The Gasman Posted February 6, 2012 Share Posted February 6, 2012 .....there are only 2 teams the football authorities will bend over backwards to help. Think you'll find they bend over forwards! Link to comment Share on other sites More sharing options...
Floyd Posted February 6, 2012 Share Posted February 6, 2012 Think you'll find they bend over forwards and assume the position! FTFY! Link to comment Share on other sites More sharing options...
redm Posted February 7, 2012 Share Posted February 7, 2012 At times like this I like to sit back with a cuppa and catch up on the latest ramblings from my favourite supporters group, the Vanguard Bears. http://www.vanguardbears.co.uk Whilst still definitely amusing, I can't deny I'm sad to see that they finally swapped their illiterate slavering loony writers for another loony who appears able to construct sentences. Boo. Bring back the gobbledygook of the toothless, peabrained orcs. It was much funnier... Link to comment Share on other sites More sharing options...
AllyjamboDerbyshire Posted February 7, 2012 Share Posted February 7, 2012 Thing I can't understand about Whyte is, with so much to hide, why would he get involved with such a high profile company as Rangers? He must have believed that, with the press being so protective of the club, he could keep his past dealings quiet while basking in the, temporary, glory of being Rangers' saviour. Of course, it could be that he is just barking mad (as PJ suggested a buyer for Rangers would have to be). One thing that worries me is, if it can be shown that Whyte is crooked and has tried to asset strip Rangers, it could give the SFA/SPL an excuse to treat Rangers as the 'wronged' party while choosing to ignore the result of the Tax Case (should it go against them). I do think though that Rangers could end up in such a mess that even their protectors won't be able to keep them in the SPL. Link to comment Share on other sites More sharing options...
JAYEL Posted February 7, 2012 Share Posted February 7, 2012 At times like this I like to sit back with a cuppa and catch up on the latest ramblings from my favourite supporters group, the Vanguard Bears. http://www.vanguardbears.co.uk Whilst still definitely amusing, I can't deny I'm sad to see that they finally swapped their illiterate slavering loony writers for another loony who appears able to construct sentences. Boo. Bring back the gobbledygook of the toothless, peabrained orcs. It was much funnier... I was reading on another site that they are going to stop paying their TV License fee as a protest at the BBC. . Link to comment Share on other sites More sharing options...
Paolo Posted February 7, 2012 Share Posted February 7, 2012 I was reading on another site that they are going to stop paying their TV License fee as a protest at the BBC. . To stop doing something, you have to have started doing it first. Most of their TVs are nicked so they probably think the original owner's licence covers it. Link to comment Share on other sites More sharing options...
Boris Posted February 7, 2012 Share Posted February 7, 2012 At times like this I like to sit back with a cuppa and catch up on the latest ramblings from my favourite supporters group, the Vanguard Bears. http://www.vanguardbears.co.uk Whilst still definitely amusing, I can't deny I'm sad to see that they finally swapped their illiterate slavering loony writers for another loony who appears able to construct sentences. Boo. Bring back the gobbledygook of the toothless, peabrained orcs. It was much funnier... What a bizarre person that D'Artagnan is. Seriously. Resident of Zoomersville I should think.... Unbelievable. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted February 7, 2012 Share Posted February 7, 2012 Redm trawls the depths. Link to comment Share on other sites More sharing options...
colinmaroon Posted February 7, 2012 Share Posted February 7, 2012 Why are all the televised documents on the BBC program spelled: "White" rather than Whyte by the way? Probably because his real name is "White" and he thinks "Whyte" is posher!!! Link to comment Share on other sites More sharing options...
