Day of reckoning draws close for Rangers


Companies have a statutory duty to produce financial reports in line with commitments made to shareholders.  The failure of Rangers to fulfil those commitments was put down to a lack of clarity over the future outcome of the on-going tribunal with HM Revenue and Customs.  As a consequence of this failure, trading in Rangers shares have been suspended by the Plus Stock Exchange.

The Plus Stock Exchange also told Rangers broadcast partner, STV, they were “currently conducting an investigation into the circumstances under which Craig Whyte’s seven year disqualification from acting as a director in 2000 were not disclosed at the time of his appointment to the board of Rangers FC on May 6, 2011”.

Rangers today suggested there was “little, if any, tangible benefit for the club to be a listed company”.  This may be true but the benefit of a listing is heavily weighted towards shareholders and creditors, who should have received structured financial information in a timely manner.  Shareholders have also been denied the opportunity to attend an Annual General Meeting, which, in line with stock exchange rules, should have been held before 31 December 2011.

Many of you have watched Rangers speculate wildly for over two decades with the feeling that they would crash and burn.  This has been a painful period for those who follow clubs who stick to budget, unprepared to take a seat at the roulette table.  The day of reckoning draws closer.

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  1. Glad to see the Jelavic 25points blog buried.



    Before we know it everyone will think that is a fact as opposed to speculation.



    For those of you ready to believe deals have been done with the nod from Celtic read Batcabhoy and Torquemad’s posts on RTC.



    The ONLY solution that retains the integrity of the game is due process which looks like a Newco in Div 3.



    The only barrier is immediate financial cost and UEFA should be asked by the SFA for a bailout for the other SPL clubs with integrity restoring conditions, since maintaining integrity of football was part of Platini’s Christmas “speech”


    Ask him to put UEFA’s money where his mouth is. It only ends up in pplayer’s pockets anyway, the same guys who benefit from dodgy deals.

  2. ‘At this point the club’s advice from tax advisors has been that the club has a good chance of succeeding in the tribunal’



    Craig Whyte 14/9/11






    ‘The delay has been caused as a result of finalising the audit, which the board believe will be complete on or around 31 January 2012. The delay in finalising the audit is related to an ongoing HMRC tax tribunal.’



    Craig Whyte 9/1/12






    If ‘tax advisers’ (not necessarily the advisers conducting the Tribunal) have said there’s a good chance of succeeding in the Tribunal, why the delay in finalising the audit?

  3. philvisreturns says:


    9 January, 2012 at 13:59



    philvis – is it your ‘rightful place’ to be at the top of the podium? ‘Mighty’ Philvis! :-))



    I can still recall the Scottish sports hacks coming away with this rubbish in the 60s about their darling “Light Blues”. Mighty Rangers/ rightful place at the top of the League etc, etc

  4. Craig Whyte




















































































  5. Hey, Philvis.



    Looks like yer gadget may be gubbed.



    Is it under warranty … ?

  6. James Forrest is Lennon on

    ernie lynch:



    There are two things which spring from the statement’s from Rangers and Whyte today regarding their on-going situation.



    First, neither of those announcements confirms an AGM by the 31 January. Now, let me remind people that there is a timeframe for calling said AGM and that, if I am right, is 21 days. That means, if they are keeping to this 31 January date they have to call the AGM tomorrow. Is that likely?



    Secondly, what will be known on 31 January that isn’t already known? The FTT might reconvene this month, but no result is expected to be announced until March at the earliest.



    Those statements are transparent baloney. The lack of scrutiny being given to them by the MSM is mind-blowing.

  7. Bournesouprecipe -re game against the ole Kirk of Fal- if ole GoldstarX is goin’ to the ticket office I’ll take 2, please.



    I would offer to pay for them but I find the bureaucracy involved distressing.



    Will this be a problem?

  8. yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeees



    47th……………………………………………… post




  9. Leading Scots QC ” Rangers have nothing to worry about”



    by Jack Glass



    Leading Scots QC Sir Nicholas Fairbairn said today (swaying in an imaginary breeze)” Rangers have in my opinion nothing to worry about. ” Sir Nicholas, a former Solicitor General continued ” I have successfully defended a litany of Mountebanks ,Ne’erdowells ,Footpads and others too odious to mention in my career at the bar for over 50 years and in my considered opinion no right thinking jury would send Whyte to the gallows over this which when all said and done is quite a trivial sum. Sir Nicholas further opined” I know nothing about this case nor do I hold any brief for Whyte and I have no idea who or what Rangers are being a rugger man myself but I can assure you no properly instructed jury could convict this insignificant twerp in a Scottish court.


