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It Would Be Good To Talk - Away From The Papers

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08 Jun 2012 08:29:19

It Would Be Good To Talk - Away From The Papers

Many people want Rangers to continue in business but there are also many people who want to know how the leading players plan to make it happen

We are only getting part of the story behind the rescue mission mounted to ensure Rangers continue in football. That is not unusual in any business but the things we do hear about will be just the tip of the iceberg on which the club foundered. We will never know the full story as we never hear the full story on any business deal. However, it does seem unseemly that those who profess to have the best intentions for the club to survive - and are technically all on the same side - are sniping at each other in the media instead of meeting to discuss the way forward.  The latest morsel for Rangers fans to worry about is a spat between the second largest shareholder, South Africa-based Dave King, and Charles Green regarding the former's plea to the fans to hang back on season tickets till more of the rescue package is in the open. Green, who is leading a consortium to take over the club, and the club's' administrators have hit back at the Ibrox director. Rangers owner Craig Whyte has agreed to sell his 85% shareholding in the club for £2 to Green, whose group has pledged £8.5million to the creditors who will be able to vote on the CVA next Thursday. The former Sheffield United chief executive retaliated to Kings approach via the media to fans by describing his statement as "breathtaking in its arrogance" as well as "scurrilous and scaremongering". Green said: "Mr King's statement is breathtaking in its arrogance and is destructive to the interests of the club. My consortium tabled an offer, which was accepted by the administrators as the best offer for the club and its creditors and substantial sums of money have already been paid to the administrators. Provision has been made for working capital that does not rely on season ticket sales any more than would be part of normal operations at the Club. To suggest otherwise is scurrilous and scaremongering. I would question Mr King's motives in urging the rejection of the CVA proposal which is the best offer available to creditors, particularly since he made no mention of this or any other issue when I spoke to him on the phone in South Africa last Friday. If the CVA is rejected then the club will be acquired on a newco basis which will not benefit creditors, nor will it benefit the club in terms of participation in Europe. In one week's time, we hope the CVA proposal will be approved by creditors and that will be an important milestone for the rebuilding of the club. It is also absurd to suggest I have not been communicating with fans. (On Thursday) I had a constructive and progressive meeting with fans representatives which was one of many I have had over the last few weeks and there will be continuing dialogue with them. The fans will be kept informed at every stage of this process. People such as Mr King who, as I understand was not in a position to make a bid for the club, need to accept the realities of the situation and move on rather than continue to snipe from the sidelines." Paul Clark, from administrators Duff and Phelps, was equally condemnatory as he also responded to various allegations made by King. He said: "I find Mr King's remarks disappointing and misleading. As he should know more than most, all shareholders, as well as creditors, have received access to the CVA proposals and all relevant information has been made public on the Rangers website. Mr King should also know, that immediately after the conclusion of next week's creditors meeting, a shareholders meeting will be convened. Mr Green, as the new legal owner of Mr Whyte's shares, will vote in favour of the approval of the CVA should that be the outcome of the creditors meeting. Mr King refers to a claim against the club. We have received a letter of claim from Mr King's solicitors which contains a number of broad and unsupported allegations concerning matters which took place some 10 years ago. The claims raised are neither accepted by the club nor have they been adjudicated by a court. We have written to his solicitors to ask them to provide evidence to support the claim, as all creditors are required to do. As a result, Mr King's suggestion that his representations have been ignored is entirely unfounded. If Mr King feels he has a claim against Mr Whyte or Mr Murray, then that is a matter for him and not a concern of the administrators. The CVA proposal is completely transparent and gives detailed information as to different outcomes such as a newco or dissolution of the company. It is a comprehensive document and there have been no issues raised about its content by significant stakeholders and creditors. Mr King should also note that Duff and Phelps meet the Rangers Fans Fighting Fund on a weekly basis and will continue to do so."


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