There’s something undignified at the shenanigans at Ibrox right now. Despite being under no pressure to pay the disputed tax demand, Rangers are tarting around their top player in a desperate attempt to raise money.
After the Plus Stock Exchange suspended dealing in their shares the club stated it would produce overdue accounts for season 2010-11 around the end of this month, which coincides with the end of the transfer window. Any auditor needs to be in a position to state that the company has enough cash to be considered a going concern before he would be in a position to sign-off the accounts. Rangers are now in a desperate bid for cash as their self-imposed (late) date to provide shareholders with statutory information has arrived.
Claims were made that a front-loaded war-chest was made available to Ex-Rangers manager, Ally McCoist (still too early? Hmmmm) at the start of the season and it was subsequently suggested that a £9m bid was rejected for Nikica Jelavic, but now the same player is available for a fraction of that sum – available for cash, that is.
McCoist kept their season alive but as reality dawn and Neil Lennon’s Celtic turned up the heat, his challenge abated.
The trusty old media, for so long a crutch throughout Rangers rather unique history, are set to desert the White Star Line’s most famous vessel. The day draws near.
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I’ve read the story in the Record.
The up and down is that Whyte has admitted that he borrowed tens of millions against future season ticket revenues, and it would be reasonable to conclude that this was done to fund his purchase of Rangers and provide the working capital the club required. He based his cash forecast, from what we can gather, on a model that included European football.
Rangers burn cash at the rate of £3.5M per month, and the borrowed money is running out. It looks as though Rangers have become delinquent against current liabilities to VAT and PAYE as everything is done to plug holes and stop the cash haemorrhage. The attempted sale of Jelavic should be seen in this light, although why they are selling only one player is curious. They need a lot of money and damned quick at that.
Whyte borrowed enough dough to get the business through to a conclusion of the tax case, foreseen in November. The continuation to January has mullered his budgets.
There are multiple levels to it all, from blind stupidity on the part of Whyte, to clear implications on the short term survival of Rangers irrespective of the outcome of the tax case.
While the Daily Record has run the story this morning, they are the kind beneficaries of Paul Murray’s bean spilling.
The story has come out following an investigation by HMRC into the delinquency of Rangers with regard to declaring and paying the VAT due on the season ticket transaction. Paul Murray and Dave King were interviewed by HMRC last week as part of this investigation. They were provided with copies of the original transactions, and questioned about their possible involvement given that the documented transaction trail started in March last year during the period that Murray and King (and the others) were still Directors of Rangers (btw King is still a Director and is in a tricky place right now) – Whyte lined the deal up prior to the takeover in order to demonstrate that he hads the wherewithal to complete the deal.
Paul Murray has revealed to the Daily Record some of the details contained in the documents shown to him by HMRC as part of their investigation. It appears, based purely on what I have read, as though Whyte and Rangers have not declared the transaction in their quarterly return for the relevant period. VAT has been charged to Ticketus for the advanced sale of season tickets, but not remitted to HMRC.
That is a criminal offence, and it rather sounds as though HMRC as pursuing a criminal enquiry rather than a civil one. Jail time.
Doubtless there is more to come out in the coming days, but from the evidence in the public domain this morning, it seems inevitable that this will end badly for the company and those charged with the responsibility for running it.
Hold on!
TBB
Kittoch,
There is a downside for you. You’ld hear that mob’s songs drifting up the hill towards EK too.
Imagine if this was US……..?
What would today, and EVERYDAY look like for the Tims as controlled by the Old Media.
Don’t buy it. There’s nothing there for US that we can’t get here.
Morning Bhoys from a still gloomy yet remarkebly bright North Glasgow!!!
Well I bought a Record this morning on the way to work, for the first time in many moons. That was a mistake.
Took it into the staffroom (that’s a canteen to the rest of you!) and was asked why the perma smile on my visage.
When I displayed the back page and made an attempt to explain what this could mean, two comments sent me apoplectic!
“That’s a very un Christian attitude!” was one.
“I think if rangers go bust then that would be bad for Scottish football!” was the other.
In future I’ll stick to my copy of Fisherman’s Friend :-)))
hamiltontim who just can’t stop smiling!!!!
This could end up a classic on you tube.
Who Crying Now
Poster on Rankers Media cuts to the chase:
“playing in SCotland, even with our fan base, is strangling us financially.”
A belated thank you to Andrew for keeping us sweet last night.
