SUMMARY OF A SUPPORTERS ASSEMBLY MEETING WITH THE ADMINISTRATORS ON SATURDAY 3 MARCH 2012

1. Details of cuts to meet the £1m shortfall will be announced on Monday – new investors unlikely to want to inherit the current cost base of the Club – hence the need to implement the cuts.
2. Liquidation is “unlikely” but can’t be ruled out – a CVA far more preferable to liquidation as that puts at risk future European monies for a number of seasons.

3. Pursuing the whereabouts of funds – focussed on what was promised by Craig Whyte in the Takeover document – “highly unlikely” Craig Whyte would be involved in the Club going forward.

4. The contracts, security, legal charges and financing of the Craig Whyte takeover are all being challenged, however, any security Whyte has or had is not likely to be an impediment to a sale.

5. The £3.6m ring-fenced from Collier Bristow is subject to legal claims from other parties as well as Rangers FC Plc.

6. Good interest in acquiring the Club and criteria will be based on fully financing the acquisition and be able to sustain the business going forward.

7. Key role for the Administrators is to put the business in a good state for acquisition.

8. Big tax case not a key issue in the sense that liability will be part of the creditors share out – far example, if there is a pot of £20m to share out – each party will get a dividend whether the total liability is say £40 million or £100 million.

9. Best way of contributing finance at the moment is through match-day sales – tickets, hospitality, catering, etc.

10. Suspect that the Arsenal shares money is lodged in Pritchard Stockbrokers accounts – assets of that firm are now frozen by the FSA and it will require legal argument to recover.

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Posted March 5, 2012 by Andy Mac in Uncategorized

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