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.”
Support Celtic-Hub’s drive to get the Thai Tims to Celtic Park by buying a tee shirt here.
247 Comments- Pages:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- »
Auld Neil Lennon heid
Are you saying that resistance is futile and Ranjurs will be assimilated? (or not, as the case may be) :-)
Neil canamalar Lennon hunskelper extrordinaire – I am confused, do you think the Victorians were fascists or are you calling me a fascist? Or is it a sort of reflex twitch that you have, like a hilarious form of political tourettes?
They did enjoy great benefits like child labour, work house, por house all great institutions in your golden years eh
Yes, yes, yes.
By our modern standards Victorian Britain was dirt poor. It was considerably wealthier than previous centuries, but by our standards, poor.
And thanks to the intervening years of economic growth – because of capitalism – we have long since become wealthy enough as a society not to have to send children into factories or down coal mines, etc.
Countries like China and India are now going through the same process of gradually eradicating poverty through economic growth. Quite good, this capitalism thing, eh? To get rich is glorious! (thumbsup)
Neil canamalar Lennon hunskelper extrordinaire – absolute pish, your heroic innovatore and entreprenurs done their damndest to ensure “the rest” stayed in medievil squalor
Well, you had me at “pish”, but if not, you would have had me at “medievil”.
:-)
(thumbsup)
St Martin’s Bhoy – Does this mean you have Marxist tendencies?! ;-)
Please don’t tell the Young Conservatives. (thumbsup)
philvisreturns on 12 March, 2012 at 13:44 said:
Civilisation did not develop and stop, it keeps developingt, just as well or hands would be cut off for stealing or small boys would stil be sent up chimneys.
The state has been part of that development or evolution and as with all evolution it learns as it evolves. What does not work dies, what does wortk creates the platform for the next cycle.
I hope you are right about the dodging being more effort than its worth but if that is the motivation and not that what is paid is for the good of all, including the taxpayer who might dodge, then there has been no change of mind set.
STV report on Paul McBride’s funeral,beautifully described by Bernard PonsonbyWill be on 6pm Scotland Today.Shamelessly hijacked by Salmond talking up the Secterian Bill,dearie me.
With all the financial knowledge available on this site, particularly in relation to taxation and debt repayment, rangers in administration could do a lot worse than come here for some pointers, and Im sure you guys would waive the £600 an hour laurel and hardy associates are skelping them for.
anybody up for that challenge?
Talking politics ?
im voting yes to independence
when it comes !
Donald Muir, the bank’s inside man at Ibrox, has questions to answer
Michael Grant
Chief football writer
PICTURE the Rangers scandal as a giant battleground where everyone has been hit and bloodied to some degree.
In the biggest mess of all is public enemy No.1 Craig Whyte, who strode triumphantly into Ibrox last year and now wouldn’t be safe to walk the Glasgow streets.
Sir David Murray has become increasing toxic for leading the club to the edge of the abyss. Rangers company secretary Gary Withey is accused of obstructing attempts to release bank money which came from season-ticket sales. Lawyers Collyer Bristow have been alleged to have been unhelpful. Duff and Phelps, the administrators, have been accused of dithering and being Whyte’s lackeys. Ticketus were happy to profiteer from speculating on supporters’ loyalty and they’re panicking about not being able to get their £24m back. HMRC have not been paid by Whyte and are at least £15m down, a sum which could multiply by four. Players have lost up to threequarters of their wages. A handful of staff have lost their jobs. Ally McCoist is stressed to the hilt. Fans have been sick with worry. The SFA has been told their “fit and proper person” rules are powderpuff. Paul Murray, sacked from the board last year, now faces the pressure to deliver which comes with building up the fans’ hopes.
It has been like a financial cagefight and no party has escaped at least collateral damage. Well, perhaps one. There is one unmarked party in the story of Rangers’ disgrace, a key participant in the story, but now almost forgotten and free from the mudslinging. Who was it that Walter Smith said was “running the club” in the final months before Whyte’s disastrous takeover? Who was it who sanctioned Whyte before leaving the scene with all of its money paid up in full? Lloyds Banking Group must look at everyone still immersed in this carnage and, laughing up its sleeve, think ‘what a bunch of mugs’.
When Donald Muir joined the Rangers board in the autumn of 2009 he was variously described as a “turnaround specialist” and a “company doctor”. Lloyds put a gun to the club’s head and insisted that he went on the board. Former chairman Alastair Johnston said the bank made it clear that it was a condition of Rangers’ credit facility that Muir had to be a director. Muir was the guy who oversaw an aggressive clawback of Lloyds’ debt at Rangers. He ran the show. When it was said that club staff couldn’t buy a paper clip without running it past him first, the joke had a ring of truth. Because of Lloyds, Smith went two years without being able to buy a player. Because of Lloyds, he spent a while working without a contract as Rangers couldn’t afford to commit to one. It was “terribly compromising” to have Muir sitting in on meetings when the board wanted to discuss financial strategy, said Johnston.