colinmaroon Posted February 7, 2012 Share Posted February 7, 2012 Thing I can't understand about Whyte is, with so much to hide, why would he get involved with such a high profile company as Rangers? He must have believed that, with the press being so protective of the club, he could keep his past dealings quiet while basking in the, temporary, glory of being Rangers' saviour. Of course, it could be that he is just barking mad (as PJ suggested a buyer for Rangers would have to be). One thing that worries me is, if it can be shown that Whyte is crooked and has tried to asset strip Rangers, it could give the SFA/SPL an excuse to treat Rangers as the 'wronged' party while choosing to ignore the result of the Tax Case (should it go against them). I do think though that Rangers could end up in such a mess that even their protectors won't be able to keep them in the SPL. Ego, arrogance (after all he is a blue nose) and money! Rangers might go under but Whyite will make money if he can keep out of jail! Link to comment Share on other sites More sharing options...
Dr. Bapswent Posted February 7, 2012 Share Posted February 7, 2012 Part of me doesnt want all this to come to a head... I am enjoying the ongoing twists and turns and deceit and lies. It certainly has caused a massive upset in the fans, the manager and now Whyte is the whipping boy for the media. Long may this continue. A long slow drawn out suffering would be better than a quick death as far as I am concerned. Link to comment Share on other sites More sharing options...
AllyjamboDerbyshire Posted February 7, 2012 Share Posted February 7, 2012 Part of me doesnt want all this to come to a head... I am enjoying the ongoing twists and turns and deceit and lies. It certainly has caused a massive upset in the fans, the manager and now Whyte is the whipping boy for the media. Long may this continue. A long slow drawn out suffering would be better than a quick death as far as I am concerned. That is something I've realised recently, that once it's all sorted out. what will provide me with my hit of mystery and intrigue and joy at the thought of all these Rangers fans, who have gloated year on year as though their success was purely down to them being 'Ra Peepul', now having to wake up, every day, knowing it could be Armagedon Day? Link to comment Share on other sites More sharing options...
Skivingatwork Posted February 7, 2012 Share Posted February 7, 2012 Part of me doesnt want all this to come to a head... I am enjoying the ongoing twists and turns and deceit and lies. It certainly has caused a massive upset in the fans, the manager and now Whyte is the whipping boy for the media. Long may this continue. A long slow drawn out suffering would be better than a quick death as far as I am concerned. Agreed. Given that they are out of every cup bar the league (which Celtic could now walk) and Jelavic away, it will be great to see poor performances such as Sunday continue, leading to attendances dropping rapidly (again such as Sunday). Watching the media squirm around blaming everyone under the sun bar Sir David is also quite amusing. Link to comment Share on other sites More sharing options...
JT1959 Posted February 7, 2012 Share Posted February 7, 2012 Agreed. Given that they are out of every cup bar the league (which Celtic could now walk) and Jelavic away, it will be great to see poor performances such as Sunday continue, leading to attendances dropping rapidly (again such as Sunday). Watching the media squirm around blaming everyone under the sun bar Sir David is also quite amusing. This was exactly the case before Murray took over. Attendances were down to 12/13000 and rangers were on their knees. This time crowds of 15/17000 could cripple them. Link to comment Share on other sites More sharing options...
Guest Bilel Mohsni Posted February 7, 2012 Share Posted February 7, 2012 At times like this I like to sit back with a cuppa and catch up on the latest ramblings from my favourite supporters group, the Vanguard Bears. http://www.vanguardbears.co.uk Whilst still definitely amusing, I can't deny I'm sad to see that they finally swapped their illiterate slavering loony writers for another loony who appears able to construct sentences. Boo. Bring back the gobbledygook of the toothless, peabrained orcs. It was much funnier... Oh my good lord... That guy has some serious issues with the world and life in general. Link to comment Share on other sites More sharing options...
