Johnston explains Sir David’s plan

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Former Rangers chairman, Alastair Johnston, made it clear on BBC Radio Scotland last night that putting the company into administration was never Sir David Murray’s plan.  There was, he said, an understanding that should the First Tier Tribunal (FTT) decide against Rangers, the new liability would be absorbed into the Murray International Holdings (MIH) group of companies, just as MIH absorbed £50m of Rangers debt in 2004.

Johnston explained that the potential Employee Benefit Trust (EBT) tax liability was only 3% of MIH bank debt and that the group, which owned the overwhelming majority of Rangers anyway, would not find its position materially changed by absorbing the debt directly.

MIH would continue to manage its portfolio of investments back to rude health and neither it, nor its bankers, would have blood on their hands for putting Rangers down.

All this changed when Our Hero arrived on the scene with his £1.  Johnston explained, as he had done in explicit detail before, that Lloyds Banking Group gave MIH and the independent board of directors at Rangers no choice but to accept the offer from Mr Whyte.

When the offer arrived last year Lloyds were already reaping a whirlwind of negative sentiment from being Rangers bankers and would view any exit from the situation as desirable.  The bank itself, now significantly owned by the taxpayer after a government bailout, was also under immense financial pressure with a fiduciary responsibility to reduce their exposure to bad debt.  They were hardly in a position to refuse £18m to clear existing debt with the removal of a potential £50m liability.

Once the offer materialised it was inevitably accepted.  The old board’s plan to successfully steer the club through the potential loss of the FTT intact was usurped.

Neither MIH, the independent board nor, it could be argued, Lloyds, had any choice.  Although while Mr Johnston insisted his hands were tied, he failed to see the bank’s decision makers were also between a rock and a hard place.

One final push (this week) for the Vanessa Riddle Appeal. We have a Celtic top signed by the first team squad available to auction on eBay. You can bid on the auction and help send Vanessa for the treatment she needs by clicking here. Thanks to Penfold for the donation and to Taggsybhoy for organising (yet again).

We don’t need no stinkin’ Rangers.

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  1. Steinreignedsupreme on

    truth4767: 14 February, 2012 at 10:16

     

     

    “Hearts will get a pittance now in settlement for Wallace, they could go on Thursday. Dundee Utd , another club, with severe problems will not get their cup money. The SPL is a house of cards ready to collapse.”

     

     

    Thanks to Rangers, who were clearly unconcerned with ‘the good of Scottish football’.

     

     

    And don’t forget your club is going to cheat the tax authorities out of £75m – does that make you proud?

  2. P67

     

     

    Still catching up, but the nub of the issue now lies with the other SPL clubs.

     

     

    Thomson of DUNDEE UTD.

     

    They have skewered you for £100k DO THE RIGHT THING

     

     

    Romanov of HEARTS.

     

    They have skewered you for £800k DO THE RIGHT THING

     

     

    Yorkston of DUNFERMLINE.

     

    They have skewered you for £80k DO THE RIGHT THING

     

     

    Never mind GAIK and no doubt some other football businesses

     

     

    hhplc

  3. Back to Basics - Glass Half Full on

    Ah – truth4767 – rears his …. head once again.

     

     

    Obviously the Fourth Lanark fans are getting desperate.

     

     

    Hail Hail

  4. starry plough says:

     

    14 February, 2012 at 10:42

     

    Truth 1690

     

     

    Even when looking up from his knees Truthy has the affront to tell us “mark my words” oh you wise and dangerous prophet you, how we tremble at your might..

     

     

    Careful Bhoys we laugh at rangers at our peril, so the truthy bhoy says…

     

     

    Why are you not at your club today…

     

     

    Shall I tell you, because you don’t care deep in your heart what happens one way or the other..

     

     

    And shall I tell you why because deep down in your heart you know that your club did this to your club and nobody else in Scotland cares..

     

     

    Starry Plough

  5. Citibhoy Shoulder to Shoulder with Neil Lennon on

    Cultsbhoy…. Ill Share the table for the Last Supper. Paul67 has my details.

  6. pedrocaravanachio67 on

    here’s a wee scenario:

     

     

    if both teams win this weekend : 4pts

     

     

    we play dunfermline midweek : 7pts

     

     

    during this same week admin hits : hahahahahahahahahahahahahahahahahahahahaha

     

     

    hmm sorry : 17pts

     

     

    the following week we play sat the play sun : 20pts

     

     

    i need my ice cream and jelly fix.

     

     

    PC67

  7. ibleedgreenandwhite1 on

    If rangers cant give Hearts the money that is owed for Wallace,,,,then surely he should not be allowed to play for the huns again?????

     

     

    Hail hail

  8. !!Bada Bing!! Kano 1000 on

    A dignified Souness on talksport,” other teams have got away with it,why not the huns”,after being asked if Newco FC could come back debt free.

  9. angie is having a party on

    Long time Lurkr, first time poster!

     

    Looking for a bit of help please, I’m off to Madrid for the weekend and need somewhere to watch the game on Sunday

     

    Does anybody have any suggestions?

     

    Thanks in advance.

     

    HH

  10. Perhaps we could run a poll to see if Truth4767 is right.

     

    If you are a season ticket holder, will you renew if the huns go pop?

     

    I am, and I will.

  11. Angie

     

     

    celticbars.com will point you to a great wee Irish boozer in Madrid, been there a few times. Can’t remember the name at the minute.

