Portsmouth takeover: Middle East group fail to deliver as two groups submit bids

Posted on September 15, 2012 by adminsports

Middle East group fail to deliver as two groups submit takeover bids for Portsmouth

UPDATED:

23:52 GMT, 14 September 2012

The two groups attempting to buy stricken Portsmouth have submitted their bids, with administrator Trevor Birch hopeful of concluding a sale in the near future.

Birch set a deadline of Friday for former owner Balram Chainrai's company Portpin and fans' group the Pompey Supporters' Trust to finalise their bids.

New dawn Portsmouth beat Crawley as the takeover deadline draws near

Birch says he is not yet in a position to complete the sale but has handed both parties more time to save the club.

Portsmouth have been in administration since February and will go bust if a takeover is not completed.

Birch said: 'Significant progress has been made over the past two weeks,
and both Portpin and the Pompey Supporters' Trust (PST) are continuing
to work with the Football League, which must agree that they can take
ownership of Portsmouth Football Club, and the Professional Footballers'
Association, which represents the players owed money by the club.

'However, neither party is in a position to complete an acquisition of the club at the moment.

Here we go: Izale McLeod scored for Portsmouth against Crawley

'Once the bidders reach agreement with the League, and the remaining
contractual aspects of the transaction have been agreed, we will be in a
position to finalise a sale.

'Our discussions with both Portpin and the PST suggest that both parties are capable of concluding a deal.

'As a result of these factors, we believe it is in the best interests of
creditors to allow the interested parties a further short period of
time to conclude a sale.'

Birch made no mention of a proposed third bid from a Middle East
consortium involving another former Fratton Park owner, Sulaiman Al
Fahim.

West Ham top agents fees table

Posted on August 10, 2012 by adminsports

Special agents They must be if West Ham spent a record 4.3m on their fees in ONE season

UPDATED:

21:59 GMT, 9 August 2012

Fantasy football 2012

West Ham spent a record 4.31million in agents’ fees to get promoted from the Championship straight back to the Barclays Premier League last season.

The club, who were relegated from the top flight last summer, smashed the previous record held by Leeds, who spent 1.9m in 2004-05.

Previous big spenders include QPR (1.77m in 2010-11), Middlesbrough (1.46m in 2009-10), Derby (1.042m in 2008-09) and Leicester (519,000) in 2007-08.

Biggest spenders: West Ham won the Championship play-off final last season

Who spent what

West Ham, who reduced overall debt to creditors from 112m to 91m in their last recorded accounts, spent big on agents’ fees to bring in big-name players. In fact, they spent only 200,000 more on transfer fees over the same period.

Although the Football League do not publish individual fees for players, it is understood the biggest commission was paid to Kevin Nolan’s agent.

The West Ham skipper arrived from Newcastle on a free transfer last summer and is expected to be one of the club’s most influential players this season.

League one and two

In total, Championship clubs spent 18,704,976 in agents’ fees last season.

Crystal Palace chairman Steve Parish said: ‘The figures don’t surprise me, it’s the owners who blow their brains out paying the agents — no-one makes them do it. The way to regulate the industry is to go even further and publish a complete breakdown of transfer fees, agents’ fees for individual players and their salaries. We are quoted prices for players all the time and there is no accurate way to corroborate the agent’s claims.’

Don Rowing, managing director at frugal Barnsley, said: ‘For clubs in the Championship to spend 18m is an extraordinary figure and it’s all going out of football.’

Five clubs spent no money on agents’ fees — Hartlepool in League One and Accrington Stanley, AFC Wimbledon, Barnet and Crewe in League Two.

Portsmouth could become extinct on August 10 – Trevor Birch

Posted on July 25, 2012 by adminsports

Pompey on the ropes as club warned they face extinction on August 10

UPDATED:

23:29 GMT, 24 July 2012

Portsmouth administrator Trevor Birch has warned the club will go out of business on August 10 unless an agreement can be reached over the wages of their senior players.

Eight senior players were understood to be in disagreement over unpaid salaries, although Luke Varney has since joined Leeds.

Supporters group SOS Pompey handed over an open letter to the players at the club's training ground in a bid to persuade players to compromise on their wages and Birch has said former owner Balram Chainrai could pull out of a proposed deal to buy the club if more players are not moved on.

