This afternoon the Blue Knights (plural!) held a media conference as Paul Murray and Brian Kennedy explained their “credible plan” to rescue Rangers. The quantum of their bid was:
£5.5m cash on delivery of a CVA, £500k of which is for delivery of Craig Whyte’s shares.
£2m dependent on European earnings in the coming years.
£3.5m the company will collect from those who currently owe Rangers money.
Uefa have confirmed that they regard UK companies who dispose of debts via a CVA to have breached their insolvency rules and therefore be ineligible for European competition for 3 years.
It is likely that the administrators or any liquidator would be able to collect much or all of the £3.5m earnings from Rangers debtors.
Mr Kennedy said “the tax case is irrelevant to this CVA”. Mr Murray was a director of Rangers during their controversial EBT period which led to the big tax case. The tax authorities may consider the “the tax case” more relevant than Mr Kennedy.
Mr Murray and Mr Kennedy were both clearly exasperated that Duff and Phelps felt unable to accept their offer to take the club through a CVA. Mr Kennedy could not have been clearer that attempts to establish a Newco would fail, that only a CVA would enable Rangers to survive and it was now too late for this. On Radio Scotland last week Mr Murray explained that, in his view, a CVA was necessary as a Newco could not survive without European income for three years.
Throughout the media conference it occurred to me that perhaps they don’t know Uefa’s rule on a CVA. Unfortunately the question was not put to either man by the media. When asked if they knew if the other bidder had put more money on the table Mr Kennedy said, “I don’t care if [ours is]the largest bid”. Perhaps, but creditors will, and under an enormous amount of scrutiny, Duff and Phelps are likely to car a great deal.
It will be interesting to hear how Duff and Phelps respond but in summary, my two key questions are:
Would HMRC accept a CVA from a director of Rangers during the operation of their EBT scheme?*
How deliverable is the £2m dependent on European income considering a CVA would exclude Rangers from European football for three years?
The plan was flush full of irrelevant details they had clearly spent a lot of time on, such as the non-exec support of former managers, and a Rangers FC Constitution, forbidding the club from spending more than it earned, but sounded light on how it would convince HMRC to accept a few pennies in the pound from a company with such a chequered tax history, and was potentially slapdash on the European income element.
*Mr Murray suggested he would withdraw from the consortium if Craig Whyte objected to his participation but the lack of attention to HMRC’s view on him appeared to be an obvious oversight.
You can buy a hard copy of the new issue of CQN Magazine via Magcloud here.
The graphic below is just for a flick through, to read the magazine go here to it’s dedicated site.
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By DES McKEOWN The Sun
THE chairmen of our SPL clubs need to ‘man-up’ and grow a big pair of cojones.
Rather than justifying why a newco Rangers is needed in our top league, they should be putting sporting integrity before cash.
Those are the stark choices for the men involved.
Kilmarnock’s Michael Johnston and Dundee United’s Stephen Thompson have spoken about the dilemma facing the SPL and how difficult a position they are in.
Well, I’m sorry boys — there’s never actually been an easier decision to make. If the clubs put money before principle and allow a newco Rangers straight back into the SPL, our game will officially be bankrupt of any morality whatsoever.
After all, what they would effectively be saying is that the Old Firm could NEVER be relegated because of their monetary value.
That is wrong and unforgivable for a sport to admit as much.
Sure, without Rangers the clubs would need to realign their wage structure and they would also have to work a damn sight harder commercially to survive.
Having said that, it’s got to be better than destroying any credibility the league has. If football clubs are in existence because of the money Rangers or Celtic generate for them, it’s time for them to take a step back and think again.
After all, given that both Celtic and Rangers have been trying to escape to England over the last decade or so, the other clubs should have already been planning to stand tall on their own two feet rather than living off their coat tails.
To run any business like that is bordering on negligent.
If my business partner and I budgeted our company finances as heavily on the contribution of our two largest clients we would be neglecting our responsibilities as directors of the firm and our duties to our staff and suppliers.
Other businesses will know exactly where I’m coming from. Sure, things will be good for a while, but when either of those clients leave, we would have a major problem.
