Rangers Takeover

[Footballfirst]

The sensible course for any Rangers minded individual would be to keep their investment money or season ticket money back for now and use that to help rebuild the sticky buns if they lose the tax-case and are forced into administration or liquidation. Unless somebody is giving cast-iron guarantees and legal assurances to pay any tax bill and has the funds in place then puting money into the gers just now could see that money wiped out if they lose the tax-case and appeals. Why not hold back a few weeks or months to see which way the wind blows before commiting their money?

What could happen as a result of the delay is that any ST sales for next season (let's say up to ?10M) could be sitting as free funds to reduce the debt to Lloyds short term, thus reducing Lloyds exposure should the tax case be lost. That leaves nothing to pay next season's wages if they go into administration.

[wright1989]

Does anyone genuinely think this will happen or is it hope more than anything else?

[Victorian]

according to reporting scotland, whyte's people have responded to the rangers statement and it's not a very positive response.

[Charlie-Brown]

I can't see Lloyds permitting MIH to extend their borrowing.

 

Rangers book value compared to their debt to Lloyds Bank is another complication for MIH and Rangers. There is no current provision in MIH or RFC accounts for a large tax bill to HMRC so it's not as if they have a war chest set aside to pay it if they lose. Also all of MIH groups loans are secured against the various group company assets. Incredibly Ibrox Stadium in Govan has a book value on Rangers balance sheet of approx ?120M which is almost twice what Celtic, the SFA & SRU value Parkhead, Hampden & Murrayfield stadium at on their books. Who on earth would pay anything like ?60M nevermind twice that amount for Ibrox? If MIH or an administrator sell Rangers then they are also looking at a massive write down on the book value of Rangers/Ibrox stadium etc. Spellczech got it correct - it really is a house of cards.

 

Why would Lloyds and MIH agree to sell RFC to Whyte for less than ?30M when it's valued on Rangers balance sheet at four times that amount? why would Lloyds and MIH agree to pick up the tab on any HMRC tax bill if Rangers lose the case? Why would Whyte or anybody else buy Rangers with the threat of a massive tax bill until that issue is resolved. None of the reporte takeover/fakeover makes any sense whatsoever.

[Footballfirst]

Does anyone genuinely think this will happen or is it hope more than anything else?

If you have a couple of hours to spare, then read through the blogs on the subject of the tax case. http://rangerstaxcase.com/

 

Start with the oldest first so that you get the background.

[Only a Game]

You are incorrect here OaG - creditors have to vote through any settlement of their claim or disposal of assets. Some creditors (ie Rangers club-deck bond holders might settle for pennies in the pound) Lloyds and HMRC cannot do so as they have legal obligations to their share-holders and the tax-payer. The administrator must get the creditors to approve any proposals he puts forward or else he has no option but to liquidate.

 

Yes thats true to an extent, but the administrator will consider that there is a ball park amount that he can raise from the sale of the club. That ball park figure will be nowhere near what they are owed between them. It cant possibly be or Lloyds wouldnt be so jumpy.

 

The creditors, particularly the secured creditors are entitled to input on how the administration is run by legally proscribed meetings but its more of a consultancy rather than the administrator taking their instructions. The second legal function of administration, after retaining the company as a gong concern, is to realise more return than would have been possible under a wind up order or a liquidation. If the administrator doesnt feel that is possible he can apply to have the company wound up. If the creditors wont play ball, the administrator winds the company up and they fight over the scraps. Whatever way you look at it, they aint getting what they are owed through any legal process. It simply isnt there. Whatever way you look at it, Rangers are a pie, the creditors are the diners, but no matter what way you cut it up, there isnt enough pie to go round.

 

I cannot see anyway that a company worth, at best in paper assets ?50 million, probably a lot less if in administration, can fully satisfy the debt owed to Lloyds AND HMRC . Neither will get anything near to what they are owed IMO, unless there is a sale which is outwith the scope of administration, wind ups or liquidation.

