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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Partizan
Perhaps I should have been more specific that its the “stinkin'” bit that lacks a wee bit of class. Defo funny the first time but …
Brilliant quote from a Portsmouth supporter on sky…..asked about clubs administration replied ” its like deja vu all over again” lol
Awe_Naw – Great article! Really encapsulates how I feel personally and I am sure fellow Celtic fans do too.
I have also noticed on facebook, friends who are fans of Aberdeen, Hibs and St Mirren, enjoying the demise of da hun.
Apologies if this has been asked already.
I am in no way scared by the signing of Cousin, but if it allegedly went through yesterday just prior to papers being signed and lodged by the club to start the process of administration, is this not wrongful trading?
Thanks
HH
Just popped in quickly.
Got to say I’m perplexed by the choice of game on the Celtic Viewer on the website today.
A momentous day such as today, and some obscure end of season showcase game from the 1960s is chosen.
To the car park.
Sack the board.
Im too excited to eat my jelly and ice cream.
I canny eat Ice cream.
I got sickened off it when I got ma tonsils oot.
Oh well.
Snake Plissken says:
14 February, 2012 at 12:02
Brilliant.
Hmrc rejects rangers offer of going into administration in 48 hours.
the long wait is over says:
14 February, 2012 at 12:13
Partizan
Perhaps I should have been more specific that its the “stinkin’” bit that lacks a wee bit of class. Defo funny the first time but …
======
Fair enough and I agree. You didn’t say that though! My post remains valid.
What court is this verdict at? Might take a wander up at lunch!
LB
Jeroboam -double magnum of wine and champagne.
EverydaysaschooldayCSC
Play
is that craig whyte in the white suit????
http://www.youtube.com/watch?v=ygIQPM0g5nc
Snake
Your excellent post got lost in this latest news.
I wasn’t sure what you meant by sectional cup compys,I do now,its certainly interesting,it sounds a bit like American football if I’ve got it right.
Would it be wrong to give Hector the wifes roses for Valentines Day
Apologies if you’ve seen it already
If you go down to Ibrox today,
you’re sure of a big surprise
If you go down to Ibrox today,
you’ll never believe your eyes
Super Ally has no cash
Soon no place to sing the sash
Today’s the day, the Teddy Bears have their pitch nicked.
Hooped Dreams at 1146,
Re Ian McGarry.
He is a Celtic supporting journo. Not sure if he still is, but he used to be a season-ticket holder at Celtic Park. Probably also a shareholder.
The reason he hasn’t been shouting about the huns issue is that he is based in London (and has been for many years now) and has been the S*n’s chelski’s correspondent for several years.
I know him personally, have done for years and used to go on the same CSC bus as he did. Trust me you are waaaaay off the mark if you are trying to label him a hun!
HAIL! HAIL!
Token
TTT
McGarry is some actor, then. Listen to the link. I can assure you I have reported his comments accurately.
Just heard that the “soon to be ex club” will be unveiling a new strip on Saturday (if the game goes ahead). Not sure if it is to avoid a colour clash or for other reasons but it is…..
Norwegian Blue!!!!
with a red neck of course
There is even more opportunity here. With the imminent demise of the hun cesspit Alec Salmond has the prime moment to end bigotry in Scotland by banning the Orange order and all walks in Scotland. Come on Alec seize the day. Whay a legacy you can leave.
Think about it. No sectarianism in the heart of Scotland.
By the way, Well done Paul67 great site. Our day has come.
TT
Incidentally, I never called McGarry a hun.
My point is that he is an example of the type of journalist who has ignored what has really been happening at Ibrox.
JinkyvJohnGreig, a very good question.
the long wait is over, OK, let’s settle on:
We don’t need no fragrant Rangers.
BrotherAidanIwisnaelate, yes….. Our day has indeed come. Enjoy.
Yeah surely the SFA has to step in now and dismiss the Cousin acquisition.
HAil Hail
The more I see of Mr Whyte, the more I see a 21st century version of “The Producers” -put on a flop show and take out as much money as possible. And of course, aside from us taxpayers (ex-taxpayer in my case) the punters are the ones who get sc***ed, this is modern football after all (in the heat of the moment, I almost – almost – have some sympathy for them, although I suspect that sympathy, even more than revenge, is a dish best eaten very cold indeed).
I’m sure that Ra-Ra-Rangers will be as hard to finally kill off as Ra-Ra-Rasputin, although they are certainly a lot less pleasant. So I suspect that they will be back, although obviously seriously weakened. I hope that CFC management is making appropriate plans to capitalise on this period of weakness.