Through the wire: Portsmouth are clinging on to survival

And Birch told ESPN Soccernet today: 'Everybody, including the players, have been served notice that the club will close down on August 10.'

Defender Tal Ben Haim and striker Kanu are among the players owed significant wages, with both players reportedly claiming around 3million in unpaid salary.

And Birch said. 'The only way the club can be saved is if the players accept compromise deals.

'The Football League are in constant touch and know the situation, the PFA are also aware of it and are doing all they can to help.

'If the new owner does not take over the liabilities and guarantee 10million to football creditors then the Football League will not transfer its share and the club will go under.

Deadline: The club come become extinct on August 10

Deadline: The club could become extinct on August 10

'To save the club we are frantically trying to negotiate with players such as Kanu and Tal (Ben) Haim. We have offered Tal (Ben) Haim a substantial compromise which he has turned down, so it is difficult to negotiate.

'Perhaps he is playing a game of bluff. Perhaps he thinks we are bluffing that the new owner will save the club and still pay him or accept his liabilities going forward.

Veteran: Kanu is owed money by Portsmouth

'We are now reaching a critical time, time is running out. I can only hope by serving notice that the club will shut down on August 10 that this will concentrate people's minds.'

Pompey are due to face Plymouth in the Capital One Cup on August 14 before starting their npower League One campaign – for which they will face a 10-point deduction – against south coast rivals Bournemouth four days later at Fratton Park.

Professional Footballers' Association chief executive Gordon Taylor earlier described the situation as embarrassing for the game and said some players had been 'unfairly intimidated', but agreed all parties had to agree to lose out if the club was to stay in business.

'It's about everybody getting in the same room, the players, the club, the administrators, the potential new owners and deal with the situation rather than looking at it separately,' Taylor told Sky Sports News.

'If not there's no transparency as to how serious the situation is. If this club is going to survive we need everybody to have something – but not all that they are owed, otherwise everybody's just going to get nothing.'

Taylor added: 'There's been a bit of unfair intimidation on a few of the high earners. There's about eight I think that needed to go, to get settlements done and half of those have gone now.

'We've managed to get some security from the Premier League, they've been very co-operative on parachute payments, the Football League have told the owners they can't get all the money back that they put into the club originally, so they've got to take a hit.'

Walter Smith launches Rangers bid

Posted on June 14, 2012 by adminsports

Step aside, Green! Former Rangers boss Smith launches bid for stricken club

UPDATED:

14:36 GMT, 14 June 2012

Walter Smith has confirmed in a statement that he is leading a new bid to buy Rangers.

The former Ibrox boss will be assisted in the offer – believed to be in the region of 6million – by Scottish businessmen including Jim McColl and Douglas Park.

Smith has called on Charles Green, whose consortium is in place to complete their 5.5million purchase of Rangers on a newco basis, to stand aside.

Old boy: Former Rangers boss Walter Smith has launched a bid

Walter Smith

Smith said in a statement: 'I can today confirm that following talks over the last few weeks I am leading a new bid for Rangers Football Club.

'I have been assisted by Jim McColl, Douglas Park and other prominent Scottish businessmen with a shared objective – that Rangers Football Club should be in the hands of Rangers people who will stabilise the club and protect it from future situations like we find ourselves in today.

'With this in mind, representatives have, on behalf of my group, made representations to BDO, Duff and Phelps and indeed Charles Green, notifying them of our willingness to offer on the “Newco” basis on which Mr Green is proceeding.

'We would call on Mr Green to step aside and allow us to proceed with our deal which is in the best interests of the creditors, the employees, the fans and the various other stakeholders of Rangers Football Club.'

Step aside: Smith has called for Charles Green to move aside

The surprise development came on the day that a Company Voluntary Arrangement (CVA) was formally rejected at a meeting of creditors.

The CVA was doomed to failure after Her Majesty's Revenue and Customs informed administrators Duff and Phelps on Monday that they would vote against the proposal, thus ensuring it did not receive the 75% backing required to move the club out of administration.

Rangers Football Club will now move towards liquidation, with Green set to acquire the business and assets on a newco basis.

The administrators released a statement on Thursday confirming the rejection of the CVA and 'imminent' newco deal.

More to follow.