When Muir joined the board Rangers’ debt stood at £33m. When he left – on the day Lloyds got out and Whyte took over – the liabilities were pegged at just £18m and falling. From the shambles of Rangers’ finances, Lloyds pulled off the miracle of getting back every penny they were owed. When Sir David Murray talked about selling Rangers only to someone with the club’s best interests at heart – gee, that worked out well – Lloyds’ view on where the club ended up was not so explicitly expressed. No wonder: now it appears they didn’t really care so long as they got their money back and were long gone before the big tax case verdict landed.
Well, that’s business. If Rangers say they don’t do walking away, then banks don’t do emotion. They weren’t under any obligation to look after Rangers beyond holding up Whyte’s proof of funds document from Collyer Bristow and saying, “Look, he’s got the cash – we’re off”. But what about Muir?
Muir and David Grier go way back. They’ve known each other for years. This time last year, Muir was on the Rangers board and Grier was the turnaround specialist advising Whyte on his takeover. Now Grier is a partner in Duff and Phelps, the administrators Whyte succeeded in appointing. So did Muir and Grier know that Whyte intended to fund the buy-out by flogging future season tickets rather than using his own money? How come Whyte felt he had the authority to go to Ticketus and get a £24m advance on the season tickets on April 7 last year, 28 days before the takeover went through? Ticketus had done previous deals with Rangers, remember. When Whyte offered to flog them Ibrox season tickets, it’s unthinkable that they would do anything other than pick up the phone to someone at the club and check his authenticity and credentials to sell. If Lloyds were “running the club”, and Muir was its man on the board, did he give that approval?
Muir described himself as a Rangers supporter and a guy who cared about the club. He was Alex McLeish’s mate. Well, he may have worked wonders for Lloyds, but how big was his role in placing Rangers in Whyte’s hands? Can he look himself in the mirror today and feel he served “his” club? Muir’s not likely to be seen at Ibrox any time soon, but in December he had a VIP seat at the Old Firm game. He sat beside Whyte.
philvisreturns on 12 March, 2012 at 14:02 said:
Please don’t tell the Young Conservatives. (thumbsup)
Ha Ha! Top class!
Sadly/thankfully I don’t know any.
Under ‘News’ in the Sun, Says it all really…
DAD-TO-BE Keith Pirie cracked up after spotting this egg which looks like a BOOB — complete with NIPPLE.
And the 34-year-old is so shell-shocked by his freak find that he can’t stomach eating it.
The oil worker, of Aberdeen, said: “I couldn’t stop laughing when I spotted it. The bit that looks like the nipple even has the texture of a boob.
“It doesn’t look very tasty. I’m going to keep it as an ornament.”
The egg, among a batch of 30 which Keith got from a farm, is a standing yolk among his workmates.
Keith — whose wife Diane is expecting their first baby in July — added: “Everyone’s been talking about the boob egg. It’s gone down a storm.”
Headtheball on 12 March, 2012 at 13:58 said:
Yup. That’s about the strength of it :)
Thanks to everyone for the West coast tourist tips
It is appreciated.
HAil Hail.
Timabhouy
I will thank you now then for forcing myself and my young family to flee to England and claim asylum under religious persecution.
Cheers.
resistance is futile :the Borg
star trek 1999 epidode 12
Philvis, don’t think GB is a club, but anyway, surely you adopting Carl’s view isn’t extended to the old boys network or Carlton Club (definitely not the Calton for you) ;-)
hh
bjmac
Auld Neil Lennon heid – I hope you are right about the dodging being more effort than its worth but if that is the motivation and not that what is paid is for the good of all, including the taxpayer who might dodge, then there has been no change of mind set.
Dear God, man.
Motives aren’t important when it comes to public policy, it’s the outcomes we care about.
Didn’t much of the human race spend most of the 20th century testing to destruction the idea that the State could somehow eradicate people’s selfish tendencies and train them to subordinate their individual aspirations to the alleged Good Of The People?
People are selfish animals. We are what we are.
The state has been part of that development or evolution and as with all evolution it learns as it evolves. What does not work dies, what does wortk creates the platform for the next cycle.
What evidence do you have that the State has learned anything from its past mistakes? It seems to me to be the same cycle of stupidity repeated ad nauseam. If the State were a private business it would have been liquidated decades ago. Therein lies the problem with government – no punishment for failure. (thumbsup)
bjmac – I meant the good Marx, Groucho. (thumbsup)
Awe Naw- A full Celtic Park doing the Huddle is a glorious sight.:>
philvis…,
I do indeed consider the victorians facsists, in my book imperialism and capitalism are forms of fascism.