Have we signed any more players?
I am guessing that the re*ord story could have been put together some months ago by Paul67, Phil mac, and many of the esteemed posters on this great blog.
I refuse to buy the rag so will wait with baited breath on the sensational outpourings from a “newspaper” dying on it’s feet as interpretated (is that a word?) by my CQN colleagues.
Another top signing today and it will be a Carlsberg Tuesday.
TBB – “although why they are selling only one player is curious”
As you know a sale takes 2 parties. Just because there hasn’t been any other sales doesn’t mean that is due to a lack of will……2 phrases I was told were “known quantity down here” “Front page rather than back page”.
Explains why there has only been 1 sale.
craig whyte , sure is taking all the flak , but what about sir minty teflon, he always disappears when the kitchen gets to hot . even lumbered old mcleland with some flak the last time things got too hot for him . Ill never forget him standing in the tunnel area when they were beating us at ibrox . never ever saw him when we gubbed them . And i hope traynor goes down with them , this is the chief architect of the rangers propaganda machine .
hail hail
jimtim
I just had to buy the record for the first time in years. IMO its the best 45p i’ve spent in a long time.
The big day can’t be far away now.
Have a great day all Tims worldwide.
Hail Hail
Jabba has broken the story ghuys,,,its all down to him and Jangle Jangle Jackson,,,,,fuds the pair of them!!!
—————————————————————————————————-
ARGUMENTS will continue to rage over where exactly the money for Craig Whyte’s Rangers’ takeover came from but one thing is for certain.
Rangers fans will still be paying for the regime change for the next three seasons. And maybe even longer than that if Whyte has to enter into any further deals with Ticketus.
They are a London-based group who allow clubs to borrow money on the strength of future season-ticket sales and gave Rangers £24.4million last May.
A tranche of this campaign’s season tickets was promised in return to Ticketus but they also have claim on chunks of season tickets for the next three seasons after this one.
The man himself, Whyte, confirmed the deal with Ticketus last night. Strange that, especially when you think back to the close season.
That was when the Daily Record’s Keith Jackson was banned from Ibrox for writing a piece saying Rangers’ season tickets had been sold off to a company called Ticketus.
Strategy It was untrue, a pack of lies, according to Whyte’s mouthpieces, and Jackson was told he was no longer welcome at Ibrox.
Fair enough the ban lasted only half a day but Whyte was indignant. Future season tickets hadn’t been sold off to raise cash, he said.
Turns out they had. Large percentages of the next four seasons. 24.4m quid’s worth.
There are some who believe selling the tickets was a necessary part of the takeover strategy but whatever the cash was spent on – and it certainly wasn’t on any classy players – isn’t really the issue. The main point about this is that Whyte has embarked on a dangerous strategy.
No doubt he’ll argue using Ticketus is common practice within the game, and it is, but it is unusual for a club to borrow against so many seasons and for so much money in one go. That just isn’t good business.
For instance, how will Rangers meet the repayments on their loan if season-ticket sales slump, as they might well do should Celtic win the championship? And the fans certainly won’t be rushing to renew if there is no investment in the team.
If the fans become disgusted or disillusioned enough, the vital season ticket cash flow will slow to a trickle. There might not be enough coming in to meet the club’s running costs or satisfy Ticketus.
Rangers would then be faced with the dreaded prospect of having to sell off further seasons and then they’d run the risk of being sucked into a downward spiral. There would be no way back up.
It has happened to others and that’s why most clubs are careful to borrow only small amounts to help ease occasional cash-flow problems.
The amount Rangers have taken isn’t small and they’ve already had to sell off a big bundle of tickets to help pay the first instalment on the amount given by Ticketus.
It can quickly become a vicious circle and Whyte will have to be very careful. Cash flow will always be a problem if someone else is claiming a massive amount from the season-ticket sales every season.
Oh and by the way, HMRC have been asking questions and demanding records and they’re now about to force Rangers to stump up something like £5m VAT on their Ticketus deal.
Duds It just never ends between the tax man and Whyte but Rangers’ fans should also be asking some questions.
If, as he insists he did, Whyte raised the £18m through one of his companies he must have started his reign fairly well off.
He said he had working capital of about £5m and the same amount was earmarked for transfers. There’s £10m right there and that can be added to the £24.4m from Ticketus.