What next Rangers face liquidation

FULL WALTER SMITH STATEMENT

'I can today
confirm that following talks over the last few weeks I am leading a new
bid for Rangers Football Club.

'I have been assisted by Jim McColl,
Douglas Park and other prominent Scottish businessmen with a shared
objective – that Rangers Football Club should be in the hands of Rangers
people who will stabilise the club and protect it from future
situations like we find ourselves in today.

'With
this in mind, representatives have, on behalf of my group, made
representations to BDO, Duff and Phelps and indeed Charles Green,
notifying them of our willingness to offer on the 'Newco' basis on which
Mr Green is proceeding.

'We
would call on Mr Green to step aside and allow us to proceed with our
deal which is in the best interests of the creditors, the employees, the
fans and the various other stakeholders of Rangers Football Club.

'None of our group has any desire to own Rangers Football Club but we have put this deal in place to save the club.

'However,
our overriding objective is to ensure that the stadium, the history and
everything else magical about Rangers Football Club is protected and
nurtured back to good health and provide a platform for Rangers for
generations to come.

'Let's be clear, this is an acquisition designed to stabilise the club and ensure history does not repeat itself.

'We are not in this to take money out
of the club but more so to do whatever it takes in a turnaround plan to
ensure within a few years the Club can be passed on intact and to the
right people.

'The
supporters should be under no illusion that it will be extremely hard
but with their support we can overcome financial hardship that lies
ahead by lending their support to what we feel is the correct way
forward – for Rangers people who know the club inside and out to control
its destiny.

'The
prominent Scottish businessmen involved have agreed to provide
acquisition funding to allow myself and a management team to take on
Rangers Football Club and make the business self-sufficient with long
term sustainability being essential.

'I would hope that this offer is
fully supported by everyone in the Rangers Family as without them the
club cannot and will not survive.

'We
therefore want to ensure honesty and transparency in everything we do.
We want to rebuild Rangers Football Club and in doing so return the
institution to the standards it is known for.'

Ally McCoist on the brink at Rangers

Posted on June 14, 2012 by adminsports

McCoist on the brink at Rangers as crisis club hurtle towards liquidation

UPDATED:

10:28 GMT, 14 June 2012

Rangers' creditors meeting began on Thursday morning amid increasing uncertainty over the future of manager Ally McCoist in Charles Green's new regime.

The meeting is a formality given Her Majesty's Revenue and Customs had already rejected Green's reduced payments offer and the Ibrox crisis shifted to the future of boss McCoist.

McCoist could be poised to resign due to uncertainty over his future once Green completes his 5.5million newco purchase of the club's assets.

I'll get me coat: Ally McCoist could leave his post at Rangers after a torrid season

McCoist arrived at Ibrox without making comment while Green briefly told reporters he wanted the manager to stay as he arrived for the creditors meeting.

Green has held talks with Scottish Premier League officials after it emerged his Company Voluntary Arrangement was doomed to failure but his plans to stay in the top league suffered a blow this morning.

Aberdeen updated their position on a potential newco vote by stating that 'integrity' was their central criteria.

Dons chief executive Duncan Fraser told the club's official website: 'Yesterday's announcement that Rangers FC will reform as a new co brings a degree of clarity to the situation.

'However there are a number of other investigations ongoing. Like everyone we wish to see them resolved as soon as possible.

'A large number of our supporters have made their views and feelings very clear and as a club I can assure everyone that these are being taken into account.

'The integrity of sport in general and football in particular must be central to any decision.

'This issue has our full attention and
we will communicate any decisions we take in relation to this situation
with our supporters in a transparent way at an appropriate time.'

However,
fresh reports claimed that the SPL's broadcasting deal, which is due to
be renewed this summer, would be in serious doubt if Green's Rangers
are forced to start in the Irn-Bru Third Division.

End of an era: Rangers will be forced to reform as a new co after liquidation

End of an era: Rangers would be forced to reform as a new co after liquidation

Green would need seven other clubs to accept his application to acquire Rangers' share in the competition if he pushes through with his newco deal.

McCoist left Ibrox through the main door at about 10.45am and shook his head and said nothing when asked about his future by waiting reporters and fans, before driving away.

The creditors meeting is believed to have lasted less than 10 minutes with HMRC's decision to reject the CVA having already ensured Green would not receive the 75 per cent backing required.

