Contrary to our earlier understanding, Rangers did not win a ruling from the Court of Session on who was to be appointed administrator, HMRC and Rangers came to agreement on the appointment of Duff and Phelps, who acted for Whyte during his takeover of the club.
The admission by Duff and Phelps that today’s court action by HM Revenue and Customs was in connection to circa £9m unpaid tax accrued since the takeover in May last year will come as a surprise no one in the Celtic Quick News community. This is why Rangers are now in administration, it’s nothing to do with the big tax case, or indeed, the wee tax case.
Key question is, what will HMRC do now? They’re not going away/. Rangers continued to sign football players despite being delinquent with taxes, and briefed journalists that they rejected a £9m offer for a player on 31 August 2011.
The fact that the business is in administration due to activity carried out under Craig Whyte’s tenure may also interest the Insolvency Service, who are already investigating Whyte’s takeover of the club following information passed by former chairman, Alastair Johnston.
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).
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royc and jock s
Dont worry about their 9iar!
In a few weeks/months we will be confirmed as having won every championship going back to at least 2000!
Second contracts will force even the disgrace that is the SFA to take action
“They’re coming home – they’re coming home
All our league titles – they’re coming home”
As that good Tim Frank Skinner would sing!
HH
scottisleaf
On a day like today it’s news like yours which really does hammer home a bit of perspective.
Thoughts and prayers with you and your mate.
HH
Professor Green
Odious bigot with a hatred of everything we stand for sums it up.
Ok, so still not getting how Whyte benefits from admin if all he gets back is what he put in.
Has he leant to Rangers, as preferred creditor, with an loan shark style interest rate? That’s one possibility I suppose, but wouldn’t this have emerged. I’d guess someone from Rangers interim board would have owned up to that by now.
So, speculating a little; it has been widely reported that Whyte’s company took payment from Ticketus well in advance of the takeover, the amount borrowed being sufficient to cover the £18m debt and deposit approx £5m in Rangers accounts. We know the money was borrowed, and we know the money was deposited into Whytes account. We also know that the interim board say there was no evidence, ever produced, that Whyte had the capital required to fulfil his end of the takeover deal. You could infer from this that Whyte had no money to produce.
However, Lloyds got paid and will clearly be happy to have escaped with some of the cash they’ve leant to the Murray Group. Is it reasonable to assume that the money Lloyds received was the lion share of the money Whyte borrowed from Ticketus?
Did Ticketus lend to Rangers or Whyte? Presumably Rangers, it is, after all, their season book revenue that the debt is secured against.
So Whyte has engineered his status as preferred creditor, and with luck may emerge with his ‘capital’ entact, as per the terms of his takeover. Ticketus become a creditor of Rangers – haven’t heard or read whether they also enjoy any degree of preferential status in the event of admin – and we can assume they will be repaid less than they were expecting.
In this wildly speculative theory Whyte effectively earns £20m approx with zero, absolutely zero, spend. Not even the basic bills get paid.
My feeling is that this is far too brazen a swindle, with too many risks, too much public exposure and with a ridiculously high chance of post-swindle recourse. Could Whyte be that stupid? Could Ticketus? Could Rangers? Lloyds couldn’t care less, but, if they had any inkling… well that’s at least a breach of the banking code (does that still exist?).
On the other hand I’ve not heard any theory which explains how he is making money out of this, except maybe that he’s a paid fall guy – which seems altogether too bizarre, and pointless.
Anyway, wildly inaccurate speculation aside, I still don’t understand what Whyte hoped to gain from all this. Nobody is that stupid, certainly no-one with his track record could be reasonably assumed to have blindly taken over a club with such well recorded problems for the hell of it.
Meanwhile, I stand corrected on one point, it really has been quite good fun not talking about Celtic this last couple of days. We can probably take a back seat for a few weeks and enjoy it. At this stage the scale of the misdeed make stiffest of penalties, or the even more likely possibility of terminal outcomes, inevitable and necessary. The fact that Rangers will be crippled come what may, means there is a conversation to be had about Celtic’s future. It’s much too simplistic to assume that we’ll be fine. We will, but fine will quickly turn into not good enough, and I doubt we’ll like the Scottish footballing environment for as many as ten years. In ten years there will surely be a different shape to European football, stumbling along in a dead league will be no preparation for this inevitability.
