ray_of_licht Posted May 3, 2012 Share Posted May 3, 2012 It is a great honour and privilege to have the opportunity to buy Rangers Football Club.I respect the club as one of the world's great sporting institutions and one of the UK's most venerable football clubs. What Rangers, which includes supporters, players, staff and anyone with the club at heart, have been put through, particularly in recent months, is a travesty and from what I can see they have been badly let down by a number of individuals. This will not happen on my watch should I become the custodian of this great club. Under my stewardship, Rangers will be managed with fiscal discipline such that the club not only conforms to UEFA Financial Fair Play regulations but also such that Rangers will never have to suffer this kind of anguish again. From now on, Rangers will live within its means - no excuses. I have fought hard to try to offer Rangers a fresh start and I hope all Rangers fans will continue to rally round the club as we endeavour to leave behind this distressing chapter in the club's history. Finally, and perhaps most importantly, we have worked hard to ensure that there is no loss of history, no loss of tradition and no liquidation of Rangers Football Club. I wouldn't have it any other way. 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted May 3, 2012 Share Posted May 3, 2012 Why so much doom and gloom. The fact the Duffers have even agreed in principal to look into this plan proves how much trouble RFC are in. In simple terms this Yank is willing to gamble £11m to buy who knows how much debt (80m??? 100m ??? 150m???) in the hope he can transfer what flesh left on the rotting carcass to a newco leaving behind the putrid rotting bones as RFC. He then needs to take a huge leap of faith in so far as he has to hope that he can persuade the creditors to accept peanuts in the pound (highly unlikely). To pay said peanuts he has to cross his fingers in the hope that the newco are allowed to play in some league where they can then generate enough money (despite certain punitive barriers) to finance the CVA payments which given a lack of Europe and financial penalties will take years and all this before the yank can merge the 2 to sell for what he hopes will be a profit. Good luck with that Mr Miller - complete pie in the sky. I think you're spot on, apart from the highlighted bit. Im pretty sure the CVA is against the oldco and nothing to do with the newco. Thats the point, really 0 Quote Link to comment Share on other sites More sharing options...
)typically Posted May 3, 2012 Share Posted May 3, 2012 Why so much doom and gloom. The fact the Duffers have even agreed in principal to look into this plan proves how much trouble RFC are in. In simple terms this Yank is willing to gamble £11m to buy who knows how much debt (80m??? 100m ??? 150m???) in the hope he can transfer what flesh left on the rotting carcass to a newco leaving behind the putrid rotting bones as RFC. He then needs to take a huge leap of faith in so far as he has to hope that he can persuade the creditors to accept peanuts in the pound (highly unlikely). To pay said peanuts he has to cross his fingers in the hope that the newco are allowed to play in some league where they can then generate enough money (despite certain punitive barriers) to finance the CVA payments which given a lack of Europe and financial penalties will take years and all this before the yank can merge the 2 to sell for what he hopes will be a profit. Good luck with that Mr Miller - complete pie in the sky. He's not buying the debt, he's buying the assets and transferring them into a Newco. Presumably the £11m goes into Oldco and then D&P attempt to agree a CVA with the creditors. The Newco will be debt free. If the CVA cannot be agreed then old co will be liquidated, however that will not generate any more money unless the creditors challenge the £11m valuation of the club's assets through the courts. But I assume this would have to happen before the deal goes through. 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted May 3, 2012 Share Posted May 3, 2012 If they don't liquidate and are out of administration by the start of the season then there won't be further punishment. Those ae the current rules anyway... Do the current rules not allow for the SPL board to impose sanctions against a newco? I cant remember I highly doubt that Miller can achieve what he wants under a CVA, but if he can move all the assets then there is nothing to liquidate so a CVA might give creditors some money. Very good point, actually. But, then, you'd have to hope that HMRC arent in it for the money - although forcing liquidation of an, already, dead company is probably not the example they were looking to set 0 Quote Link to comment Share on other sites More sharing options...
craigkillie Posted May 3, 2012 Share Posted May 3, 2012 Do the current rules not allow for the SPL board to impose sanctions against a newco? I cant remember Yes. They can impose any sanctions they see fit. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted May 3, 2012 Share Posted May 3, 2012 Do the current rules not allow for the SPL board to impose sanctions against a newco? I cant remember The current rules do not have any fixed sanctions for a Newco, they can impose any they want, or none, should they choose to accept a share transfer, 0 Quote Link to comment Share on other sites More sharing options...
CamaroSaint Posted May 3, 2012 Share Posted May 3, 2012 Didn't know BM was a Chattanoogan. That changes everything. Link 0 Quote Link to comment Share on other sites More sharing options...
Chuckinho Posted May 3, 2012 Share Posted May 3, 2012 "This will not happen on my watch should I become the custodian of this great club. " SHOULD I BECOME THE CUSTODIAN... 0 Quote Link to comment Share on other sites More sharing options...
