Money for old rope?
It has been brought to my attention, the professional fees that the administrator to Glasgow Rangers FC has accrued to date. Duff and Phelps, has confirmed that it has already received £2.4M. This for the first stint of six-months’ appointment at the original club, “Rangers”.
Apparently, its’ original quotation was in excess of this but requoted along with a variance to the original brief. We understand that it is now asking creditors to approve a further payment of £363K for work carried out between June 30 and August 10 2012.
Should Duff and Phelps secure approval, it would mean the London-based firm had been paid a total of £2.7M for the six-months. I wish I had more time to do an analysis of fees vis-à-vis size of club, amount of creditors and debts. No surprise firms chase this sort of work.