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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Awe Naw:
Glenfinnan viaduct and monument.
Nevis Range Gondolas.
Boat trip on West Coast of Skye to see Cuillin mountains etc.
Paul, he said the same about you.
He emailed me using the words Bit. Teeth. Between.
fatherandbhoy on 12 March, 2012 at 13:04 said:
rangers aren’t a big company.
The big companies HMRC are close to turnover measured in £billions and employing thousands of tax payers.
rangers are small fry, turnover less than £100m and emplying less than 200 (some of whom are) taxpayers.
Celtic_First
It is quite simple, everyone is going to tell them not to worry about paying them back and then the bares are going to raise £100 Million from dodgy internet fund raising sites and tombolas.
Easy, Peasy… ;)
Gordon_J – Tax credits are a nightmarishly complicated and ineffective solution.
If Parliament had any sense, it would scrap the income tax system as it exists today and replace it with a flat tax, say at 20%. No need for tax credits or any other bells and whistles.
This would greatly simplify the tax system and make taxes considerably cheaper to collect. It would boost the economy, create jobs, and remove the financial incentives for income tax avoidance or evasion. Everybody would pay the same rate, with clear and obvious incentives for everybody to work harder or smarter and earn more money.
However, because the State thrives on complexity, on creating rent-seeking opportunities in the civil service, accountancy and law firms, it’ll never happen. All the major parties are complicit in this conspiracy against taxpayers, because civil servants, lawyers, and accountants have too much sway over our political establishment.
Re: mansion taxes, wealth taxes, etc.
Before the 50p tax rate came in, the top 1% of earners in the UK paid nearly 25% of income tax according to HMRC.
The top 10% of earners paid over 54% of income tax collected.
And remember, this is just income tax. High earners also tend to pay a disproportionate share of VAT, fuel duty, stamp duty, national insurance, capital gains tax, council tax, air passenger duty, insurance premium tax, tax on pension contributions, etc.
By comparison, the bottom 10% of earners paid only 0.6% of UK income tax.
And for all their disproportionately high contributions, the highest earners use public services the least. They’re less likely to use the NHS, send their kids to local authority schools, be clients of social workers, take up the time and resources of the criminal justice system, or be benefits claimants.
Now, we’re soon going to find out how far the 50p tax rate has taken us along the Laffer Curve. So there may be a utilitarian argument for scrapping the top rate of income tax.
There’s also a moral argument that we shouldn’t unfairly burden people who are already contributing far more than their fair share of taxes. Instead of constantly looking with jealous eyes at other people’s wealth – wealth that typically has already been taxed at least once – the State needs to learn how to live within its means.
Envy is a deadly sin. It shrivels the soul and enfeebles the mind – just look at groups like UK Uncut or Occupy to see where envy gets us:
* Smelly, ignorant hippies consumed with eye-popping rage at the system that puts food in their bellies, clothes on their backs, and iPads in their backpacks
* Hatchet-faced vegan feminist sociology lecturers with ratty dreadlocks and infected nose piercings, shrieking vile calumnies at people who contribute far more to this country in a year than they ever will in their lives
* Drum circles
Is that what you want for this great country, this sceptred isle? To become one gigantic hippy colony, collectively tweeting on their iPads about how terrible capitalism is, without a trace of irony, because angry lefties don’t “do” self-awareness?
Of course not.
We’re all in this together. (thumbsup)
savo01,
while the club is in administration and the share dealings are frozen while the fsa investigate, no new share issue can be raised.
So relax and rest easy, they had their chance to buytheir club abd blew it.
stupid huns hehehe
Paul67 et al
Nothing should surprise us, but still does, about the downfall
(Der Untergang?) of Rangers FC, but one thing is clear, if the SPL and the SFA apply their rules, Rangers have no part to play in the future of Scottish Football. Or, better put, no future! Glanced at the Scottish tables at the weekend (well done Paul Hartley) and the only one with an asterix by it’s name, (points deducted) was Rangers FC. Rangers in Administration, MIH part owned by the taxpayer, the Bank of Scotland destroyed (thanks Peter), and a trail of unpaid bills and taxes. Legacy!
awe naw…
Glencoe, Skye, Loch Ness and everything in between.
sixtaeseven: No NewCo in SPL and it’s Non-Negotiable! on 12 March, 2012 at 12:14
We have much to be grateful for. It makes me laugh to hear the likes of Traynor and Keevins call us Internet Bampots but that attitude has served us well but the advantage will not always hold as they smarten up.