Unsecured creditors are owed a confirmed 55million and the vast majority of Green's 5.5m payment will go to administrators Duff and Phelps and on legal costs, although liquidators will pursue other avenues to recover cash.

Some of the 26,000 small shareholders who have seen their stake in the club disappear with the failure of the CVA deal will also attend a subsequent meeting at 1pm, although the club have claimed it will last about five minutes.

Green has previously promised to name more of the investors in his Sevco consortium after the CVA meeting having so far confirmed only two – a Malaysian hotelier and Middle Eastern lawyer.

Craig Whyte threatens court action against Scottish FA

Posted on June 7, 2012 by adminsports

Rangers owner Whyte threatens defamation case against 'inept' Scottish FA

UPDATED:

17:11 GMT, 7 June 2012

Rangers' controversial owner Craig Whyte has turned the tables on the Scottish Football Association by threatening to take them to court for defamation.

Whyte had already been deemed unfit to hold an official position in the game by the SFA when he was handed fines totalling 200,000 by the ruling body in April for bringing the game into disrepute.

At the same time the administration-hit Ibrox club were handed a 12-month transfer embargo – which was successfully appealed – and fined 160,000 after being found guilty of five charges relating to their financial affairs and the appointment of Whyte as chairman.

See you in court: Whyte has threatened action against the SFA

The Motherwell-born businessman has refused to pay the fine, which he initially described as 'a joke' and it was reported this week that the SFA's legal team were ready to pursue him through the courts for the money.

However, when Whyte was asked for his reaction to the prospect of legal action being against him, he replied: 'I will be going after them. I will be looking at legal options against the SFA.

'They have a lot to answer for with their defamatory statements about me which formed the basis of their so-called investigation.

'Scottish football's regulators are inept and have showed themselves up. But they have no jurisdiction over me.'

The SFA declined to comment.

Whyte has agreed to sell his 85 per cent shareholding in Rangers for 2 to Charles Green, who is leading the consortium in place to take control of the club.

Defiant: Rangers fans have vowed to back the club all the way

The former Sheffield United chief executive's group has pledged 8.5million for creditors who will be able to vote on a Company Voluntary Arrangement (CVA) next week.

Should creditors reject the CVA, then Green would form a newco.

Whyte is giving the CVA his full backing and is ready to walk into the sunset following his traumatic period as owner of Rangers, which began when he bought the club from Sir David Murray last year for 1.

'I am 100 per cent behind the CVA, I am very much in favour of it,' he said.

'I hope it goes through because it is the best way forward for the club and it will leave Rangers in an excellent situation.

'My shares will form part of the consortium's shareholding and after that I will focus on other activities.

'It has certainly been eventful year but I did what needed to be done, unpopular as it was. There was no alternative. It had to be done.

'If it wasn't me it would have been someone else. People will look back in a year or two with a different view.

'People have conveniently forgotten the state Rangers were in at that time.

'I should have taken the club into administration on completion of the deal. But there was no way the situation would have been avoided unless someone came in and put in 100million and we have seen in recent weeks how difficult it is to get anyone to put money into a football club.'

SPL clubs not to blame – Neil Doncaster

Posted on May 31, 2012 by adminsports

Clubs not to blame, says Doncaster after fixed sanctions are avoided at Hampden

UPDATED:

22:29 GMT, 30 May 2012

SPL chief executive Neil Doncaster has defended his member clubs after they avoided setting fixed sanctions for Rangers should the Ibrox outfit fail to gain a CVA.

A meeting of the 12 top-flight sides at Hampden did introduce tougher penalties for clubs entering administration, as well as new sanctions on clubs who fail to pay their players or the taxman.

However, the much-debated issue of what penalties Rangers would face if they applied to return as a newco remains unclear — despite a third summit in a month.

Assurances: Neil Doncaster after the meeting of the SPL clubs

An 8-4 majority would be required to vote through any future proposal from prospective Rangers owner Charles Green after the clubs formally took that responsibility away from the SPL board.

But a previous plan to impose a 10-point penalty over two seasons was binned, with the clubs stating they would instead decide on any sanctions for a newco depending on ‘each individual circumstance’.

