I thoroughly enjoyed Chris McLaughlin’s interview with Our Hero yesterday; there is so much to digest. It’s tempting to explore the information that in October last year Craig Whyte informed SPL chief executive and chairman, Neil Doncaster and Ralph Topping, that Rangers were very likely to go into administration and that a CVA was likely to fail.
Was this assertion shared with other SPL board members or did Doncaster and Topping keep it to themselves as they pretended all was well while preparing to change the rules to allow a Newco access to top flight football? There is a whole ocean of duplicity here as fans were kept in the dark while being asked to accept revolutionary changes.
Unsatisfied creditors who extended credit after this date, from HMRC down, will all be fascinated by this admission. As will liquidators BDO.
Tempting thought this question is, I’ll leaving it hanging for now. There is a more intriguing topic.
When asked how much profit he made on his Rangers venture Whyte said, “Any arrangements I made with the purchaser [Green] are confidential.”
The BBC headlines from yesterday, proclaiming that Whyte “brought Green in to buy Rangers” points to the most important matter. While Duff and Phelps were busy using creditors money to try to sell the business, Craig Whyte realised he was the Only Game in Town, and operated a parallel sales process. He had security over the stadium and it therefore didn’t matter who else entered the bidding for Rangers.
No matter what deal they put in front of Duff and Phelps. The Blue Knights, Bill Miller and Bill Ng would never in a position to pull a deal together as Whyte agreed a deal with Charles Green.
It doesn’t really matter if Green had any prior relationship with Whyte or if they were brought together by Whyte’s contacts in London (which both seem to agree on). Whyte had a price to hand over his shares (likely to be £1) and his security over the stadium (this is the interesting bit) and Green met it.
The Blue Knights thought they had a deal, so did Bill Miller, but neither had the stadium. Having secured agreement with Whyte, only Green could deliver a deal; no matter how little was on the table for creditors. Duff and Phelps subsequently accepted £5.5m for the assets of the club, the highest deliverable bid received. The only bid from the population of one who had secured use of the stadium.
Which brings us back to the heading at the top of the page, “Any arrangements I made with the purchaser are confidential.” Agree, Craig, this is not something you want to discuss openly.
This statement came in response to Chris McLaughlin asking how much of a profit Whyte made at Rangers. A more reserved interviewee would have dismissed the question by saying something like “No one but Duff and Phelps made money out of this one”, but our Craig was in full flow by this stage of the interview.
With a glint in his eye he confirmed a deal was done. Forget all the adjectives you’ve heard about the man over the last year, “stupid”, “dumb”, “clown”, this clown gave Ticketus a personal guarantee for circa £24m, put the man who agreed to his terms in place, and then made a profit out of the deal.
I’ve no idea who owns the stadium (could be Green, Whyte or Whyte senior) or what consideration passed for it when Green and Whyte put pen to paper, but this is the crux of the entire deal. Did Craig Whyte secure his profit by signing over the Ibrox security for free, did he sell it to Green at an undisclosed price or does he retain an earn-out interest in the property – and, therefore, ultimately the Newco.
It remains to be seen what liquidators BDO make of the confidential deal between Green and Whyte. Will they see the stadium asset exchange as being in the best interest of creditors or as a deal against creditors’ interests? I hear Charles Green yesterday claimed the company’s property assets were worth in the region of £80m. I’m sure HMRC were taking notes.
Is there anyone left who believes that all Craig Whyte received in exchange for passing the keys of Ibrox to Green was £1? Maybe Mr Green will be keen to explain ahead of his share issue, just to clear up where working capital is going.
There is a great Tribute Night for Pat McCluskey coming up at the Supporters’ Club on London Road next Friday, 26th October. Frank McAvennie and top comedian, Pat Rolink, are both speaking after a three course meal. Cost for the event is £40 per person. The Club holds around 200 people and I hear there are only a small number of tickets available from Pat Rolink on 07905 174275.
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Sandy Jardine says Craigy boy should be jailed in the Daily Record online
“I know the police and fraud squad are continuing to look at things and hopefully they will put him in jail.”
Jardine should be careful about who he wants jailed there is more than the one villian in this piece
He goes on to tell us HMRC have let them down no doubt because they never waived the bill…mmmm
“The club has been treated abysmally by the governing bodies. We’ve been let down by them and I include the SFA, SPL and the tax authorities in that”
They will say anything for another sup of the Loving Cup
Looks like Jardine will be the only one left in that video to get another sup of the cup next time round
Just seen we are 49/1 on Betfair to beat Barca…….30/1 BetVictor..we can all dream
!!Bada Bing!!
