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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Morning All,
Backpage of the record says…..”You’ve cost us our dignity, don’t cost us our club”…..interviews with John Greig and John McClelland…..
Sure it will be on the website soon in all its glory.
Also says we bid 2.2M for Molina
Mac
bankiebhoy1 says:
1 February, 2012 at 07:40
Don’t miss the point…………..
Expect nothing from that organisation.
They won’t deliver anything we don’t know already or at least suspect. Certainly not News…..
They don’t seek to address the issues of Thems, they merely want to conveniently wrap up the current stooge in as much of the brown stuff as they can and then start the real sales drive for the next mob that come in – (in their eyes free from any baggage)
This is about Thems not Him.
This is about the last twenty odd years, not the last five minutes.
I don’t buy it.
Sir Moonneams has found his fool and has retired with knighthood intact
No examination of his 20 years of the financial destroying of his club and Scottish football
We need to let the LL maul CW we need to refocus
Sir Minty, the SFA and the SPL is now the targets
Time to fight the newco, forget CW he is a patsy by all means enjoy the fun of the diehards dignity in pain
We now have the integrity of Scottish football to be fought for
Morning,
HUN MAN, Absolute quality!
Day 2 of the official meltdown. 12/1 you were getting Aunt Sally to quit.
I wonder what the price is after he left ibrox clutching his injury list and shattered dreams…
HH
Good morning bhoys and ghirls
it is a lovely dry but cold morning here in the west of Ireland.
Can’t see any huns here, maybe soon you won’t see any in Scotland either!!!!!!!
Who has the cameras ‘aye ready’ down ipox way today, are the sherriffs officers there yet?????
oh yeah and we signed 3 more players this window with 1 more to come in the summer, apart from kayak we look in good shape
Mon the HOOPS
Good morning CQN from the fast train to Glasgow on a cold morning.
Interesting day yesterday, is MBB the new chemical ali, there is no troops here as the helicopter is landing in the background.
Front loaded warchest is the phrase for the day. Listened to Rc least night, very rare for me to do so. They are a bunch of patronising condescending *******. They have done as much as they can to suppress this story then when they go to print they start praising each other for “breaking” it and its accuracy. FearUncertaintyDoubt of our new world, I suppose they are simply FUDs.
hh
bjmac
dohhhh
kayak obviously means kayal.
typing whilst eating porridge not a good idea!!!!!!!!!!!!
Record’s back page story:
RANGERS legend John Greig and former chairman John McClelland joined forces last night to warn the club are in danger of being sucked into a debt spiral.
Both had stayed silent since Craig Whyte gained control last May but revelations in yesterday’s Daily Record about season ticket dealings prompted them to speak out.
Both resigned from the board, insisting they had been frozen out of the decision making process.
Their departures followed Donald McIntyre’s resignation as a director, leaving South Africa-based Dave King as the sole survivor of the previous regime.
And last night it was understood King was clinging to his seat on the board despite pressure from Whyte to quit.
While Whyte was penning an open letter to the supporters claiming our exclusive report was untrue, Greig, voted the greatest ever Ranger, and McClelland were adamant they had been told nothing while still members of Whyte’s board.
And they fear the club could be rushing down a one-way street by spending advances on future season tickets.
Like many Rangers supporters, Greig and McClelland are alarmed and dismayed by the negativity which continues to swirl around Ibrox.
The former directors believe the financial turmoil has stripped the club of its dignity.
They spoke out after yesterday’s disclosures and as striker Nikica Jelavic quit to join Everton.
McClelland said: “When you consider the effort that was put in to make sure the club would always have its dignity, it is very sad.
“In a matter of only months all that could be damaged further.”
Greig, who was forced to end a 50-year association with the club because of the new regime’s lack of transparency, said: “Like the other directors, I had no knowledge of what was happening.
“The news of all those tickets being sold off is disturbing as this club has always been special to me and any adverse publicity it receives hurts greatly. It’s painful when I think of what’s happening.”
Record Sport revealed Whyte had borrowed £24.4million against future season ticket sales from this season until 2014-15 and although the deal with Ticketus was done while the former board was still in place, none of the directors was told.
McClelland, who was chairman from 2002 to 2004, resigned along with Greig last October.
The old board had tried to force greater disclosures from Whyte but he was the one who came up with the £18m to get Lloyds Bank off Rangers’ case.
Although Rangers, in common with many British clubs, were occasional customers of Ticketus, McClelland fears they borrowed too much.
He is annoyed that neither he nor any of the directors was aware tickets were being securitised.
McClelland said: “This should only ever be a short-term measure to help a club get over a difficult month or so.
“I wouldn’t say it’s good practice to do this too often and for too much.
“It is the equivalent of someone borrowing 25 per cent of the next four years’ salary. It could put the club in greater financial difficulties.
“If great care isn’t taken the club might not be viable.
“If you have to repay that debt over and over the club can be left vulnerable.
“If you have to pay back, say, £5m a year because you’ve used the season tickets then you have to scale the operation down to ensure you meet the repayments and still function.
“But by borrowing heavily trouble can lie ahead if there is a problem or if season tickets don’t sell in the usual numbers.
“I wouldn’t have agreed to this and I certainly wasn’t told the tickets were being sold off. But I was always being told that Mr Whyte would be funding his takeover through his own personal wealth.”
bjmac says:
1 February, 2012 at 07:54
Listened to Rc least night, very rare for me to do so. They are a bunch of patronising condescending *******. They have done as much as they can to suppress this story then when they go to print they start praising each other for “breaking” it and its accuracy. FearUncertaintyDoubt of our new world, I suppose they are simply FUDs
Jim Delahunt after years of holding the jackets of both sides at the fringes of the battle/debates
Now CW is facing the LL tanks, Delahunt is at the front of the tanks…………….. guy is as you say a FUD
Time to go folks the DR pages are now on
Hail Hail
Top of the morning to you all from a dark and dry Fife. The sky is laden with big dark clouds full of something,which I hope is only rain.