Also, Rangers would have taken in about £14m from season tickets and although they were due Ticketus £9.5m at the end of last June it’s believed they paid only £3.5m. So, does that mean there was a kitty of £54.4m?
How come Ally McCoist is having to look at duds and loan players? It doesn’t make any sense, even when you factor in Rangers’ running costs. Where has all the money gone?
And if it’s gone does this now mean Rangers owe Whyte £18m, Ticketus just under £21m and the tax man £5m in VAT? That’s £44m before the two tax cases are brought into play. Rangers already owe £4.1m on one and could be faced with a £49m bill when the larger tax case is decided in the next few weeks.
There are also other bills but from having owed Lloyds Bank £18m the Ibrox club’s overall debt could be about the same as Greece’s by now.
It’s certainly enough to give Rangers’ fans a headache, if they’d ever stop to think about what’s happened to their club since last year. As I said, it’s all very strange.
——————————————————————————————————
Hail hail
Need to do some work.
I will be back this evening to hear the stories of the PR push to “Save Rangers”
It is an inevitable development we will have to face.
But, we can have one day of free laughing before we prepare for it
hamiltontim says:
31 January, 2012 at 09:29
You deserve it for buying that rag ;-)
Did the people who commented also blame Neil Lennon for bringing it on himself?
Undoubtedly a sunny outlook this morning.
Even the most rabid Hun seems to accept that the end is nigh.
The 2 main protagonists in Their fall must carry much of the blame (good). Sir Minty obviously took them to the financial brink. Let’s not forget that even without the big tax case they were in meltdon financially. Surely, even the laptop must go for blood this time. Minty got out just in time to enesure that his group was not dragged down with Them.
MBB is no patsy. The rabid hordes and the Laptop are the patsies. Whyte has had a plan and exceuted it. The only issue that went wrong is that the power struggle for Huns2012 has started before he could get out.
All the Ranger has done is pick the side of the favouries to take over. There is not one piece of investagtive journalism in the article. Dave King has obviously pushed the button and Paul Murray was used as the mouthpiece. It seems very unusual, shall we say, that having been interviewed by HMRC they go public with information that could possibly prejudice any future prosecutions.
The Laptop refused to print the truth, and actually rubbished stories, when Minty was in charge.
The truth was out there and staring them in the face with the MBB but they still printed information they must have known is wrong. It is just over a month ago that we had the infamous HMRC case to be sorted for £5M.
“And when they finally stick you in the ground, I’ll stand there laughing and tramp the dirt down.”
ElvisCostelloCSC
Here is the record article so you can all read it without their website getting all the hits
Rangers owner Craig Whyte admits he sold four years’ worth of season tickets to keep Ibrox club running
Jan 31 2012 Exclusive by James Traynor & Keith Jackson
CRAIG WHYTE sold off four years of fans’ money to help fund his Rangers buy-out, it was revealed last night.
And Record Sport can also reveal high-ranking HMRC officials are investigating alleged non-payment of VAT since Whyte gained control of the club last May.
Current director Dave King and former board member Paul Murray have been quizzed by the tax authorities as part of their enquiry which has revealed £24.4million has been borrowed against future season-tickets sales.
Tranches of tickets over four seasons have been sold to Ticketus, a London-based group linked to Octopus, and it’s claimed this deal helped finance Whyte’s operating costs after the takeover.
Whyte himself last night confirmed he had sold off the tickets but denied he used the money to pay off Lloyds Bank. He insisted the £18m for the bank came from one of his companies.
When Whyte took over Rangers’ debt was £18m to Lloyds Bank and their wage bill had been reduced to £14m but it is believed the club could owe much more than that.
It’s thought the current debt is £21m to Ticketus plus £5m VAT on the ticket deal. But there could be other bills due and of course Rangers are awaiting the final verdict on their £49m EBT (Employee Benefit Trust) tax case.
Last night Whyte insisted the Ticketus deal was normal practice for clubs and his spokesman said: “The suggestion that the Rangers takeover was funded through financing arrangements on season tickets is categorically untrue.
“Rangers FC is no different in that it has a working capital facility with Ticketus, as have many, many other clubs. It is a common arrangement in football. This facility was in place at Ibrox long before the takeover.”
The EBT ruling is due within weeks and if Rangers lose they will be facing financial meltdown.
Their debt could then be in the £75m region with liquidation a stark reality.
But many now fear Rangers could be tipped over the abyss and into some kind of insolvency even before their Judgment Day over the tax case.
