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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St Martin De Porres 11.38
You forgot “This is the start of the road to recovery”
Oh my aching sides.
Don’t reckon I’ll ever stand up again.
Apologies if this link to Mike Small’s article was posted already, but even if it has been it is worth Celtic fans reading this again.
http://www.guardian.co.uk/commentisfree/2012/feb/14/rangers-administration-scottish-football?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+theguardian%2Ffootball%2Frss+%28Football%29
I listened to Clyde last night and honestly, Spiers and Keevins sounded more scared of the world being able to move on (and Celtic in particular) without Rangers than of Rangers actually disappearing. Of course if Rangers disappeared and Sectarian chanting and murders did also, it would blow a hole in the “they’re as bad as each other”/Old F**m myth!!!
What they fail to understand of course is that Celtic is a cultural movement, a rallying point for like minded people as much as a football club. Rangers developed in the way they did SPECIFICALLY to try and undermine all that Celtic stood for; its very raison d’etre in the mid to late 20th century has been as a rallying point for those who hate what Celtic stands for. In other words, Rangers modern history has no more depth to it, no more reason to it, than as a REACTION to Celtic’s existence.
The opposite of that is not true. RangersMinded (to coin a phrase) people like Keevins and Spiers cannot get it into their heads, cannot understand that Celtic has not developed as a reaction to Rangers. They have no concept of how Celtic developed as a rallying point for emigrants, as a charity to support the poor of Glasgow, as a place to celebrate a unique culture (songs and music), as an integral part of an immigrant community, as something that has provided a history and a reference point for a people in a land where they had neither. (of course we have attracted many many more fans than those who would recognise themselves in the description above, but I am simply explaining that this is how Celtic primarily developed in my opinion)
In essence, Celtic fans are wasting their time ringing Clyde and trying to convince Keevins et al of why we can happily celebrate the death of the Sectarian beast. They simply are incapable of absorbing what you are saying because they consider Celtic as merely existing as a counter-balance to Rangers. What nonsense. Consider the paragraph below from Small’s excellent article that I’ve linked above, if you still think there is a point in trying to convince those who represent the “vested interests” …….
” The idea that the two clubs are mutually dependent persists only because the idea of Rangers and Celtic is so deeply embedded not just in Scottish culture, but also in Scottish press circulation. The Old Firm flog papers. But, in reality, the idea that splitting the Old Firm would be a travesty for Scottish football is upheld only by people who have vested interests in our (already) hopelessly failing game. Scotland’s Sky TV deal is already pitiful, and BBC Scotland’s coverage is reduced to a poorly produced highlights package.”
LARFter.
The best medicine ;/)
Guardian: Rangers’ demise might not be such a bad thing
Get on it.
Lovely —-
A Court Appointed Administrator !
The Who Can You Believe Hun Civil War will be a thing of beauty—— the relevant parties will not agree to hang together —– every -” it wasn’t me” will be be accompanied by evidence purporting to show that it was ‘ him ‘ that did it. Those that want to save their own Hun ass will choose to stone and pelt someone else .
Minty took the dumb ass Hun support for fools. He made fools of the gullible ” Scottish Establishment” . . He collected Scottish journalists in his sticky paws —- flattery / access / exclusives etc saw them do his bidding..
The Thousandaire is a feral 2 bit shyster . He will look to stick it to Minty.
Sit back and enjoy —-it is going to be a very dirty war. The falsified histories will make David Irving envious.
No to Newco .
” They’re selling postcards of the hanging ”
” and the only sound that’s left
after the ambulances go.
Is Cinderella sweeping up on Desolation Row “.
I have a strong desire to return to Glasgow —– I would love to be there -love be to watching the spectacle /the circus up close .[ it can’t happen but the desire is there ]
No to Newco !
There was a story on the Record site earlier on this morning which I now can’t find about the guy who Whyte wants to appoint as Administrator.
He was one of the group pictured with Whyte at the photo opportunity when Whyte first took over.
The implication is that Whyte has planned this whole scenario down to the last detail from day one.
That’s why HMRC are trying to wrestle back control of the process.
They know how dodgy Whyte is and suspect those around him are not playing with a straight bat.
Doubtless the assessment of Whyte’s credibility by Sheriff Ross will be mentioned in HMRC’s application.
If HMRC put them into administration this afternoon isn’t that different from voluntary administration and would therefore result in a 25 point penalty?
Awe_Naw – with all the shenanigans surrounding our beleagured hero, the appearance of Mr Duff & Phelps at the purchase and his general attitude and history, I would be very surprised if HMRC were unable to persuade a sheriff that he shouldn’t be allowed to control the insolvency
Hail hail all
Good to see the chickens all coming home to roost…
A couple of questions for you Paul or others if I may:-
Are there rules in place at the SPL with regards solvency, trading history and registration of the team for next season?
Would rangers have broken these rules if they had recognised a contingent liability in their accounts?