[Footballfirst]

Rangers book value compared to their debt to Lloyds Bank is another complication for MIH and Rangers. There is no current provision in MIH or RFC accounts for a large tax bill to HMRC so it's not as if they have a war chest set aside to pay it if they lose. Also all of MIH groups loans are secured against the various group company assets. Incredibly Ibrox Stadium in Govan has a book value on Rangers balance sheet of approx ?120M which is almost twice what Celtic, the SFA & SRU value Parkhead, Hampden & Murrayfield stadium at on their books. Who on earth would pay anything like ?60M nevermind twice that amount for Ibrox? If MIH or an administrator sell Rangers then they are also looking at a massive write down on the book value of Rangers/Ibrox stadium etc. Spellczech got it correct - it really is a house of cards.

 

Why would Lloyds and MIH agree to sell RFC to Whyte for less than ?30M when it's valued on Rangers balance sheet at four times that amount? why would Lloyds and MIH agree to pick up the tab on any HMRC tax bill if Rangers lose the case? Why would Whyte or anybody else buy Rangers with the threat of a massive tax bill until that issue is resolved. None of the reporte takeover/fakeover makes any sense whatsoever.

That is the nub of the problem. SDM is skint !!! His whole reputation (and his knighthood) has been built on debt and the lax banking practices of Bank of Scotland

[Charlie-Brown]

Does anyone genuinely think this will happen or is it hope more than anything else?

 

It all depends on how good their case is and how well their lawyers can mitigate any damage from the HMRC tax case - if they lose and lose heavily then they are in serious trouble unless somebody (Murray?) is prepared to pick up the tab for them. If they win the tax case or appeals then they've dodged a fatal bullet.

[Spellczech]

Does anyone genuinely think this will happen or is it hope more than anything else?

It's a distinct possibility. MIH's problems are quite well known but not talked about in the media as Murray has a huge amount of support in the media due to past favours and goodwill and his knighthood. MIH are in a right old mess - they bought a load of commercial real estate at the height of the market because it was, similar to Rangers FC, more glamorous and sexy than the dull core business of trading in metals. MIH also messed up their metals trading a few years ago by hedging forward contracts badly. So now MIH face the triple whammy of Rangers HMRC exposure, the metals business struggling and the commercial RE assets turning toxic...If they didn't owe Lloyds so much money Murray would've been turfed out months ago and the Bank would've tried to realise what it could. Luckily for Murray, he is viewed as a "personality" businessman who adds some value by his continued association with the the company, and Lloyds have so much other toxic debt that Murray's loans can be held for the meantime (likely ring-fenced or at least written down in the books) in the hope that they can be sold off at the right time or that the real estate market will improve.

 

It is akin to Vlad's bank hitting the wall. If that happened Hearts would be similarly screwed.

[Only a Game]

Does anyone genuinely think this will happen or is it hope more than anything else?

 

To be honest it doesnt make a great deal of long term difference. Rangers FC (in terms of the football club) will come out of this completely debt free and still with massive revenue streams.

No business with 100,000 potential paying customers per month is going to disappear.

 

It might be a couple of years yet but they will come out of this smelling of roses.........eventually. Its the current owners and the current creditors who are going to get their fingers burnt. Not what we recognise as Rangers FC.

[Charlie-Brown]

To be honest it doesnt make a great deal of long term difference. Rangers FC (in terms of the football club) will come out of this completely debt free and still with massive revenue streams.

No business with 100,000 potential paying customers per month is going to disappear.

 

It might be a couple of years yet but they will come out of this smelling of roses.........eventually. Its the current owners and the current creditors who are going to get their fingers burnt. Not what we recognise as Rangers FC.

