Air of unreality as 140 years of history is formally ended in less than nine minutes

Friday 15 June 2012

It was over in nine minutes.

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Teddy Jamieson and Richard Wilson

The Rangers creditors drifted in through Exit 50 at Ibrox Stadium just before 10am and by 10.09am they were on their way out. In those few minutes 140 years of history had been rubbed out.

Of the few owed money by the club who attended yesterday morning's meeting at the Ibrox Suite most didn't want to talk, and the few that did struggled."We're in shock," admitted debenture holder Stewart Boal. "The club's gone. We've got to move on and start again."In truth, everyone knew the meeting was a mere formality after HMRC announced earlier this week it would reject Charles Green's terms for a company voluntary arrangement (CVA). Few of the 276 creditors, who are owed somewhere in the region of £134 million and range from a face painter and magician to the local newsagent, turned up for the meeting. Those that did were clearly shocked by the speed of the club's end. Asked to sum up his feelings, as he left Ibrox, Mr Boal said he found the whole thing "unreal, very, very sad".Fellow debenture holder Robert Killen attempted to look ahead. "It's a new beginning," he said. "We'll make the best of it, I suppose." But the uncertainty in his voice told its own story. Most of the money from Mr Green and his backers will now go to the administrators Duff & Phelps, leaving the rest of the creditors to pursue what they are owed in whatever way they can. Did Mr Boal and Mr Killen have faith in Mr Green and his team? "I don't know who they are," said Mr Killen simply, before the pair wandered off, still reeling at what they had just sat through. Inside, it was a sombre affair, but conducted briskly and curtly, as if dealing with little more than a minor point of order rather than confirming that Rangers Football Club plc will eventually be liquidated.In a sense, the meeting was a formality. The precise outcome of the vote on the CVA proposed by Duff & Phelps was academic, since HMRC had already indicated its decision to vote against. It is currently owed £21m out of a £55m debt pile, and with the holders of 75% of the debt having to vote in favour for the proposal to pass, there was no chance of the CVA being approved.Lawyers queuing up outside chatted like old friends, and discussed who they were representing. "I'm here for Ticketus," said one. "Are you? I'm here for Palermo," said another. They all took notes during proceedings, although Paul Clark of Duff & Phelps refused to take questions from the floor because too many journalists were in the room.Once HMRC's formal rejection had been read out, Mr Clark explained there was £30m represented in the room, which contained 30 people. When he asked if any others wished to reject the CVA, three arms were raised. He then asked for abstentions, and one hand was raised. Everybody else voted in favour.After explaining that the administrators would remain in charge of the affairs of Rangers Football Club plc for another six to eight weeks before BDO, the HMRC-appointed liquidators, take over, he handed the microphone to a pale and drawn Mr Green. After a pause, he said it was time for unity, "whoever owns the club", before revealing that the newco would be called The Rangers Football Club. Manager Ally McCoist was sitting at the back, next to the director of football administration, Andrew Dickson, and his face was set firmly."That then concludes the business of the day," said Mr Clark.

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Air of unreality as 140 years of history is formally ended in less than nine minutes

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