Keep your money and buy Sevco shares
makes sense to me,Craig and Charles
Awe_Naw
I expect to find something tomorrow. Well done. Jung gewohnt, alt getan.
O.G.Rafferty 21:42:
Look forward to it mate…:)
The Boy Jinky 21:42:
Always in our Hearts and Souls.
!!Bada Bing!! 21:44:
Cheers mate
Keep the Faith!
Hail Hail!
A ceiler gonof rust.
Congratulations to you my man,your persistence paid off.
I’v watched them all on numerous occasions even some huns I no with a sense of humour enjoy billynowells work.hail hail
The Jinky Bhoy.
Glad to see you posting again but how many nom de plume’s have you used.
Lennybhoy
I got no soul ….lmfao
Gents have 2 spare for Barca, home section next to ours. Afraid seats not together.
Oldtim
On facebook i change regularly but havent been on here for ages
I lurk on the zombie sites as i find them highly amusing ;)
rasperry
i;ll have them
Ceiler
Top work. Well done.
SOAL-I’ve pledged £67k , do you think that’on the light side? Be daft to miss out on a bargain :)
Can I Have Raspberry On That Champions League Ice Cream
can you email me at
blantyretim@aol.co.uk
The Boy Jinky 21:53:
You might not have soul but you do have a Soul, we all do my friend…:)
Keep the Faith!
Hail Hail!
I will blow you a raspberry bt ;)
jinkster
mini BT will be proud of her old man if i can pull this one off..
BT
Email sent
Awe_Naw..,
Was Alex S involved in any meeting with UEFA concerning rangers\sevco
If so, what was his role and what assistance did he offer
Bt
Im sure she is vewy pwoud of you :)
.
Who Mentioned Sammi..?
Summa of SoulessRasperrysCSC
feck
didnt read it properly…
though it was for CelticPark.. o))
email replied rasperry..
See that Sandy Jardine……….he really grates me!
Lennybhoy
I sold my soul to the devil in exchange for the demise of the horrible huns :)
I hink mini may even swap her 1direction tickets for tickets to see Celtic Barca ….
any takers? o))
TET 21:43
I agree with you that there has been a concerted rearguard action – an attempt to cover up and obfuscate..
With that in mind, I would be less confident that SPL and SFA figures will face the full consequences of their mismanagement – but I do have hopes that the various financial frauds at RFC will be exposed.
Still, if Whytey keeps singing like a canary, you just never know who might have to answer a few difficult questions (that is if we can find somebody to ask them).
Time for me to go Ghuys…until we meet again…:)
Keep the Faith!
Hail Hail!
Bt
I think were all hoping that the play aint all going in the One Direction :(
BT
1 direction to where?
Burghbhoy-Sandy Jardine 30 years on is still in Danny’s shadow…..highlighted again today.
.
The ‘Boy’ Jinky..
You Must be a H*n..if Not You are a ‘H’-ist..(a Hater of the Letter ‘H’)..or a Big’H’ot..(a Person Who is into BigHotery)..see also Michelle McManus..:O)
Summa of BoysOfOzCSC
Barca…
night bhoys..
god bless..
right back to Euro away games, what happens?
(1) you never remember how you got back to your hotel.
(2) why did you pay for a bed when you wake up the next day slumped in a chair with a bottle of beer still in your hand
(3) you get a dose of the runs and the spare bog paper is at the other side of the toilet
(3) so hung over you can not work the shower and end up with a cold shower; as a result your proud champion is the size of a peanut
memories are made of these!!!!
Summa
Keep that up and im gonna hang your hoops on the gates of ibrokes lmao
Jandy Sardine, what a guy and the epitome of their morality, sporting integrity (no laughing at the back). Surely no finer ambassador and true representative for the facade that was Rangers.
A Scotland career built on taking the place of a better man and far superior player.
Sums them to a tee.
Anyone any idea why William Pullar Jardine changed his name to Sandy Jardine?
The answer is tugging at me, but I can’t grasp it.
SPF
Hello not but been on a lot for a lack of wife n kids for the past week, they are on holiday and I have been a bit squiffy, just a wee question. Who was the player D&P tried to sign and failed while working tirelessly to claw back money for the poor hard working out of pocket creditors? Is this normal with a company that everyone knew was not only in admin but facing almost certain death, which has now come to pass.
Tim Malone Will Tell:
“Conspiracy theorists” ?
I’m probably one. The one thing that’s gone wrong with the the whole scenario is the failure of Scottish football fans to accept Sevco into the SPL and to put them into, their not even rightful place, in Division 3. It might not finish them this year but it will eventually.