 

depending on who has got funds available and what future credit banks are prepared to lend football clubs it's not 100% certain they will retain ownership of Ibrox, Murray Park or the Albion Car Park or any of their best current players - it might well be that an administrator would have to dice and slice RFC to extract maximum recoverable value from the assets. It's also doubtful that in the next 10 years Rangers football club will be able to lord it financially over the rest of Scottish football as they have done for the last 25 years since the Souness revolution. Lack of automatic champions league money and the introduction of financial fair play rules will see them limited to only spending the money theu generate. they will still be richer than Hearts, Hibs, Aberdeen and Dundee uted etc but without massive borrowing facilities or a super-rich sugar daddy they will probably be closer to the pack financially than they have been for most of the last 2 decades.

[P-Dizzle]

So if Rangers fo into administration and cannot play in Europe, everyone else in the European spots would move up a place?

[Guest Bilel Mohsni]

Would RFC not then have to downsize though and live within their means OAG? They won at least 15 titles living outwith these means... Would Lloyd's still want to be their bank and allow them such future credit as won the a huge amount of their past glory?

[Charlie-Brown]

So if Rangers fo into administration and cannot play in Europe, everyone else in the European spots would move up a place?

 

i wouldn't count your chickens ....................

[wright1989]

To be honest it doesnt make a great deal of long term difference. Rangers FC (in terms of the football club) will come out of this completely debt free and still with massive revenue streams.

No business with 100,000 potential paying customers per month is going to disappear.

 

It might be a couple of years yet but they will come out of this smelling of roses.........eventually. Its the current owners and the current creditors who are going to get their fingers burnt. Not what we recognise as Rangers FC.

 

Yes I'd came to that conculsion. It won't hurt them as bad as it did Leeds due to the standard of our league. I reckon it would take them two seasons to recover which would be good for us.

 

The only problem is that they would come back as strong as ever.

[Craig_]

I see Dave King's being touted as the alternative bidder. He's certainly someone with plenty of experience in tax avoidance (allegedly), so would be the perfect candidate!

[Only a Game]

depending on who has got funds available and what future credit banks are prepared to lend football clubs it's not 100% certain they will retain ownership of Ibrox, Murray Park or the Albion Car Park or any of their best current players - it might well be that an administrator would have to dice and slice RFC to extract maximum recoverable value from the assets. It's also doubtful that in the next 10 years Rangers football club will be able to lord it financially over the rest of Scottish football as they have done for the last 25 years since the Souness revolution. Lack of automatic champions league money and the introduction of financial fair play rules will see them limited to only spending the money theu generate. they will still be richer than Hearts, Hibs, Aberdeen and Dundee uted etc but without massive borrowing facilities or a super-rich sugar daddy they will probably be closer to the pack financially than they have been for most of the last 2 decades.

 

I reckon they generate enough money from gates, sponsorship and product sales to pretty much lord it over the rest of Scottish football without borrowing. They might well have to rent Ibrox and they might well have to save up the pennies for training facilities etc etc, but they'll focus everything on putting a successful team on the park so that they can live within the means that that would give them.

 

Anyone expecting to see a mid table Rangers for 10 years, or to see the tumbleweed blowing across the long grassy wasteland that used to be Ibrox will be sadly disappointed. You can see them not doing much in Europe for a good few years and they might struggle domestically for a couple of years, after its done and dusted (and that in itself might take a year or so yet), whilst they put everything in place and generate income they can do something with but, unfortunately, they'll be back, as big and as ugly as they ever were. There wont be a shortage of people wanting to put money into Rangers if they are debt free with no liabilities, a huge customer base and little risk if the club is run properly and within its means.

[Das Root]

Lloyds already own 25% of MIH, and through that holding around 25% of Rangers. They also hold the bulk of the enormous MIH debt. It would be in Lloyds interests to see Rangers sold off before the tax case is settled as the HMRC case is against Rangers. Only Rangers will be liable for that debt and not MIH or Lloyds.

 

If Rangers were to go into administration before the end of the season, then they would not be able to play in Europe next season.

