Worthington plc want their “unauthorised” Rangers money back


Popular narrative would have you believe that Craig Whyte funded his period in charge of Rangers by using monies due to the tax authorities and other creditors as working capital, while securitising future season ticket sales to pay off bank debt and, perhaps, providing a small boost to working capital.  This version of events now has to be revised.

As we know, Jerome Group plc Pension Fund, a company connected to Craig Whyte, made a claim for £2.95m on the £3.6m seized by the court from Colliyer Bristow’s client account last week.  The money is currently held in the client account of Duff and Phelps solicitors pending a court decision on who is entitled to it, and is also subject to claims from HM Revenue and Customs and another company associated with Whyte, Merchant Turnaround.

Today, Worthington Group plc, who are investors in Jerome Group plc Pension Fund, issued a statement to the stock exchange confirming that they provided investment funds to Collyer Bristow’s client account “when considering the possibility of making a fully secured loan”.

It’s now clear that companies associated with Whyte had deposited some millions with a view to being loaned to Rangers, that such a loan would be secured and that Duff and Phelps claim this money to be Rangers’.

Worthington goes on to confirm Whyte owns 7.54% of their share capital through another of his companies and is not involved in the management of the business.  They also confirm that Jerome Group “acted at all times in accordance with very detailed legal advice”.

This demonstrates that notions the security over Ibrox and other properties held by companies associated with Whyte can be easily dismissed are fantastic.  This has all the hallmarks of a lengthy and expensive legal battle over Ibrox with several motivated protagonists.

The most interesting comment from Worthington Group today was that the Trustees of Jerome Group plc “now understand that the funds may have been the subject of an unauthorised release to the Club in breach of this undertaking prior to the Club entering Administration”.

Claims that an “unauthorised release to the Club” of £2.95m happened before it entered administration could have acute consequences for those who instructed the release and directors of the club at the time.

Never mind, all this is clear enough for Duff and Phelps to press ahead with a healthy sale of the club, even though the verdict of the First Tier Tribunal is yet to arrive and Ticketus ownership of future season tickets remains.

For a comprehensive rundown on how we got here, read Saturday’s article ‘Rangers, the biggest scandal in the History of Sport and the rest’, which includes gems like:

“Between 1997 and 2003 Rangers lost an eye watering £152.6 Million. Joe Lewis’ £40M was gobbled up in jig time, followed by £20M of Dave King’s tax efficient stash, plus a £32M investment by Murray’s business, £6M from smaller shareholders, and a further £15M of NTL’s investment in the hopeless Rangers Media venture. At its nadir in 2004, Rangers net debt was a staggering £83 Million, a monument to the ego of David Murray and his ‘dream’ for Rangers.”

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  1. Spring is in the air over here, birds are singing, sun is creeping and we are on our way to a treble.



    Happy days indeed.



    Happy Monday all.




  2. From twitter. Call to petition Chelsea to obtain video footage of Craig Burley knocking out his own teeth.






    My email to Chelsea asking for #CraigBurley video footage. All #Celtic fans should petition to obtain this clip. pic.twitter.com/pEY3zIay

  3. Morning Ghuys and Ghirls.



    Well done to our Bhoys for the win yesterday, eventually. The record books will show only an emphatic Celtic win, regardless of the first half performance. Let’s just keep plugging away and win every game from now until the end of the season, regardless of when the race is mathematically over… which it obviously isn’t until the final whistle is blown in the two cup finals.



    With regard to events elsewhere, I feel that there is too much focus on Rangers’ financial travails; their dicing with liquidation and the ins & outs of a possible sale of the club. This seems to have distracted many, including the bulk of the media, from what in my eyes should be the major story: around 20 years of systemic dishonesty, rule-breaking and cheating.



    Like the arrogant, selfish car driver that jumps a red light, nips into the bus lane to jump the queue, routinely exceeds the speed limit and sneaks up the right-turn filter lane and then barges in to go straight on, in their desperation to get ahead of the rest… those in power at Rangers for all those years carried on as though they believed that the rules applied to everyone but themselves.



    They took advantage of the honesty of every other team in the land and routinely flouted rules in order to sign players that even they could only have dreamed of signing had they been constrained as were their opponents by an appreciation and acceptance of the difference between right and wrong, legal and illegal.



    I don’t care if Rangers continue in their current skin, with their “Aye Ready” since 1872, or if they morph into a 2012 version officially without the historical achievements of the old corporate entity, as long as they are piunished for their transgressions and their overt and callous lack of sporting and moral integrity in the only way that will be fair to those they have cheated. As an absolute minimum they must be stripped of all the trophies captured through the years of cheating and rule breaking, and those must be retrospectively awarded to the runners-up in each case.



    Nothing less will do.



    But will those who govern Scottish football pass the “Fit & Proper” test?

  4. Paul, I hear your Saturday evening formal was disrupted by a phone call.


    You will be glad to know that it has proved to be of great interest and is being followed up, with some relish, as I type

  5. skyisalandfill on

    It would appear that there are no depths to which they wouldn’t sink.


    Yea gods





  6. Steinreignedsupreme on

    Paul67 –



    No matter what moves are attempted to elevate any Newco – they will not be playing football next season in any league.



    There will be considerably more of action in the courts than on the pitch in the next couple of years.

  7. Nice one Paul67.



    Think many on here are worried they will rise from the ashes and nothing will happen, I don’t see it myself. As several articles have stated over the last week or so this runs deeper than just finding a new buyer and the FTT. Many are owed and many will chase through the courts to prevent the sham scam of a deal.