What is at play here is to use a Star Treck term, the Celtic Collective where one idea or thought is shared INCREDIBLY quickly by all. One idea triggers a thought process, the collective examines it and if it stands up it gets nurtured, articulated (and we have some cracking articulators) and becomes part of the mind store, if it does not stand up it is rejected or placed in suspense until something new emerges to revive it.
If we could tag the ideas as they emerge we could see the whole process in action. It is stunning when you see that. As I told my neice last week “you are going to live in a very different world, one set free by the truth.”
My head hurts.
ASonofDan
Thanks for confirming that the Mr Micawber business model is still firmly in place.
What could possibly go wrong?
McMillan Ragers fan leader says in Times,
“Paul seems to be a very genuine person,” he said. “He is a Rangers supporter who has been a member of the board and knows a fair bit about the running of the club into the ground.”
Awnaw CSc
Awe Naw
Best of all: a boat trip from Arisaig or Mallaig to Eigg. There and back in a day, Lovely island for walking. On a fine day, magnificent views of Skye, Rum and the mainland.
Just in…
Mystery Nigerian benefactor interested in buying Rangers….
A Nigerian business man who inherited 6 billion pounds sterling but can’t access the cash is interested in buying the Scottish footballing giant that is Rangers FC.
If Gers fans can send their names,addresses and bank account details to Mr. Awantawyercash of the Nigerian embassy in Possil everything will be sorted.
HH
Awe Naw / johann
Camusdarroch Beach is a must, pictures on my FB, Awe Naw, simply THE most naturally beautiful place I have seen in Scotland. Simply stunning.
hh
bjmac
A Son of Dan @13:14
“Before the Rangers Supporters’ Assembly was formed, the Association had regular meetings with Campbell Ogilvie. We had a very good relationship with him.
“Things have changed over the years. We must get back to where we were.”
Says it all really.
Cyrul
bunburybghoy
pmsl : )
Awe Naw…..
For William to Mallaig on the Jacobite Steamer choo choo
Fingal’s Cave on Staffa (from Fionnport on Mull)
philvisreturns on 12 March, 2012 at 13:24 said:
“And for all their disproportionately high contributions, the highest earners use public services the least. They’re less likely to use the NHS, send their kids to local authority schools, be clients of social workers, take up the time and resources of the criminal justice system, or be benefits claimants.”
———————————————————-
They might use the public services the least but they enjoy the benefits of the civil society that such services create. If they did not contribute according to their wealth they would be spending their dosh on private police forces and walled up domiciles. Think of taxes as insurance against revolution..
Having said that it would be interesting to see what would be gathered if the incentive to dodge taxes was reduced. Would the mind set that dodges be any the less compelled to because the sums at stake were less?
Auldheid “Would the mind set that dodges be any the less compelled to because the sums at stake were less?”
Email Campbell Ogilvie and ask him.
http://www.philmacgiollabhain.ie/all-right-on-the-knight/
philvis..,
agree on scrapping te current tax schemes, just differ a little on the rates.
people under 20K total household income, no tax
people up to 100K total household income 20%
above 100K total household income 50%
above 250K 75%
its only fair, the top end make their money from the rest. innt
philvisreturns on 12 March, 2012 at 13:24 said:
You a member of the Green Brigade ;-)
hh
bjmac
Beat me to that one Cyrul. Classic.
Thai Tims T-Shirts for 15.90?
Typo?
googybhoy ♥ Celtic and Integrity on 12 March, 2012 at 12:45
Thats for posting – I hadn’t seen it.
A beautifully written piece by Mr McKenna.
I hope to God, when my time comes, my friends think even half as highly of me as Mr McK did of his late friend.
RIP
awe naw – Craig Whyte’s castle.
Auld Neil Lennon heid – They might use the public services the least but they enjoy the benefits of the civil society that such services create.
Well, that’s a whole different can of jelly worms, Auld Heid.
I don’t share Oliver Wendell Holmes’ famous view that tax is the price we pay for civilised society. We developed civilisation long before we developed the modern State.
It seems to me that much State spending goes to create a more feral and feckless society. We pay considerably more taxes now than we did in the past, and the State spends considerably more, yet society seems beset by considerably worse pathologies than it was 100 years ago. Certainly the Victorians would never have dreamed of setting up the State as a substitute daddy and creating financial incentives for the breakup of families.
Would the mind set that dodges be any the less compelled to because the sums at stake were less?
Most definitely. When the taxation system is simpler and less onerous, the incentive to avoid or evade taxes is lessened. We humans do not have an instinctive grasp of economics, but we are good at responding to personal incentives. (thumbsup)
Bless, philvisreturns is ‘Tory Boy’ all grown up now… :0)
tet
lol…i was just working that out when i read your post
8 admins @ £600 an hour times 8 hours a day
times 24 working days a month plus expenses.
what does that come to…
£1m a month.
are wage savings only to pay D&P?????