Jussy Posted May 3, 2012 Share Posted May 3, 2012 When will Whyte speak out though? Surely Miller can't buy the assets if Whyte's unwilling to sell? 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted May 3, 2012 Share Posted May 3, 2012 He's not buying the debt, he's buying the assets and transferring them into a Newco. Presumably the £11m goes into Oldco and then D&P attempt to agree a CVA with the creditors. The Newco will be debt free. If the CVA cannot be agreed then old co will be liquidated, however that will not generate any more money unless the creditors challenge the £11m valuation of the club's assets through the courts. But I assume this would have to happen before the deal goes through. Wow. A Rangers fan who gets it Yes. They can impose any sanctions they see fit. The current rules do not have any fixed sanctions for a Newco, they can impose any they want, or none, should they choose to accept a share transfer, Thats what I thought. I wonder if Miller is going to try and claim that the newco isnt really a newco? 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted May 3, 2012 Share Posted May 3, 2012 Didn't know BM was a Chattanoogan. That changes everything. Link A strangely unconnected story from same paper: Bouncy houses cushion bear's fall from tree 0 Quote Link to comment Share on other sites More sharing options...
Hey! Ho! Jambo! Posted May 3, 2012 Share Posted May 3, 2012 I doubt all the chicanery can be done in 7 weeks, FFS Craig Whyte took 6 months for his due dilligence alone. By kick-off next season Rangers in whatever form won't be included and there goes any cashflow with which to survive. The time Duff & Phelps have pished away could have been handy. I hope the creditors seek a court order to prevent asset transfer anyway and wind the big hoose up seeing as this is designed to shaft all concerned. 0 Quote Link to comment Share on other sites More sharing options...
glensburgh Posted May 3, 2012 Share Posted May 3, 2012 So, if the BM "takeover" goes totally according to his plan, we will have to suffer the orcs ramming it down our throats that they really are "ra peepul", as no-one was able to dent any part of their empire. And accept that Scottish football is fecked for all time. Where's my niblic? 0 Quote Link to comment Share on other sites More sharing options...
Araminta Moonbeam QC Posted May 3, 2012 Share Posted May 3, 2012 1336053690[/url]' post='6198362']I doubt all the chicanery can be done in 7 weeks, FFS Craig Whyte took 6 months for his due dilligence alone. By kick-off next season Rangers in whatever form won't be included and there goes any cashflow with which to survive. The time Duff & Phelps have pished away could have been handy. I hope the creditors seek a court order to prevent asset transfer anyway and wind the big hoose up seeing as this is designed to shaft all concerned. You speak a world of truth. 0 Quote Link to comment Share on other sites More sharing options...
CamaroSaint Posted May 3, 2012 Share Posted May 3, 2012 I wonder if Miller is going to try and claim that the newco isnt really a newco? Of course he is. They will claim the newco will possess the spirit of RFC 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted May 3, 2012 Share Posted May 3, 2012 When will Whyte speak out though? Surely Miller can't buy the assets if Whyte's unwilling to sell? Whyte is, in effect, being bypassed. The assets belong to the business, which the administrators are control of. So, Whyte has no say in who buys them, or for how much. He still owns "all" the shares in, what will become, the oldco. But that will be a company, still in administration, with no assets and no income. Even if the oldco is liquidated, the shares that it owns in the newco pass to the creditors, not Whyte .... we think! 0 Quote Link to comment Share on other sites More sharing options...
Billy Jean King Posted May 3, 2012 Share Posted May 3, 2012 I think you're spot on, apart from the highlighted bit. Im pretty sure the CVA is against the oldco and nothing to do with the newco. Thats the point, really So who is trying to secure a CVA then if not Miller - the administrators on behalf of the old co and what cash is used to finance said CVA - the £11m or whatever Miller is going to pay ??? If Miller is then nothing to do with the Old Co how does he then plan to merge the newco and the old co at the end of his grand plan ? 0 Quote Link to comment Share on other sites More sharing options...
Ric Posted May 3, 2012 Share Posted May 3, 2012 So just to clarify, the oldco could owe up to £135m or so and the combined assets of the oldco don't match up to that value, yet it's entirely legal to transfer everything except that debt over to newco leaving the oldco a shell with no assets. It's an incredible bit of slight of hand you have to say and one I would have thought HRMC would do all it can to stop. This is leaving aside the football side of things regarding "re"-admittance to the league. 0 Quote Link to comment Share on other sites More sharing options...
Baxter Parp Posted May 3, 2012 Share Posted May 3, 2012 If HMRC had any sense they'd freeze Rangers assets right about now. 0 Quote Link to comment Share on other sites More sharing options...
)typically Posted May 3, 2012 Share Posted May 3, 2012 (edited) Bill Miller is Executive Chairman of Miller Industries, his salary in 2010 was a modest £198,000. His company however turned over £255 million and made a profit of £14 million and employs 760 people. His son, William G Miller II, is President of the company. The stock market value of his company is £111 million. The above was from Forbes magazine. He's rich but he doesn't look on the face of it any wealthier than say Brian Kennedy (assets valued at £250 million by the Snday Times) or Douglas Park (ST asset valuation about £90 million). You would think the two of them, together with others in a consortium, could outbid Miller. I know they are not obliged to and probably have better things to do with their time and money but then so does Bill Miller what's in it for him. This a big deal for Bill Miller, even by his wealth. Edited May 3, 2012 by Cammy35 0 Quote Link to comment Share on other sites More sharing options...
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