That lack of clarity led to accusations that the possibility of Rangers gaining a CVA had prompted the other clubs to simply hope they would never have to deal with it.

‘I don’t think that’s fair,’ said Doncaster. ‘They have come up with a comprehensive set of proposals that deals with different circumstances.

‘That has come after many weeks and months of good debate.

‘They have dealt with the newco possibility. The clubs have taken the responsibility. Should there be any application in the future, the clubs will deal with it and sanction appropriately.

‘It really is important to stress that we are not anticipating a newco at this point.

Future plans: Prospective Rangers owner Charles Green leaves the meeting

‘The CVA proposal has now been sent out to Rangers’ creditors and we have no reason to believe that it won’t be accepted.

‘If there is a newco going forward, then you can have two ways of dealing with it. One is to have flexibility, the other is to have fixed sanctions.

‘The clubs have agreed that we will decide on a new application if it comes forward and will impose sanctions depending on the circumstance. That is their view and one that I respect as it is very sensible.

‘The SPL have set out 18 wide-ranging sanctions and it is up to the clubs to decide what they see fit.’

Clubs entering administration in the future will now be hit by either a 10-point penalty or a third of their previous season’s total, whichever was higher. Had those rules been in place this term, Rangers would have been deducted 31 points.

Asked if was not better to also have hard and fast rules about a newco, Doncaster said: ‘You can do that. But like you find potentially with going into administration, you could argue that a 10-point penalty is less meaningful on Rangers this year than it might have been on other clubs if they had faced it this year.

Main man: Celtic chief executive Peter Lawwell was also at Hampden

‘So to have a proportionate points penalty has been deemed appropriate. That is taking account of individual circumstances.

‘Similar to that, what you want is proportionate sanctions which take account of all individual circumstances and, of course, they are all different.

‘So these rules allow clubs to gauge what is really going on and to come up with an appropriate set of sanctions in the event that we end up in that situation.’

Rangers successfully argued in the Court of Session earlier this week that an SFA Judicial Panel had no right to impose a transfer embargo as it was not a specifically stipulated sanction.

Doncaster, though, claimed to have no fears about the open nature of the new SPL rules being vulnerable to a similar challenge.

‘Like any decision the SPL makes on a disciplinary matter, it can always be appealed to the SFA,’ he said. ‘I don’t believe that any sanction imposed by the SPL has ever been successfully appealed to the SFA, so that should give some confidence.’

Rangers in crisis: No HMRC agreement

Posted on May 27, 2012 by adminsports

Rangers administrators play down talk of deal with HMRC over debt

UPDATED:

11:58 GMT, 27 May 2012

Rangers' administrators have played down claims that a deal has been reached with Her Majesty's Revenue and Customs over the club's debt.

Charles Green, who is fronting the consortium who have signed an exclusive contract to buy the club, said HMRC had 'given us the nod'.

However, Duff and Phelps said nothing can be certain until the Company Voluntary Arrangement (CVA) is in place.

Main man: Charles Green is set to complete his takeover of Rangers

Joint-administrator Paul Clark told several newspapers: 'There has been an ongoing dialogue with HMRC and we wouldn't have got to such an advanced stage if we didn't feel there was more than a strong possibility of a CVA being approved.

'But there is no deal and that can't happen until there is a meeting of the creditors.”

That meeting could take place on June 11 or shortly afterwards if administrators issue the CVA proposal tomorrow, seven days later than initially planned.

Clark said: 'We're on track. Relative to other football admins, there's been a good amount of swift progress.

'It's very rare these things are resolved in three or four months. Getting the CVA proposal is a major milestone and that will happen on Monday.'

Open for business Rangers have been in administration since February

He said: 'The problem with the club historically is there has been no corporate governance.

'There was no accountability, no corporate balance.

'What we need to do is get people who haven't got shares on the board so they are not influenced by the share holding.

'When they make a decision then it's made on the basis of what is proper and what is right, not what is in David Murray's interest or that of David Murray holdings or in the interest of Craig Whyte.'

Green, the preferred bidder for Rangers, said he has an informal deal in place with HMRC to repay the debts in part through a Conditional Voluntary Agreement (CVA).

'HMRC have given us the nod but we need it in writing,' the former Sheffield United executive told the Daily Record.