That’s exactly what the SPL clubs have allowed to happen. They have spent money based on commercial activities they cannot affect for far too long.
Rangers’ situation should make them realise they are vulnerable operating in that manner.
Each club should base their budget on the home fans they have every week and not take into account ANY travelling support.
That number added to any self-generated revenue streams such as sponsorship, corporate hospitality, advertising, shirt sales, commercial activities and any other GUARANTEED payments is what should be forming the overall projected turnover of the business now.
Any opposing fans, TV money, cup runs and SPL payments should be considered as bonuses and could be added to the following season’s budget, as it’s money already received, or simply put into the bank to help reduce the debts at a club.
I’ll make no excuse for saying this, but if less money means lower wages and fewer players then that’s the way it has to be.
Of course, on a more positive note, clubs could concentrate even harder on bringing through their own young players who don’t cost as much and could be sold for considerable profit if they develop them properly.
It’s time to accept that, even with Celtic and Rangers, there is not enough money to carry the current squads and wage structures.
Scottish football will never be a rich environment and it won’t ever be able to compete with the English leagues on finance.
We should accept that and simply do the best we can.
But that doesn’t mean we can’t develop players and build an even stronger national side.
Tell me which Serbian, Croatian, Polish, Danish, Irish or Czech Republic club is awash with cash? Didn’t think so. Even with weak leagues their nations still have players who are plying their trade in the top leagues across Europe. There is nothing to stop Scotland doing the same.
Alternatively, the SPL and chief executive Neil Doncaster can welcome a new Rangers into their fold and continue to scrape by as if nothing had ever happened.
Well, other than selling their souls to the Devil.
A Champion Weekend Dawns in the Chilterns…
Great to read Morts news.
Congratulations to Mrs Mort and your goodself.
The start of another great Chapter in life, enjoy your family my friend, it’s as good as it gets
However you’ve always struck me as a smart ghuy so you already know that.
Best!
Hail! Hail!
✌ Now don’t go getting too excited I’m just practising. ✌
THE COMMISSIONERS FOR HER MAJESTY’S REVENUE AND CUSTOMS
© CROWN COPYRIGHT 2012
DECISION
The Appellant’s appeal is dismissed
REASONS
Introduction
1. They, the huns, stole barrow loads from the public purse, we caught them, they lied, we proved it, they lied, we sent them a bill, they didn’t pay, and with quivering bottom lips it was toys out of the pram time. They appealed. They didn’t say nice things about us, they never said sorry…. They are a boil on society’s arse. The Appellant’s appeal is dismissed; they are toast.
“Oh and besides being… Guilty as Charged… You, ✰✰✰✰✰’s, you owe us 114.409161 million Euros.” (the continental touch always looks so much better)
∴ “Cough up!!! and No we don’t accept cheques.”
“Have a nice day.”
Just wondering why the SFA felt it necessary to release all that detail / justification BEFORE the appeal … Strange, in the extreme ….. ???
My gawd, haven’t been lurking since about 4pm yesterday and look back and see 24 pages rattled up in jig time!
67Heaven @ 06:14,
Well Mr McCoist insisted on transparency.
He didn’t seem to like it when he got it though… “Have I read all 27,000 words? No” AMcC was somewhat dismissive when asked about it yesterday.
His club, legends et al exposed for what they are, this is the epilogue, the whole horror story will be published soon enuff.
BecarefulwhayyouwishforCSC
Let the bigots die.
Morning All,
I listened to SSB for the very first time last night, I seen some comments on here and thought I would listen in, we do not get it here in Swindon but as I was babysitting for a friend and her daughter has a laptop, she lent it to me so I could listen in, had to make her a pasta bake though.
I wish I didnt tune in, I got so angry after a caller said that he would not renew his and his daughters season tickets if Rangers were not in the league next season as he only bought his book for these games, I was livid, doesnt he know how lucky he is, I am guessing that most of the CQNers on here are season ticket holders, I could never afford one, and if I did have one I would cherish it.
I love Celtic more than I can say, so if you have season tickets cherish them, you have a Champions day tomorrow, you had the Thai Tims, these are extras that are better than any Rangers game, think how lucky you are.