Rangers fans put their faith in Whyte believing he would get rid of the club’s debt and also provide transfer money for manager Ally McCoist, who has been an impoverished bystander during this transfer window.
But the Ibrox club’s support will be shocked by the detail of invoices and letters now in the revenue’s possession. It is claimed these show Whyte sold off massive chunks of Rangers’ future season-ticket sales.
And former board member Murray believes the takeover wouldn’t have been possible without the fans, even though they had no idea future tickets had been sold off to raise extra cash.
Murray said: “These documents prove to me that Rangers fans have actually paid and will continue to pay for the sale of their club.”
He added that HMRC have told him they are also due VAT, as much as £5m, on the deal with Ticketus and insists he has seen details of letters and invoices held by HMRC.
Murray claims that in one of the documents, a letter dated March 8, 2011 and signed by Whyte, it is alleged he made it clear that through Wavetower, his bid vehicle at the time, he would be entering into a deal to sell the season tickets to a company called Ticketus.
They are part of London-based Octopus, a perfectly legitimate lender who grant immediate loans based on future ticket sales. Record Sport managed to speak with most of the people who were on the Rangers board at the time of the takeover and they insist they knew nothing about the sale of season tickets. In fact they tried to ring-fence supporters’ money.
The papers, which are being pored over by HMRC officials, are said to reveal borrowing against ticket sales for seasons 2011-12, 12-13 and 13-14 that Whyte was able to raise £24.4m.
Then on June 27 he was hit with the first of his repayment bills from Ticketus, who were demanding a total of £9.5m, their share of that summer’s season-ticket sales. Whyte could only come up with £3.5m cash and to fill the shortfall mortgaged off part of season 2014-15 to the value of £6m.
Opening in March last year Murray claims the detail contained within HMRC’s file is extensive and explosive.
This is the timetable and interpretation of events: March 8, 2011: A letter from Liberty Capital (one of Whyte’s companies) is signed by Whyte and addressed to Ticketus.
In the letter Whyte confirms the intention to sell Rangers’ season tickets to Ticketus.
April 7: Lawyers on behalf of Ticketus deposit £24.4m into a Collyer Bristow (lawyers for Whyte’s bid) client account. A further £2m was placed in the same account from a company called JLT Benefit Solutions with £1m from the Merchant House Group, a firm of corporate finance specialists with whom Whyte is closely linked.
May 9: An agreement was entered into between Ticketus and Rangers to sell the season tickets.This was just three days after the takeover date of May 6. The bank was repaid the £18m.
June 27: Ticketus raised an invoice to Rangers seeking first repayment of £9.5m on their agreement. Rangers paid only £3.5m of that amount in cash and borrowed £6m more from Ticketus by selling another portion of 2013-14 as well as a portion of season 2014-15. Analysts stress there is nothing illegal in selling future ticket sales. In fact, it is common practice in British football, although the problems encountered by Leeds United and Newcastle United, who both borrowed too often and too much, are proof of the dangers.
Whyte has never declared the deals with Ticketus although HMRC documents suggest he has cashed in on fan loyalty.
The tax officials quizzed Murray and South African-based King, who was on conference call, as recently as last Friday morning.
They insisted they had no knowledge of what had been happening and Murray, who last year offered to take the club off Lloyds’ books and invest £15m in the team in a last-ditch attempt to prevent Whyte from getting the club, said he couldn’t believe what he was reading when presented with the HMRC file.
“HMRC asked for a meeting at the end of last week to find out what knowledge I, having been a director of the club at the time, had of these transactions prior to the takeover,” Murray said.
“I knew nothing about this and although I have been questioned by HMRC and seen some especially revealing documents which are in their possession, it is still very hard to take in what has been going on.
“Collyer Bristow were acting for Craig Whyte during the takeover and I have been shown their client account, from the opening of it until today.
“I’ve also seen all invoices from Ticketus to Rangers and Rangers to Ticketus supporting all these actions.
“I can’t believe Rangers have been handed over in this way.
“Remember also, the Independent Board, set up to make sure any potential buyers were capable of making the purchase and then funding the business, asked repeatedly where Craig Whyte was getting the money.
“He said it was from his own personal wealth and through Liberty Capital, which he insisted he owned 100 per cent, in the British Virgin Islands.
“Plans were being made to sell off future ticket sales but the directors were never told. This was all being done behind our backs.”