Have the directors knowingly been trading with suppliers in an insolvent position and is this not a criminal offence?
and lastly can someone tell me what the jelly and ice cream is all about please?
Anyone who can post coverage of ssn or similar would be greatly appreciated – I saw the news in the airport lounge in Melbourne this morning but feel like Im missing out :-) Just cant get enough!
hamiltontim says:
14 February, 2012 at 11:42
I think you right with that one, how funny would that be..
Could Celtic fans STOP calling the Phone-ins just for a couple of days.
In my opinion the Clyde panel made the show more about Celtic fan attitude towards the orcs going bust that the main issue itself.
I would just like more coverage of the orcs attitudes towards there beloved team going bust at this point.
tictalker talking tic
Yet another good day to be a Celtc fan.
Just a reminder that you can buy a hoops top signed by Neil Lennon’s first ever championship winning squad on ebay so that Vanessa Wilder might be able to have many more good days as well.
http://www.ebay.co.uk/itm/ws/eBayISAPI.dll?ViewItem&item=170782697192
I must admit,you meet a better class of person on the dregs of the last thread!
AWE NAW may have already reosted his 1051-I think-effort,but if not,it’s worthwhile having a look.
hamiltontim says:
14 February, 2012 at 11:42
We´ve won the league again fly the flag
Hail Hail
It seems events are moving so fast they are about to run right over the top of TFOD.
I must just pass on my experience of last night’s radio discussions.
There is a programme on at 7.00 pm on a Monday night on Radio 5 known by the not very original title of The Monday Night Club. Last night had Mark Chapman, Steve Claridge and the estimable John Motson. They were joined by ( the shame of it) a Scottish person who was only identified to me as “Ian”. I did not know who”Ian” was but I have subsequently discovered he is Ian McGarry. He was hitherto unknown to me as he is a journalist with the S*n.
When I turned the radio on at about 7.25 pm, I heard the dulcet tones of Pat Nevin. To my surprise La Nevin was giving a reasonable thumbnail explanation to those of an English disposition as to what the present position was with the Govanites. He also hammered the point that the “Celtic fans” considered the TFOD’s use of taxpayers money was essentially cheating and so there would be no mercy shown. Nevin was only on a short time and his comments seemed quite reasonable.
After the Nevin contribution, Mark Chapman turned the conversation over to McGarry. The emotion in McGarry’s voice was unmistakeable. There was much gulping and pausing for breath as he spoke. He began by saying,”(Gulp) This is the biggest failure of any club in the (gulp)(choke)……” During this pause I thought to myself, “Well, I suppose it probably is the largest failure by a football club in Britain as no other club would have the temerity to rip off the tax payer to the same extent.” However, my confidence in what he was about to say was misplaced. McGarry recommenced: “The biggest failure of any club IN THE WORLD.” This was followed by an astounded-of-forehead silence from the assembled panel. “Wot?” said Chapman. “Even bigger than LEEDS UNITED???” This clearly was an attempt to bring the conversation back to something approaching reality.”Naw,” McGarry continued, “it’s like REAL MADRID going under.”
You will not be surprised to learn that Motty et al had by this time clearly formed the impression that McGarry was deluded. Unlike the position in Scotland, they did not accept as a given that this was a tragedy for the game. Motty himself was somewhat outraged by the mere possibility that HMRC could have allowed TFOD to get away with not paying tax to this extent. Obviously Mr Motson is not up to speed with the recent debacle invoving Scotland’s equivalent to REAL MADRID.
Later I saw the news with the usual suspects assembled outside Ibrox. There was one fan who seemd to sum it all up. “How can a club of the size of Rangers go under?” he asked. He did not seem to be unintelligent, only seeking an answer to clear the fog in his brain. The answer, as we all know, is that journalists like Mcgarry have failed to report on the tax position for years and years. Indeed, Mcgarry’s comments last night are a sign of how self-deluded the MSM are when it comes to the Establishment’s favourite team. And yes, I have no doubt that these jounalists really do see it that way.
For those who cannot believe what they have just read, here is a link to the aforesaid programme.
Listen and judge for yourself.
The Monday Night Club 13/2/12
Whyte seems like the wee mouthy guy who when squaring up to the big guy jumps around saying “Mon then, I can take you no bother” just out of striking range. Problem now is it seems the bigger boy has taken half a step forward and burst his mooth with one hit.
hector going after rangers today!!?? jesus, really will be a st valentines day massacre! give me joy in my heart give me hector!!!
I couldn’t be an happier,
Even if I were 8 years old on Christmas morning and discovered Santa had left me a drum kit, scaeletrix, a grifter, a wig wam, a Celtic trakkie, a Rambo knife, a Y cardigan, a baywatch calender, £15, a hulk mask,an air rifle, star wars wallpaper, a veto on brussel sprouts at grandma’s house later and a ticket for Tannadice on boxing day,
Here’s a bold move for dealing with life without Rangers. Celtic withdraw from the League Cup until Rangers return to the top flight and the SFA allocate a Europa League spot to the winners. It’s a guarantee for somebody other than Celtic to win silverware and a chance to play in Europe. Watch attendances for those clubs involved shoot up. Better for the whole of Scottish Football.