Yours in Celtic
Dave.
Boarding Pass printed – check
Taxi to Airport booked – check
Taxi to CarD booked – check
Having a party in Glasgow when the R@ngers in A die booked – check
Carlsberg weekend!!!!
Hail Hail to all the Celtic family
ChairBhoy all good stuff
Was it not Andrew Dickson himself who interviewed Sally on Rankers TV when he infamously roused the hun hordes to threaten the SFA Judicial panel members he insisted must be named for the sake of transparency?
The very same Andrew Dickson who it has been subsequently revealed was the
Cheating Rankers representative at said Hampden enquiry.
If so, Sally’s ludicrous claims that he alone within the management team was unaware of the panel’s identities, when he made his intimidatory statement to Dickson who was sat opposite him throughout.
His actions in the light of this, must border on criminal intent.
…..Rangers, a disorganised collective of petty and vindictive thugs hellbent on dragging down the last vestiges of decency within Scottish football with them as they are washed away by a torrent of self inflicted effluence down the last lavvy pan of historical dignity.
Ar@e-Wiped from the annals of everything decent.
Let them Die.
HH
http://www.youtube.com/watch?v=WKsIWJH9GxE&feature=youtube_gdata
Well said Artur Boruc.
KITALBA 0514
Wow,a journalist in the Scottish MSM breaking ranks?
Shoorly the game must be up,right enuff!
Hail,hail,the jelly-and-ice-cream’s here……
lorbobo on 12 May, 2012 at 07:04 said:
Well said Artur Boruc.
Whats he said?, scrolled back cant find it
Mort
Congratulations and best wishes to you,your wife and baby Declan
UC
Che on 12 May, 2012 at 07:19 said:
I think it was what was said at https://twitter.com/#!/theholygoalie1 but that account seems to be fake. More’s the pity!
Morning all, by the way. Quite a deluge here in Germany last night. Got drenched coming back from the Biergarten.
Ibrox translated is… The island of Cadgers.
Apologies, my mistake, it actually translates as the island of Badgers.
Maybe in latitude ‘bad’ is more appropriate than ‘cad’.
One of the most curious points in the Panel report is the statement concerning the non-payment of PAYE/NI/VAT. CW’s intention was to use this unpaid Tax as a bargaining chip in the settlement of the Big Tax Case!
I imagine that when HMRC read the judgement they may be having a tete-a-tete with a few people over ibrokes way!
In other news: Brian Kennedy will be holding a press confrence at 8:00am dressed as a nazi stormtrooper and singing ‘Tomorrow Belongs To Me!’ It’s all about the fans!
Oops!!
What a beautiful Champions Eve morning in Arbroath. I am just about to leave for The Commercial Inn`s Classic Annual Golf Outing at Glenisla Golf Club.T hen tomorrow it will be down to Paradise for a Special Day. Life is sweet.
JJ
Caledonian Mercury
Rangers Football Club: Santa Claus, the Tooth Fairy and the Easter Bunny withdraw bid
STEWART KIRKPATRICKMAY 11TH, 201213
The Yule Knights leave the press conference. Picture: Ben Kidlington
Have you decided not to buy Rangers Football Club? If so, leave a comment below
Santa Claus, the Tooth Fairy and the Easter Bunny have withdrawn their bid to buy Rangers, according to the club’s administrators, Duff and Phelps.
On breaking the news, an ashen-faced Claus commented: “Time is running out to secure a Getting Away With It Agreement.”
After the earlier decision by the Three Bears and the Little Boy Blue Knights to step away, the club’s hopes now rest with a young widow’s son called Jack. This, however, is contingent upon his being able to raise a handful of magic beans from Ticketus.
Aside from that, there was a flurry of excitement today after rumours surfaced that someone in Scotland had not yet been approached about buying the club. The mood dampened when it emerged that the 90-year-old crofter from Lewis had just popped down the shops for some Tunnocks teacakes and had already refused to get involved – several times.
In other news, the board of this newspaper have also announced that they will not be buying the club “as we’ve got nae cash. Mind, that didn’t stop Craig Whyte.”