 

Edit: I should add that if Lloyds, MIH or SDM were to agree to be guarantors the tax bill, then they would have to place anything up to ?60M in an escrow account before the sale goes through. I can't see any of those parties being able or willing to fund such a guarantee.

 

 

 

I'm crying with happiness

[Only a Game]

Would RFC not then have to downsize though and live within their means OAG? They won at least 15 titles living outwith these means... Would Lloyd's still want to be their bank and allow them such future credit as won the a huge amount of their past glory?

 

They lived outwith their means to try and win the Champions League/European cup. Not to win the SPL. As I said they might do very little in Europe for quite a long time but they'll still be strong joint favourites for the SPl every season.

 

I dont think the banks will be queuing up to throw money at them again. However I dont think they'll have any trouble finding someone to bank with within the confines of their income and assets and I dont think they'll have any trouble attracting investors if they are debt free.

[Spellczech]

depending on who has got funds available and what future credit banks are prepared to lend football clubs it's not 100% certain they will retain ownership of Ibrox, Murray Park or the Albion Car Park or any of their best current players - it might well be that an administrator would have to dice and slice RFC to extract maximum recoverable value from the assets. It's also doubtful that in the next 10 years Rangers football club will be able to lord it financially over the rest of Scottish football as they have done for the last 25 years since the Souness revolution. Lack of automatic champions league money and the introduction of financial fair play rules will see them limited to only spending the money theu generate. they will still be richer than Hearts, Hibs, Aberdeen and Dundee uted etc but without massive borrowing facilities or a super-rich sugar daddy they will probably be closer to the pack financially than they have been for most of the last 2 decades.

It would also be interesting to see just how loyal(in the non-Sectarian sense) the bears are...I have a strong suspicion that a far greater % of both OF's support are glory-hunters. Can you see the folk who currently travel from Fife, Dundee, Edinburgh and even Aberdeen, Galloway, Inverness and the Western Isles to follow Rangers bothering if Celtic are winning all the silverware, they are not allowed to sing their "Traditional" ditties, and they cannot be confident of a win against the likes of Killie or Motherwell? Gate receipts could take a hammering and merchandise would mirror it.

[The Gasman]

So if Rangers fo into administration and cannot play in Europe, everyone else in the European spots would move up a place?

 

There's only one Champions League place this year anyway, so the only potential difference to Hearts could be where/when we enter the Europa Cup.

[269miles]

A lot of posters seem to be of the assumption that HMRC will win the case and will then screw Rangers for the money in one hit. Surely there is an alternative , and much more interesting option : HMRC , acting in the best

interest of the taxpayer and maximises its returns on the tax owing , allows Rangers time to pay.

 

The thought of this please me greatly and would make Hearts debts look like chickenfeed in comparison , which it undoubtedly is. The idea of Rangers struggling under the mountain of debt while their loyal fans desert in droves as Cellik pursue 10 in a row virtually unchallenged is almost too much to bear. No pun intended.

[Footballfirst]

It would also be interesting to see just how loyal(in the non-Sectarian sense) the bears are...I have a strong suspicion that a far greater % of both OF's support are glory-hunters. Can you see the folk who currently travel from Fife, Dundee, Edinburgh and even Aberdeen, Galloway, Inverness and the Western Isles to follow Rangers bothering if Celtic are winning all the silverware, they are not allowed to sing their "Traditional" ditties, and they cannot be confident of a win against the likes of Killie or Motherwell? Gate receipts could take a hammering and merchandise would mirror it.

A key indicator of that loyalty will be season ticket sales for next season. They are already down to around 38,300 (according to their interim report). If that falls off a cliff then their income will be severely curtailed. I'm not sure what would happen to any ST monies received in advance for next season if Rangers go into administration. I wouldn't want to commit myself to paying up front if there was a risk of me losing out.

