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Whyte opens door on finances as securitisation confirmed

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By on CQN BLOG & Comments

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.

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  1. greenmaestro on

    This has no credence, except a bloke down the bub (owner, supports rangers0) has it from a friend (works for DR)mthat 200 polis on duty tomorroe morning as security for sherrifs officers who are moving i to ibrokes in morning. 4 guinness and 2 gins, could mean I’ve misheard tho..

  8. setting free the bears on

    The Bears are so confused just now that, if it really was the end for them, Craig Whyte could earn himself another million by selling their fan base a one square inch piece of Ibrox turf each.

     

     

    He’d even enclose a certificate guaranteeing that each one was the Centre Spot, and they’d rush to buy from him.

     

     

    They have bankrolled their own assassin.

     

     

    I have heard many a good Rangers fan tonight bemoaning their lot and I have been so moved by their sense of outrage and injustice that I can scarce forebear to stop pishing myself laughing.

     

     

    Anybody else feeling these pangs?

  9. QuadBhoy on

    “So the Huns save around 40k a week on wages? Is that about right? Jelavich and Weir must have been bigger earners? Million a year, slightly more? Fair estimate? Will this make any diff to their income vs expenditure figs outlined by CW today?”

     

     

    Before Grandpa Weir left the MBB spoke of a £7M hole in the finances. Today he spoke of a £10M hole.

     

     

    The hole seems to be growing despite the cost cutting, almost as if cash was being siphoned off at an increasing rate…

     

     

    QB

  10. petec on

    setting free the bears says:

     

    1 February, 2012 at 00:48

     

     

    The Penalty Spot would be like the Holy Grail. :)

  14. petec on

    setting free the bears

     

     

    Now yer just showing off. :))

     

     

    It will not be beneficial to Celtic if Rangers disintegrate totally, quickly this season. I’d like the Bhoys to be kept on their toes for a wee while longer to keep their minds sharp for next season.

     

     

    With Jelly going hopefully they don’t hit admin for a few weeks more and that we keep gradually drifting away from them at the top of the table. ;)

  15. Sandman Is Neil Lennon on

    I hope Ally ‘Vanessa Feltz in drag’ McCoist can rest easy tonight after his shell shocked exit from Ibroke earlier tonight.

     

     

    He’ll have got home and seen on Sky that it was Jela-VIC that Rangers got rid of, and not the jelly.

     

     

    His favourite flavours will still be in his huge office fridge.

     

     

    Oh, how he’ll laugh…

  16. James Forrest is Lennon on

    Well lads, I am sitting right now with a nice warm mug of coffee and some shortbread working on an article and listening to Radio Clyde’s podcast from tonight. I am smiling, having had one of the best transfer deadline days in my memory.

     

     

    Life is good, and tomorrow there’s a lot more to come.

     

     

    Marvellous.

  20. Nuclear Bovril and a Half Munched Pie on

    Bedfordshire is calling…to misquote Nick Ross of Crime Watch fame..

     

     

    Remember instances of your football club being taken over by money laundering bug eyed asset stripping brass necked liars are very rare so…. do sleep well and don’t have Whytemares.

  23. James Forrest is Lennon on

    TopCorner:

     

     

    I frankly don’t believe that story.

     

     

    Rangers bought him lunch before they sent him home?

     

     

    Where did they get the money for that?

  24. setting free the bears on

    James Forrest

     

     

    I am so looking forward to the weekend.

     

     

    A wee trip up to Inverness on the Saturday with the Happy Tim Family.

     

     

    And a Sunday watch of their game with United. I don’t usually watch their 90 minutes but I’ll be looking forward to their protest reactions

  26. Partizan on

    I just want Hun FC to die. WOuld be happy if we never play them again. A long drawn out demise might be funny, but really all talk of wanting to beat them this season fairly is just tosh. Just look back to the last Scottish Cup Final and ask yourself if this hate-filled club and its hate-filled followers should last another day. Begone Huns and die. And take Thatcher with you.

  27. petec on

    Summa of Sammi…. says:

     

    1 February, 2012 at 01:09

     

     

    A Classic.

     

     

    A strategy that Rangers should go for would be to concentrate on getting the Best kids in Scotland.

     

     

    Oh No wait Celtic embarked on that a long time ago. And if the Youngster is not in the Celtic system and should be in the system, Celtic can go and Pay and take the said youngster from any club in Scotland.

     

     

    Celtic have a very long term strategy and the most wonderful fans in the World and Rangers /SFA cannae handle these simple facts.

  29. James Forrest is Lennon on

    setting free the bears:

     

     

    Yeah I am looking forward to it myself mate. Very much so.

     

     

    The hurt in Darrell King’s voice is palpable lads.