Tasavallan Posted February 7, 2012 Share Posted February 7, 2012 At times like this I like to sit back with a cuppa and catch up on the latest ramblings from my favourite supporters group, the Vanguard Bears. http://www.vanguardbears.co.uk Whilst still definitely amusing, I can't deny I'm sad to see that they finally swapped their illiterate slavering loony writers for another loony who appears able to construct sentences. Boo. Bring back the gobbledygook of the toothless, peabrained orcs. It was much funnier... God's truth!!! Or maybe I should have said God! Struth! Link to comment Share on other sites More sharing options...
ritchies75 Posted February 9, 2012 Share Posted February 9, 2012 BBC Al Lamont: "Alastair Johnston asks the Insolvency Service's Intelligence & Enforcement Directorate to look at financing of Rangers takeover" AJ:"I believe this is a prevalent view among Rangers stakeholders who are demanding full transparency about the funding of the acquisition" http://www.bbc.co.uk/sport/0/football/16975105 Link to comment Share on other sites More sharing options...
Das Root Posted February 9, 2012 Share Posted February 9, 2012 Wouldn't it be lovely if it turned out Whyte had done the ST deal and then just moved the cash out of Ibrox Link to comment Share on other sites More sharing options...
Jezza Posted February 9, 2012 Share Posted February 9, 2012 Craig Whyte reminds me of the guy that sold a monorail in the simpsons and made off with the dosh. Link to comment Share on other sites More sharing options...
The Gasman Posted February 9, 2012 Share Posted February 9, 2012 Wouldn't it be lovely if it turned out Whyte had done the ST deal and then just moved the cash out of Ibrox That seems increasingly possible. Link to comment Share on other sites More sharing options...
Footballfirst Posted February 9, 2012 Share Posted February 9, 2012 Here is a summary of the latest meeting between CW and the Rangers Supporters Assembly Rangers Supporters Trust SUMMARY OF MEETING HELD BETWEEN THE RANGERS SUPPORTERS ASSEMBLY AND CRAIG WHYTE ON SUNDAY 5 FEBRUARY 2012 Present: Craig Whyte (RFC Chairman), Jim Hannah (RFC Supporters Liaison), Andy Kerr (President, RSA), Ross Blyth (Vice-President, RSA), Mark Dingwall (RSA Delegate for Rangers Supporters Trust, Tam Green (RSA Delegate for Scottish Delegates) The Assembly delegates thanked the Chairman for arranging to meet at such short notice and then set out the level of anxiety and concern among supporters following the recent media coverage of the Club?s financial affairs. The Chairman said he was well aware of the concern and recognised how important it is to keep the fans informed and united ? he stressed we must all stick together. The delegates went on to explain that there had been a unanimous mandate from all the fans? representative groups to seek clarification on a timetable for publication of the Club?s accounts. They explained that the accounts would place on record all the financial details and would remove the rumour and speculation. The Chairman explained that the accounts had been held up for two reasons ? one was the auditors requesting further papers and information from the Club and the other was awaiting legal opinion on the outcome of the Big Tax Case. He confirmed that the audit is now complete and he was meeting the auditors on Monday 6 February 2012 to hopefully finalise the process. He promised to feed back the outcome of that meeting and provide a timetable for publication (see update below). He clarified that, in any event, the accounts had to be made available to the SPL and UEFA by 31 March 2012. He confirmed that after the accounts are published and, subject to the statutory notice period, an AGM will be called. There was then some discussion about the financial transactions around the borrowings from Ticketus against season ticket revenue. The Chairman confirmed the borrowing was over a three-year period and was secured against one of his companies and not Rangers Football Club. He stated that all monies were lodged and transacted through the Club?s bank accounts ? that included the ?18m from him to clear the previous Bank debt, the Ticketus borrowings and the working capital available as part of the Takeover Agreement. In response to questions about the level of borrowing from Ticketus, the Chairman explained that it would be extremely difficult to borrow from any Bank at present and it was necessary to meet the running costs of around ?3.5m per month. Questions were then posed about the Big Tax Case. If the case goes in the Club?s favour, the Chairman stated that HMRC would appeal and that would mean a further lengthy period of the same uncertainty and would discourage investors, sponsors, etc. If we lose the tax case, we can appeal but there would then arise the issue of managing any accruing debt. He couldn?t speculate on the outcome but made it clear this is a vital period in the Club?s history. He explained that all the shareholders and season ticket holders are the lifeblood of the Club and their interests would be looked after, no matter the outcome. In summary, the Chairman stated we are in very difficult times and we need to be able to reach the point where we can run the Club on a self?sustaining basis. He is fully committed to that goal and will do all in his powers to achieve it. ADDENDUM ? As promised, the Chairman provided an update following the meeting with the Auditors on 6 February 2012. He stated that he met with the auditors and they confirmed that they now have the majority of the documentation that they require to complete the accounts. Anything else that they require will be provided this week. They are confident that the accounts will be produced well in advance of March 31st. An AGM will be held as soon as possible after the accounts are signed. Link to comment Share on other sites More sharing options...