The storm clouds must be hanging over Ibrox as well and it will be interesting to watch the wholly undignified saga unfold.
Phil’s latest article added to the whispers about Money Laundering and MBB’s backers gives the Whyte pantomime a sinister undercurrent.
Many books will be written about these events.
Good morning fellow Celts from cauld lahndan
Are thems still clinging to the window ledge?
HH
M
Rallying the old guard……
Shameless.
Dignity indeed.
hat mob should be more concerned with integrity, tho’ I suspect few could even spell it.
The PR and Marketing team are just getting the message out using the conveniently ‘removed’ figureheads.
The Cheekie Chappie will be next….
“Why I had to go quit for the sake of the Club I love”
Look out for the free “We Want Walter” badges……..
…..and the cut-out and keep ‘fishal crests…..
Where’s wee davie tho’?
Morning Bhoys!
Really busy at work.
Hopefully I’ll get some done today………unlike yesterday!
The treble is on!
Rub their faces in it Celts!
Morning from a misearble Fife, weather aint too good either
Reading Whyte has lodged some dodgy shortened accounts in respect of Wavetower.
CRAIGWHYTECSC
Record’s back page is about as weak a story as they could have come up with under the circumstances. The McLelland quotes to explain what has happened is so obviously written by the Record as a dummy’s guide to mortgaging the season tickets it’s painful.
Maybe in the inside pages they have the stuff that didn’t make it into yesterday’s edition?
.
Today is the Anniversay of Reamon Gormley’s tragic Passing..
Thoughts and Prayers with his Loved Ones..
001
mickthetic says:1 February, 2012 at 07:25
Big man, sorry to hear you’ve not been feeling too well. Hopefully the events of the past few days and weeks help make you feel a bit better.
hh
bjmac
blmac
Thanks l will be fine for the first outing, l am on the mend. How sweet was yesterday? the radio clyde phone in was quality.
I am gutted that l am not at work to see them hurting, they are everywhere in my place. Gutted.
Thanks for your concern but l will be fine.
Mtt
SOS
I was speaking to the bhoys ten minutes before they where
attached
I left the pub and turned right
they went left.
RIP Reamon
Summa of Sammi…. says:
1 February, 2012 at 08:17
.
Today is the Anniversay of Reamon Gormley’s tragic Passing..
Thoughts and Prayers with his Loved Ones..
001
GOD BLESS all the immediate Family.
Raemon is a Gift from God, there is no other way to describe him. A shining light for all to aspire to, so when the Rangers are Crumbling, I think Raemon would really prefer we all concentrated on getting Celtic stronger.
HAIL HAIL RG
Summa of Sammi….
Thank You for the heads up.
Bed tim to get some beauty therapy of the mind.
.
Stephen..
You are the First person I thought of when I read it Today..
Give Mini BT a extra Hug Tonight Mate..
KTF
001
Petec
There are loads of teams in EK. Loads of em.
EKFC has its own training complex at Calderglen, great set up, and 5 minutes from Greenhills.
Dunno if they have spaces in their year 2000 team, but the website gives the following contacts for that age group:
Graham Smith
Mobile No. 07711 264115
graham.smith@sky.com
Graham Wilmot
Mobile No. 07520 411801
wilmot@hotmail.co.uk
Failing which go onto the Lanarkshire Development FA’s website and you should get a listing of the local teams from there.
TBB
Cheers O
will do mate,hope to see you in the Summer
Morning all from gay Paree, temps du jour: brass monkey.
Overall pleased with the windae, the squad is stronger and hopefully Brozek can weigh in with a few goals.
Plenty of cover for suspensions and injuries in the reamaining months of the season.
It IS a big squad though, and there will be some some tough decisions needed at the end of the season.
Glad that Jelavic is away. Although he had lost interest in playing for them, he was always capable of getting the vital goal to get them out of trouble. He was by far their best player.
£5.5M deal was it? Nothing for Ally there then.
;o)
A very Nippy -7 in Inverness….those numptys at Caley Park better get the undersoil heating on now if they want this game to go ahead!!!
Summa
Well said …
So, from talking to Huns today, they are all desperate for their club to survive.
But it is now a selfless act. They want rangers to survive FOR CELTIC’s SAKE.
Reading today’s HeraldSports supplement, on pages 2 and 3 there’s an analysis piece about the Foe Malign’s plight.
Anyway, the supporting pic is of the Cheeky Chappy, striding out of Ibrokes last night clutching a squad list and bedecked in his ‘AMc’ training top. Rather interestingly, I see that the top’s RFC crest is crowned by a cluster of 4 red stars.
Perhaps the new livery is already being disbursed … ?
Pawel Brozek doesn’t look like he would be the one to apologise if you knocked into him and spilled his drink; perhaps Zybszek couls comment on his physicality, which is something we’ve lacked up front recently.
Anyways, listenin’ to ole Alastair Johnson on Shortbread last night it would appear that the Octopus is only the first of the ten plagues which will descend on the Govan Egyptians.
A is for Armageddon…
Summa of Sammi
An absolute tragedy, my thoughts and prayers are with his friends and family
B is for Bankrupt….
“EKFC has its own training complex at Calderglen, great set up, and 5 minutes from Greenhills.”
According to the people of Calderglen it’s at least 25, and an hour and a half from Westwood.
Are the huns dead yet?
C is for Craig ‘Whytey’ Whyte, Motherwell Born Billionaire and Asset Stripper Supreme…
Shortbread have bumped up ranglers Holt bid from 500k to now being a one million bid!
Are they allowed to just invent the news ?