Clark: We will deliver for Rangers
RANGERS administrators last night insisted they will produce the right result for the club tomorrow through a Company Voluntary Arrangement — and complained the flak they are receiving from the fans is unfounded and should cease.
Duff & Phelps say they have become hate figures among the Ibrox support on the basis of claims made by a BBC Scotland television documentary on the back of their previous links to Craig Whyte, who appointed them administrators at Rangers on February 14.
Joint administrator Paul Clark defended the length of time Rangers have spent in administration — now 104 days — and promised tomorrow will see the release of a CVA proposal, funded by a Charles Green-fronted consortium, which creditors will deliberate at a meeting scheduled for June 13.
‘We won’t put up with false allegations that are used to throw stones and brickbats at us,’ said Clark, whose firm is now the subject of an investigation by the Insolvency Practitioners Association over an alleged conflict of interest, centring around Duff & Phelps senior partner David Grier.
The BBC documentary alleged Grier was party to the infamous Ticketus deal, which Whyte used to fund his takeover of Rangers, while the
broadcaster has since published further claims to that effect online.
‘We are content the administration is on track,’ said Clark. ‘If you compare this to other clubs’ administrations, there has been a good amount of swift progress. It’s very rare that these things are resolved in three or four months.
‘We are happy with where we are at. Getting the CVA proposal will be a major milestone and it’s likely that will happen and be out the door on Monday.
‘We can understand that, following the Craig Whyte tenure and our involvement with his takeover, there is a mistrust in place, but our concern is that has led to an open hostility not based on the true facts.
‘We need to get those facts out there and that is something we are discussing with our solicitors. The overriding point of what we are trying to do is save the football club.
‘We have now brought the club to a point of sale where everybody wanted it to be, through a CVA process, which is what the fans wanted. We now want to move things on as best we can on that basis.’ The makeup of Green’s consortium remains a mystery, however, and Clark conceded that, while he is satisfied with proof of funds having had access to bank statements, he does not have a full list of who is investing the £8.5million for a CVA.
‘I haven’t met or spoken with all of them. We have seen a number of identities and been verbally advised of others,’ added Clark.
‘I can’t say we’ve seen the full list of everyone who will invest, but I don’t understand how that can be likened to a Craig Whyte situation. He had full control of 85 per cent of the business. It’s different if there is a group of investors.
‘There are a number of backers we have seen, some of whom we have seen their details in writing.
‘I don’t think Charles Green has ever suggested to us that he would be the controlling force. He will strive to have 10 per cent or 15 per cent of the maximum, which would suggest there will be nine or 10 investors.’
Clark admitted there is no real back-up plan should the Green-led consortium collapse at the last minute, but expressed confidence it would remain intact and that the CVA would be viewed favourably by creditors.
‘If Charles Green didn’t proceed at all? We have thought about the what-ifs, but we regard that as a remote prospect, so I’m not going to talk about any Plan B,’ Clark continued.
‘On Monday, we expect to be hitting the streets with a Charles Green-sponsored CVA proposal. We haven’t had all of their monies in yet, but that is where we are looking to proceed.
‘We wouldn’t have got to such an advance stage if we didn’t feel there was more than a strong possibility of a CVA being approved.’