givememychoice Posted February 10, 2012 Share Posted February 10, 2012 To be honest FF, that sounds a lot like great bluffing. He confirmed the audit was complete, yet the auditors dont yet have all the documentation they require? In which case how can the audit be complete? Also, he stated that the signing off of the accounts was held up due to the pending trial outcome. If the decision is causing the hold up, then surely they need to wait for the decision to be made. This may or may not occur prior to 31st March. Finally, given his record, stating that he is confident the accounts will be ready by 31st march really doesnt inspire confidence in me that they WILL be ready. If, as he claimed, the audit is done (which as i showed earlier, he contradicted himself on), then why would it take 50 days to produce them. Link to comment Share on other sites More sharing options...
Footballfirst Posted February 10, 2012 Share Posted February 10, 2012 To be honest FF, that sounds a lot like great bluffing. He confirmed the audit was complete, yet the auditors dont yet have all the documentation they require? In which case how can the audit be complete? Also, he stated that the signing off of the accounts was held up due to the pending trial outcome. If the decision is causing the hold up, then surely they need to wait for the decision to be made. This may or may not occur prior to 31st March. Finally, given his record, stating that he is confident the accounts will be ready by 31st march really doesnt inspire confidence in me that they WILL be ready. If, as he claimed, the audit is done (which as i showed earlier, he contradicted himself on), then why would it take 50 days to produce them. Agreed - Each time CW goes on record it only serves to reinforce my view that CW is a shyster and a compulsive liar. I don't think we will ever see the fully audited accounts. Link to comment Share on other sites More sharing options...
Cardiac Rucksack Posted February 10, 2012 Share Posted February 10, 2012 The agent wullie mckay, whos behimd the daniel couson move to the huns, said on sportsound tonight that Whyte had to cut short a mobile phone call because whytes mobile was about to run out of credit. Thats billionaire Craog Whyte and his ten pound top ups Link to comment Share on other sites More sharing options...
I.T.K Posted February 10, 2012 Share Posted February 10, 2012 Seams that Rangers will appeal the tax case no matter what. Link to comment Share on other sites More sharing options...
Chaka Demus & pliers Posted February 10, 2012 Share Posted February 10, 2012 Seams that Rangers will appeal the tax case no matter what. Seems that if they lose it then they need to pay up. Paying up means they are Donald ducked anyway so any appeal will be too late Link to comment Share on other sites More sharing options...