King was also shocked to learn of the seasonticket sale and said: “Securitising season tickets is a valid seasonal funding strategy to smooth cash flows within the year – but no longer.”
Whyte’s spokesman added: “The takeover team instigated discussions with Ticketus prior to the takeover because the relationship with Rangers was already in place and the new owners wanted to continue it.
“They were clear from the outset they wanted to ensure there were robust working capital provisions in place that could deal with the many financial challenges the club faces.
“The takeover was funded by one of Mr Whyte’s companies. Several months before then – and long before any discussions with Ticketus – Mr Whyte was asked to provide proof of funds for the takeover and he did that to the satisfaction of the previous owners, Lloyds Banking Group and professional advisers.”
A lot of today’s news isn’t new to Celtic fans. It will be a shock to the Huns to see in black and white the situation they are in.
Today doesn’t mean the end of the Huns yet, but it almost confirms that they can’t survive in their present form even without the big HMRC case.
The noose is tightening and the escape pods are being tested.
The fact that the Daily Hun has released this information is strange.
We lose a couple of pre season friendlies……cracked crest….the end of Celtic.
They are about to take a bus to http://en.wikipedia.org/wiki/Barlinnie_(HM_Prison)
Yet there crest is shown proudly erect ????
By the way, I don’t usually drink mid-week, unless there is a game on.
However, tonight I shall rise a glass to Fergus McCann and yes, Peter Lawell,
for keeping my club steady whilst all around was mayhem and lies !!
Another facet to keep an eye on lads…
The SPL heavily criticised Hearts for the advantage they gained through non-payment of PAYE & NIC……
Remember that word I have been banging on about?
PRECEDENT
This is the day….
Can’t stop whistling this today.
This is the day, this is the day,
That the Lord has made, that the Lord has made.
We will rejoice, We will rejoice,
And be glad in it, and be glad in it.
This is the day that the Lord has made.
We will rejoice and be glad in it!
This is the day, this is the day,
That the Lord has made.
LB
Poor little confuzzled bear on FF
“I dont trust anyone right now. I don’t know what to believe.”
TinFoilHatCSC
bankiebhoy1 says:
31 January, 2012 at 09:28
Imagine if this was US……..?
What would today, and EVERYDAY look like for the Tims as controlled by the Old Media.
Don’t buy it. There’s nothing there for US that we can’t get here.
share
aint that the truth mate. this site and others like it will give us all the celtic info we desire without the mention of thems
something happen? :)
Hun civil war has begun methinks.
Hope for Whyte’s sake he’s on a plane to somewhere sunny…
Alistair Johnston had warned fans to “remain vigilant” on the day he handed over the keys of Ibrox to Craig Whyte
HE was hours away from being publicly unmasked as Rangers’ Whyte Knight in waiting.
Craig Whyte, a reclusive, self-made mystery man from Motherwell, was on the verge of making his first move to become the new king of Ibrox – and being catapulted from obscurity into the public eye for the first time in all of his 39 years.
It was Thursday night, November 17, 2010. Whyte – knowing the story of his takeover plan was about to break in the following day’s Daily Record – rushed in a team of PR gurus whose job it was to brief reporters on his behalf.
When the hired help was asked for details of the exact extent of their man’s wealth, the answer came back, loud and clear: “Describe him as a billionaire”.
But over the rocky, financially troubled 15 months which have followed, those figures have rarely looked like adding up. And this morning comes the most damning allegation of all. That Whyte has mortgaged off four years’ worth of fans’ hard-earned season-ticket cash to pay his club’s running costs.
This astonishing claim has surfaced after high-level officials from HMRC quizzed current director Dave King and Paul Murray, who was removed from the board by Whyte shortly after he had won his battle for control of the club.
The authorities believe Whyte now owes the taxman £5million in VAT from the £24.4m deal they say was done with London-based firm Ticketus, a subsidiary of parent company Octopus.
Now this would-be “billionaire” has managed to run up so much debt in his 10 months in charge he has been left trying to flog star striker Nikica Jelavic before tonight’s transfer deadine just to keep the wolf from the door.
It’s a far cry from the bold promises of big spending with which Whyte’s new era was trumpeted when, on May 6 of last year, he announced he had finally bought Sir David Murray’s shareholding for the price of just £1.
