Rangers’ administrators welcome investigation

by Rachael Singh

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29 May 2012

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Rangers

RANGERS' ADMINISTRATORS from Duff & Phelps said they welcome an investigation by their regulatory body into potential conflicts of interest concerns.

Paul Clark and David Whitehouse, partners at Duff & Phelps, were appointed joint administrators on 14 February.

Allegations that the administrators are conflicted came from a BBC television programme which claimed that Duff & Phelps partner David Grier knew about a deal which would see the club hand over three years' worth of ticket sales to company Ticketus.

In a response statement Grier said: "I categorically deny that at the time of the Craig Whyte takeover of Rangers, I had any knowledge that funds from Ticketus were being used to acquire the club. This accusation is wrong, highly defamatory and betrays a lack of understanding of the facts."

It is understood that a complaint of their conflict has been passed to regulatory body the Insolvency Practitioners Association (IPA), which is currently investigating the issue.

Administrator Clark said: "We positively welcome any investigation by the IPA. This will enable the true facts to emerge and demonstrate clearly that we have acted at all times with the best interests of creditors, the court and the club at heart.

"We were contacted by the IPA following a request from the BBC to review their allegations of a conflict of interest. There has been wave after wave of wild and inaccurate reporting and speculation and we will be very happy to co-operate fully with the investigation. We have already spoken to the IPA."

Guidelines on the IPA website said the body aims to complete investigations in six months but some can take longer.

Clark also announced that the administrators would send out proposals for a Company Voluntary Arrangement (CVA) to all creditors tomorrow which will provide further details of the process.

Clubs must exit administration via a CVA which needs 75% or more of creditors, by value of debt, to approve the deal.

"The proposal will offer the best return for all stakeholders given the position the club is in. If approved by the creditors, the CVA proposal will rescue the company and finally enable it to exit administration.

A creditor meeting to vote on the proposals will take place on 14 June.

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