     

     

    Hail Hail,

     

     

    RobinBhoy

  12. Just heading out for a meeting with a big Motherwell fan and to discuss our Champions League prospects next season.

     

     

    (This is, if McCall really wants it).

  13. Back to Basics - Glass Half Full on

    tomtheleedstim – I’m torn but I think I’ll renew. Tongue In Cheek !!!

     

     

    PS – “Tongue in Cheek” in the traditional sense, rather than the James Traynor interpretation.

     

     

    Hail Hail

  14. Steinreignedsupreme on

    tomtheleedstim: 14 February, 2012 at 10:50

     

     

    I’ll renew the ticket. A slong as Celtic exist I’ll go and watch them.

  15. The Battered Bunnet on

    Paul,

     

     

    Johnson was terribly exposed in last night’s interview, but he was referring to the Debt with LBG, not the Tax Case when he mentioned the 3% thing.

     

     

    Johnson’s big mistake was, like pretty much all Rangers supporters, believing that someone else should pay for Rangers and the dreams of their fans.

     

     

    If nothing else, the Newco will teach them that self respect comes from self sufficiency.

     

     

    Fools that they need the lesson.

  16. Steinreignedsupreme on

    hen1rik: 14 February, 2012 at 10:51

     

     

    “Anyone know what time Sir Minty’s interview is on with sky?”

     

     

    Just after they have broadcast the Lord Lucan interview.

  17. With three league matches in seven days coming up this is not the time to be distracted. Eyes on the Bhoys!

  18. The revisionism is in full flow. Ewan Murray in the

     

    Guardian and Britney on 5 live this morning talking

     

    about how they all knew this was coming and how

     

    Murray was spending too much money, how whyte

     

    was not fit for the job… I must have missed all those

     

    articles they wrote…

  19. The Battered Bunnet on

    A quick word to Celtic_First

     

     

    In this tragedy, the Deus Ex Machina is described in the following monologue:

     

     

    HMRC: I think we’ve made our point with Rangers. Let’s write off the tax bill and let that be a lesson to them.

  20. pedrocaravanachio67 on

    tomtheleedstim says:

     

    14 February, 2012 at 10:50

     

     

    yes , indeed i would, i would do it tomorrow and i would walk there and back.

     

     

    There seemed to be a bigger crowd at Saturday’s game. IMO, this is two fold, The way the team are playing and the Celtic fans showing they will turn up with the demise of the beasts.

     

     

    PC67

  21. As some of you know I was there in budapest when the celebrated ‘no surrender’ merchant Mr Johnston stood up and addressed the ‘great and the good’ of the travelling rangers ‘members’ lounge and other VIP travelling fans…..he basically recanted his great CV with IMG, all the great superstars he knew, his affinity with the rangurs and then said ‘we are really in deep trouble so if any of you have any ideas then please let me know !’ he then proceeded to pass the celebrated bowler hat round to pay the hotel for the outstanding drinks bill………….no one stepped forward for the fight…..they all surrendered.

     

     

    They new there was no way out then, yet somehow the compliance of media has allowed the slow agonising death to drag on and on, and still it goes on another 10 days…

     

     

     

    The folk who denied there was a problem 7 or 8 years ago.

     

     

    The folk who ignored the problem and mocked those who highlighted it 5 or 6 years ago.

     

     

    The folk who allowed Walter to use the problem to ensure he was deified by their support despite not dealing with the problem 3 or 4 years ago.

     

     

    The folk who spoke of warchests and a new dawn and did nothing to highlight that it didnt make sense last year.

     

     

    The folk who took the succulent lamb and amplified tales of Casinos and Superdomes, who talked of new grand stages for rangers to play on….one team for the Scottish League, one for Europe and one for the inter galactic competition……..

     

     

    These are the folk who are now telling the loyal and true that they will survive and everything will be all right after taking a 10 point hit. Hell mend them all !

     

     

    The most amazing thing is that no one has reposted Ken Gallaghers masterpiece yet on here today or any of Traynors celebrated works……..

  22. This is a sad, pathetic diseased end to a club who have been going for over a hundred years. A catfight, what a way to go !

     

     

    Truth you are not a rangers fan, there isn’t a rangers fan alive who could come on here and just say’ you need rivalry’. The hurt must be numbing to the peepul. At least we had action, debate, anger, plans when fearless fergus saved us and made us into what we are today and before you trot out the competition argument, Rangers fans didn’t give a flying fup about that when they bought their way (with money they didn’t have) to nine in a row. How’s about this – Rangers ran a club unsustainably and possibly illegally and should both suffer the consequences and be punished if this is found to be the case.

     

     

    Rant over !

  23. Season Ticket renewal? definately yes.

     

     

    My support for Celtic has nothing whatsoever to do with the Huns.

     

    Although if they cease to be, it is merely one less threat to our club.

     

    I look forward to our building a team to compete in Europe.

     

     

    EC67

  24. The Battered Bunnet says:

     

    14 February, 2012 at 10:57

     

     

    ‘HMRC: I think we’ve made our point with Rangers. Let’s write off the tax bill and let that be a lesson to them.’

     

     

    Or as AJ would put it

     

     

    ‘Let’s migrate the tax liability onto ever other taxpayer’s account.’

  25. Tomtheleedstim

     

    Both my kids and my own season tickets will be renewed – in fact I’d do it tomorrow if I could!

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