[The Gasman]

A lot of posters seem to be of the assumption that HMRC will win the case and will then screw Rangers for the money in one hit. Surely there is an alternative , and much more interesting option : HMRC , acting in the best

interest of the taxpayer and maximises its returns on the tax owing , allows Rangers time to pay.

 

The thought of this please me greatly and would make Hearts debts look like chickenfeed in comparison , which it undoubtedly is. The idea of Rangers struggling under the mountain of debt while their loyal fans desert in droves as Cellik pursue 10 in a row virtually unchallenged is almost too much to bear. No pun intended.

 

I like this idea! ?

[P-Dizzle]

There's only one Champions League place this year anyway, so the only potential difference to Hearts could be where/when we enter the Europa Cup.

 

Yes, that's what I meant. So we'd move up to 3rd or 4th round, whatever 2nd place gets, if they were unable to play. But as someone has said, it's unlikely.

[mahgrassyshoes]

A lot of posters seem to be of the assumption that HMRC will win the case and will then screw Rangers for the money in one hit. Surely there is an alternative , and much more interesting option : HMRC , acting in the best

interest of the taxpayer and maximises its returns on the tax owing , allows Rangers time to pay.

 

The thought of this please me greatly and would make Hearts debts look like chickenfeed in comparison , which it undoubtedly is. The idea of Rangers struggling under the mountain of debt while their loyal fans desert in droves as Cellik pursue 10 in a row virtually unchallenged is almost too much to bear. No pun intended.

 

 

I like this idea! ?

 

 

With the exception of the bit in bold... I'm not too keen on that!

[Spellczech]

With the exception of the bit in bold... I'm not too keen on that!

It's what would happen but their fans would get bored too

[Charlie-Brown]

From a Hearts perspective the optimum outcome is as follows

 

1. Rangers win the SPL denying Celtic Champions League money

2. Rangers lose their case at UEFA and forced to play 2 games at Ibrox behind closed doors.

3. Rangers lose the tax-case and the appeals - nobody buys/invests in Rangers. Super Ally scrapes together a team.

4. Celtic have to sell a player or 2 to balance the books.

5. A weakened Rangers squad eliminated in CL qualifiers and miss out on Champions League Group stages money.

6. Rangers go into administration.

[P-Dizzle]

From a Hearts perspective the optimum outcome is as follows

 

1. Rangers win the SPL denying Celtic Champions League money

2. Rangers lose their case at UEFA and forced to play 2 games at Ibrox behind closed doors.

3. Rangers lose the tax-case and the appeals - nobody buys/invests in Rangers. Super Ally scrapes together a team.

4. Celtic have to sell a player or 2 to balance the books.

5. A weakened Rangers squad eliminated in CL qualifiers and miss out on Champions League Group stages money.

6. Rangers go into administration.

 

Saving this post and putting it in my **** folder.

[Das Root]

From a Hearts perspective the optimum outcome is as follows

 

1. Rangers win the SPL denying Celtic Champions League money

2. Rangers lose their case at UEFA and forced to play 2 games at Ibrox behind closed doors.

3. Rangers lose the tax-case and the appeals - nobody buys/invests in Rangers. Super Ally scrapes together a team.

4. Celtic have to sell a player or 2 to balance the books.

5. A weakened Rangers squad eliminated in CL qualifiers and miss out on Champions League Group stages money.

6. Rangers go into administration.

 

 

Dear Santa...

[Victorian]

latest news / spin in the rags this morning is that there is a rival bid being tabled by rangers director paul murray & dave king.

 

this package is said to be different to that of whyte who would be clearing the debt owed to Lloyds and investing money into the squad over five years. the murray bid would see them issue additional equity to raise funds and would also be underwritten by a consortium to the tune of ?25M which would all immediately go into the rangers accounts as working capital. the debt would remain in place if agreement with Lloyds could be reached.

 

whyte looks to be very close to walking away. walking away ?700,000 poorer due to the costs he's incurred during this process of being strung along and discarded by the rangers board.

