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.
991 Comments- Pages:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- ...
- 27
- »
I said earlier and I will say again.
I was told Sheriff Officers are showing up tomorow and will leave with either cash or a van load of valuables.
This is when the fun REALLY BEGINS!!
CRAIGWHYTECSC
Radio Clyde for those outwith the reigon
http://www.radiofeeds.co.uk/query.asp?feedme=102.5+Clyde+1
My Dear,dear,dear,friend..TwistsnTurns
Ah Luv it, Pal..
Appreciate ,that.
Yep…
Ah luv tae see ’em Squrm.
and.. things wull only get worse and worse..as
The Gigantic Ibrox Cookie Crumbles.
Thanks,pal..
Kojo
yer pal…who thinks yer swell.
One of the features of this CW saga is how the forums/blogs have been well ahead of the game.
In that context I offer the following I posted on RTC. Not surprisingly it is about the SFA and the future of our game and the absolute necessity of restoring trust before any major decisions are taken.
” There is more than a battle for Ranger’s soul about to take place, there is a much wider battle for the soul of Scottish Football underway as well and that soul cannot stand any “collateral” damage as the other battle ensues.
In fact I would say that those with custodial responsibilities (on behalf of all football supporters) for the soul of Scottish football (The SFA/SPL) should be declaring from the outset exactly what is and is not acceptable as the parties battling for the soul of Rangers do so on Scottish football’s turf.
Now that CWs credibility has been shot to pieces, the SFA owe it to supporters to set out their stance on the principles of fit and proper ownership of Rangers AND the kind of club they would like to see emerging from the battle.
The SFA in particular have a duty to restore some faith in their credibility and have the opportunity to do so by being more forthcoming than they have been on some of the issues raised on the blogs e.g. the two contracts issue, the uncontested valuation of Ibrox and (aye) the whole saga surrounding the granting of the UEFA licence (1) with an unpaid tax bill in their possesion, what Rangers did to get it and what they did or did not do after it was granted. Time for Mr Regan to become great an step up to the plate.”
“Be not afraid of greatness; some are born great, some achieve greatness, and others have greatness thrust upon them.” William Shakespeare
(1) Here is what I now think happened on that UEFA licence issue (most of it posted before).
a) CW paid HMRC £500k towards the wee bill shortly after taking over in May from what now appears to be the money borrowed from Ticketus.
b) To pass licensing requirements this small payment had to be part of a written agreement with HMRC (Art 50 4b of UEFA FFP) I am not convinced there was an agreement in writing but to restore confidence in the SFA’s statement that the licence was correctly approved in May, the SFA can get permission from Rangers/HMRC to present the agreement.
However if there is no agreement in writing and it was done on trust by the SFA
c) The balance had to be paid by a date under the agreement. That date could be post 30th June although the lead time to SOs calling on 8th August suggests it pre dates 30 June.
d) If it did pre date 30 June then under article 66 paras 1 and 2 Rangers should have notified the SFA that they had an overdue payable as the outstanding balance had not been paid under the agreement and so became an overdue payable and so declarable.
In this Art 66 case the focus is fully on Rangers not the SFA, but the SFA know the balance was not paid and should be investigating the circumstances and if Rangers played by the rules or (as I suspect) used the rules to get the UEFA licence but had no intention of meeting their tax liability.
Everything to emerge about CW suggests he is a user and the SFA have the opportunity to show if they were used, in fact a responsibility to themselves to investigate further and as a confidence restoring measure (whatever the documents show) reveal the key dates and all documentation from HMRC surrounding the wee tax bill from the date it first was accepted as payable by Rangers to the written agreement showing when the balance after the £500k was due.
This is the kind of transparency that is needed to rebuild trust in our game before any consideration can be given to Rangers future.
(apologies to regulars for beating this drum but without trust in the rule governers we have no game).
Incredible stuff from AJ on shortbread.