  31. TopCorner on

    JF

     

     

    re lunch

     

     

    it is obvious, captain !

     

     

    it was a “bring your own packed-lunch” fitba trial

     

     

    and Roger Milla forgot his

     

     

    so, after lunch (remember, he didnae huv any, as he forgoat it !), he was dismissed, free of charge

     

     

    less expenses, that he had to pay by himself to get there, plus interest from the Sone Aluko fund of wannabe legends

     

     

    so i heard, anyway

     

     

    tired noo, brain’s shutting down, canny think

     

     

    cnbdskcnsdCSC

  32. James Forrest is Lennon on

    TopCorner:

     

     

    Lol makes perfect sense now mate.

     

     

    What kind of reputation does this give them amongst agents and other clubs?

     

     

    What a shambles.

  34. Estadio Nacional on

    Must be the calmest transfer window yet.

     

     

    Happy with it.

     

     

    Well played Celtic.

     

     

     

    Good to see the muck downsize while behind in the league.

  36. pigalle on

    petec says:

     

    1 February, 2012 at 00:11

     

     

    Sir David…the Spec ?

     

     

    What d’ye know, my friend ?

     

     

    I am ignorant of these matters.

     

     

    But all ears.

     

     

    And eager to be educated.

     

     

    Interested to know how the Murrayman has controlled events from behind the big Wizard Of Oz curtain.

     

     

    pigalle

  37. James Forrest is Lennon on

    TopCorner:

     

     

    I am thrilled that Ki is still with us tonight mate. Me and the old man went through the squad and speculated on who was most likely to be sold, if anyone, and we both agreed he was the guy we could most live without right now ….

     

     

    … right now.

     

     

    Yet I firmly believe he is the most technically gifted player in the SPL, and by quite some distance. He will be world class when he is in his late 20’s, world class. I thought his passing, when he came on, made such a difference to us at Hampden. I think he’s a phenomenal talent, and I think he’s a lynchpin of our midfield for years and years to come …

     

     

    … and yet, I thought he might go this window. Glad he’s stayed.

  38. montreal_bhoy on

    James Forrest is Lennon says:

     

     

    I hope yer still around. No, not yer shape…

     

     

    James, like many on this site I have been thrilled in recent weeks to see the unfolding of the mess o’r at Ibrox. I remember having conversations with many a tim around the Gazza era, I suggested they could not sustain this as income would not pay for such extravagance. My goodness it took some 15 years. Anywoo my point is really that we all knew this and that one day we’d have pay back. What is equally enjoyable is that fine people like yourself can articulate this situation and I for one thank you.

     

     

    The next time you have the urge to “tell it how it is” and have a pop at o’l davie murry, can you squeeze in that line he used when confronted by the hun hordes when he was trying to off the gers…..He boasted that he was a “captain of Industry”. Personally that really grinded ma gears as I always thought he was a chancer.

     

     

    HH

  40. petec on

    pigalle says:

     

    1 February, 2012 at 02:02

     

     

    There are the Freemasons and then the groups who go deeper into the occult, Freemasonry is always the start point. I’m not saying Murray is a part of the Edinburgh based Speculative Society, I wouldn’t be surprised though given his media control.

  41. pigalle on

    petec says:

     

    1 February, 2012 at 02:12

     

     

    Ah, no problem, sir, but just for a moment I thought you had the scoop, the inside track, the dirt……..

     

     

    I ask out loud the David Murray question again:

     

     

    exactly how did he control the media ?

     

     

    pigalle

  42. TopCorner on

    JF

     

     

    i too am delighted he is staying

     

    i am delighted all our good players are staying

     

    its great !

     

     

    point, as i hope you understand, i make there in above post is just that sometimes a player, any player, can and does, switch off

     

     

    i just happened to highlight Davie, on this occasion

     

     

    i could have highlighted Vic

     

     

    thankfully, Vic himself owned up to his mistakes just after the game and promised to do better – mostly cos it led to a goal

     

     

    however, in 5yrs time, when we face Hamburg in a do or die Champions League semi-final 2nd-leg at CP, having been seriously unjustly treated in the first leg and trailing 2-1 in the tie and sitting at 1-0 (2-2 on agg, in our favour) and in the last 5mins…..if Davie Ki does as he did there as i just highlighted, we won’t be the happiest cos the bar-tenders from Hamburg will slot it into the roof of the net and we will be left to say…”if only we encouraged the bhoys to focus a bit more”, even in small games v scottish teams

     

     

    am dreamin of the us having the very best !

     

     

    he is a great player tho, young Ki

     

     

    i just had not spotted the wee ball-watchin item

     

     

    and anyhow

     

    we did win

     

     

    every day is a school day CSC

     

     

    :)

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