[Socrates]

latest news / spin in the rags this morning is that there is a rival bid being tabled by rangers director paul murray & dave king.

 

this package is said to be different to that of whyte who would be clearing the debt owed to Lloyds and investing money into the squad over five years. the murray bid would see them issue additional equity to raise funds and would also be underwritten by a consortium to the tune of ?25M which would all immediately go into the rangers accounts as working capital. the debt would remain in place if agreement with Lloyds could be reached.

 

whyte looks to be very close to walking away. walking away ?700,000 poorer due to the costs he's incurred during this process of being strung along and discarded by the rangers board.

Have King's assorted legal troubles that were studiously ignored by the Scottish press been resolved yet?

[redm]

latest news / spin in the rags this morning is that there is a rival bid being tabled by rangers director paul murray & dave king.

 

this package is said to be different to that of whyte who would be clearing the debt owed to Lloyds and investing money into the squad over five years. the murray bid would see them issue additional equity to raise funds and would also be underwritten by a consortium to the tune of ?25M which would all immediately go into the rangers accounts as working capital. the debt would remain in place if agreement with Lloyds could be reached.

 

whyte looks to be very close to walking away. walking away ?700,000 poorer due to the costs he's incurred during this process of being strung along and discarded by the rangers board.

 

 

?25m sounds like a lot of working capital but realistically how long would that sort of cash last? Is this alternative option just delaying the debt issue?

 

If King is considered a genuine contender then you have to wonder what the heck they think they've found out about Whyte. Or even maybe ask how the hell it took them so long to do so? Due diligence must have been ongoing for months now.

 

 

[The Gasman]

?25m sounds like a lot of working capital but realistically how long would that sort of cash last? Is this alternative option just delaying the debt issue?

 

Whyte has said he would "make available" ?25m over five years, to be spent on players.

 

This ?5m p/a had the Orcs getting exited about which ?5m players they would be signing - and kind of missing the point that the cost of signing a player is very different to the fee paid.

(as CPR knows only too well)

 

The budget Whyte was offering as a good thing, was the same size as the budget Uncle Watty currently has, and that these same Orcs feel is far too small!

 

As this "new" scheme does nothing to address the debt, which will still require serviced, I can't see any real benefit. It just looks like head in the sand hobonomics from Der Hun.

 

Good.

[By The Light..]

From a Hearts perspective the optimum outcome is as follows

 

1. Rangers win the SPL denying Celtic Champions League money

2. Rangers lose their case at UEFA and forced to play 2 games at Ibrox behind closed doors.

3. Rangers lose the tax-case and the appeals - nobody buys/invests in Rangers. Super Ally scrapes together a team.

4. Celtic have to sell a player or 2 to balance the books.

5. A weakened Rangers squad eliminated in CL qualifiers and miss out on Champions League Group stages money.

6. Rangers go into administration.

 

What he said

[redm]

Whyte has said he would "make available" ?25m over five years, to be spent on players.

 

This ?5m p/a had the Orcs getting exited about which ?5m players they would be signing - and kind of missing the point that the cost of signing a player is very different to the fee paid.

(as CPR knows only too well)

 

The budget Whyte was offering as a good thing, was the same size as the budget Uncle Watty currently has, and that these same Orcs feel is far too small!

 

As this "new" scheme does nothing to address the debt, which will still require serviced, I can't see any real benefit. It just looks like head in the sand hobonomics from Der Hun.

 

Good.

 

Ah righto, thanks...

 

Maybe it's just me but it seems really blimmin weird that in a deal as huge and complex as this, involving the running of a decent sized organisation with many weird debt and banking complications, that the focus in the boardroom seems to be this player expenditure aspect. I can understand the media picking this issue but it sounds very much like it genuinely is the big thing in the fakeover discussions too.

 

I still think the guy's a penniless chancer though.