Then we have the “We have a cunning plan” view;
“I think everyone should get some perspective on what is being reported in the story as fact, and what is spin/ opinion/ horseshit.
The facts are:
Rangers, like many other clubs, have apparently borrowed some money from Ticketus instead of a bank (and apparently were doing so before Whyte took over). As security they have used unspecified amounts of their season ticket revenue – NOT ALL the season ticket revenue.
HMRC have decided to release confidential documentation to Paul Murray who has taken said confidential information and ran to the newspaper, to push his own agenda.
HMRC are investigating non-payment of VAT on this loan. This is the only FACT that sounds like a point of concern so far. I have no idea on the legal status of paying VAT on a loan from Ticketus. Apparently neither do the DR as they don’t mention it. Do I smell another visit to a Tribunal? Do I smell something fishy in the HMRC investigation (coupled with their faultless security of confidential securities)?
The rest of the story is speculation or worse. Their arithmetic is totally screwed up and if I can’t trust them to add numbers together then I’m not trusting any of their other analysis.
To me this is meaningless without context. Until the HMRC case is decided then everything needs to be taken with a huge pile of salt. If Whyte is unorthodox, smart and has a plan and cash, then not investing before the case makes the most sense for him (and also ultimately for Rangers). Why take the risk of going into administration after spending Rangers money when you can pass part of the risk on to an unsecured creditor? Unfortunately, if he’s stupid, dodgy and has no cash or plan, then it looks exactly the same at this stage.
All I’ll commit to at this stage is that he’s either very smart or very stupid, and irrespective of the way the media are spinning it, they both look the same just now”
Radio Shortbread
Alastair Johnston: Craig Whyte received the Ticketus money before he bought the club.
“If the money has been spent today what is the source of revenue for the next years? Who is the secured creditor? It would be difficult to think Ticketus didn’t ask or get security. If the case and the money was not used to buy the club….are we £42 million in debt? If in the event of admin is it Ticketus who will control the destiny of the club?”
lmao that debt advert on clyde; maybe whyte should have accepted their invitation after all!!!!!
Love the advert on Clyde “borrowing more money is seldom the answer”
Adverts on Clyde now:
– “it’s not to late to get away” Ryan Air
– “Consolidate your debts now”
– Weightwatchers
You couldn’t make it up. Obviously know FPLG and CW are listening in.
Starry Plough @18:40
That is the question? That is what HMRC are fishing for with the old Directors. If Whyte paid Lloyds with his own money where did the 4 years season tickets go? Why no monies paid to HMRC? No accounts- so ask the former Directors about the running of the club- the finances, the costs, etc etc and then conclude that the money has gone OUT of the company somewhere- like to who.
Hunt the Whyte hare.. Hunt the Whyte hare– you are now in the midst of a completely new HMRC investigation make no mistake about that!
Craig White holds all the aces, classic head in the sand hunnism from Mr Ben..
Exiled, great thanks!
Swiss
When asked by a reporter on the Kafkaesque situation at Ibrox
Mc Coist said
“We are keeping a close eye on him with the hope of partnering him Jelavic
Paul67, brilliant stuff you told us this day would come 4 yrs ago….listening to Craig Whytes statements and trying to follow follow it, is a bit like follow the nut under the shell conducted by an octopus in covent garden….lol
hail hail
finnharp
Radio Shortbread
AJ: All negotiations on funds were done by Murray International and passed on that the necessary funds (from CW) were secure.
Kojo
My fav so far is the – send the men with the white vans around for me quickly please!!
————————————————————————————–
“Ally McCoist will win us the league for the next 3 years. Then, learning from his mistakes this season, he’ll ensure CL qualification by negotiating all 3 rounds.
