Admin statement - Blue Knights Pull Out.

[Danny 0]

Duff and Phelps, Administrators of Rangers Football Club, issued the following statement.

 

David Whitehouse, joint administrator, said: "It is disappointing the Blue Knights are withdrawing at this stage, particularly in the view of the fact that last week it was made clear to them and Ticketus that their indicative bid placed them in a strong position.

 

"We were therefore surprised that their offer to pay an exclusivity fee was withdrawn and although discussions over the exclusivity fee continued over the weekend, no agreement was reached.

 

"At all stages of the process, The Blue Knights/Ticketus bid has been given the most serious consideration by us as administrators, particularly due to the fact that it was being encouraged by supporters' groups.

 

"We are aware that Ticketus has also been, at their own instigation, in parallel discussion with one of the other bidders over the last few weeks and it remains to be seen whether these discussions will be taken forward.

 

"We can reassure supporters of the Club that we look forward to making an announcement on a preferred bidder later this week, assuming no further hurdles are placed in our path.

 

"While we as administrators have a statutory duty to look after the interests of creditors and keep the business going, it is of paramount importance that the bid which is taken forward is the best on offer for Rangers Football Club."

 

Thank God, I really didn't want them in control of Ibrox.

[caseyjones 0]

Even without knowing what the other bids entail?

[GovanAllan 0]

Jeez FF will be in meltdown.

[Guest Jaws II]

As a long term poster on FF (sorry for those who tried to escape me) I never understood the love in with BKS, and was concerned with fans groups nailing their colours to the mast, and I have been one of a small few saying so. Doesn't mean I am in support of the other 2 bids though.

Murray and Whyte have made me distrustful of everyone.

[Stefanovitch 0]

This just further backs up my thinking that funding was a problem for the blue knights. £500k seems a trivial amount in the grand scheme of things and if they had to go to Ticketus for that as well then I worry where we would have been post share issue when that money dried up.

 

FF suggest the £500k was non refundable but not deducted from any future fee either which seems odd. Where did the £500k go if it wasn't a deposit?

 

It also appears Ng negotiated a different deal with Ticketus on more favourable terms for the ticket company i.e. they get more back and quicker.

 

I guess the next hurdles are securing Whyte's shares and agreeing a CVA with HMRC with the BTC verdict due in the very near future. If Ng fails to agree a CVA do the blue knights come back in?

 

Isn't it the job of the administrators to secure the best deal for creditors? In which case if the blue knights were offered the chance to pay £500k to become preferred creditor is it safe to assume their deal was the best for creditors.

[craig 5,199]

As a long term poster on FF (sorry for those who tried to escape me) I never understood the love in with BKS, and was concerned with fans groups nailing their colours to the mast, and I have been one of a small few saying so. Doesn't mean I am in support of the other 2 bids though.

Murray and Whyte have made me distrustful of everyone.

 

Good 1st post Jaws. I think those two have made most of us the same. I fear the fans groups have simply jumped in with the first to show a glimmer of hope for fan representation. That said, TBK's did come to the fore before anyone else did.

[Max Rebo's Big Blue Nose 0]

What's the bets some of them could end up as part of Ng's proposed Scottish/UK board?

[ian1964 10,514]

Ticketus has claimed that the Blue Knights takeover offer for the crisis-hit Rangers still stands.

 

On Tuesday, the London ticket agency claimed that it was still in talks with the consortium fronted by former director at Ibrox Paul Murray.

 

Ticketus also confirmed it had withdrawn an offer to pay administrators Duff and Phelps an exclusivity fee to be named preferred bidder, while the company also said it had spoken to a rival bid from the consortium led by Singapore businessman Bill Ng.

 

 

This came after the administrators expressed their "disappointment" that the Blue Knights was "withdrawing" from the bidding process on Monday night.

 

The Blue Knights released a statement saying that "we are stepping back to assist" with speeding up the bidding process, but "stand ready to re-enter the process if a deal can not be reached."

 

On Tuesday, a spokesman for Ticketus said: "Talks are ongoing with the Blue Knights as well as with the Singapore bid.

 

"Ultimately, it is up to the administrators to decide who they want to be the preferred bidder and we are prepared to work with whoever that is."

 

Ticketus struck a £25.3m deal with Rangers owner Craig Whyte for 100,000 future season ticket sales at Ibrox. Should Ticketus fail to reach an agreement with whoever is named preferred bidder for Rangers, administrators Duff and Phelps can choose to breach the agreement, making the firm a creditor for at least £26.7m.

 

Both the Blue Knights and the Singapore bid have claimed they want to reach a company voluntary agreement (CVA) route out of administration, but Duff and Phelps have stated that the "newco" option, which would see an asset sale followed by liquidation, cannot be ruled out.

 

American tow-truck bussiness owner Bill Miller's offer is being considered by Duff and Phelps as well. The administrators said it hoped to reveal its preferred bidder for the club last week but claimed new SPL proposals cutting a clear path for newco clubs buying into the league had affected some offers for Rangers.

 

Sale Sharks Rugby Union Club owner Brian Kennedy, who had an individual bid for Rangers knocked back by administrators, said on Tuesday that he may return with an offer for the club if the Blue Knights bid has fallen through.

 

He said: "I do not want to distract the time critical process of appointing preferred bidders. However should this fall through with the effect of endangering the existence of RFC, I would reconsider my position."

[chilledbear 16]

Duff and Phelps, Administrators of Rangers Football Club, issued the following statement.