Bickfest Posted February 10, 2012 Share Posted February 10, 2012 ADDENDUM ? As promised, the Chairman provided an update following the meeting with the Auditors on 6 February 2012. He stated that he met with the auditors and they confirmed that they now have the majority of the documentation that they require to complete the accounts. Anything else that they require will be provided this week. They are confident that the accounts will be produced well in advance of March 31st. An AGM will be held as soon as possible after the accounts are signed. Correct me if I'm wrong, but weren't these accounts supposed to have been audited and submitted to the PLUS exchange by 30 November? And then again were given an estimated completion date of 31 January at the time of the suspension of the shares? Now here we are in February and the auditors only have the "majority" of the documentation they need (whilst, presumably, the SFA are still awaiting their "clarification" of Whyte's suitability). Is it possible that the documentation relates to the takeover and the obtaining and use of/indirect access to Ticketus money received before Whyte owned the club? The accounts have to be lodged with the SFA, SPL and UEFA by 31 March to enable Rangers, amongst other things, to play in Europe. Do they have to be audited, or can they be "qualified" or unaudited? What happens to Rangers European competition place? What happens if the audit is not completed by 31 March (say, because the tribunal ha not given its decision by then, or it has and HMRC have appealed)? Are there penalties for failure to comply with SFA/SPL rules? Like most, I would guess, I suspect that no such audited accounts will ever appear.... And I also suspect that there's a lot more yet to come out as Alistair Johnston has said. Tick tock. Link to comment Share on other sites More sharing options...
Guest GhostHunter Posted February 10, 2012 Share Posted February 10, 2012 Correct. Status: Active Date of Incorporation: 27/05/1899 Country of Origin: United Kingdom Company Type: Public Limited Company Nature of Business (SIC): 93120 - Activities of sport clubs Accounting Reference Date: 30/06 Last Accounts Made Up To: 30/06/2010 (GROUP) Next Accounts Due: 31/12/2011 OVERDUE Last Return Made Up To: 27/01/2012 Next Return Due: 24/02/2013 Link to comment Share on other sites More sharing options...
WeeToonJambo Posted February 10, 2012 Share Posted February 10, 2012 http://www.heraldscotland.com/news/home-news/rangers-takeover-probe-demanded-by-johnston.16705898 Interesting! Link to comment Share on other sites More sharing options...
269miles Posted February 10, 2012 Share Posted February 10, 2012 Seams that Rangers will appeal the tax case no matter what. The RTC blog has been saying for some time that HMRC can still demand payment even if Rangers do appeal. - and I'd believe anything from that blog ahead of anything coming out of Ibrokes. Link to comment Share on other sites More sharing options...
Guest GhostHunter Posted February 10, 2012 Share Posted February 10, 2012 Am I reading this correctly ? It has been reported that lawyers, on behalf of Ticketus, deposited ?24.4m into a client account of Collyer Bristow, Mr Whyte's lawyer for the bid. It is understood that this account was crucial in persuading Sir David that Mr Whyte had the funds necessary to buy Rangers. That reads as if Ticketus gave Whyte the money BEFORE the deal was concluded ? Link to comment Share on other sites More sharing options...
269miles Posted February 10, 2012 Share Posted February 10, 2012 Am I reading this correctly ? That reads as if Ticketus gave Whyte the money BEFORE the deal was concluded ? That's what it infers : crucially , when did Ticketus pay up the cash and when did SDM look into the back account for confirmation Whyte had the necessary cash to buy Rangers. It seems crazy that Ticketus could or would advance cash to Whyte ahead of the buyout. Also , SDM's spokesman is saying there was no debt owing to Ticketus prior to the takeover : everything I've read suggests Whyte is painting a very different story (rightly or wrongly). Link to comment Share on other sites More sharing options...
Lovecraft Posted February 10, 2012 Share Posted February 10, 2012 Does anyone know if you still need to produce the accounts if Rangers go into administration or liquidation? Link to comment Share on other sites More sharing options...
mahgrassyshoes Posted February 10, 2012 Share Posted February 10, 2012 Am I reading this correctly ? That reads as if Ticketus gave Whyte the money BEFORE the deal was concluded ? I think that's what Alistair Johnson is getting at but Whyte is saying the money was paid from ticketus after he assumed control. Link to comment Share on other sites More sharing options...
