Duff and Phelps facing pressure World Soccer Shop

Rangers administrators Duff and Phelps have come under pressure as the crisis surrounding the club shows little sign of alleviating.

Whyte: Borrowed £24.4million from Ticketus

The administrators have faced calls for an investigation into their association with Craig Whyte after it emerged Duff and Phelps partner David Grier knew of a potential deal with Ticketus before last year's takeover, although he denied any knowledge of the extent and purpose of Whyte's borrowing.

The calls came after the Scottish Premier League publicly called for co-operation from the administrators over their investigation into alleged undisclosed payments to players, of which many details also emerged on Wednesday night in a BBC1 Scotland documentary.

The fresh controversy has overshadowed attempts to take the club out of administration but there is still no confirmation that a Company Voluntary Arrangement (CVA) proposal has been drafted, with time running out before the club faces a shortfall of money.

Duff and Phelps dealt with allegations of a conflict of interest by threatening legal action against the BBC and Grier categorically denied that he had known Whyte intended to use money from Ticketus to pay off the club's debt.

Whyte secured an initial £24.4million from the investment firm, on the back of future season ticket sales, when he bought Sir David Murray's shares in May last year, and used the cash to settle with Lloyds Banking Group.

Grier, who was aware of talks between Whyte and Ticketus in April 2011, stressed that he thought the deal was to provide working capital and that he had no idea of the sums involved.

However, the Rangers Supporters Trust echoed calls on Thursday from former director and Blue Knights leader Paul Murray for a regulatory investigation into Duff and Phelps' role.

And John Macmillan, secretary of Rangers Supporters' Association, told BBC Scotland: "I think Duff & Phelps' handling of this administration has been a shambles from day one.

"I don't know how many times they have announced a preferred bidder and withdrawn it at the last moment.

"There has to be a serious investigation into their handling of this.

"They were appointed by Craig Whyte himself and that tells its own story.

"But we hope that Rangers will exit administration under new ownership and that this investigation can take place at a later date.

"The priority is to get out of administration via a CVA and hopefully this Duff and Phelps thing won't hold that up."

Meanwhile, reports claim the SPL have set the administrators a deadline to supply documents relating to their investigation into payments to players.

The SPL stated on Wednesday that they looked forward to "receiving full co-operation from the club and its administrators in providing everything that it and they have access to and which is required for the investigation to be completed", which suggested their efforts were being frustrated.

The SPL launched their investigation on March 5, contracting their lawyers to establish whether the club had a case to answer over alleged payments outside of registered contracts.

The BBC programme, which attracted a peak audience of 550,000 in Scotland, contained details of more than 60 players it says received payments from the Employee Benefit Trust fund that was the subject of a yet-to-be determined tax tribunal.

The BBC claimed to have seen evidence of side letters promising payments from the fund to more than 50 players.

While the headlines were grabbed by the sums of money paid to players between 2001 and 2010 - £2.5million was the highest sum given to one individual - current players are nearing the end of their temporary wage cuts.

Players accepted cuts of up to 75% until June 1 but Duff and Phelps have yet to confirm the status of a CVA proposal that exclusive bidder Charles Green stated he planned to submit to creditors earlier this week.

The initial target date of June 6 for a creditors' meeting is no longer feasible given two weeks' notice is required. With the transfer window opening on June 1 and the club due to revert to a wage bill it cannot afford, the delay adds more uncertainty to the future of players and the club itself.

Source : http://soccer365.com//news/european_news/general/17094/duff_and_phelps_facing_pressure