Rangers FC have revealed they wish to sell the club
Wed Mar 07, 2012 5:03 pm
The administrators in charge of Rangers FC have revealed they wish to sell the club in the next few days amid a "perilous financial situation".
The failure to reach a deal with playing staff over wage cuts after three days of negotiations, which saw midfielders Gregg Whyte and Mervan Celik walk away from the club, has forced Duff and Phelps to issue a issue a plea to prospective buyers to submit their offers as soon as possible.
Should Rangers fail to find a new owner prepared to take on the club's burgeoning debts, the club with the most top-flight league championships in the world could fail to host matches at Ibrox later this season.
David Whitehouse, representing Duff and Phelps, said: "We are announcing today we are accelerating the sale of Rangers Football Club.
"The Club is in a perilous financial situation and that should not be under-estimated. Regrettably, we have been unable to agree cost-cutting measures with the playing staff on terms that will preserve value in the business. We understand the players' position as the scale of wage cuts required to achieve these savings without job losses were very substantial indeed.
"In view of this, we are faced with a situation of making redundancies within the playing staff on such a scale that would materially erode the value of the playing squad. We are striving to strike a balance where cost-cutting measures can be implemented but do not destroy the fabric of the playing squad to the extent that it will inhibit the prospect of a sale.
"However, no one should be in any doubt that in the absence of sufficient cost-cutting measures or receipt of substantial unplanned income, the Club will not be able to fulfil its fixtures throughout the remainder of the season.
"As a result, we are expediting the sale process and over the next few days we will be holding discussions with prospective purchasers who have declared their interest. The Manager, Ally McCoist will play an integral part in these discussions.
"If however it becomes apparent that the sale process cannot be accelerated there will be no choice but to implement very severe cost cutting measures at the Club."
The failure to reach a deal with playing staff over wage cuts after three days of negotiations, which saw midfielders Gregg Whyte and Mervan Celik walk away from the club, has forced Duff and Phelps to issue a issue a plea to prospective buyers to submit their offers as soon as possible.
Should Rangers fail to find a new owner prepared to take on the club's burgeoning debts, the club with the most top-flight league championships in the world could fail to host matches at Ibrox later this season.
David Whitehouse, representing Duff and Phelps, said: "We are announcing today we are accelerating the sale of Rangers Football Club.
"The Club is in a perilous financial situation and that should not be under-estimated. Regrettably, we have been unable to agree cost-cutting measures with the playing staff on terms that will preserve value in the business. We understand the players' position as the scale of wage cuts required to achieve these savings without job losses were very substantial indeed.
"In view of this, we are faced with a situation of making redundancies within the playing staff on such a scale that would materially erode the value of the playing squad. We are striving to strike a balance where cost-cutting measures can be implemented but do not destroy the fabric of the playing squad to the extent that it will inhibit the prospect of a sale.
"However, no one should be in any doubt that in the absence of sufficient cost-cutting measures or receipt of substantial unplanned income, the Club will not be able to fulfil its fixtures throughout the remainder of the season.
"As a result, we are expediting the sale process and over the next few days we will be holding discussions with prospective purchasers who have declared their interest. The Manager, Ally McCoist will play an integral part in these discussions.
"If however it becomes apparent that the sale process cannot be accelerated there will be no choice but to implement very severe cost cutting measures at the Club."
Re: Rangers FC have revealed they wish to sell the club
Wed Mar 07, 2012 5:39 pm
No agreement with players or their agents about cut in wages, no chance of getting into Europe next year as they cannot reach the criteria for entry, no revenue from season ticket sales as they have been mortgaged for years to come. What investor is going to want to come in and buy a club with no revenue to speak of - no one will. Liquidation is inevitable in my view. I hope our board are not slow in coming forward to nick a few players. Naismith would be my number one priority.
Re: Rangers FC have revealed they wish to sell the club
Wed Mar 07, 2012 5:46 pm
Re: Rangers FC have revealed they wish to sell the club
Wed Mar 07, 2012 5:48 pm
taffy123 wrote:http://www.youtube.com/watch?v=Hu0czUQo2CM
Problem is he's out with a cruciate and wont be back until next season but what a player to get for nowt for next season eh?