Whyte opens door on finances as securitisation confirmed

Craig Whyte laid out Rangers finances in a statement today, released in response to the Daily Record’s series of articles on the club this morning.  Whyte explained Rangers operating costs are around £45m while their income is approximately £35m, adding that the club needs to “live within its means”.

He confirmed the central allegation from the Record, that Rangers have securitised income from future season ticket sales in order to provide money for the club to pay its current costs, while denying they owe £5m VAT.

I have refreshed the page several times since an initially read and see no attempt to address the glaring question, if Rangers are spending tomorrow’s income today, what happens tomorrow?  It beggars belief that someone thought it was a good idea to confirm a fact like without addressing the enormous question now hanging over the club.

Maybe an octopus ate Craig’s homework.

I’ve no idea how much money Rangers have in the bank right now, at this time on transfer deadline day, no one even seems to know if they have sold prize-asset, Jelavic, to Everton, but no matter how much of the securitised income remains, if this is not a dead parrot, it’s in severely poor health.

More power to you, Craig.  I’ll not have a word said against you.