SPL - Clark optimistic over Rangers CVA

Tue, 29 May 11:09:00 2012

Rangers administrator Paul Clark is "certainly hopeful" of a positive outcome of a Company Voluntary Arrangement despite being unable to confirm details of the money on offer.

Ibrox Stadium, the home of Rangers football club, is seen in Glasgow, Scotland, February 18 - 0

Charles Green's prospective ownership consortium has pledged £8.5 million for creditors with more money due from transfer fees. However, there are a number of uncertainties including litigation over Craig Whyte's takeover deal and the outcome of a tax tribunal, which could send the club's debt above £134m.

Rangers are due to publish their CVA proposal on Tuesday, but a pence-in-the-pound figure is impossible to calculate. Clark told BBC Radio Scotland: "I can't give an absolute confirmation of the amount, the structure of the deal is sufficiently complex that we're not able to give a finite distribution."

He added: "We've received, or we will receive an £8.5m contribution from the Green consortium.

"To add to that we will have the proceeds of litigation that are ongoing in various aspects, and also into the same pot we have outstanding player transfer fees.

"There will then be certain deductions for the cost of administering a CVA and then also the final moving piece is the fact that there is still uncertainty over the creditors' claim because we still await the final result of the big tax case.

"This won't prevent the creditors voting on the 14th of June but it does mean that they won't know for certain what the distribution will be. What we have constructed is the best outcome for creditors."

Both investment firm Ticketus, who are owed £26.7m, and Her Majesty's Revenue and Customs, who are due about £14m but possibly many times more, could block the deal.

Clark said: "We've been very closely discussing the issues with Ticketus and HMRC throughout the whole of the administration process but particularly over the last few weeks as it became apparent that a CVA was becoming ever closer, so we kept them fully informed and confirmed to them that the CVA represents the best deal for the creditors and it's for them really to cast their vote on 14th June but we're certainly hopeful of a positive outcome."

Clark confirmed Green had a dual contract to allow him to push for a 'newco' purchase of the club's assets should the CVA fail. If creditors vote to accept the deal on June 14, the club could come out of administration on July 12, after a 28-day cooling-off period.

PA Sport

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  1. Alba,was that CELTIC fans that done that?that's­ silly now we could go on all day about what "your­ fans" TRIED to blow up by watching the A-TEAM­ .....PMSFL! "watching THE A-TEAM taught me how to­ make bombs" nae wonder they never went off did­ nobody tell them that the A-TEAM was'nt real?

    From , on Wed 30 May 15:16
  2. What about your fans that blew up the docklands then­ THOMARSE or don't u count them,THOMARSE

    From Alba, on Wed 30 May 11:57
  3. Knoaby, that's correct we like you lot lost out in­ the final, but we did not RIOT like your shower of­ Thugs, thats the difference between the Clubs, and of­ course we have won the Big Cup.

    From THOMAS, on Tue 29 May 22:02
  4. Wonder what the deal will be now... banned from the­ scottish...that'll give yous a LEND OF THE SCOTTISH­ CUP for a year...if hearts and killie don't want it­ rite enuf....hahaaha:) old or new we are the blue:):)

    From , on Tue 29 May 21:52
  5. FIVE ALIVE....brill....awe that cup...yous have­ squeezed the S@@te oot eh that one....how many­ dvd's hiv there been out for that....if in doubt­ bring out the lisbon lions. keep the manks settled..at­ THEIR AGE THEY WOULD STILL GEE THAT MINCE UR WATCHING A­ GAME.....here you might hiv 2 stars shortly....when you­ win next years.CHAMPIONS­ LEAGUEY....heeehawheeehawheehaw..polau's:)

    From , on Tue 29 May 19:28
  6. all goes to plan....WORTH every penny....only­ CHICKEN's FEED anyway!!!!!!!!!!!haahaaha:):)

    From , on Tue 29 May 19:18
  7. Not a bad return for Nuff'n'Helps, £52,462.26­ per day for Seven Days a week, thats £26,231.13 per man­ or based on a Twelve hour Day or £2,185.93 per hour,­ that's assuming, the two Amigo's worked Seven­ days @ Twelve hours a day. That's £2,179.85 per­ hour above the National Minimum Wage,­ Nuff'n'Helps Motto is. " Recession What­ Recession".

