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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Accumulator for tonight….
Man United
Blackpool
MK Dons
Charlton
There could be more departures as Celtic continue to try to interest Dundee United in some of their players, including Morten Rasmussen, as part of a bid to lure Johnny Russell from Tannadice.
Evening Times
Now that would be good business.
Joe Filippis Haircut
I wasn’t sure either, could still be wrong, it is Wiki mind :>)
Jelavic gone back to hotel for shoe-shine kit, shampoo, tea, milk and coffee, old habits die hard!0
I think we should be avoiding anymore loans.
I like Samaras but if we can get over a couple of million for him with a sell-on percentage I’d take it.
Again I like Wilson but his injury problems mean he’s never going to be in the team for extended periods – I’d sell him at any decent offer and wish him the best of luck. We have too many right backs.
If we could get rid of one or two of the fringe centre back that would be good too.
Would still love a big Target man with goals in him but I’d be happy with what we’ve got.
One played I think would be worth a punt is Johnny Hayes – would certainly prefer he was with us than go to Ipox.
tommytwiststommyturns
Well you are right of course that he deserves a knighthood for bringing Rangers to the edge of oblivion, but I was thinking more of his role in bringing down the banking system in the country!
Breaking news
Celtic in late move for the entire rangers development squad at murray park
Sources close to NL state the bid is in the 50 jammy dodgers bracket, with extra custard creams depending on results.
HH
Mike
Well put Paul, I made a similar point earlier. If they have auctioned off 3 major revenue streams to fund the here and now, how can they be considered a going concern over the next 3years? I would love to see their cash flow forecasts…
The Return o’ the Porridgiecal!
Jist when Broonie thought his Joab wuz secure!
Jist Goes tae Show..ye..
Circumstances hiv a nasty habit.. o’..well…. Changin’.
Ah happen tae like.. Efrain.
Yep.. Efrain,is awright,no that he has goat himsel straightened oot.
Kojo
Good Afternoon,
you will excuse my absence from these pages for a number of weeks but a mixture of the day job and the appeal for Vanessa Riddle have taken up a fair degree of time and energy of late.
However I cannot let the day go by without making a comment on the day’s events. You will note “events” plural because there is far more to play with today than the Daily Record piece this morning. As RTC has already said, some considerable credit must go to the Record for highlighting the state of play as it appears to stand at Ibrox. Some weeks ago, I posted here that there had to be a cessation of the regurgitation of ignorance by the mainstream media. That statement was a direct reference to the fact that there appeared to be a concerted effort by the MSM just to repeat any old line thrown out by the Ibrox spin dotors. At that time. there was an article peddling the myth that we were about to see a quick administration and that thereafter business would resume as normal. Whilst many know that was utter tosh, it must now be clear to all and sundry that even if that were to be the case, whoever comes in after any such Administration will not have the benefit of season ticket income until around 2016.
Who would buy a club with no income??
Of course no such Administration will take place– we all know that– but others still believe….
However, the events of today reveal a whole other set of circumstances in my humble opinion. Circumstances as yet not envisaged by the MSM– and perhaps not envisaged by those in the Ibrox hot seats.
When I read the Record story this morning, my first thought was that the Record was at it again, in that it was now the unofficial mouthpiece for those who wish to rest Rangers away from Craig Whyte. You know, those murky people who many suspect lurk in the background who have all along had a plan for when Whyte falls flat on his face? Maybe they have a rescue plan for post insolvent Rangers– the Record hints at that. Maybe some of them always had a plan where Whyte was a pawn in stage one, and was outsed for stage two?
However, in following the day’s events do not rule out a third possible hidden hand behind the Record’s pen.
I am a great believer in people with grey or white hair. They tend to be people who have seen a bit of life and who look at things through the eyes of experience. One such individual gave me a wee tip years ago in matters of business which I have always tried to remember and apply. He was a sailor type and he tended to use the odd sea story to illustrate his point.
His point was this:
You know you are in trouble when you cannot see the other guy’s angle? That will be when something comes at you from the blind side– something totally unexpected. It is like being at sea and being completely unaware that a storm is coming because you cannot read the weather or the instruments. In such circumstances you are knackered.
That advice jumped out at me today– first from the Record statement and then from the Craig Whyte statement in response.
Let us forget for the moment the heading of RTC’s current article and the race for the soul of Rangers. Who are the most mortal of enemies and the greatest danger to Rangers PLC that Rangers face at the moment? The answer is easy– it is HMRC. They are THE enemy no matter who is in control of the Ibrox tiller– and they are looking to sink the ship and drown the cargo and crew completely– whether that be the current crew or the older crew who ran the ship ashore in the first place.
Why on earth would HMRC be contacting former directors about the advance sale of season tickets? There are various answers to the question and they are all of interest to the Revenue.
