Friday, February 17, 2012

Glasgow Rangers FC

When is a preferred creditor not a preferred creditor?  Well when the Administrator says that they are uncertain, of course. Either he is or he isn't, quite simple.
The bigger joke is where has the advanced ticket money gone for next season's games?  Now Whyte, apparently, loaned the Club £18million, but refused to take responsibility for the possible £49 million, which may be demanded by HMRC. That was previous owner's business he said which I agree with.
Now£24 million has been brought in via ticket sales. I think that he has repaid his own loan with this income, leaving the club with nothing other than the players, as assets, for whatever a Dutch Auction may bring in. Nobody is going to offer top money in what amounts to a fire sale to pay off unsecured creditors like the hot pie and bovril suppliers. They will be offered pennies in the pound after the Administrators fees and expenses are taken out. These fees are secured creditors.
If Whyte is a secured creditor then he gets the ground, the training ground, the building and the name. So three will make him even more money should he sell it all for development.  Enter Tesco........
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