But one man feared from the start it was all doomed to end in tears. And last night former chairman Alistair Johnston – the man who warned fans to “remain vigilant” on the day he handed over the keys of Ibrox – expressed his fear that Rangers are now hurtling towards unavoidable administration after the news four years’ worth of season tickets have been flogged off to London.
Speaking from the States last night, Johnston said: “We asked Murray International to ask that specific question: Is he raising the money to buy the club or to finance the operations of the club against the assets of Rangers Football Club?
“He said he wasn’t doing it. But we didn’t believe him.
“We were trying to say at the time that selling the club to Craig Whyte could be a disaster. We were ridiculed by a lot of people for saying it but I take no gratification or satisfaction from being proved right.
“Inevitably, it was only a matter of time before this happened. The destiny of the club is now clearly not in its own
hands – it’s in the hands of Octopus.
“Unfortunately I think administration is now almost inevitable because the club’s debts are unsustainable and Octopus want their money back.
“In my view, the only way the club can clear these debts now is by going into administration. I just wonder if he still has his position as the secured creditor. It was always his intention to be the guy on the other side of the river when the club came out of administration. But it looks to me as if Octopus is now essentially the secured creditor.”
Johnston says his suspicions were aroused about Whyte’s intentions from early on in the takeover saga. And the alarm bells were clattering louder than ever on the day after the newly- installed supremo watched Walter Smith and his team wrap up a third successive title at Rugby Park in May.
He added: “First, during the process of due diligence it became clear he didn’t care about cash flow. That indicated to us they were in for a short ride. They had no interest in operating the club.
“Also, the day after we won the championship at Kilmarnock I had a meeting with Whyte and his lawyer during which they both asked me to disband the Independent Committee.
“They said now the sale had taken place the Independent Committee had no value.
“I said no as I had a written agreement we would remain in place until he provided our shareholders with a circular.
“That was a warning. They were trying to get rid of us because they knew at that point in time they had embarked on a track of borrowing against season-ticket money.
“He had told us it was all his money and it hadn’t been borrowed against the assets.
“He then used all sorts of excuses to get myself, Paul Murray, Martin Bain and Donald McIntyre off the board. The day before that happened I had seen the latest financial statements and knew there was a real problem.
“That’s why they got us out. They knew we would never approve their plan. They then spent the next couple of months discrediting us and saying we were yesterday’s men. But we knew we were right. We knew we had an obligation to the fans and shareholders.
“But he launched a very effective PR campaign and used lawyers to intimidate everyone. He made out any criticism of Craig Whyte was actually an attack on Rangers. Fans rallied around him.
“But it was like a human shield. He used Rangers Football Club as a human shield to protect himself.”
Last night Whyte denied any suggestion he had used tickets cash to buy the club. A spokesman said: “It is disgraceful that at every turn there are people who continue to damage Rangers – people who when they were asked to step up and rescue the club were all talk and no action.”
The Bhoy from the Village says:
31 January, 2012 at 09:35
Funny that you should mention that. Yes, at the time, they did!!!
As Bill Withers once so wisely said, it’s a lovely day!
The story broke first here on CQN (I know, because I broke it!)
Well done everybody!
CQN – tomorrow’s news today!
Lenny, do NOT sell Hooper.
I might be back later with a few “add-ons”….
The Battered Bunnet says:
31 January, 2012 at 09:28
I’ve read the story in the Record.
The up and down is that Whyte has admitted that he borrowed tens of millions against future season ticket revenues, and it would be reasonable to conclude that this was done to fund his purchase of Rangers and provide the working capital the club required. He based his cash forecast, from what we can gather, on a model that included European football.
Rangers burn cash at the rate of £3.5M per month, and the borrowed money is running out. It looks as though Rangers have become delinquent against current liabilities to VAT and PAYE as everything is done to plug holes and stop the cash haemorrhage. The attempted sale of Jelavic should be seen in this light, although why they are selling only one player is curious. They need a lot of money and damned quick at that.
———————————————————————
Curious indeed.
My guess would be that Whyte is/was only looking for transfer money to keep the club afloat until the FTT returns the verdict we, and by the looks of it he, expects. In that scenario – he gets to cut and run with nobody any the wiser as to what he has done to them.
