Jim McLean's Ghost

Kennedy: We needed our CVA before the start of next season. Press conference over. I thought Kennedy came across well where as Murray didn't really have a clue, he was just there. Interesting that they were still talking about European revenue and coming out of admin by the start of next season. No mention of transfer embargo or future penalties either. But at least we know that their bid was £5.5M plus some fuzzy math to make it up to £11M

Journo: You approached Bill Miller? Kennedy: That was confidential too, but yes and I told him a newco didn't work. Do a CVA with us, Quantum would have been £27M. This was 3 weeks before he was preferred bidder. Our objective was to save Rangers. I can't see Rangers disappearing completely. Possible no bidders, a newco situation would arise at much lower level

Paul Murray: I'm not against Craig Whyte as a person but he was obviously a robber-baron. I will step down today if my involvement is a problem with dealing with Craig Whyte. Some confidential stuff was said, couldn't hear it properly.

Murray: NewCo easiest way forward, but no UEFA income. Sums of money in Newco structure very large. If D&P don't have a secret plan "we are in crisis" Kennedy: D&P have to listen to supporters, they are customers, supporters should get behind credible people. Murray: Hugely disappointed about not being preferred bidders. Time has run out, decisions made now are important to the future of the club. Need a credible bidder to come forward. IF other party falls out next Tuesday then we have wasted a week

Kennedy: No reason for BKs bid to be rejected by D&P, not on quantum or deliverability. I hate to be on front of the camera, want to do things privately. At this stage they just want to get the truth out

Murray: Duff and Phelps frustrating the process Journo: What about tax case? Kennedy: Irrelevant, with a CVA? Journo: Don't you need HMRC Kennedy: HMRC will not do pre agreements, several uncertainties going forward. Ticketus honourable men. HMRC would vote for CVA because more money from their Quantum compared to liquidation

Murray: not walking away, taking a step back for the good of the club Kennedy: Talked with Craig Whyte personally at Grant on Spey, agreed to transfer shares. Paul Clark last night said BKs are way ahead of due dilligence. Other party has greater Quantum. Tomorrow morning too late. Where have bidders been for 3 months. Murray: Most complex thing I've dealt with in 25 years, surprised late bidders understand situation.

Journo: Could you up your bid? Kennedy: Paul Clark said Quantum of £8.5M last Saturday. D&P are running out of time. Deal on the table for 10 days. Pul Murray: We didn't pull out the process. We were working with Ticketus, key to getting a CVA, couldn't reach agreement. Ticketus worked with Ng.

Murray. Everyone bemused by the process, D&P sitting on their arse for 3 months. No issues resolved for unconditional bid to be made. Journo: is D&P operating a high risk strategy. Kennedy: We are in a position to execute quickly. Murray: We need to start tomorrow, legalities of getting a CVA (for next season) very complex and tight. Kennedy: Hoping a credible bidder comes along to own Rangers tomorrow. This isn't about us owning RangersFootballClub

Kennedy. Bill Miller gracious to withdraw quickly.

Journo, if you aren't bidding why should we care? Murray, we felt misrepresented and needed to get our faces on camera one last time. We all have Rangers at heart. Kennedy, wanted to show our credible(?) plan to the world and make sure that people know that a different bid is better. We need a team of lawyers in Ibrox tomorrow to deliver a CVA before the start of next season. Substantial quantum and deliverability.

Kennedy. This is boring pish since we won't be buying Rangers. We would have slathered over a bit of paper some meaningless tripe about not spending more than we earned. If 90% of the fans backed them they would've gone ahead with the deal. Paul Murray has nothing to add. Except, We are walking away!

Kennedy. Beauty Parades to build Global Brand. No names mentioned. Experts to run the football side, WALTER and Souness would have run football side. Ally would still manage.

Kennedy on strategy. Marathon not a sprint. Board structure of businessmen and charlatans. Rangers wouldn't spend money, introduce a biscuit tin, reduction in succulent lamb, break even year one. Gordon McKay and Eammon Hegarty would have lead Rangers. McKay rescued the SRU, turned them a profit.

Brian Kennedy to discuss the Quatum... Paul Clark told them to f**k off only hours ago. £5.5M for Whytes shares and CVA, plus £2M from Europe in the next few years (lol). Taking on £3.5M of future debt gives a total of £11M. £3M owed to Rangers, but BKs would have paid for cash flow from June.

Blue Knights - we care about the club, we wanted a CVA, NO TO NEWCO, we have no money. Rangers family bla bla bla... broad based ownership. The Blue Knights are Paul Murray, Douglas Park, Paul McKenzie, Scott Murdoch and Ian Hart featuring Brian Kennedy and this will be our final performance

What does this even mean? Do they think Whyte needed £27M to pay for tickets to be printed? The money wasn't used to buy the club, I'm sure even Craig Whyte can muster £1. Ticketus are payday loans for event organisers and just like folk who use Wonga etc undoubtly one of the main uses is to pay off current debt. Take a CVA, write off the debt and claim whatever they need to on insurance. Ticketus should have known better than to deal with such a troubled affair. Their bluster make them look even more foolish.

Is a gun made of Play-Doh really a gun?

They can start to sell players on June 1st. Agents will be well aware of the negotiated release clauses and will have been making sure that other clubs know too. If Alan McGregor is available for £2.5M or so I'm sure there would be at least 5-6 Premier League and Championship clubs in for him. Expect a few quick sales that have been pre-arranged by agents. If a deal is done by the end of the week then I will be surprised but there at least seems to be progress now compared to a few weeks ago.

The situation in England is different. HMRC have a grievance with the "Football Creditors" aspect that means they are getting less money than they think they should get. No such thing exists in Scotland so Hearts, Dundee United and whoever else will be treated like everyone else (apart from Craig Whyte, he hopes). I'm not saying HMRC will be easy to deal with but their is definitely a deal to be done. Ultimately they want to maximise how much they can get out of Rangers

There are a few more unknowns in this too. Craig Whyte is still asserting his preferred creditor status to the tune of £18m which he could fully enforce during any liquidation, leaving HMRC and other creditors with little more than a pot to piss in. Any CVA will come with a payment to Whyte for his shares too with the rest going to the other creditors, if his amount is substantially more than any liquidation value then the creditors should take it. Obviously HMRC will try and force up the value they are willing accept but there is definitely scope for negotiations.

HMRC are in the business of getting the most money. If a CVA gives them more money that liquidation then they will take it.

What is the difference between not being able to pay back £50M and not being able to pay back £150M? If the best outcome for creditors is that someone gives them a wad of cash greater than the cash value of assets then that someone will own the club. It should be remembered that CVAs do not necessarily end immediately, the last set of Motherwell accounts included final payments to creditors and that CVA happened ages ago.

EXCLUSIVE! New consortium is Sam Hammam, Peter Risdale, Ken Bates and that Kebab shop owner who once owned Portsmouth.

I might mean paid though...