    From THOMAS, on Tue 29 May 19:11
  8. the TEDDY BEARS will be oot a ADMIN on when...­ when..... 12th of JULY... awe brilliant ...you cudnae­ write it......better get ma massive carryoot in...pure­ dead brilliant by the way...hey TAM did sellik no play­ in that DIDDY CUP AGAINST­ PORTO....heehawheehaw...CONTRADICTING URSELF AGAIN...am­ know surprised right enough....used tae it by­ now.....:):):):)

    From , on Tue 29 May 19:07
  9. Comment hidden due to its low rating. Show

    Well Well, Nuff'n'Helps bill to date stands at­ £5,561,000,which will take the lions Share of all the­ Money Rangers and Hughie can raise, leaving £4,967,284­ for distribution among the present creditors sum of­ £55,415,632, this is without the Main HMRC case result.­ Surely the Creditors should push for Liquidation and­ split the money from the Sale of Ibrokes,Muddy Park and­ the Car Parks. At the present projection Ticketus would­ lose around Circa £22 Million.

    From THOMAS, on Tue 29 May 18:47
  10. duff and felps are owed 5 n a half million for their­ sterling work !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! pmsl­ HAIL! HAIL!

    From chucky cfc, on Tue 29 May 18:36
  11. If this had been any other SPL team outside Celtic they­ would have been liquidated within a fortnight. I can­ see Rangers coming out of this smelling of roses. If­ that happens it will be a sad day for Scottish­ Football. Maybe all the other teams can opt out and let­ Celtic and Rangers play each other all season.

    From Geordie, on Tue 29 May 18:34
  12. Comment hidden due to its low rating. Show

    boab the knoab, if you ever want to see Football thugs­ in action check out the coverage of the Retarded­ Mob's invasion of Manchester to watch their Club­ getting pumped in the Final of the European Diddy Cup.

    From THOMAS, on Tue 29 May 18:13
  13. So RFC will now face further more severe sanctions­ rather than a 1 year transfer embargo ? ..Fudd &­ Whelps(Ticketus) are doing a great job....lol

    From Hawkmoon, on Tue 29 May 18:11
  14. the SFA are now required to respond to FIFA, although­ the Player embargo stays as it was also issued by the­ SPL, what next, take the SPL to Court. Craigy Bhoy must­ be sitting in the Sun LHAO.

    From THOMAS, on Tue 29 May 18:10
  15. the SFA are now required to respond to FIFA, although­ the Player embargo stays as it was also issued by the­ SPL, what next, take the SPL to Court. Craigy Bhoy must­ be sitting in the Sun LHAO.

    From THOMAS, on Tue 29 May 18:10
  16. Well thats FIFA well and truly involved now,"FIFA­ will ask the Member Association to take action so that­ the club withdraws its request from the ordinary­ courts" on STV website,Rancers are treading a thin­ line here.

    From OTRAS, on Tue 29 May 18:01
  17. Davy Lobo I agree they should've stuck with the­ Rule Book and Closed them down.

    From THOMAS, on Tue 29 May 17:53
  18. Davy Lobo I agree they should've stuck with the­ Rule Book and Closed them down.

    From THOMAS, on Tue 29 May 17:53
  19. Reidy the Peidy, you have already stated last week that­ the CVA had been agreed, so why are all the reports­ including Hughie saying it's no yet been submitted,­ they must be telling lies or could it be YOU AGAIN. I­ hope you tell your Scout Troop and Cub Pack the truth­ when your Dib Dib Dib Dobbing them.

    From THOMAS, on Tue 29 May 17:51
  20. Rangers sfa punishment 600 lines we must cheat again­ ,If it was me i would have gave them 6b of the best.

    From No1, on Tue 29 May 17:41
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