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.