Footballfirst Posted February 10, 2012 Share Posted February 10, 2012 The Ticketus timeline according to the Daily Record was as follows: March 8th ? Letter of intent to sell STs from Liberty to Ticketus signed by CW April 7th ? Ticketus deposited ?24.4M with Collyer Bristow May 6th ? Takeover date May 9th ? Ticketus deal concluded. Jun 27th ? Ticketus invoice Rangers for ?9.5M It is likely that the Ticketus money was held in an escrow account with CW's solicitors pending the conclusion of the takeover. If the deal didn't go ahead then Ticketus would get their money back plus a fee. It may also be the case that CW did obtain a bridging loan for the few days between the takeover on 6th May when Lloyds was paid off and the release of the Ticketus money on 9th May. If a bridging loan was used then CW could argue that money from one of his companies funded the takeover, albeit that the bridging loan was paid off with the Ticketus money within days. If the above scenario is correct, then ultimately the fans paid off Lloyds and the only money put up by CW was the ?1 to buy the club. Link to comment Share on other sites More sharing options...
heartsfc_fan Posted February 10, 2012 Share Posted February 10, 2012 No doubt season tickets will be down a considerable amount next season. Trouble ahead Link to comment Share on other sites More sharing options...
I P Knightley Posted February 10, 2012 Share Posted February 10, 2012 Does anyone know if you still need to produce the accounts if Rangers go into administration or liquidation? Until a company is struck off the register, Companies House will continue to chase filing of all outstanding accounts. A company in administration is, technically, temporarily in 'special measures', with the anticipation that, once the administrators have recovered what is due to the creditors, they'll leave and let the company get on with its business. There would be a full expectation that records would be filed as usual. In liquidation, the expectation is that the company will be wound up but until the final nail is hammered in, it's still a registered company and required to produce audited accounts. If the company is struck off the register before producing all required financial statements, I'm afraid I don't know whether Companies House continues to chase. I trust this, erm, clarifies matters. Link to comment Share on other sites More sharing options...
Lovecraft Posted February 10, 2012 Share Posted February 10, 2012 Until a company is struck off the register, Companies House will continue to chase filing of all outstanding accounts. A company in administration is, technically, temporarily in 'special measures', with the anticipation that, once the administrators have recovered what is due to the creditors, they'll leave and let the company get on with its business. There would be a full expectation that records would be filed as usual. In liquidation, the expectation is that the company will be wound up but until the final nail is hammered in, it's still a registered company and required to produce audited accounts. If the company is struck off the register before producing all required financial statements, I'm afraid I don't know whether Companies House continues to chase. I trust this, erm, clarifies matters. Cool, cheers. I'm just wondering if CW is waiting to see what happens with Rangers being put into Admin/liquidation and then not releasing the accounts if this happens. My thinking is that if he is going to be involved with any running of the new formed Rangers, then he would be trying to keep all the sordid details(If there are any ) out of the way the takeover of Rangers happened. It's all just rumours for the moment, so if the accounts prove that he used the Ticketus money to buy the club, and the club have to be reformed, he could continue to say he funded them without using money from Ticketus. I'm also guessing that a company that is in liquidation wouldn't have anything to lose by not producing accounts. Link to comment Share on other sites More sharing options...
The Mighty Thor Posted February 10, 2012 Share Posted February 10, 2012 The Ticketus timeline according to the Daily Record was as follows: March 8th ? Letter of intent to sell STs from Liberty to Ticketus signed by CW April 7th ? Ticketus deposited ?24.4M with Collyer Bristow May 6th ? Takeover date May 9th ? Ticketus deal concluded. Jun 27th ? Ticketus invoice Rangers for ?9.5M It is likely that the Ticketus money was held in an escrow account with CW's solicitors pending the conclusion of the takeover. If the deal didn't go ahead then Ticketus would get their money back plus a fee. It may also be the case that CW did obtain a bridging loan for the few days between the takeover on 6th May when Lloyds was paid off and the release of the Ticketus money on 9th May. If a bridging loan was used then CW could argue that money from one of his companies funded the takeover, albeit that the bridging loan was paid off with the Ticketus money within days. If the above scenario is correct, then ultimately the fans paid off Lloyds and the only money put up by CW was the ?1 to buy the club. Beautiful. Just beautiful. 'Billy' liar hasn't a pot to piss in and he's mugged the orcs well and truly. Couldn't happen to a nicer bunch. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted February 10, 2012 Share Posted February 10, 2012 Beautiful. Just beautiful. 'Billy' liar hasn't a pot to piss in and he's mugged the orcs well and truly. Couldn't happen to a nicer bunch. This sums up my feelings too. Link to comment Share on other sites More sharing options...