[Hagar the Horrible]

It would also be interesting to see just how loyal(in the non-Sectarian sense) the bears are...I have a strong suspicion that a far greater % of both OF's support are glory-hunters. Can you see the folk who currently travel from Fife, Dundee, Edinburgh and even Aberdeen, Galloway, Inverness and the Western Isles to follow Rangers bothering if Celtic are winning all the silverware, they are not allowed to sing their "Traditional" ditties, and they cannot be confident of a win against the likes of Killie or Motherwell? Gate receipts could take a hammering and merchandise would mirror it.

IO have said this before no glory = no glory hunters!

[The Gasman]

 

I still think the guy's a penniless chancer though.

 

Agreed Red.

 

I've not got it myself yet, but apparently this weeks Private Eye has a big article on Whyte (confirming your suspicions) if you're interested.

 

[Diadora Van Basten]

I can't see Whyte buying Rangers, I reckon he's Rangers equivalent of the Gilmerton plumber.

 

Also with regard HMRC giving Rangers time to pay, I would think the maximum time that Rangers will get will be two years with interest running.

[BangkokHearts]

Surely a takeover of Rangers must be less appealing in the current climate with sectarianism under the microscope?

[Say What Again]

Looks like it's "imminent" yet again.

 

Direct quotes from the Chairman, the deal is expected to go through in the next 24 hours. Reported that Craig Whyte has agreed to clear Der Huns ?22m debt and buy David Murrays 85% share of the club.

 

BBC Football

 

Rangers chairman Alastair Johnston has told BBC Scotland that he expects Craig Whyte to complete his proposed takeover of the club within the next 24 hours.

 

And Johnston, who confirmed that he is to stand down from his post later this month, insists he has no regrets about raising concerns over the deal.

 

Whyte has agreed terms with Sir David Murray to buy his 85% share in the club and to pay off Rangers' ?22m debt.

 

Whyte is currently in Scotland aiming to tie up the protracted transaction.

 

The Motherwell-born, London-based venture capitalist has been negotiating with Rangers since mid-November.

Continue reading the main story

 

Johnston was part of an independent sub-committee of board members that questioned Whyte's long-term plans for the Ibrox club.

 

On 19 April, Johnston released a statement casting doubts about the level of investment coming from Whyte and asking for time to consider an alternative.

 

A week later, Johnston made something of a U-turn, saying: "The committee are now much closer to viewing Craig Whyte's bid as the right one for Rangers."

 

And now the committee, who only ever had limited powers to delay the deal, no longer stand in the way.

 

"A great deal of work has been done by the board and I'm very proud of that," said Johnston.

 

"I'm confident that the efforts of the board have improved the deal significantly for the benefit of the club.

 

"Our views will come out in the future and I'm comfortable with that, but I don't want to stand in the way of progress. I will resign as intended on 16 May but will be working hard until then to make sure Rangers secure the SPL title.

 

"After that I will go back to being the club's number one fan."

 

One of Whyte's early promises was to provide ?25m over five seasons towards strengthening the playing squad.

 

But a source close to the negotiations told BBC Scotland in early April that the businessman had decided to make available "significantly more" than the average sum of ?5m-a-season to Ally McCoist when he succeeds current manager Walter Smith at the start of next term.

 

The terms of the proposed takeover will see Murray receive ?6m, the amount he paid to take over at Ibrox in 1988.

[Radioactive Mince]

It'll DEFINITELY happen tomorrow, or will it stall due to the inconvenient weekly event that they call 'the weekend' in the business world?

 

Definitely Monday, then. If not, definitely Tuesday.

 

Repeat ad nauseam, or at least until 40,000 spongos have renewed their season tickets, then... Shhhhhh!

 

I hope

[Say What Again]

Reporting Scotland reckon Whyte is with his lawyers now. Looks like it might actually happen this time.

 

Hopefully he doesn't give them cash to spend too, I've enjoyed them being rooked and having to sign the likes of Ricky Foster.