First– the wee issue– and that is whether there is another £5Million in VAT due. You see even Whyte has confirmed that the deal with Ticketus allows them to receive money from Advance “sales” of season ticekets.
Now if I am the revenue and it is being made clear that you have made ” sales” and gathered the money then that may well be a VATable supply and I expect to be receiving the VAT. Of course if you have merely BORROWED the money in expectation of those sales– then you have sold nothing and simply borrowed the money– in that case there is no VAT.
The Accountant bods among us can confirm.
But you see the revenue don’t know for sure do they because it is not as if there are any accounts knocking around which show whether these are ticket sales OR a loan against ticket sales. So let’s go ask the former Directors what the norm was in their day?
Oh and while we are at it, let’s also ask them if they were ever aware that the company- Rangers PLC- of which they were Directors– was negotiating to borrow around £24Million pounds some time last year? OR whether they were aware that the company was about to sell £24Million of assets– as season ticket sales are assets are they not?
Now this is of interest to the oul revenue because they just happen to be owed a whack of money by this PLC. There is PAYE due, there is the wee tax bill due, there may well be £5Million of Vat due depending on how this transaction was structured, and of course there is a sum which they are confident of being due as a result of the big tax case.
Now, if the company that owes all of that manages to raise £24Million– then I might just want to know where that is or where it has gone? That is especially so if they pay everyone except me or just choose to pay me nothing out of such a large sum. Yep– the Revenue will be pretty interested in what happened to that money and who knew it was coming in.
It can’t have gone to pay Lloyds because th chairman has told the stock market, the press, the shareholders and the residents of the planet Zogg that he has paid Lloyds with his own money!
Can it really be that since Whyte has taken over it has genuinely cost £24Million just to run this company– without paying current bills including tax etc? No– surely not? Tell you what- let’s ask the guys that recently resigned– they will know.
The Revenue would be interested in this because if the company is THAT INSOLVENT– then it is the duty of the Directors ( past and present ) to shut the company down and to cease trading right away– immediately- without hesitation or pause. Especially if you cannot see anyway of trading or borrowing your way out of the situation. If the Directors don’t do that then they can be liable for wrongful trading.
Of course, the Directors of the good ship Rangers already sought advice on wrongful trading from Panell Kerr Foster sometime ago when Rear Admiral Minty was at the helm. However it is not known whether Captain Whytewash has ever sought similar advice.
So for me, the whole Record story smacks of HMRC fishing in a pond full of sharks and using the Record to help cast a line and throw out some bait. It is remakeable that the Record have managed in recent days to get quotes from a lot of the former players– AJ, Walter, Paul Murray and so on.
Of course if the good ship Rangers PLC goes down, all former Directors cannot sale a new vessel because of their being crew members who helped scuttle a vessle in the lst 5 years.
A further little twist also awaits the by standers on the pier– especially those who are housed in the SFA jetty. It would appear that the Rangers interim accounts that lead to the European licence should have had an auditors certificate– according to the EUFA Coastguard in any event. There is a suggestion that the local coastguard let the Rangers ship out into the European waters without the Auditors certificate. Now it is only a suggestion mind– nothing concrete yet– but given that we now have an enquiring media perhaps they can make enquiries of Commander Regan?
Of course, if everyone eventually jumps off the sinking ship– it will be left like the Marie Celeste ( real name Mary Celeste ) just drifting helplessly and aimlessly amid troubled waters with no clue left as to what actually happened on board. Alternatively, forensic examination may reveal all the internal mistakes and design flaws which left to the sinking of a once successful ship– just like how we all know that the bows of the Titanic were flawed and fatally designed. Once the water breached the bow she was inevitably doomed.
Of course the Titanic never sailed again, but the Mary Celeste did. After being discovered abandoned and listing she was brought back to port and changed hands over a dozen times in almost just as many years. She was deemed an unlucky ship and eventually her final owner- Captain Parker- deliberately scuppered her as part of an attempted insurance fraud.
He escaped conviction for barratry- the penalty for which was death- but died some three months later. Everyone else involved in the scheme was finacially ruined.
The moral of the story is that you should avoid swimming with sharks and be very wary of mysterious and unexplained phenomina– such as a suddenly inquisitive set of Scottish sports journalists!!! They might just be bringing a great big storm behind them!
Jay Boothroyd, loan deal depending on how quickly QPR get their business done tonight
– > No thanks. Seriously – I know we need a physical target man striker…. but is a loan deal for that numpty all we can manage???
!!Bada Bing!! Kano 1000 says:
31 January, 2012 at 16:29
VP-Seen you up at 5 o’clock ya bampot ye!!Ye wet the bed?
______________________________________
Not this time,mate.blog was running through my mind all night.
Was also thinking of all those transfers Sally would be making today.
Did Whyte really make that statement? Surely someone has doctored it!
A £10 million hole in the accounts and season ticket money from future seasons already spent.