Tasavallan Posted February 10, 2012 Share Posted February 10, 2012 I think that's what Alistair Johnson is getting at but Whyte is saying the money was paid from ticketus after he assumed control. A bit of the pot and kettle if you ask me. The time for Johnson to raise his concerns was during the 'due diligence' process when Whyte's credibility should have been checked. It would seem that SDM was in a rush to get out (we now know why) and was happy enough to let the club be bought by a shyster. Link to comment Share on other sites More sharing options...
mahgrassyshoes Posted February 10, 2012 Share Posted February 10, 2012 A bit of the pot and kettle if you ask me. The time for Johnson to raise his concerns was during the 'due diligence' process when Whyte's credibility should have been checked. It would seem that SDM was in a rush to get out (we now know why) and was happy enough to let the club be bought by a shyster. Was there not reports at the time that Johnson, Bain and Greig (I think they were the members of a board set up for due diligence) had concerns and Murray more or less ignored them to push through the deal and get shot of the club? i couldn't care what went on as long as it results in them going tits up to be honest. Link to comment Share on other sites More sharing options...
Footballfirst Posted February 10, 2012 Share Posted February 10, 2012 A bit of the pot and kettle if you ask me. The time for Johnson to raise his concerns was during the 'due diligence' process when Whyte's credibility should have been checked. It would seem that SDM was in a rush to get out (we now know why) and was happy enough to let the club be bought by a shyster. Johnston did raise his concens prior to the takeover in his role on the Independent Board Committee which respresented the interests of around 26,000 small shareholders. The IBC's comments were included in the circular issued to shareholders on 6th June by CW. The same reservations were voiced prior to the takeover: Here's some extracts: Although the IBC has no power to block the transaction, following its enquiries, the IBC and Wavetower have differing views on the future revenue generation and cash requirements of the Club and the IBC is concerned about a lack of clarity on how future cash requirements would be met, particularly any liability arising from the outstanding HMRC case. In agreeing that no offer should be made to all shareholders the IBC has insisted that the acquirer issues a document to all shareholders setting out the full terms of the transaction, comprehensive details on the acquirer and the sources of its funding and giving firm commitments to agreed future investment in the Club. The IBC is committed to ensure that the transaction and future investment and funding proposals should be transparent to all the shareholders and supporters of the Club. Link to comment Share on other sites More sharing options...
269miles Posted February 10, 2012 Share Posted February 10, 2012 Johnston did raise his concens prior to the takeover in his role on the Independent Board Committee which respresented the interests of around 26,000 small shareholders. The IBC's comments were included in the circular issued to shareholders on 6th June by CW. The same reservations were voiced prior to the takeover: Here's some extracts: Although the IBC has no power to block the transaction, following its enquiries, the IBC and Wavetower have differing views on the future revenue generation and cash requirements of the Club and the IBC is concerned about a lack of clarity on how future cash requirements would be met, particularly any liability arising from the outstanding HMRC case. In agreeing that no offer should be made to all shareholders the IBC has insisted that the acquirer issues a document to all shareholders setting out the full terms of the transaction, comprehensive details on the acquirer and the sources of its funding and giving firm commitments to agreed future investment in the Club. The IBC is committed to ensure that the transaction and future investment and funding proposals should be transparent to all the shareholders and supporters of the Club. Does anyone have anything that shows how (or to what little extent) Whyte complied with this request ? Link to comment Share on other sites More sharing options...