‘crushed nuts?’ ‘Naw, Layringitis!’ 0730
A bargaining chip?
” I know I owe you £75m,and mibbe a wee tax case more,tbh,but in the meantime I’ve stolen another £15m from you.”
Aye,that was bound to work,the dumb f..k.
The huns and him were truly a match made in heaven.
‘crushed nuts?’ ‘Naw, Layringitis!’,
HA HA HA
Had an immediate image…
Very appropriate in the circumstances….
http://www.youtube.com/watch?v=DCnpVNg-s3E
Zimmerman
Again thanks…loving’ the FF heartbreak.
Some decent self awareness and critique of their own fans apathy combined with backhanded compliments to Celtic fans proactive approach to protesting..
Credit to them for that at least.. Lol!
For those just logging on this morning. Do youself a favour and scroll back through the early hours, from 00:19 onwards our friend Zimmerman has been a busy wee CQNr, lurking over on FF and very kindly copy-pasting a plethora of posts. If you ever wondered how the huns are taking this, you’ll know now…..btw get the kleenex out……..heehee.
hh
Richard Wilson’s post:
http://rangerstaxcase.wordpress.com/2012/05/05/miller-industries/#comments
Rangers given SFA appeal date as panel members are named
Rangers’ appeal against sanctions imposed by the Scottish Football Association will be heard next Wednesday – and the panel members have been named following consultation with the police.
Time to pay the piper: Ally McCoist
By Telegraph Sport
Administration-hit Rangers were fined £160,000 and handed a 12-month transfer embargo by an SFA judicial panel last month after being found guilty of five charges in relation to their financial affairs and appointment of Craig Whyte as chairman.
The appeal panel will be chaired by Lord Carloway with Craig Graham and Allan Cowan also sitting on the hearing.
Lord Carloway has been a judge since 2000 and recently wrote a Government-commissioned report into criminal law and practice.
Cowan stepped down as Partick Thistle chairman in 2010 after 13 years on the Firhill board while Graham is chairman of East of Scotland League side Spartans and a partner at KPMG, which provides tax and auditing services.
The three members of the original judicial panel which handed out the punishment and SFA officials received security advice from police following reports of threats.
An SFA statement read: “In light of the subsequent leaking of the identities of the three panel members from the original tribunal, and given the exceptional circumstances of the appeal, it has been agreed that we will identify the members of the appellate tribunal in advance of the hearing.
“This decision has been taken with the approval of the individuals involved and after consultation with the relevant police authorities.
“It is essential that these panel members are allowed to conduct the appeal without fear of intimidation and we respectfully ask all involved in the process to do their utmost to observe our wishes and the wishes of the panel members.”
Rangers received their ban on signing players aged over 17 and the bulk of their fine mainly because of a disrepute charge borne from their non-payment of more than £13 million in taxes since Whyte took over in May last year.
Whyte, who made no representation at the three-day hearing, was given a lifetime ban from Scottish football and fined £200,000 but has told the SFA the punishment will have no impact on his life.
The SFA also published the judicial panel’s rationale for their punishment.
The lengthy document follows submissions from the likes of Rangers financial controller Ken Olverman, who held his post before Whyte’s takeover, and former board members including John McClelland.
The report states that Olverman was instructed by Whyte to take instructions only from Whyte and give no information on the club’s finances to directors, including Dave King.
It also states that Olverman was not authorised to make due payments to tax authorities in September and was told by Whyte that payments to her Majesty’s Revenue and Customs were to be suspended.
The report added: “At the time of the first withheld payment in September 2011 Rangers FC’s financial situation was such that it could have made the payment due to HMRC.
“In the course of his subsequent communications with Mr Craig Whyte about the payment of these social taxes due to HMRC Mr Craig Whyte stated to Mr Olverman that non payment of the sums due was a tactic or negotiating ploy intended to improve the position of Rangers FC in any attempted negotiation with HMRC of a settlement in ‘the Big Tax Case’.”
The report states that former Rangers chairman McClelland resigned from the board in October along with John Greig after being given no information about the club’s finances and no opportunity to attend a board meeting.