    However another eminent Silk, Sir Tarquin Throbing-Gristle retorted “Fairbairn is talking addled headed rubbish. Whyte is clearly a cad and without a scintilla of a doubt in my mind he will go down for a very long time indeed.

  10. Awe_Naw_No_Annoni_Oan_Anaw_Noo says:


    9 January, 2012 at 14:04



    your disagreeing with my sarcasm…..




    come on mr!

  11. Paul


    Your point about the conflict Ranger’s behaviour caused amongst other clubs is well made.



    There would have been no Mineshafters or Happyclappers had they played the game and I for one am angry at the discord their policy has caused in our support whilst they sniggered behind microphones.



    I do not blame those who thought Celtic should be good enough to overcome and just pay the cost of doing so. No one could believe the depth and width of what Celtic have been up against. But now that we do I hope we will be forgiving of each other and stand together in our fight for integrity and a level playing field.

  12. Gordon_J backing Neil Lennon says:


    9 January, 2012 at 14:06


    Wouldn’t it be wonderful if the huns went bust on Friday 16th March? Every year would then be a two day celebration of Liquidation Day followed by St Patrick’s Day.



    :-) This year would see us celebrate (hopefully!) with a League Cup Final on the 18th March too. The it’s my Brother’s Birthday on the 19th!



    In line with the “new” guidance from MPs my 2 days of non-drinking would be the 20th and 21st!

  13. As I stated on last article, if I were a bare (cold shiver) I think I would be asking firstly;



    Have you mortgaged off the next 3 years season ticket money?



    Have you sold off our catering income between now and the Resurrection(Christ not Newco)?



    Have you failed to pay the Tax/NI Conts due so far this season?



    A certain Tax Case would be the least of my worries…




  14. Bridie Gallagher died this morning


    Bridie Gallagher (born 7 September 1924 in Creeslough, County Donegal), is an Irish singer, affectionately known as The Girl from Donegal. She shot to fame in 1956 with her recording of A Mother’s Love’s A Blessing and achieved international acclaim with her legendary rendition of The Boys From County Armagh. During her career, which spans over six decades, she has appeared in many leading venues across the globe. She also made songs such as The Homes of Donegal famous.






    Bridie started her singing in the Creeslough Hall with a local Ceili Band started by Bill Gallagher. The Creeslough Hall was owned by Jim Mc Caffrey and Bridie would make many more visits to the Creeslough Hall in her home town throughout her long and successful career.



    Bridie’s talent was soon spotted and she went to Belfast which was to become her base, therein she married George Livingstone and had two boys, Jim and Peter. One son, Peter died in a motor accident in 1976 and the other, Jim later went on to tour with Bridie.



    Bridie Gallagher holds the record for the largest number of people in attendance in the Albert Hall London, a record that was never equalled as it went on to be come an all seater venue. Bridie become world famous and travelled all over the world, USA, Canada, Europe, Australia and was known as “The Girl from Donegal”. Bridie played in many of the world’s best known theatre’s including London’s Royal Albert Hall, Sydney Opera House and Carnegie Hall in New York. Bridie sang mainly ballads or as they later became known as Country and Irish. One of her best known songs was “The Boys From The County Armagh”. Bridie Gallagher had her own Radio Show on RTÉ. As well as many appearances on television RTÉ, BBC, UTV, and coast to coast in the

  15. JF – The biggest, and main criteria, they will be concerned about is having an auditor slap a going concern statement on their accounts. The consequences of that when you are trying to run a business is far reaching. Not only will you not get anyone to do anything for you on credit, anyone you do owe money to will get twitchy. For a football club it gives out the signals you are ripe for exploit. The values of your players go through the floor and you will struggle to get anyone to come and play for you as a contract will very likely be worthless. It is doomsday stuff. Forget any Brighthouse deals where you get £2m for your next 300 years worth of shirt sales. Nobody will go near your company.