.
oh dear…they are flumped ar’nt they ;-)))))))))
Neil canamalar Lennon hunskelper extrordinaire – There’s a good argument for scrapping income tax for low earners. It would instantly do more to attack poverty than any amount of tax credits or other benefits would.
However, re: your assertion that “the top end make their money from the rest”, the opposite is true.
If it weren’t for heroic innovators, inventors, entrepreneurs creating new jobs and products and services, “the rest” would still be mired in medieval squalor. There would also be no money to pay for the NHS or all the other welfare state goodies.
We need to reverse this deleterious trend towards envy in our political life. I think a “Thank The Rich” day would be appropriate, perhaps on May 1st? (thumbsup)
bjmac – You a member of the Green Brigade ;-)
I share Marx’s views on joining any club that would let the likes of me be a member. (thumbsup)
curly
That was the instant thought that came to my head as well.
As someone said before, we are a tiny minority in a blighted and bigoted country…
ASonOfDan – Bless, philvisreturns is ‘Tory Boy’ all grown up now… :0)
That’s what she said. (thumbsup)
philvis…,
good to see you hold up the valuse you aspire to,
“Certainly the Victorians would never have dreamed of setting up the State as a substitute daddy and creating financial incentives for the breakup of families.”
They did enjoy great benefits like child labour, work house, por house all great institutions in your golden years eh
stupis fascists
philvisreturns on 12 March, 2012 at 13:50 said:
I share Marx’s views on joining any club that would let the likes of me be a member. (thumbsup)
Does this mean you have Marxist tendencies?! ;-)
philvis..,
“If it weren’t for heroic innovators, inventors, entrepreneurs creating new jobs and products and services, “the rest” would still be mired in medieval squalor. There would also be no money to pay for the NHS or all the other welfare state goodies.”
absolute pish, your heroic innovatore and entreprenurs done their damndest to ensure “the rest” stayed in medievil squalor, the labour movement is 100% responsible for omproving the lot of “the rest”, every argument made by yourself is with one aim and one aim only to return “the rest” to medievil squalor, or a more modern comparison Indian squalor.
stupid fascists
This is funny from an English edition of the Sun.
LIKE all the best parties, there was a delicious Jelly.
Everton celebrated David Moyes’ 10th anniversary as manager on Saturday by proving once more that the formbook can overcome the bank book.
But after £5million new-boy Nikica Jelavic marked his first Toffees start with the winner to keep the People’s Club punching well above their weight, Moyes must have wondered what the last decade would have been like had he received even half the money some of his contemporaries spent on transfers.
Not least his fellow Scot across Stanley Park.
While Moyes has had relatively no cash to splash, Kenny Dalglish has spent a fortune on assembling his squad at Liverpool.
But, incredibly, the Toffees will leapfrog the Kop into seventh spot in the table if they beat them in tomorrow’s Merseyside derby at Anfield.
The fact Everton, on their budget, are even in the top half of the table is remarkable enough and a huge testament to Moyes and his managerial acumen.
Who knows how far he could have taken the Toffees had he been given more dosh to dish out on players? The signings of Leighton Baines, John Heitinga, Tim Cahill, Phil Jagielka, Marouane Fellaini and many others during the last 10 years show Moyes can certainly spot a player.
And you can add Jelavic to his list of shrewd acquisitions.
The £5m shelled out to land the Croatian striker from Rangers was the first serious cash Moyes had spent since snapping up Heitinga from Atletico Madrid for £6m 2½ years ago.
Had Moyes been given the money to follow the Jelavic Road more often during his time at Goodison Park there is no doubt he would have guided Everton to a pot of gold — or silverware — somewhere over the rainbow.
Jelavic showed he has a brain, plenty of courage and is not made of straw as he opened his Toffees account with a finish to match Leon Osman’s stunning turn and cut-back that left Younes Kaboul for dead in the 22nd minute.
awe naw, I’d (obviously) concur with the Morar suggestion, and then on to Skye. Glencoe stunning, as is the under rated area around Ballachullish, Ben Nevis (box ticked), road to the isles from Fort William to Mallaig lovely, taking the scenic route (old road) from Arisaig to Morar, stopping off at the sands that ‘made’ Local Hero, then up to Loch Morar (deepest in Europe), possible walk over to Loch nevis and the mail boat down into Mallaig; fish and chips best in the west (imho) and then speed bonny boat and all that over to Skye; nice route through Skye with the Cuillins dramatic, bridge from Kyleakin to Kyle then heading south again, maybe taking in the likes of Plockton. Yes , a very nice couple of days.