The report added that Olverman was contacted by tax officials in August about invoices discovered in the business records of Ticketus, which gave the club more than £30million in capital under Whyte, which included £5million in VAT, in return for rights to future season ticket sales.
The report states: “The invoices related to sums of many millions of pounds and the VAT element in each of them had been the subject of offset by Ticketus in the submission of its VAT returns for the last period.
“Such was the size and impact of this offset of VAT which had been paid by Ticketus in respect of these invoices, that Ticketus had made a claim for payment of a substantial sum to it by HMRC by way of recovery of VAT paid.
“Mr Ken Olverman, the financial controller of Rangers FC, had no knowledge of the existence of the invoices purportedly raised by Rangers FC.
“The raising of such invoices was a matter which fell squarely within his sphere of responsibility and it was inconceivable that such invoices for such large sums could be raised and issued from the finance office of Rangers FC without his knowledge.
“He was unaware of any current transaction with Ticketus and knew that no sums of money had been received in recent times from Ticketus into any accounts of Rangers FC.
“In the course of September 2011 Mr Ken Olverman had sight of the said invoices. The nature and format of the invoices was entirely different to that of invoices raised within the finance office of Rangers FC. He was of the view that it appeared as though Clip Art computer processes had been involved in their creation.
“They did not appear to him to resemble any invoices he had ever seen issued by Rangers FC.
“Mr Ken Olverman believed from his conversations with the HMRC official that the invoices were the subject of further investigation. He accordingly took no further action in relation to the invoices.”
Neil Lennon believes it is “grossly unfair” that the Scottish Football Association have named the three-man panel who are to hear Rangers’ appeal against SFA sanctions next Wednesday.
Before Sunday’s Clydesdale Bank Premier League clash with Hearts at Celtic Park on Sunday, the Hoops boss expressed surprise that the panel had been named and then said: “I think it is grossly unfair. These people do it voluntarily, they do it because they love the game, and do it for the right reasons.
“I don’t think there is any need but there you go, that’s the decision the SFA have made, so you need to go and ask them why they have done that.
“I just think it puts extra pressure on these people and they are under enough pressure as it is.”
Manager Ally McCoist had called for the original panel members to be named after Rangers were hit with the sanctions.
And he today welcomed the SFA’s decision to name those who will hear the appeal.
He said: “We just want transparency and clarity and I’m delighted that the appeals panel has been named.
“The three gentlemen have got a decision to make and we obviously hope it’s a good one for us.
“We will react to the decision when it’s made.”
McCoist has yet to read the SFA document but expects a fair hearing next Wednesday.
He said: “I haven’t ploughed through the 27,000 words this morning. We have been training and I didn’t have time to do that.
“Andrew Dickson will certainly be reading it and, if I don’t read it, I will get the important bullet points from Andrew.”
On the outcome of the appeal, McCoist added: “I’m scared to forecast or guess anything at the moment.
“We will get a fair hearing and hopefully the appeal will go our way.
“It’s got the potential to damage us like you’ve got no idea.
“Effectively the worst scenario is that the embargo stays and we are not allowed to sign players for a year and half our squad goes in the summer and we are left with a pretty depressing situation.”
This was in yesterday Record.
AN SFA tribunal considered terminating Rangers membership after finding the Ibrox club guilty of five charges in relation to their financial affairs and appointment of Craig Whyte as chairman.
The consideration was revealed in a 100-page document published today on the SFA’s inquiry into the club.
It stated that a judicial panel concluded only match fixing might be a more serious breach of the governing body’s rules.
————————————————————————————-
I wonder what they will think about two contracts.
Claim Ticketus invoices made using clip art
Martin Williams The Herald
RANGERS’ financial controller cast doubt over invoices relating to the loan deal made with Ticketus by saying they appeared to be produced using “clip art”.
Documents released yesterday by the Scottish Football Association (SFA) reveal the finance chief, Ken Olverman, was apparently sidelined by Rangers’ majority shareholder, Craig Whyte, during his regime.
Whyte would not allow Mr Olverman to sign cheques for more than £100 and gave instruction for information on the club’s finances not to be revealed to directors on the board.