And Octopus? You couldn’t make that up I suppose. Eight times screwed.
Would it not have been an idea to loan out a few fringe players to SPL teams such as Hibs as a way of helping to get 1-2 other teams onboard with us re. voting against any Newco in the future? 1-2 decent players sent their way might keep be the difference between finishing bottom or not. In the same spirit, Aberdeen might see such a move worthy as a return favour in the future.
CW has found a significant revenue stream, he’s going to make Oliver Hardy pay his canteen slate.
Huns allegedly bid 300k for Templeton,mad Vlad will lift the phone to PL to ask if we want him probably.
CQN is in very fine form today.
Some laugh out loud stuff.
And even an honourable mention for ole Zheng Zhi.
Beers at the ready, feet up, primed to read some more and take in a bucketload of
stupid phone-in rubbish.
Also a fine analysis on RTC on why the cynical old media has decided to
pore a bucket of sh*te over our hero, Craig Whyte.
And, for all you hunlurkers out there, it was Murray that killed youse, the MBB
is only the main pallbearer, although he looks likely to rob the corpse……..
Lovin’ it !
pigalle
The forecast tsunami is about to crash all over Rangers my friends, I trust you’re all watching from a safe distance and have a clear view.
VP-HH,next few hours might be interesting.
Watched Bothroyd recently & thought he was garbage on both occasions. No thanks, would rather keep our cash and go with what we have rather than get him on loan.
Paul – If Mr ‘Didn’t borrow it to buy them’ Whyte didn’t approach octopus for a loan to help buy Rangers – what is the money for? I mean if it’s all away then he’s just done a sum based around borrowing 4 times something to pay for 1 times something.
So what happens when the next 1 times something is due?
Another 4 years borrowing? Struggling to see where their next Nikica ‘Bridging Loan’ Jelavic is coming from… Oh wait there’s that boy Fleck…
U
Paul … Stop it I am laughing with tears running down my face on a packed train leaving London.
I cannot take anymore it is like an Ealing farce!
Fingers crossed Messi can resist the offer they are bound to put in
Hail hail
Yet to pay for Wallace and they have the cheek to try get Templeton. Wind your neck in sally you fat….
Ally McCoist leaves Ibrox stadium after meeting with Craig Whyte. Not looking too pleased either
Retweeted by Fritz A. Grandold
Twitter laughs…
Poor we Ally Bally I would feel sorry for him if he was such a wee toe rag…
What goes round comes round Alistair!!
Rangers have just accepted a bid from Edinburgh zoo for Broxi bear.
You have done well, Agent Le Whyte. Exceedingly well.
BRTH
Shiver me timbers.
Tonight on Snyde,
Darwin King, hun escapoligist supreme must be challenged on his early 2011 repudiation in print the
RTC et al exclusive that the hun season books had been mortgaged to the maxed out hilt of latter day insolvency.
HH
Right gents, its been pretty eventful without being eventful if ye know what i mean. Journey home and then catch the last leg of tonight after tea.
Hail Hail & cheers.
My dear,dear,dear,friend.. Malone19
Hiya,pally..???
Yep.. so ye noticed..
The Bald Truth, if ye kin tak it…
is that..
NAEBUDDY wull Pay a Brass Farthin fur.. Mark Wilson.
he is a Duffer… and he is still under contract tae us..
Fur we hiv tae get him aff the Payroll Somehow..
So a Loan is aboot the only wey,fur us tae go..ither than..
Bringin in Some Pals o’ Vito..and gien them .a Joab.
In fact, Naebuddy wull pey a Tarnished Curdy ,fur Rasmussen, eethur.
And..
And Ah wid Be much surprised in ma druthers if
Anybuddy..wid Pey mair than.. Five Hundred Pounds o Dolly Mixtures
fur… Sammi…as weel.
Ither teams hid the chance tae Move fur Him..and thur wur no Wan Taker.
Whit a Position fur us tae be in..
Payin’ oot Guid Money fur , little or nae Return .
It breaks Ma Cauld, Cauld Hert!
Kojo
BRT&H
Bawsman likes the cut of yer jib ;-)
Class man………Class.
SSB coming on!!! Essential listening these days. Buying the Record and listening to Clyde, what have I become?
If Whyte bans the Record,the Lapdogs will just have to use their Season Tickets.
BRTH
An excellent post as usual.
Could you also be Declan’s creator? ( a compliment)
EC67
one oh two point five,,,,
http://radioplayer.clyde1.com/
Postponed watching comedy highlights of the week Parks & Recreation and House of Lies for a listen to the hun help line…
Whats the chances of a ‘Aye see the cold Cetic pies they are a discrace so they are’ call?
Brogan…
Abandon Ship, Abandon Ship!!
So that’s the BBC and the Record that are on Whyte’s you know what list.
Just a thought … if the huns boycott the Record does that mean we need to buy it?