This is the reason he came out and stated categorically that he would not appeal any adverse ruling – he cannot afford for Rangers to win or appeal the case as they will have no working capital beyond the Jelavic money. He could have sold more players, but why bother, the end result doesn’t change but the orcs would have been a tad restless (read: murderous beyond their usual) had McGregor, Davis,
Fleck,erm Edu (???) been hawked around for half the newspaper values touted six months ago.I think this has been plan C, where plan A was to get into the CL groups and finish 3rd, hoping for an EL run and Plan B was a direct run through the EL. Plan C must have been: no money, unpayable bills, let’s go to the wall, but time it to coincide with the tax case returning a verdict.
On the face of it, the tax case would have ended them, but these ‘revelations’ have killed that idea stone dead.
TAL
Another complete head in the sand FF’er
“Ask yourselves this, what does CW have to gain by ripping us off? Nothing.”
Thinking back to when we signed bobo and I may be mistaken but I remember something about us not having to pay for him as Toulouse had some financial troubles. If everton have put part of the fee up front and have agreed to pay the rest in installments then during this time rangers situation worsens would the same apply to the monies owed for jelavic? Maybe moyes is into something as he is usually shrewd in the transfer market, just a thought mind an I may be completely off
Without having read back through all the blog (busy with work!!) I’m assuming the Jellylegs transfer conversation go something like this:
Rankers: You can have him for £10m, okay £8m, right £7m
West Ham: Hmm, we’ll give you £6m, £50 quid up front the rest at the start of next season (chortle chortle)
Rankers: We need it all up front!
West Ham: okay £1.5m
Rankers: You said £6m
West Ham: £50 up front and £5,999,995 next season
Rankers: Hi is that David Moyes, can you offer more than £50 up front?…
Laptop charged, check
Champers in the fridge x 2, check
Brufen & paracetamol for tomm, check
Permanent grin, check
:)
HT
A learned man like yersel…………c’mon!
;)
There is nothing there for us, nothing.
They will be in the vanguard for leading the Huns out of the wilderness. They will set the scene and call the tune. Only my opinion but when they are involved, the bigger, longer-term goal will be to feed the hun majority. It makes business sense. This is day one of many days of Hun PR puffery…….
If theres a 5 or 8 pager on whytey, wee davie, Aleister or whomsoever will get a 10 pager……….
It’s all about mutual survival.
Now, please take THAT item to the smallest ‘office’ in the staffy……
HH
Re the jelly transfer to Everton.
Will the toffees pay the £5m up front or in instalments, as appears normal?
If the latter, how does that help them?
All clubs will be reading this news today and wondering what their next move is.
Any team who may be relegated should be applying pressure on the SPL/SFA about how a certain club are even in our league this season. I said Hibs would be the key and they may well turn out to be. Any club which runs within the rules and will be penalised by a club not playing by the rules should be applying severe pressure.
Interesting times ahead now that the news is out in a source that most of the other fans in Scotland believe. All our blogs and websites were not believed by many non Celtic supporters.
They are now talking about this in my office and how I was right all along. I wasn’t right I just read the facts put in the public domain by many a poster.
The end game starts now.
LB
Rogue I am sure you edited the comment.
You wrote
“Ask yourselves this, what does CW have to gain by ripping us off? Nothing.”
You added 5 words didn’t ye?
It surely read originally:
“Ask yourselves this, what does CW have? Nothing.”
Philbhoy – Jelavic is 3.5m up front and 2.5 over 3 years. Rangers will end up with less than half of the initial 3.5m
Righteous indignation on FF:
“When you think they can’t get any lower, the Scottish press proves you wrong.
That’s not head-in-sand here, that is the sad truth. We all know that things are not grand right now, but the way they pick their articles and present them (and when) is solely aimed to besmirch our club to the fullest degree. If I were Whyte (or any other chairman), I would make sure to take the names and papers of these jouranlists and will stop them from talking to the club and its personal.”
“It looks to me that members of the previous board are trying to put all the blame for the lack of funds on Whyte in an attempt to distance themselves from their previous failings and are using the Rhecord to voice their opinions. We, the fans, are not so stupid. We know the people who are responsible for this situation – and Craig Whyte is not one of them.” Of course he isn’t and nobody ever thought you could be “so stupid”.
‘ desert the White Star Line’s most famous vessel.’
Where is Amoruso when you need an Italian Captain?
Jimtim,
Nearly right mate.
We should always keep thems in sight. Always.
While we Support Celtic, we have the responsibility, in my opinion, to keep talking about thems.
The MSM won’t, if they can get away with it.
Aye!