    Now when you expand it out to WHY the going concern note has been stuck on then the SFA will need to be very careful RE awarding a licence.



    Whyte I am sure would have liked more time and wiggle room but the clock is ticking. I personally don’t see what the negotiations are about. The auditors would have said “this is our opinion for the accounts”. I very much doubt Whyte will be able to persuade them not to do it. They can’t. They have a legal responsibility to put that on. I also think, and I may be wrong here, that he can’t just go and find some mob who will write what he wants as a change of auditor requires a vote at an AGM. However you cannot have an AGM without audited accounts. Rock and hard place.



    I think all of this is time buying by Whyte and it will all turn out immaterial as Rangers will have suffered an insolvency event prior to March 31st rendering the point about audited accounts for a UEFA license moot. He is holding out for the result of the tribunal. If they go into administration prior to that result it is his running of the club that has done it. Nothing else. He doesn’t want that. He wants to blame HMRC when he cherry pick’s what is left of the rotting corpse.



    As things stand just now if Rangers enter into some sort of insolvency process I cannot see how the current company can come out of that process.



    Things are coming to a boil nicely and FPLG’s performance over the last 9 weeks has robbed the hordes of their excuse as to why we win the league this year as we will be on top when they go pop.

  16. James Forrest is Lennon on

    Auld Neil Lennon heid:



    As one of the guys who has frequently criticised our board for “lacking ambition”, I have to say I agree 100% with what you just wrote.



    For me, that makes it all the more important we do not bend in our opposition to Rangers NewCo being let off without the most severe sanction, which, in keeping to the rules, is a Third Division rebirth.



    Our club has endured a lot of turmoil over the time in which Rangers have cheated their way to titles. As you say, our fan base has been split and disharmony sown because we wanted to stay ahead.



    I think we now realise that had we administered the hose, or tried to, Rangers would simply have pushed their debt higher, sought further advantage through even greater cheating, and forced us to be more reckless still.



    In any game, competing with someone on a similar level to yourself, it is difficult enough to gain consistent success, if everyone is competing on the same basis by the same rules. Playing against an opponent who does not follow the rules, and does so completely unpunished … I think we are fortunate indeed we had men like Martin O’Neill and Gordon Strachan at the helm in that time, or the trophy haul would have been even less.



    Furthermore, that level of cheating denied an even playing field for Tony Mowbray and is the sole reason Neil Lennon is not already a treble winner at Celtic.



    I think, as you say, it’s time for peace to break out. Unity is going to be more neccessary than ever before if we are to work to assure Rangers suffers the maximum penalty they are due.

  17. Awe_Naw_No_Annoni_Oan_Anaw_Noo says:


    9 January, 2012 at 14:19






    Keep smiling!




  18. I find it strange that people actually use their own user-name when indulging in the shameful practice of Podium Chasing.




    There is no way that any one of us would be caught buying the Daily Sport or The Sun.


    We would not admit that we had paid money to watch the Krankies, or that we secretly liked to listen to the Famine Song.



    I would sooner be caught paying to hear the Krankies singing the Famine Song than be caught in this shamefully embarrassing pursuit . :¬)))



    NO, it is NOT simply that at my age I can’t react quickly enough.




  19. paul67



    “RogueLeader, “tick, tock, tick, tock” was the first comment ever posted on CQN.”



    a rangers supporter too, was he not?



    ironing in progress




  20. Paul67 et al



    Perchance he for whom the bell tolls may be so ill,



    as that he knows not it tolls for him;



    and perchance I may think myself as much better than I am,



    as that they who are about me, and see my state,



    may have caused it….. to toll for me,



    And I know not that……..

  21. BSR – e-mail en route.



    Like many topof today’s top footballers, and Kelvin Wilson, I find it convenient to tattoo such valuable information on various parts of my person, thus avoiding unpleasant bureaucracy.

  22. !!Bada Bing!! Kano 1000 on

    RL- spot on, when are the SFA going to intervene? They were very quick off the mark when Gretna,Livingston etc were in a financial mess.The Euro Licence is beginning to look like a legal issue for Celtic to persue IMO.

  23. Gordon_J backing Neil Lennon says:


    9 January, 2012 at 14:06



    My birthday is 16th March. No presents required if that happens.




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