    You can fool all of ra peepul all of the time but the creditors are not for turning.

  8. Always look on the bright side of life


    Always look on the bright side of life



    Some things in life are bad, they can really make you mad


    Other things just make you swear and curse


    When you’re chewing on life’s gristle, don’t grumble give a whistle


    This will help things turn out for the best



    Always look on the bright side of life


    Always look on the right side of life



    If life seems jolly rotten, there’s something you’ve forgotten


    And that’s to laugh and smile and dance and sing


    When you’re feeling in the dumps, don’t be silly, chumps


    Just purse your lips and whistle, that’s the thing



    So, always look on the bright side of death


    Just before you draw your terminal breath



    Life’s a piece of **** and when you look at it


    Life’s a laugh and death’s the joke, it’s true


    You see, it’s all a show, keep them laughing as you go


    Just remember the last laugh is on you



    Always look on the bright side of life


    And always look on the right side of life


    Always look on the bright side of life


    And always look on the right side of life

  9. Help required please guys. Mt brother in law will be in Boston for the cup final, any ideas where he can watch it?

  10. Does anyone else have a problem similar to mine…..



    i wake up wanting rangers in administration and a slow long 30 years of pain as they manage out of their £150m mess…. Then as the day goes on I want them gone for ever as soon as possible.



    I honestly do not know what the best outcome is from this dilema…..but the hordes of rangers supporters are even less sure, that is for certain…… as they cling to the same ridiculous utterings and drum beats of pathetic and IMO proven ignorant hacks and performers like nevin, traynor, leckie etc.

  11. playfusbal4dguilders on

    Paul 67



    Do you have your request in to do the exclusive pre-match press conferences with the Celtic Management team?







  12. Larsson and McStay on

    Awww Paul67 , are you trying to upset any poor wee Rainjurz fans who might read this , or hear about it 2nd or 3rd hand ?



    Don’t you know that it’s all going to be ok…..even Jim White was smiling again on SSN so it must be true. Taxman’s doing a deal for 4.9mill , Ticketus (or Tickle Us as some huns misquote them) are going to do a Wiggy and Wyldey and “walk away”, while the Blue Knights are locked in a serious battle with billionaires from all over the galaxy for control of the cash cow that is Rainjurz In Administration.



    Can’t have guys like you posting facts , what good does that do anyone ?

  13. gorbalstam on 12 March, 2012 at 12:11 said:


    Help required please guys. Mt brother in law will be in Boston for the cup final, any ideas where he can watch it?



    Check out http://www.nafcsc.com for details of all North American CSC’s.



    Great CSC in Boston. Your relative will have a great time.

  14. sixtaeseven: No NewCo in SPL and it's Non-Negotiable! on

    While I think most Tims are pretty well clued up on the facts surrounding the Hun saga thanks to thelikes of CQN, RTC bog and Phil, I can’t help wondering how the average bear must be dealing with this.



    His heid must be spinning faster than that poor possessed lassie’s in the Exorcist.



    At least we can see through (most of) the media spin. The MSM garbage is the average bear’s only hope, plus he’s got to take our version on board as well.



    Maybe somebody should get Father Merrin on their case.




  15. Do the Blue Knights stand any chance folks and should we be worried? The bottom line is HMRC will probably do a deal on the big tax case and i’m sure the powers that be will do what is needed to make any claim ‘The Whyte Knight’ has on the club/ibrox illegal therefore freeing up the assets. For talks sake lets say these investors put £25m in the pot I believe they could raise the same again from a share issue. £50m would probably be enough to clear a lot of debts/do deals and see them emerge without having to become ‘Newco’ would it not? I am forever a pessamist by the way!

  16. If Leckie can make this claim maybe we should begin making some of our own.



    Every honour won by the huns between 1872 and 1989 should be stripped due to the formal practice of religious apartheid.

  17. The majority shareholder in Worthington Group is Regenesis Holdings, controlled by Whyte’s old pals the Earley brothers. They have their placemen, Townsend and Cooke, on the Worthington board.


    The £3m pension fund raid was brazenly “approved” at a company AGM. Last June Worthington announced that the £3m had already been set aside for an “investment”.


    These guys are not even subtle!


    The Pritchard Stockbrokers debacle should also be worth watching, as there is plenty of cash “unaccounted for” there as well.


    It’s clear Whyte used “other people’s money” to establish his proof of funds.


    But the biggest question mark is over the £24m from Ticketus, that was in the Collyer Bristow account BEFORE the takeover was completed.


    Who was influential enough to persuade Octopus to go through with that? Who could provide assurances from the highest level?


    I reckon if much more pressure is put on Whyte, he may well let the cat out of the bag.


    And that could prove to be VERY embarrassing for Minty.

  18. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    There is not a viable business plan that can see the hun pay back tax over years.



    Please keep up



    HAil Hail

  19. sixtaeseven: No NewCo in SPL and it's Non-Negotiable! on



    “But will those who govern Scottish football pass the “Fit & Proper” test?”





    Quis custodiet ipsos custodes?

  20. yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee






    30th post………………………………………………………………






    BigJoeeasily amused

  21. twists n turns on

    “A typical cups and balls routine includes many of the most fundamental effects of magic: the balls can vanish, appear, transpose, reappear and transform. Basic skills, such as misdirection, manual dexterity, and audience management are also essential to most cups and balls routines”



    Don’t know why I got the urge to post the above………………….

  22. Paul67



    You mean the Laptop Loyal got it wrong again and everything is not rosy in thernagers garden.







  23. Just read the article……………………………….






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