It’ll be important that we don’t become so consumed by the farce on the south side or the certainty that we don’t need them that we ignore the obvious – we need someone to play against. We do need competition. I could care less if it’s Rangers, Man Utd or Juventus, but Motherwell and Killmarnock will not do.
To be honest, they and Rangers and Hearts and the rest, haven’t done for some time.
By the way, is BRTH still posting and can anyone direct me to his thoughts this week?
Surely there is a banker somewhere that Mr. Whyte can sucker into doing a debt for equity deal, after all SDM got showed him how it was done.
Does anyone know if the SFA has failed in regulating anything? Or has the administrators paye admission triggered any other situation that we have overlooked which tomorrow’s especially arranged press conference wilk highlight ?
Or will it just be a call for openness ?
HH
Make me a channel of your peace.
Where there is hatred let me bring your
love.
Where there is injury, your pardon, Lord
And where there’s doubt, true faith in
you.
Chorus:
Oh, Master grant that I may never seek
So much to be consoled as to console
To be understood as to understand
To be loved as to love with all my soul.
Make me a channel of your peace
Where there’s despair in life, let me bring
hope
Where there is darkness, only light
And where there’s sadness, ever joy.
Chorus:
Make me a channel of your peace
It is in pardoning that we are pardoned
In giving to all men that we receive
And in dying that we’re born to eternal
life.
—-
that one’s for Gerry Johnston, God rest his soul, he would have loved this today.
PC67
the long wait is over says:
14 February, 2012 at 21:31
Genuine football question
Is Messi the greatest player of all time ?
Nah mate his name is Henrick Larsson :-)
the long wait is over says:
14 February, 2012 at 21:31
Genuine football question
Is Messi the greatest player of all time ?
Beginning to think he might be.
he could not lace pele’s boots until messi brings home the world cup not once but 3 times then he will always be in the shadow of pele and even maradonna IMO
Administrators can punt players…? Does that mean buying teams can avoid transfer windows when purchasing?
Professon Green
Stood with his arms folded during a minutes applause. For Jinky I think.
SPF
Rangers staff told to come to work tomorrow with warm clothing, as the heating aint going on
vale bhoy
ha ha.
He’ll play Tears of a Clown!
scottishleaf
just read back
thoughts and prayers for you and your pal
keep the faith
Jammy Jambos
Hooiveld scores again for Southampton.
I’m old enough to have seen some of Pele, a lot of Maradona and all of Messi.
Messi without a doubt..
DUNSHANBE BILLY BHOY
Always keep one for emergency situations
Hooiveid scores for so’hampton tonight
sorry guys if I have missed this – what is happening tomorrow with Celtic – mention of press conference??
ASonOfDan, indeed.
Coming at you!! A little from column A…
Coneybhoy, you’ve been shared.
Gerry, I expect HMRC will give the administrators some latitude.
EKBhoy, quite possibly.
67 European Cup Winners, I know, I know!
Parkheadcumsalford, I hear you. Chill.
prestonpans bhoys, complaint registered.
macanbheatha, ha!
notthebus, ha! An excellent idea.
praecepta, it has been a day of joy all round.
ItaliaBhoy, thanks you. Yes, such joy looked forlorn during the Hampden season.
TBB, good one from Mrs TBB.
oglach, yes, an excellent idea, but not sure Fergus is one for the limelight.
Lennybhoy :-)
hamiltontim , vale bhoy, the unbroken lines !*!*
:-)
EmeraldBee, according to Johnston, the bank were prepared to accept the debt instead of putting Rangers to the sword, but when an offer to exit arrived they grabbed it.
scottishleaf, take care.
minx1888, thank you. Email coming to you, just as soon as we get a break in the news!
glendalystonsils, I know, difficult to get things done. Can you imagine the texts I’ve been getting? It’s “ping, ping, ping, ping…..!” Sorry!
cairde slán
if there is truth to hmrc digging further back into their history (trevor steven etc etc) and the persistent twitter rumours of Hertz going into administration as well then I think the sfa president will surely be caught up in it even if he was not fully involved in the ebt scandal. Surely we can’t have someone presiding over the football association while he has a colourful history involving two tainted clubs to quote mr speirs? Oh yeah I was forgetting where we live so it will probably be Neil Lennon’s fault
Cultsbhoy
I believe so…who would you want though??
