rangers Biggest bidder has now pulled out of running to takeover club, Club 9 Sports CEO has said. 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.