Is Rangers saga nearing the end?

By Graham Barnstaple
May 25 2012

Things have moved a little this week in the Rangers financial saga this week, with the BBC documentary and now a proposed date for the CVA.

The BBC documentary on Wednesday night, “The men who sold the jerseys” had a number of interesting items in it, including a couple of comedy highlightes;

 

1. Prince Albert of Monaco was      meant to be one of Craig Whyte’s financial backers when he bought the      club!
2. Sir David Murray once tried      to “get off” with Joanna Lumley!!

 

More seriously it did highlight the extent to which EBTs were used at the club, and that David Murray himself was the major beneficiary, taking £6m from the fund. The programme also highlighted thatMurrayhad put none of his own money into Rangers, with the Bank of Scotland funding all his spending.

 

There was also an accusation that there was a major conflict of interest at Duff and Phelps with a suggestion they should be discharged of their duties immediately. This hasn’t happened to date, neither has the financial firms threats of taking the BBC to court.

 

What the programme seems to have done is accelerate the CVA proposal from the administrators. With a deadline set for Monday for the proposal to be put forward at whatever level of pence in the pound they can afford.

 

Of course, there is still the large elephant in the room, with the “Big Tax case” still to be concluded. If this is included in the CVA, I would be disappointed if HMRC would accept only a few pence in the pound rather than push for the full amount.

 

Whether the CVA is announced by Monday or not is another matter, as we have seen to date Duff and Phelps have not been too hot at meeting any deadline to date.