forlanssister 3,050 Posted May 3, 2012 Share Posted May 3, 2012 A Joint Statement from The Blue Knights consortium (consisting of Paul Murray, Paul Mackenzie, Douglas Park, Ian Hart, Scott Murdoch and Brian Kennedy). Following todayâ??s announcement from Duff and Phelps that Mr Bill Miller has been granted preferred bidder status to acquire the business and assets of Rangers Football Club, a spokesperson for the Blue Knights consortium commented as follows: â??â??Our primary interest since 14 February 2012, has been to ensure the survival of Rangers Football Club and to preserve its history and heritage without having to transfer the business and assets into a NEWCO structure. We strongly believe that we could have achieved this objective by a CVA arrangement which would have allowed Rangers Football Club to continue to trade in its present legal structure with a substantial refinancing being provided by the consortium. Indeed, until todayâ??s announcement, we had been making extremely good progress with our due diligence process having commenced , after being advised as recent as Saturday evening (28 April) that the quantum of our CVA offer was acceptable to Duff and Phelps. We believe that we have the best interests of Rangers Football Club at heart and our motives reflect a thorough understanding of the position that Rangers Football Club holds in Glasgow and indeed Scottish football. We believe that our bid was and remains the best bid for Rangers Football Club and its supporters. We were therefore surprised and disappointed to be informed earlier today that a preferred, non- exclusive bidder has been appointed which appears to entail the transfer of the assets and Rangers business into a NEWCO structure. Whilst we acknowledge that the acceptance of a NEWCO structure would be easier for Duff and Phelps to execute, we were not prepared to follow that course of action. We believe that the complexities of a NEWCO process should not be underestimated and the likely loss of European football for a minimum period of three years may carry longer term financial consequences to Rangers Football Club and its many supporters. Under our CVA proposed transaction, these issues could have been addressed more easily. Whilst we also acknowledge that the delivery of Craig Whyteâ??s shares created a degree of uncertainty, our frustration lies in the fact that it is only in recent days has this issue been seen as an impediment to overcome in enabling us to make an unconditional CVA offer to Duff and Phelps. Until the time of todayâ??s preferred bidder announcement, discussions were however on-going with Mr Whyte in this regard. With the end of the current season now very close, the current uncertainty and delay in resolving matters has to be urgently resolved as there are many key decisions that need to be made to ensure that the Club can plan properly for next season and beyond. Discussions also need to take place and satisfactorily conclude with the various footballing authorities in the knowledge of who the new owners of Rangers Football Club will be. Ultimately, we all share a common goal in ensuring that Rangers Football Club stays out of Liquidation and can once again become the great club that has existed since 1872â??â??. ENDS 0 Quote Link to post Share on other sites More sharing options...
Tannochsidebear 2,314 Posted May 3, 2012 Share Posted May 3, 2012 Good to see they are not just giving up, but having been in pole position for several weeks and unable to conclude (albeit not always their own fault), it is a bit rich to be so surprised at D&P finally losing patience and giving PB status to the first unconditional bid it has received in proper form. I'm sure there are a few more twists and turns left in this saga yet, but I cant help the feeling that TBK are just too short of the readies to get any proper deal done. 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted May 3, 2012 Share Posted May 3, 2012 So....according to that the BK's consist of 5 guys (none named Mo), and Brian Kennedy - what happened to the 10 "big hitters"???? Also, they claim to have already started their due diligence process??? Can they even do that with any certainty??? Discussions STILL ongoing about various things inc. Craig Whytes shares.....yet they still acknowledge that time is of the essence!!! They had long enough to finialise their deal, and failed!!! 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted May 3, 2012 Share Posted May 3, 2012 Had to have a swipe at Miller on the way out the door. 0 Quote Link to post Share on other sites More sharing options...
CumbernauldGers 0 Posted May 3, 2012 Share Posted May 3, 2012 I thank the op for the statement. To me it was the kind of statement from TBK i was expecting. We tried everything but it's all D & P fault type of thing. I think now is not the time for worrying and argueing over TBK, they are old news now and imo never ever going to buy Rangers. 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted May 3, 2012 Share Posted May 3, 2012 Had to have a swipe at Miller on the way out the door. right before the door smacks them on the arse!!!! 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted May 3, 2012 Author Share Posted May 3, 2012 Someone give a shout when they hear the fat lady actually singing I've grown immune to her clearing her throat. 0 Quote Link to post Share on other sites More sharing options...
capstans 0 Posted May 3, 2012 Share Posted May 3, 2012 Waste of time and space, men of straw. 0 Quote Link to post Share on other sites More sharing options...
biggordy 0 Posted May 3, 2012 Share Posted May 3, 2012 Paul Murray had his chance pre Whyte ! 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted May 3, 2012 Share Posted May 3, 2012 The answer to their financial shortfall was staring them in the face. All they needed to do was ask the support and they failed to do it, only themselves to blame and the "keep our powder dry" shot in the foot advice. 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.