 

David Whitehouse, joint administrator, said: "It is disappointing the Blue Knights are withdrawing at this stage, particularly in the view of the fact that last week it was made clear to them and Ticketus that their indicative bid placed them in a strong position.

 

"We were therefore surprised that their offer to pay an exclusivity fee was withdrawn and although discussions over the exclusivity fee continued over the weekend, no agreement was reached.

 

"At all stages of the process, The Blue Knights/Ticketus bid has been given the most serious consideration by us as administrators, particularly due to the fact that it was being encouraged by supporters' groups.

 

"We are aware that Ticketus has also been, at their own instigation, in parallel discussion with one of the other bidders over the last few weeks and it remains to be seen whether these discussions will be taken forward.

 

"We can reassure supporters of the Club that we look forward to making an announcement on a preferred bidder later this week, assuming no further hurdles are placed in our path.

 

"While we as administrators have a statutory duty to look after the interests of creditors and keep the business going, it is of paramount importance that the bid which is taken forward is the best on offer for Rangers Football Club."

 

 

Paul Murray last night also voiced his frustration that a statement from Duff & Phelps on Monday accused the Blue Knights of withdrawing its offer to pay the deposit. "To be absolutely crystal clear, first of all I am disappointed that someone, let's just leave it at that, chose to leak this into the media," he said. "Secondly it wasn't us who didn't want to pick the deposit up. It was Ticketus who didn't pick it up having told us that they would. And thirdly we've been speaking to Paul Clark [of Duff & Phelps] directly and I'd like to hear Paul Clark's view on this because he was party to three or four conversations over the weekend when we as individuals offered â?? myself included â?? to put the money up. We believed late on Sunday evening we had an agreement with Paul Clark. So I am very surprised that Paul Clark is now questioning that we were prepared to do that, because it was very, very clear that we were. I would like to hear from Paul Clark on the record

 

 

Who ever you believe, something stinks.

[caseyjones 0]

PAUL Murray and the Blue Knights consortium believe Ticketus have cut them out of a deal to bid for Rangers.

 

The London-based agency last night claimed it was still "willing to talk to all parties" in the Ibrox takeover saga but Herald Sport has received an email sent by a senior figure in the Blue Knights, which asked Ticketus for a decision on which bid it wanted to go with: Murray's or the Bill Ng consortium from Singapore. It was sent on Monday lunchtime but as of late last night there had been no reply.

 

 

The email included the paragraph: "We need to know by close of play tonight where we are with you. Are you working with us as agreed or have you changed 'horses' to the Singaporeans to do a better deal for Octopus [Ticketus' parent company] which is what you suggested yesterday?"

 

The lack of response has convinced the Blue Knights â?? who have said they will "step back" from the process â?? that Ticketus now want to go with Ng's bid. Ticketus' backing has become crucial given they have the contractual rights to £27m-worth of season tickets over the next three years. The agency is prepared to write-off a significant amount of that sum to come on board with Rangers' new owners, rather than risk losing the vast majority under a Company Voluntary Arrangement (CVA) or liquidation. The Blue Knights thought they had a deal done with Ticketus only for it to fall through over the weekend, when it emerged the company was instead having talks with Ng and the Singaporeans.

 

Ticketus' public line is that they would still work with the Blue Knights but Murray's business partners believe that the lack of reply to the email told its own story.

 

A Ticketus spokesman said: "Ticketus remain willing to talk to all parties, including Bill Ng and the Blue Knights. We don't see ourselves as kingmaker in that it is the administrators' job to decide which bidder is best for the club, and then our job to work with them constructively. We believe we could do that with both of the main consortia, which is why we remain open to liaising with both."

 

Another bid, from the American Bill Miller, is still under consideration although he has had no discussions with Ticketus. Brian Kennedy, having previously withdrawn from contention, yesterday admitted that he could yet reconsider his position. "I do not want to distract the time critical process of appointing preferred bidders," insisted the businessman. "However should this fall through with the effect of endangering the existence of RFC, I would reconsider my position."

 

The Blue Knights had expected to be named as the preferred bidder on Friday but Ticketus would not pay a necessary non-refundable deposit â?? initially £500,000 although that figure was then halved during negotiations â?? to Duff & Phelps.

 

Paul Murray last night also voiced his frustration that a statement from Duff & Phelps on Monday accused the Blue Knights of withdrawing its offer to pay the deposit. "To be absolutely crystal clear, first of all I am disappointed that someone, let's just leave it at that, chose to leak this into the media," he said. "Secondly it wasn't us who didn't want to pick the deposit up. It was Ticketus who didn't pick it up having told us that they would. And thirdly we've been speaking to Paul Clark [of Duff & Phelps] directly and I'd like to hear Paul Clark's view on this because he was party to three or four conversations over the weekend when we as individuals offered â?? myself included â?? to put the money up. We believed late on Sunday evening we had an agreement with Paul Clark. So I am very surprised that Paul Clark is now questioning that we were prepared to do that, because it was very, very clear that we were. I would like to hear from Paul Clark on the record."We just want to bring the whole thing to a head. It's critical that a preferred bidder is chosen this week because we can't wait any longer. We're stepping back but we're not withdrawing. We want to enable these guys [Duff & Phelps, Ticketus and Ng's group] to try and do a deal . . . or not. If they can't do a deal we will step back in and honour our offer of a deal. But just make a decision.

 

"What we've said is we're acting in the best interests of the club. We want a preferred bidder to be chosen as soon as possible with time marching on. All I'm looking for is some clarity and for a decision to be made. But get on with it. Do it this week, do it now . . . or not."

 

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