[jamboinglasgow]

Reporting Scotland reckon Whyte is with his lawyers now. Looks like it might actually happen this time.

 

Hopefully he doesn't give them cash to spend too, I've enjoyed them being rooked and having to sign the likes of Ricky Foster.

 

dont worry, Whyte is a dodgy businessman, a lot companies he is a part of go bankrupt. I think when he buys them over things will not be as rosy as painted. Plus you have to question the board when reckless spending put them into the current position, what is a key stipulation, that the new owner puts more money in for lots of signings (notice it doesn't say anything about the money being put in with no strings attached.)

 

I think Whyte will only delay the inevitable.

[Victorian]

there remains some ambiguity over who gets their wee fingers burned by the hot potato that is the HMRC ruling. the last report on this was that, legally the outgoing owner would be liable but that there was to be a contractual arrangement that whyte would ultimately pick up the tab. paul murray was said to have raised concerns about whyte's ability to do so, which could potentially affect rangers quite badly.

 

will there be clear details given as to what the plans are over the tax bill? probably not. rangers fans will obviously want to know but some of them are probably already used to their club being very secretive and/or less than honest.

[The Gasman]

dont worry, Whyte is a dodgy businessman, a lot companies he is a part of go bankrupt. I think when he buys them over things will not be as rosy as painted. Plus you have to question the board when reckless spending put them into the current position, what is a key stipulation, that the new owner puts more money in for lots of signings (notice it doesn't say anything about the money being put in with no strings attached.)

 

I think Whyte will only delay the inevitable.

 

This "deal" seems to suit David Murray and Lloyds Bank, but doesn't appear to do anything for Der Hun as a business or as a football team.

[The Gasman]

If any of you are interested in more information on Rangers tax situation, and on Craig Whyte, check this out;

 

Private Eye

Issue 1286

Page 31

In The City - Planet Football - Rangers.

 

I don't know if it's available online, but it what it suggests about Whyte is correct, then the fun has not even started yet.

[Footballfirst]

there remains some ambiguity over who gets their wee fingers burned by the hot potato that is the HMRC ruling. the last report on this was that, legally the outgoing owner would be liable but that there was to be a contractual arrangement that whyte would ultimately pick up the tab. paul murray was said to have raised concerns about whyte's ability to do so, which could potentially affect rangers quite badly.

 

will there be clear details given as to what the plans are over the tax bill? probably not. rangers fans will obviously want to know but some of them are probably already used to their club being very secretive and/or less than honest.

HMRC will continue to pursue Rangers to pay the bill as it is Rangers who have the liability and it is they who have taken their appeal against the tax demand to the tribunal.

 

HMRC won't worry about how or who gives the money to Rangers, but ultimately it is Rangers who have to pay. If they can't then HMRC will seek a winding up order against them.

[Footballfirst]

If any of you are interested in more information on Rangers tax situation, and on Craig Whyte, check this out;

 

Private Eye

Issue 1286

Page 31

In The City - Planet Football - Rangers.

 

I don't know if it's available online, but it what it suggests about Whyte is correct, then the fun has not even started yet.

Lots more info here http://rangerstaxcase.com/ if you look at all the archived blogs

[Victorian]

If any of you are interested in more information on Rangers tax situation, and on Craig Whyte, check this out;

 

Private Eye

Issue 1286

Page 31

In The City - Planet Football - Rangers.

 

I don't know if it's available online, but it what it suggests about Whyte is correct, then the fun has not even started yet.

 

interesting. what is the main thrust?

 

HMRC will continue to pursue Rangers to pay the bill as it is Rangers who have the liability and it is they who have taken their appeal against the tax demand to the tribunal.

 

HMRC won't worry about how or who gives the money to Rangers, but ultimately it is Rangers who have to pay. If they can't then HMRC will seek a winding up order against them.

 

no sale of rangers will happen unless both parties agree about who pays the tax bill.