Southbhoy and Navanbhoy – thanks
To be fair to my chara he is just as pleased at the demise of Der Hun. His team got a wee result tonight as well :-)
Cultsbhoy-Brendan Guilfoyle(imagine they got him ¡) was administrator for Crystal Palace.One of the first things he done was to employ a football agent,as he had no idea about player values.Step forward Duffield.
lazydynamite says:
14 February, 2012 at 21:28
Agree 100% bhud,
but the media silence about this is not surprising.
the Scottish sports media said nothing whilst they were ” winning ” 9 in a row.
all they kept going on about was how powerful ‘ they ‘ were.
but now the fear of Celtic dominating means the game in Scotland will be diminished!
it will be a one horse race and have no credibility what so ever!
Cowards the lot of them.
Ice cream and jelly anyone? I have plenty here :-)
Hail hail
MME
DUSHANBE BHILLY BHOY says:
14 February, 2012 at 21:33
+++++
The Sun had one I think, but this is quality.
putting 2+2 together here , and probably making 5
but ..
in the recent OF game ‘Celtic Park, the huns done a lot of damage to toilets ,etc
i believe there is an agreement for RFC to pay for this
i would hazard a guess this money is outstanding , and we are a creditor
if true , it will be an interesting meeting with administrators, with representatives from several clubs
Tell you what………..
I bet it’s a Big Valentines Night, Chez Big Peter’s the nicht!!!!
;)
WGS says:
14 February, 2012 at 21:31
Posted this almost a year ago:
£2.8M Tax Bill – Allegedly relating to Player Image Rights?:
Timescale would relate to Advocaat purchases – 3 players fit the bill: Kanchelskis + van Bronckhurst, Numan.
K looks the most obvious – he has been involved in some bizarre transfer deals with some nefarious agents with alleged links to the Russian Mafia (can’t find the link but recall stories about threats to him about non-payment of their cut of the transfer fees).
Man Utd purchased him for £650K (1991/92). Prior to selling him, Fergie was given a £40K cash bribe by K’s agent (see AF autobiography) that he returned and informed his Board about.
Subsequently, alleged threats were then made to Martin Edwards relating to the bribe and the transfer. Within a year, Man Utd sold him to Everton (1995/96) for £5M.
Within a season – they sold him to Fiorentina (1996/97) for £8M.
Fiorentina sold him to RFC (for an undisclosed sum) – he was there from 1998 to 2002.
• Interestingly Fiorentina went burst (and were relegated season 2001/02) with debts of $50M – their owner Vittorio Cecchi Gori (a film producer) owned the TV Channel La7 at the time when footballers were setting up image-right packages!
MON’s 1st season Advocaat fails to win anything (having spent £12M+ on Flo) and resigned as coach December 2001 to move upstairs as general manager – only to take up the Dutch job a month later:
a) Tax free pay-off on balance of his general manager’s contract?
b) Tax relating to the transfer (player/ agent/ Chelsea)?
Am convinced there are a number of nefarious deals that HMRC and other bodies will be keen to look at.
Paul67
Yer pasting like a champ tonight
Good on ye
and we’re back… cheers Andrew & p67
And we’re back.
Championeeess
Scottish leaf .i will say a prayer for your pal ,cancer a terrible disease,and would that be Deans in Livingstonm
bournesouprecipe says:
14 February, 2012 at 21:39
and DirtyMac……
tee, hee. On the Herald’s website I just see a deflated/punctured football, with a Rankers insignia on it, lying on the ground outside (“outwith”) the gates of Ipox. Suppose that is almost as good as a cracked crest?
In any event, it was probably full of hot air.
Dead and loving it, you’ve been shared.
SOAL, lovin’ every minute of it.
blantyretim, thanks to Andrew for that one. I was mid-action when we arrived back.
So to Summarise:
The old Hvn board cheat by trying tax avoidance, sorry evasion through EBTs.
The new Hvn board slag off the old board for the above, deduct PAYE/NIC from their employee wages, but fail to pay it over to HMRC.
My Ghod, is there a Hvn out there at all with any decency? Truth, can you help?
Cheats, liars and criminals, every one of them!!!
HH
CRC