Rangers deal back on for Brian Kennedy

Posted on May 11, 2012 by adminsports

1 deal paves the way for Kennedy and Blue Knights to seal Rangers deal

UPDATED:

23:34 GMT, 10 May 2012

Brian Kennedy and the Blue Knights are back in the race to buy Rangers after striking a deal for Craig Whyte’s shares.

Sale Sharks owner Kennedy is currently in New York on business, but told Sportsmail he has reached agreement with the discredited owner to transfer the shares for 1.

Kennedy and Paul Murray will now go head-to-head with a mystery UK-based consortium for the right to enter negotiations with creditors over a voluntary agreement which would preserve the club’s history and avoid substantial sporting sanctions, including a three-year European ban.

Back in the frame: Brian Kennedy (left) and his Blue Knights are edging closer to a deal for Rangers

Kennedy and the Knights came close to
acquiring preferred-bidder status before the Bill Miller fiasco left
administrators Duff & Phelps high and dry.

The entry of an unnamed UK
consortium, who have also done a deal with Whyte for his shares, has
been the source of widespread scepticism. However, Kennedy’s lawyer held
a meeting with Duff & Phelps yesterday and was told there would be
an answer ‘one way or the other’ by today.

‘The administrators chose the wrong
horse when they went with Bill Miller,’ said the Scots businessman. ‘I
wouldn’t like to see them make the same mistake again.

‘Financially, a newco doesn’t work
unless you can write a cheque for 35million to compensate for the
absence of European football. We would only contemplate a CVA.’

Crisis club: Rangers' preferred bidder Bill Miller has pulled out

Paul Clark, joint administrator, said
of the latest moves: ‘We have continued discussions today with the
parties remaining in the bidding process and good progress has been
made.

‘We can also state that Craig Whyte
has confirmed that he will transfer his shareholding in Rangers Football
Club to two of the parties and has indicated he would not be an
impediment to a sale.

‘We will issue a further update
tomorrow (Friday) and can say that every effort is being made to
conclude the sale of the club as quickly as possible.’

The rival London-based consortium is
thought to include individuals who have held senior posts at Premiership
and Championship clubs.

On Thursday night former player-manager Graeme Souness told
Sportsmail: ‘I can categorically, 100 per cent, deny that I have
committed myself to any consortium proposing to buy Glasgow Rangers.

‘I have no connection with anyone proposing to buy Rangers.’

Bill Miller"s bid for Rangers given preferred bidder status by administrators

Posted on May 3, 2012 by adminsports

Miller closes in on Rangers deal after being granted preferred bidder status by administrators

UPDATED:

11:07 GMT, 3 May 2012

Bill Miller is nearing a takeover of Rangers after an unconditional bid saw the American businessman granted preferred bidder status by administrators Duff and Phelps.

The tow truck tycoon was vying for control with the Blue Knights consortium led by former Rangers director Paul Murray and backed by Sale Sharks owner Brian Kennedy and now appears to have won the race to succeed Craig Whyte as owner.

Miller last month unveiled plans for an 11.2million bid for Rangers which would create what he described as an 'incubator' company while Duff and Phelps bid to take the club out of administration through a Creditors Voluntary Arrangement.

Breathing space Bill Miller's bid has been given preferred status

Joint administrator Paul Clark informed staff of the news at a meeting at Ibrox on Thursday morning.

Clark was quoted on the club's
official website saying: 'We would like to thank all parties for their
efforts in seeking to submit bids which preserve the long history and
success of the club.

'We are delighted to announce that
today we have received an unconditional bid for the business and assets
of Rangers Football Club plc from Mr Bill Miller which has been accepted
in principle and he is now the preferred bidder.

'Mr Miller now proposes to complete his transaction by the end of the season.'

More to follow.

Sports Bound Guide

Sports Bound Guide. Fresh Sports News

Tag Archives: creditors

West Ham top agents fees table

Portsmouth could become extinct on August 10 – Trevor Birch

Walter Smith launches Rangers bid

Ally McCoist on the brink at Rangers

Craig Whyte threatens court action against Scottish FA

SPL clubs not to blame – Neil Doncaster

Rangers in crisis: No HMRC agreement

Rangers deal back on for Brian Kennedy

Bill Miller"s bid for Rangers given preferred bidder status by administrators