Blue Knights + Kennedy Joint Bid Submitted - Ticketus NOT in consortium

[Jim White 0]

Blue Knights chief Paul Murray has called on Rangers' administrators to choose a preferred bidder sooner rather than later.

 

The consortium, led by Murray, have submitted a "substantial" bid for the financially-stricken Scottish Premier League club after joining forces with Sale Sharks owner Brian Kennedy.

 

American business Bill Miller has also made his interest in the Glasgow giants official, albeit with conditions relating to sanctions imposed on the club by the football authorities.

 

Murray has urged Gers' administrators, Duff and Phelps, to make their decision quickly.

 

Clarity

 

He told Sky Sports: "This is the best and final bid and I just want some clarity now.

 

"Choose one party and move on because time has run out.

 

"We are ready to go now and we can complete this very, very quickly. And that's what the club needs."

 

The Blue Knights were offered the chance to assume preferred bidders' status two weeks ago, but potential partners Ticketus would not pay the £500,000 exclusivity fee and they stepped back from the process to allow the investment firm to complete a deal with Bill Ng.

 

That failed to materialise and Ticketus withdrew from the Blue Knights consortium on Friday but the partnership with Kennedy, who had an improved verbal offer rejected last week, is a new development despite previous co-operation.

 

Ticketus will still have a hugely significant role to play as they are currently the major creditors - before a looming tax tribunal decision - and could block a Company Voluntary Arrangement (CVA).

 

However, Murray claims Ticketus could be favourable to a CVA - but admits attempts to secure owner Craig Whyte's shares in the club might have to rely on his goodwill.

 

He said: "I have not spoken to him directly but I would certainly hope Craig can see this is in the best interests of the club.

 

"I like to think he would make one last gesture to help Rangers move forward."

 

The former Rangers director, who was removed from the board by Whyte, parted on good terms with Ticketus.

 

"We wanted to go back to the agreement we had originally agreed three weeks ago," he said.

 

"Ticketus couldn't really offer those terms, I think principally because of the uncertainties that have come out in the last few weeks.

 

Amicable

 

"I think they were pretty concerned by some of the SPL and SFA announcements. They felt that would make the outlook pretty difficult for the club.

 

"I wasn't prepared to sign revised terms that weren't in the best interests of the club.

 

"We parted amicably. I am supportive of them and they are supportive of me.

 

"I would like to think they would vote for a CVA and also help in obtaining Craig Whyte's shares."

 

More...

Edited April 27, 2012 by Zappa

[Zappa 0]

BBC Scotland article by one of the serial Rangers haters at Pacific Quay -

 

.

 

Miller's bid worth more than Blue Knights & Kennedy's

 

BBC Scotland understands that Bill Miller's bid for Rangers is worth significantly more than the Blue Knights and Brian Kennedy's.

 

The Blue Knights' Paul Murray told BBC Scotland on Friday evening that he believes his joint bid with Sale Sharks owner Kennedy outbids the American's.

 

Both bids depend on taking the club's bond holders' debt, around £7m, out of a Company Voluntary Arrangement.

 

But it is thought the Knights' bid uses that figure as part of its offer.

 

Adminstrators Duff & Phelps said "neither bid involves liquidation of the football club".

 

And they added that there were "significant differences between the two offers in terms of a prospective return to creditors and approach to future funding and these have to be evaluated".

 

Rangers sold thousands of debentures to fund the construction of the Club Deck at Ibrox Stadium in the early 1990s.

 

Supporters paid sums of about £1,100 to £1,600, which guaranteed the right to take out a season ticket on that seat and offered them some extra benefits.

 

Ticketus, who funded Whyte's takeover of the Ibrox club last year and had been part of the Blue Knights group, earlier in the day withdrew their commitment to funding a takeover bid.

 

The London firm was put off by the uncertainty over the club's future in the wake of a 12-month transfer ban relating to charges of Scottish FA rule breaches, a ruling Rangers are expected to appeal, and potential changes to Scottish Premier League rules.

 

Murray and Kennedy negotiated a partnership and a statement on behalf of the duo read: "This offer we consider to be substantial.

 

"[The offer] is conditional on a CVA being approved by the creditors, and Mr [Craig] Whyte's shares being acquired."

 

Murray and Kennedy added: "We hope this is accepted so that we may proceed with due diligence forthwith and make a start to the task of re-building Rangers Football Club of 1872. "

 

Kennedy had an initial bid rejected and was told his most recent verbal offer was not acceptable by the club's administrators while the Blue Knights and Miller have been trying to achieve preferred bidder status.

 

Speaking on BBC Radio Scotland's Sportsound, Murray said: "I've been talking to Brian every day for the last three months. We have built up a good relationship.

 

"I respected his decision to bid on his own but it was very clear that he was very much a kindred spirit in terms of wanting to help the club

 

"He also has a lot of experience in owning sporting clubs and I think that experience plus his business acumen is a great combination.

