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

[djbroxybear 0]

It's just submitted doesn't mean Duff&Duffer will accept it.

 

 

Edit - Dumb and Dumber, problem could be Whyte releasing his shares that could be the stumbling block hope not the cunt is a dead man walking!!

[Danny 0]

Dumb question: from who!?

[craig 5,199]

Danny, the bid is a joint bid from TBK & Kennedy

 

I like this sentence "We hope this is accepted so that we may proceed with due diligence forthwith and make a start to the task of rebuilding Rangers Football Club of 1872"

 

I like the use of 1872 - a subtle statement that they dont want to liquidate - although we already knew that it is nice the way they put it.

[Danny 0]

I have been against TBK from the start, but Kennedy's presence in this I find more reassuring. He's a credible businessman who's controlled the Sharks for years. I still don't trust TBK at all, but if Kennedy is willing to work with them then maybe this isn't so bad.

[Darthter 542]

From STV:

 

The Blue Knights consortium and Scots rugby club owner Brian Kennedy have submitted a conditional takeover bid for Rangers.

 

According to a statement released by the pair on Friday afternoon, the offer is subject to a company voluntary agreement (CVA) being agreed among the Ibrox club’s many creditors.

 

The new bid is also conditional on Craig Whyte’s shares being acquired, the group confirmed in a statement.

 

Earlier in the day London agency Ticketus confirmed it had withdrawn its financial backing of the Blue Knights consortium, citing the increasing complexity of the financial mess at Rangers being a barrier to it.

 

In a joint statement, the frontman of the Blue Knights group, former Rangers director Paul Murray, and Mr Kennedy, who owns Sale Sharks Rugby Union Club, said: "We are pleased to announce that the Blue Knights, led by Paul Murray and Brian Kennedy have joined forces and at 3pm today have submitted a written offer to the lawyers of the administrators to purchase Rangers Football Club.

 

"This offer we consider to be substantial and is conditional on a CVA being approved by the creditors, and Mr Whyte’s shares being acquired.

 

"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."

 

Mr Kennedy has previously had two bids rejected while the finance behind the Blue Knights, aside from Ticketus when it was involved, has never been clarified.

 

Administrators Duff and Phelps said last week they are hoping for an "unconditional offer" for Rangersand had not received an acceptable one yet.

 

The other bidder still in the running is American tow-truck business owner Bill Miller who has offered £11.2m for the club’s assets to be sold to a new company, which would most likely result in the old one being liquidated. His bid was also conditional on further sanctions for a newco club buying into the SPL being kept to a minimum.

 

Ticketus, which struck a £25.3m deal with Mr Whyte for 100,000 Ibrox season tickets, will most likely now become a creditor of the company to the tune of £27m if that agreement is torn up as it does not appear to be part of any takeover bid. The London agency has so far been paid £8m by Rangers for the deal, while it also struck a similar one with Sir David Murray for Ibrox season tickets in 2009.

 

If Ticketus becomes a creditor of Rangers, it will have the capability to block a CVA as the creditors pot currently stands at £55m and 75% of those owed money need to vote in favour of any proposal.

[CumbernauldGers 0]

Good news that they have now bid, must admit i never thought they would.

 

Lets just see what comes from D & P, if they knock it back it will get ugly.

[Tannochsidebear 2,316]

I have been against TBK from the start, but Kennedy's presence in this I find more reassuring. He's a credible businessman who's controlled the Sharks for years. I still don't trust TBK at all, but if Kennedy is willing to work with them then maybe this isn't so bad.

 

We have ran out of options im afraid Danny, this is the best we are going to get at this time. Time to back them in their bid to save the club.

[Bluedell 5,353]

We have ran out of options im afraid Danny, this is the best we are going to get at this time. Time to back them in their bid to save the club.

 

Agreed. There's still a lot of unanswered questions about the bid, and it's therefore impossible to say that there won't be major problems with it but we don't seem to have any other option at this point.

[craig 5,199]

Currently the only other options appears to be a liquidation. So I am in support of this with the hopes that they use good corporate governance to move the club along.

 

It is nice, should they be successful, that TBK will be answerable to Brian Kennedy and vice versa - so long as they both have the same philosophy of the club operating within its means but building the brand where possible to generate new income streams then I am more comfortable with it.

 

Given just how precarious we are, given they do NOT want the liquidation route, given Murray will already have a decent understanding of the issues, financial and otherwise, I think this could be a pretty decent partnership which understands the club, the fans, the weaknesses, the opportunities.

 

Here's hoping it is a partnership made in heaven.

 

But we really dont have any other option - so this is what we have folks - we just need to get behind them, support them and hope they get their bid accepted and we can move on from this sorry saga.

[Gers4Life 0]

If they knock it back then liquidation may be the only way out, and is that fuckin fuckwit Whyte no in barlinnie yet!