Over a glass or three of Jamesons last night I found myself speculating – how can we position ourselves to maximise the advantage? The only thing I could think of was to have a big whip round to buy Ibrox from the administrators, and sell it to Tesco or NCP. After all, it’s worth next to nothing unless it’s a stadium, and I guess the administrators would listen to any reasonable offer. Of course, it can’t be that simple, but let me dream.
.
“Our revenue benefited from … Champions League football, but we have, at the same time, controlled costs so that much of our increased revenue has come through as profit in this six-month period.”
David Murray
Summa
Mr Ogilvie and Mr Regan get your head out of the sand and do your bloody job!!!!
Ibrox’s poet laureate finds the words to fit the mood of the times;
The Poems of Ewen McTeagle
Introduced by the Lionel Blair Dancers
From the lonely crofts of Scotland, two three turn, from the haunts of coot and hern, pause kick, comes a still small voice in a world gone mad, jump two three down, round, spin: the poetry of Ewen McTeagle. This young Scottish poet, up two three, spin, jump and down, has taken the world of literature by the throat, pause, kick kick pause, with such poems as ‘Spare us 50p for a cup of tea, Guv’ and the world famous ‘Lend us a quid till the end of the week’.
Lend us a quid till the end of the week.
If you could see your way
To lending me sixpence
I could at least buy a newspaper.
That’s not much to ask anyone.
Upon Reading Chapman’s Homer in Selfridges
Owe gie to me a shillin for some fags
And I’ll pay yer back on Thursday.
But if you can wait till Saturday
I’m expecting a divvy from the
Harpenden Building Society.
Lines Written to Lassie O’Shea
‘To Ma Own Beloved Mary.
A poem on her 17th birthday’
Lend us a couple of bob till Thursday
I’m absolutely skint
But I’m expecting a postal order
And I can pay you back
As soon as it comes.
The recurrence of this theme of desperate search, for something perhaps symbolic, perhaps half imagined, is central to his greatest work: ‘Can I have £50 to mend the shed.’
Can I have Fifty pounds to mend the shed?
I’m right on my Uppers.
I can pay you back
When I get this postal order from Australia
Honestly.
Hope the bladder trouble’s getting better.
Love, Ewen?
Other Poems: ‘My new cheque book hasn’t arrived’, ‘Lend us a bob for a wee refreshment, hen’, ‘What’s twenty quid to the bloody Midland Bank?’, ‘I’ll just have to cut down on food’.
Prize Winning Poem to the Arts Council: ‘Can you lend me a £1000 quid?’ (This poem won £1)
HM Revenue and Customs is set to ask the Court of Session to put Rangers Football Club into administration.
Well Bhoys n Ghirls.
I’m away into town to watch The Phantom Menace in 3D. Was going to drive but have decide to take the 56 bus which goes along PRW past the White City (Now Helen St Police Station). Now that the flats are down should be able to get a Hawk Eyed View of the True Blue Phantom Menace in full 4D.
See yas.
MWD
To paraphrase Brian Dempsey
“The Game is Over. The Revenue have won”
fritzagrandold said on twitter the case is in court 7 of the court of session lol
HMRC tell orcs they want the accounts made public. The knight in league with his lawyers to try and avoid this.
McShagger leasds player delegation to complain about events and is Sally’s Office as we speak…
Things can only get better…
Keep the Faith!
Hail Hail!
Ranjurs have been placed on negative credit outlook by the US rating agency Moody’s.
Paul67
No! No! And thrice No!
Stinking! Stinking! Stinking!
MWD
HECTOR – Moonbeams WD. Kano 1000 \o/ Supporting Neil Lennon 100%. says:
14 February, 2012 at 12:32
Well Bhoys n Ghirls.
I’m away into town to watch The Phantom Menace in 3D. Was going to drive but have decide to take the 56 bus which goes along PRW past the White City (Now Helen St Police Station). Now that the flats are down should be able to get a Hawk Eyed View of the True Blue Phantom Menace in full 4D.
See yas.
MWD
…………..
Saw it on Saturday, its AWESOME!!!!!!!!!!!!!!!!!!!!!!!!
Whyte’s Vital scam saw HMRC lose out on @ £300 k . Relatively small beer for them but I don’t imagine that they have forgotten that Whyte did it by getting a Liquidation Accountant to produce documentation which demonstrated that Vital were owed much more than they owed other people. [ surprisingly that wasn’t true ]
They know who he is . They know what he is. They have waited a long time..
The SFA thought he was a ” fit and proper person “
Mon the HMRC
LB
Apricale ?
Snow ?