The Euro gate & TV receipts will keep us in business”
As a small distraction from Mr Whyte’s efforts to bring levity to the masses, though probably not the Masses, I have a hot new scoop from the court lists – Now Celtic FC Ltd is involved in a case in the Court of Session!
http://scotslawthoughts.wordpress.com/2012/01/31/now-celtic-fc-ltd-is-involved-in-a-case-in-the-court-of-session/
However, this is, I submit, a reason for the Club to be commended, rather than criticised, as it apopears to be action against the idiot with the banner who allegedly assualted a Celtic steward in Udinese.
Kenny McIntyre on Shortbread.
Such remarkable deference.
Lhads, understandably there is much emphasis on the RFC situation at the mo. But are we going to get any more signings in tonight? Paul67 – you got any hunches/info?
Radio Shortbread
AJ
“Awwwwww….groaaaaaaannnnnn…I have some knowledge of the situation…..I am not confident that there are no more revelations to come out”
No Pavluychenko in the Spurs squad tonight
Hmmm
Anyone else get the feeling we are currently watching a movie that has already been written & the ending is all too predictable?
To quote from a well known Rangers song:
“Me oh Me oh me oh My
Oh how we love to see them cry”
The shoe will soon be on the other foot!
The penny (arcade) has dropped for at least one!
Originally Posted by ifu01334
When we have former board members saying they have seen HMRC correspondence, I don’t think this is “obsessed tarrier stories” mate. This is real unfortunately
Whyte never had the cash to buy us, he borrowed to do it, and what’s worse, he borrowed from our future income streams.
All that p*** that he would write-off the investment of £18m he made – when what he actually meant was that the fans would pay for the £18m through season book sales.
Totally utterly outrageous
I will give him the benefit of a chance to respond but the information as has been presented seems pretty conclusive to me
Alastair No Surrender Johnston fears further revelations…”and he speaks with some knowledge”
I’ll bet!
Peter on snyde has Dawl giving him a sarcastic apology for not spending his life on blogs.FFS,this guy
is an employed journalist.
On the subject of the guff they have written to supplement the myth of the Motherwell born billionaire.I sent an e-mail
to a record journalist(gary ralston) recently asking him to back up the claim of the £2 million”swoop” for Javi Guerra.
I kept my e-mail polite but did accuse him of writing “sheer drivel”
The reply came 10 days later.”sorry for the delay and sorry for writing what you perceive to be “sheer drivel”
Looking at the transfer window so far, I rest my case.
Apparently rangers have accepted a bid from Edinburgh Zoo for broxi bear…
Chic
“Not for one second defending David Murray”
“The bank made him do it” (sell the club)
:))))))))))))))))))))))))))))))))))))))))))))))
Alistair Johnston clearly knows how bad things are at Mordor from his reaction there!!!!
More to come bhoys!!
Hail hail
AJ says White’s ‘Letter re the Tickitus story needs to be redressed’.
Trouble is…AJ’s a major Hun…and cannot be beleived.
Our Board lives entirely outwith the Chico/Jabba fantasy land of paper saled whoring and
it’s attended Orc protectionism.
Lies and lacklustre subterfuge mixed with the abject criminality profers only doomsday scenarious for the culprits.
HH
up the clyde withoot a paddle
ASonOfDan
If your info is correct, you know you have to take a day off work and be outside ipox tomorrow for the photo of the sherriffs officers taking away the ‘valuables’
If i lived in scotland i know where i would be!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Hail Hail
northbhoy … \o/: 31 January, 2012 at 18:31
“Baw jaws McC leaving ipox like a very unhappy man”
That’s because ‘the trialist’ had his dinner…
Paul McC says:
31 January, 2012 at 18:54
You say in your blog that the Celtic steward was assaulted.
Has there been a conviction?
Sally’s a puppet, naw get away!!!
Just turned on Radio Scotland
Who’s dead ?
Craig Whyte as far as I can see by his quote’s today has now put the Rangers supporters to ransomed by asking them to now buy season tickets for next 4-5 seasons. I am totally gutted.
Gutted they were not closed down sooner for their lying, cheating and allout bigotry…
Hail Hail
Finnharp