Whyte tried to give hector a dummy and he still made the tackle.
The end is nigh. HMRC spent £8m chasing Redknapp for £10k. Rangers have no chance here. Lock the gates please.
LB
Here’s my repost,looking for a wee bit of assistance as usual.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS says:
14 February, 2012 at 10:58
Anyone know the details of the Club Deck rip-off scheme?
Got a hun mate denying it’s existence,so I’ll hit him with costs and redemption date,etc,if anyone has them.
Thanks in advance.
“Doubtless the assessment of Whyte’s credibility by Sheriff Ross will be mentioned in HMRC’s application.”
Nice one Ernie!!
So do they get docked 10 points, or 20 points?
Good Morning from a cold Toronto…..never mind this will warm my heart up……
http://i40.tinypic.com/4pttts.jpg
TAL
The Lizard King, indeed.
Peat Blog, I’ve suffered taunts for that phrase for years. Perhaps the time has come.
Good question, where is Mabel?
GivehimthemoneyPeterCSC, Spl rules are fairly lax about insolvency, which is not unusual in other football leagues (including all in England).
Trading while insolvent is not technically illegal, but it is if you have no realistic prospect of paying the creditors you incur.
Time for good legal advice on every step taken.
Penfold, well played.
Awe Naw
All the sweeter that we are 4 points ahead before yesterday’s events!!
Bobby Murdoch
I don’t have time to dig out what you want. But basically the Club Deck was paid for, to the tune of £7m I think, by debentures covering 25 years, giving the right to keep the same seats. Now who says the Hun fans never paid unto the club? Funny as feck.
ernie – is that not liking asking if you should shoot or stab the cadaver?
Master-race arrogance – right to the end.
Whyte yesterday saying WE will put ourselves in administration … WE will appoint an administrator … and that’ll teach ye!
Even now they believe they are ra Peepul, dishing out the orders, in control of the agenda.
HMRC this morning putting a torpedo below their waterline in the Edinburgh court was just so sweet.
Truly, they deserve everything that’s coming to them.
Starting I hope on the steps of an Edinburgh court in about an hour and a half…..
Tramp the dirt down.
This is the end
Beautiful friend
This is the end
My only friend, the end
Of our elaborate plans, the end
Of everything that stands, the end
No safety or surprise, the end
I’ll never look into your eyes…again
Can you picture what will be
So limitless and free
Desperately in need…of some…stranger’s hand
In a…desperate land
Lost in a Roman…wilderness of pain
And all the children are insane
All the children are insane
Waiting for the summer rain, yeah
There’s danger on the edge of town
Ride the King’s highway, baby
Weird scenes inside the gold mine
Ride the highway west, baby
Ride the snake, ride the snake
To the lake, the ancient lake, baby
The snake is long, seven miles
Ride the snake…he’s old, and his skin is cold
The west is the best
The west is the best
Get here, and we’ll do the rest
The blue bus is callin’ us
The blue bus is callin’ us
Driver, where you taken’ us
The killer awoke before dawn, he put his boots on
He took a face from the ancient gallery
And he walked on down the hall
He went into the room where his sister lived, and…then he
Paid a visit to his brother, and then he
He walked on down the hall, and
And he came to a door…and he looked inside
Father, yes son, I want to kill you
Mother…I want to…f**k you
C’mon baby, take a chance with us
C’mon baby, take a chance with us
C’mon baby, take a chance with us
And meet me at the back of the blue bus
Doin’ a blue rock
On a blue bus
Doin’ a blue rock
C’mon, yeah
Kill, kill, kill, kill, kill, kill
This is the end
Beautiful friend
This is the end
My only friend, the end
It hurts to set you free
But you’ll never follow me
The end of laughter and soft lies
The end of nights we tried to die
This is the end
ernie
I thought forced administration resulted in a 25 point penalty being incurred?!
Partizan says:
14 February, 2012 at 11:50
My mates old man bought one of those seats and now doesn’t go. Sickened by Manchester. Proper football fan. I guess so many years of embarrassment wears you down.
LB
My favourite line is ” Rangers, an ex-football Club”
Loving this
KINGLuBO
Funniest thing so far on Rm
“I’ll bet Whyte’s arse has just collapsed!”
Paul67
I’ll need to get a Jeroboam.
Play
FF say this is only happening as HMRC and the Judiciary are filled to the gunnels with Taigs.
They are probably correct…..if they are correct boy are they in trouble
St Matthew was a tax collector …. o))
pedrocaravanachio67 says:
14 February, 2012 at 11:51
Wrong !!!! You and the Shamen Lizard King
THIS IS ONLY THE BEGINNING
CAN I SIT DOWN FOR NEIL LENNON ? I HAVE BEEN STANDING FOR MONTHS .. FEET ARE KILLING ME?