Duff and Phelps, administrators of Rangers Football Club today issued the following statement.

Paul Clark, joint administrator, said: “Over the past week or so BBC Scotland and the journalist Mark Daly have broadcast a number of false, inaccurate and defamatory allegations about Duff and Phelps which have been referred to our solicitors.

“Mr Daly’s latest report, based on email correspondence prior to administration, suggests that Duff and Phelps had agreed to cap the cost of administration at £500,000. This is a wholly misleading and inaccurate assertion.

“The email Mr Daly referred to is a fee quotation our firm supplied to Craig Whyte that was based on information he had supplied to us and was for anticipated work relating to a specific possible administration outcome. This outcome did not materialise and therefore the quotation was therefore redundant.

“For the BBC and Mr Daly to use this information in such a distorted manner is absurd and betrays a lack of objectivity and demonstrates poor journalistic standards. 

“From the first day of administration, it became clear to us that the Club was in a major insolvency situation that was going to last for a significant period of time. 

“Since the Club entered administration, we have fulfilled our statutory duty to look after the interests of creditors and keep the business going despite the challenging circumstances. 

“As stated on Tuesday in the CVA document, all fees are subject to approval by creditors and are in keeping with the best practice guidelines from insolvency practitioners bodies. 

“It is also worth clarifying that the BBC has got its sums wrong when stating our fees are now more than 10 times the original quotation.”

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