Footballfirst Posted February 10, 2012 Share Posted February 10, 2012 Does anyone have anything that shows how (or to what little extent) Whyte complied with this request ? The IBC could "insist" all it likes, but as CW is the majority shareholder then he is free to disclose as much or as little as he wants (other than the statutory requirements of Companies House, SFA, SPL etc) Link to comment Share on other sites More sharing options...
Floyd Posted February 10, 2012 Share Posted February 10, 2012 Did the Herald article not also say that Rangers claimed not to owe Ticketus any money prior to the takeover?? Think the quote was from the Murray group, but posting from my phone so can't quote it properly. Link to comment Share on other sites More sharing options...
Footballfirst Posted February 10, 2012 Share Posted February 10, 2012 Did the Herald article not also say that Rangers claimed not to owe Ticketus any money prior to the takeover?? Think the quote was from the Murray group, but posting from my phone so can't quote it properly. Yes - a Murray spokesman said there was no debt to Ticketus. CW is on record in the last SoS interview as implying there was ?7M to be paid, but it was never made clear if that was from the previous board's deal or his own. A spokesman for Murray Group said: "Following recent press allegations we have also sought clarification of the financing and security arrangements which the purchaser appears to have put in place." He added: "We can confirm that, at the time of the takeover, there was no debt owed by the club to Ticketus." Jim Traynor also stated that the previous debt to Ticketus was ?1.8M in a recent comment piece in the Record. And he should justify why he told the papers the old board had left him with ?7m from a previous deal with Ticketus, the company he has used to raise money against season tickets over the current campaign and the next three. According to documents, which he must have seen or known about, that isn't the case. Rangers' management accounts from last April show that the balance due to Ticketus at the end of that month was ?1.8m. But it was also made clear this amount was to be paid in May, 2011. Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted February 10, 2012 Share Posted February 10, 2012 For the record at lot of clubs do use this facility for short term loans a bit like Wonga however its based on say rather than waiting until getting Champions League money a month later, borrow against it now to wase cash flow, once the Cl comes in then the debt is paid back then and their. Only those clubs who used this facility for long term loans were based on clubs already in deep trouble and could not get banking facilities. Taking this debt on over a long time ie 3 years is asking for trouble, and using future season ticket sales is insanity, as if you in so much bother then the performance level goes down then so does season ticket sales. If Rangers get only 50% of those renewing then that will take 6 years to pay back plus additional penalties could be as high as 10 years. Also for the record i dont think selling the club to CW was SDM's idea i think it was driven by LLoyds who dont have the emotional attachment of who cares who the new owner is and how he paid for it so long as they got all their money back, which they did, and I dont think they cared if he was a fit and proper person either as it was not them lending CW the money. Even if Rangers win the tax case, HMRC will appeal and their debt managment will suffer so much that trading out of trouble is neigh impossible for a decade. Link to comment Share on other sites More sharing options...
rudeskaboyuk Posted February 10, 2012 Share Posted February 10, 2012 I am just loving this thread. It gives me a warm glow inside, even if it turns out all well and dandy for Rangers in the end ( which no feckin doubt it somehow will ). I know that it is shallow but knowing that one of the old firm are suffering whilst we are in turmoil eases and distracts the pain Link to comment Share on other sites More sharing options...
Guest Bilel Mohsni Posted February 10, 2012 Share Posted February 10, 2012 I am just loving this thread. It gives me a warm glow inside, even if it turns out all well and dandy for Rangers in the end ( which no feckin doubt it somehow will ). I know that it is shallow but knowing that one of the old firm are suffering whilst we are in turmoil eases and distracts the pain Knowing one of the OF are suffering is great no matter what is happening at Hearts. Even if we were topping the league I would like to see both go tits up Link to comment Share on other sites More sharing options...
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