Details of the financial dealings at Ibrox emerged as the SFA released reasons for sanctions imposed on the club last month for bringing the game into disrepute after the slide into administration. These include a ban on signing players.
Rangers were fined £160,000 and handed a 12-month transfer embargo after being found guilty of five charges in relation to their financial affairs and appointment of Whyte as chairman. Rangers’ appeal will be heard on Wednesday.
The documents show that in August last year Mr Olverman was contacted by HMRC officials over club invoices “for many millions of pounds”.
The issue arose when Ticketus tried to claim VAT costs against VAT they charged Rangers.
Whyte raised more than £30 million, including £5m in VAT, from Ticketus through the sale of rights to four years of season tickets in order to facilitate his £1 takeover of the club from Sir David Murray a year ago.
Mr Olverman said it was “inconceivable” that invoices would be raised by the club in relation to the Ticketus deal without his knowledge.
The dossier said: “The nature and format of the invoices was entirely different to that of invoices raised within the finance office of Rangers FC.
“He was of the view that it appeared as though ‘clip art’ computer processes had been involved in their creation. They did not appear to him to resemble any invoices he had ever seen issued by Rangers FC.
“Having sight of the invoices confirmed his view even further that they had not been created within the finance office of Rangers FC.”
Mr Olverman was told the invoices were subject to further investigation and took no further action by informing club directors.
The SFA documents also state that Mr Olverman was not authorised to make payments to tax authorities in September and was told by Whyte that payments to HMRC were to be suspended.
The panel found that after Whyte’s takeover the club continued to deduct around £1.2m a month in income tax from employees’ wages, but the money was not handed over to the tax man, meaning that the business was run for 10 months on unpaid taxes worth more than £13m.
The panel found: “Despite the representations made by Craig Whyte, the directors of Rangers FC were provided with no details or evidence of any financial matters or proof of funding or assets relating to Craig Whyte or his companies.”
The dossier also said Sir David had “no option” but to sell his 85% stake in the Ibrox club because of financial pressure, including from his company Murray International Holdings, which was £700m in debt.
The SFA panel said it had contemplated terminating Rangers’ SFA membership because of the gravity of the rule breaches, but decided that the punishment was too severe.
The panel has been named, after talks with police amid security fears, as Lord Carloway, Craig Graham and Allan Cowan.
Lord Carloway recently wrote a Government-commissioned report into criminal law and practice; Mr Cowan stepped down as Partick Thistle chairman in 2010 after 13 years and Mr Graham is chairman of amateur side, The Spartans, and a partner at accountants KPMG.
An SFA statement read: “In light of the subsequent leaking of the identities of the three panel members from the original tribunal, it has been agreed that we will identify the members of the appellate tribunal in advance of the hearing.
“It is essential panel members are allowed to conduct the appeal without fear of intimidation.”
I’m sure most of us have had to sort someone out at some point in our lives… Wee brothers, cheeky neighbours, football opponents, mouthy neds , whatever..
The thing that makes us humane is that we probably gave them a slap or kick up the bahookie and left it at that…?
Only complete psychos take it to a different level and keep kicking till folk are seriously damaged.
I’m beginning to feel like a complete psycho with the Huns…this doing is going on too long, way past that awkward stage where everyone thinks ‘enough is enough’…
Thing is feels like even though we’ve stepped back they have continued to hit their own heads off the ground… So much so that even intervening to help them would be futile.
Time has come to fully restrain them and hide them away in a padded cell somewhere where they can live out the rest of their sorry lives unseen…causing as little harm to themselves as possible and safely out of distance from others.
… A sad undignified end.. But the best thing all round.
BBC
Ticketus launches legal action against Rangers owner Craig Whyte
Craig Whyte bought Rangers from Sir David Murray for £1
Ticketus has formally launched legal action against Craig Whyte over money owed to it by administration-hit Rangers.
The finance firm purchased tickets from the club at the time of the businessman’s takeover last May.
It has been revealed that Mr Whyte gave personal guarantees to Ticketus over the capital issued on the basis of future season ticket sales.
According to a report by administrators the company is owed £26.7m.
Documents from a previous court case showed Ticketus had made two payments to Rangers, one in May last year and one in September, which were worth more than £30m when VAT was added.