 

"That combination with the rest of the guys is a powerful cocktail."

 

Miller and the Blue Knights/Kennedy must now wait to hear from Duff & Phelps which of them has been given the nod to proceed to a period of due diligence.

 

"Time is of the essence. It really is now pretty critical," added Murray, a former Rangers director.

 

"We are running up against unbelievable time pressures. It's getting to the point where it is a real issue."

 

Asked about the value of his joint bid compared to truck tycoon Miller's bid of £11.2m, Murray said: "If what Bill Miller has said is accurate, we believe it is worth more than that.

 

"This is more than just about money; I think this is about philosophy as well.

 

"We have been very clear that a CVA is the only thing the supporters want.

 

"Speaking as a supporter, I do not want the club's timeline has been broken."

 

Murray's bid is not only conditional on a CVA being approved; it depends on owner Craig Whyte's 85% shareholding being acquired, either by Ticketus, who are owed almost £27m, or the administrators.

 

"On the assumption that 75% of the value of those creditors vote for it, then the CVA becomes effective," said Murray.

 

"There is then a 28 day cooling-off period where people can request more information.

 

"Ticketus have a lot of financial leverage over Craig Whyte.

 

"I expect them to be positive on the CVA and I expect them to deliver the shares as well."

 

http://www.bbc.co.uk/sport/0/football/17871350

[forlanssister 3,050]

Adminstrators Duff & Phelps said "neither bid involves liquidation of the football club".

 

While that may well be the case the Miller/Ellis/Club9(Pritchett)/+ at least one other/ consortium will involve the liquidation of RFC plc, it's just semantics designed to deceive.

[CumbernauldGers 0]

I see the pattern continues.

 

Day's of speculation that TBK would bid again, this time with BK.

 

Fans groups and websites claim they are the only hope, back TBK or the world will end stuff.

 

Bid comes, bid is less money than another bid ( according to BBC ) so out comes the spin esp from FF. Just look at some of the threads it's just unreal.

 

It's just groundhog day over and over again with this stuff.

 

PS Should have added i thought with BK on board this was going to be straight forward at last.

Edited April 27, 2012 by CumbernauldGers

[Zappa 0]

forlan & CG,

 

If you guys insist on continuing to wind one another up and have digs at one another, you'll both get a temporary ban. This is the last warning.

[Danny 0]

You deleted me Zaps. I feel so violated

[bigy 0]

If the BBC story is accurate, and I stress if, it does again cast Paul Murray in a bad light and raises questions about him.

 

However, given that he's clearly an articulate businessman, the logical conclusion would be that somebody, likely to be from Duff & Phelps, is feeding Paul Murray duff and inaccurate information. If this is the case Paul Murray has to come out and explain exactly what's been happening.

[forlanssister 3,050]

forlan & CG,

 

If you guys insist on continuing to wind one another up and have digs at one another, you'll both get a temporary ban. This is the last warning.

 

So we've just to sit back and let him post his baseless accusations every time someone says something that shows the BK's/BK in a positive light , I quoted his two posts to highlight his hypocrisy and flip flopping in this thread alone.

 

This afternoon at 4.36 it was "Good news they have now bid" and at 10.27 because of his ignorance of the bid structure it becomes "Bid comes, bid is less money than another bid ( according to BBC ) so out comes the spin esp from FF. Just look at some of the threads it's just unreal."

 

I mean seriously WTF ?

[Zappa 0]

So we've just to sit back and let him post his baseless accusations every time someone says something that shows the BK's/BK in a positive light , I quoted his two posts to highlight his hypocrisy and flip flopping in this thread alone.

 

This afternoon at 4.36 it was "Good news they have now bid" and at 10.27 because of his ignorance of the bid structure it becomes "Bid comes, bid is less money than another bid ( according to BBC ) so out comes the spin esp from FF. Just look at some of the threads it's just unreal."

 

I mean seriously WTF ?

 

If you think he talks rubbish it's better to ignore it than to keep pressing his buttons (which you absolutely know you're doing) because it keeps ending up in the same spats of bickering between the pair of you. It's not only boring, tiring and annoying, but it invariably ends up completely off topic and you've both been asked to quit it more than once before.

 

By all means question what one another are saying, but when you post in response to CG talking about him taking medication you know exactly what you're doing and that he's going to bite and that's not acceptable because you're deliberately trying to provoke him.

 

Please just remain civil and stay on topic folks.

[forlanssister 3,050]

If the BBC story is accurate, and I stress if, it does again cast Paul Murray in a bad light and raises questions about him.

 

However, given that he's clearly an articulate businessman, the logical conclusion would be that somebody, likely to be from Duff & Phelps, is feeding Paul Murray duff and inaccurate information. If this is the case Paul Murray has to come out and explain exactly what's been happening.

 

Totally agree with you that there should be a better explanation of the bid and its' structure may even help overcome some of the ignorance that is so prevalent in the present vacuum.

 

But then again he may come on here look at some of the posts and think wtfs the point.