The initial payment, worth £24.4m in total, was used by Mr Whyte to pay off the club’s bank debt.
He bought Rangers from former owner Sir David Murray last May for £1, taking over his controlling 85% share holding.
A statement from the London-based firm said: “Ticketus today confirms that it has made demand pursuant to the guarantees provided by Craig Whyte and The Rangers FC Group Limited, formerly named Wavetower Limited.
“In addition, demand will be made against Liberty Capital Limited.
“These guarantees form part of the additional protection built into the ticket purchase agreement that Ticketus made with the club in May 2011.”
It added: “As previously stated, Ticketus will claim upon these guarantees to recover any potential shortfall in monies owed to Ticketus by the club.”
Liberty Capital, which is registered in the British Virgin islands, is Mr Whyte’s finance company.
On Friday Rangers’ administrators Duff & Phelps said discussions with two bidding parties were “at a very advanced stage”.
The group thought to be in pole position to buy the club is fronted by former Sheffield United chief executive Charles Green.
The Blue Knights have withdrawn their bid after their latest offer to take control failed.
Former Rangers director Paul Murray, who led the Blue Knights bid, said time was “running out” for the club and described the current situation as “an absolute crisis”.
Panel’s findings
Earlier on Friday the Scottish Football Association announced Rangers will have their appeal against a 12-month transfer embargo and a £160,000 fine heard next Wednesday.
The SFA also published details for the judicial panel’s initial ruling.
Rangers were handed the transfer ban and fined after being found guilty of five charges relating to their financial affairs and the appointment of Craig Whyte as chairman.
The club claimed it should not be held responsible for the actions of Mr Whyte, but that defence was dismissed as having no legal basis given the established principle of corporate liability.
The panel concluded that directors and senior managers should have publicly raised concerns over the actions of Mr Whyte, who presided over the non-payment of £13m in tax between May last year and 14 February, when the club went into administration.
The panel’s report, written by Gary Allan QC, stated: “Only match fixing in its various forms might be a more serious breach.
“They brought the game into serious disrepute.
“In the case of the non payment of tax the massive extent of the failure and the intentional and calculated manner in which it was carried out aggravated the breach even further.”
Invoice claims
The report stated that the panel felt directors and senior managers were “entirely aware” Mr Whyte was engaged in a deliberate programme of non-payment of taxes and non-co-operation with auditors.
It said the club’s long-serving financial controller, Ken Olverman, was told in September by Mr Whyte that he was withholding taxes, which at that stage the club could have paid.
The panel said “directors and employees must have known that what was happening within Rangers FC was entirely wrong and illegitimate but they chose to do nothing to bring it to the attention of the public.”
The panel heard evidence from former director John McClelland, Mr Olverman, former chief executive Martin Bain and Rangers’ head of football administration Andrew Dickson.
The report added that Mr Olverman was contacted by tax officials in August about invoices discovered in the business records of Ticketus.
The report stated that he had no knowledge of the invoices and knew that no sums of money had been received from Ticketus in recent times.
Mr Olverman was later shown invoices but did not recognise them as having been issued by the club.
The report stated: “He was of the view that it appeared as though Clip Art computer processes had been involved in their creation.”
CQN Saturday Naps Competition
Lads, it’s the final week for those who are in the CQN Saturday Naps competition – so please go back and post your selection on the previous article :
(“The final curtain but what next?”)
Alternatively, if you cannot access the previous article for any reason, then you can send me an email message with your selection to : fleagle1888 at yahoo.co.uk
Happy punting,
fleagle1888
Daily Record Front Page (A picture only)
congrats to Mort and Mrs Mort on the birth of young Declan Liam Brennan..born yesterday afternoon..
glad all went well..
Picture courtesy of Ray Charles RTC
Daily Record Inside Page (A picture only)
Morning from London, Mrs Maestros birthday trip to theatre, cracking morning, going to enjoy reading back for the next hour before heading out for the day.
Good morning friends from a gloriously bright, sunny, cheerful and very happy feeling East Kilbride.
This Is The Day that The Lord has made, we WILL rejoice – and be glad in it!
Jobo