There is no part of capitalism that is geard towards eradicating poverty, in fact capitalism cannot work without poverty.
“we have long since become wealthy enough as a society not to have to send children into factories or down coal mines, etc”
So what happens, your champions of capitalism take these practices abroad and set them up countries they can bully and bribe, aye philvis…, lies, smoke and mirrors, capitalism the hun of politics, innit.
stupid fascists
bjmac on 12 March, 2012 at 14:07 said:
we in the Calton have our own legion of entrepeneurs and financial whizz kids,
where else in the 80s could you get 3 pairs of terry towelling sports socks for £2
and talk about long lasting!
caltontongues still wears them to this day.
he has promised to throw them in the washing machine as soon as we win the treble this year tho
What is the date of the cup final is it the 19th or 20th of May?????????????????
BBC launch their latest recriutment drive!
Would you want to be a Freemason?
http://www.bbc.co.uk/news/magazine-17272611
there is also a direct link to radio scotland ;-)
play
ernie lynch, correct. A bidder could buy the stadium by paying more than the secured creditors were exposed to.
Clashcitybhoy, yes, an obvious question. I think I’ll highlight the inappropriateness of P Murray’s bid soon.
playfusbal4dguilders, will do, thanks.
St Martin De Porres, good question. Much more to come on this one, I suspect.
ASonOfDan, correction, D&P, £600 per HOUR, per head.
I see a few others have picked up this point.
Greenjedi, there are a lot more than two of them.
Chairbhoy, thank you.
Lennondinho, zero chance of Celtic-friendly person applying to join a Scottish league.
O.G.Rafferty, great, pleased to hear that.
Celtic Mac, some legacy indeed.
Che on 12 March, 2012 at 14:13 said:
:-))) And?
Awe Naw
Tydrum to Glencoe
Glencoe to Fort William
Fort William to Arisaig/Mallaig (make sure you hit one the beaches for sunset)
Mallaig ferry to Skye.
Skye bridge to Kyles of Lochalsh
Lochalsh to Plockton
Plockton to Lochcarron
Lochcarron to Applecross
Switchback to Torridon
Torridon to Gairloch
Gairloch to Ullapool – Pint in the FBI
Ullapool to Kylesku
Kylesku to Durness
Durness is at the top – take the drive from Durness to John O’Groat’s and then back again – it’s stunning both ways.
Then point down the way and do them all again…
The most stunning scenery ever – try cutting off from ichnadamph and taking in Achmelvich. Look out for Quinag.
I can put more detail in if you need/want…
U
TBB. Thanks for your wonderful RFC(AI) statement earlier in the week.
Isn’t it great when you can enlighten a group of people with no real interest in football, who get their news from the English press. A forum I’m on had a thread with the question….Just read that Rangers fans are being asked to give money to save their club, I though that is the purpose of season ticket money, and gate money?
TBB, a summerised version of your article has been recived with astonishment, and gained our club some admirers .
icecream and jelly in ML9
Uly & everyone
thanks for all your input
an Irish friend of mine is visting in July and just wanted a heads up.
I have passed on all your tips. If he asks for more detail I will ask again.
Thanks very much.
Hail Hail
D&P, £600 per HOUR and as much double-time as you can get (two nights,Saturday and Sunday).
;o)
JCGE
CaltonTongues on 12 March, 2012 at 14:17 said:
ah the lurker has been outed!
tried to catch you on saturday was down at Lynchs for SFs daughters party
copious amounts of vodka jelly undertaken with the wireless fella
Che on 12 March, 2012 at 14:13 said:
Aye wee CT could do with getting his passport dusted off and getting along to SportsDirect on Argyll street for some new clobber, come May ;-) I’m sure HT will hold his hand.
hh
bjmac
I am a bit disappointed at the reaction of some posters to Mr. Leckie’s disturbed scribblings.
I expect more from the followers of Celtic FC.
Mental illness is not a thing any of should treat so harshly.
My own thoughts are that I hope this wretched person will recover & at some point lose the self loathing which generates his hatred.
He cannot have been born with such twisted emotions & hopefully he will someday recover.
May God help him.
Che on 12 March, 2012 at 14:21 said:
I was a good bhoy on Saturday as was going to the game.
Are you down on Saturday for Paddy’s Day Festivities? If so, will catch you then.
Awe_Naw_No_Annoni_Oan_Anaw_Noo on 12 March, 2012 at 14:06 said:
If you are starting in Glasgow make The Hillhouse in Helensburgh your first stop on the way North. You can then drive from there over the Glen road to the A82 coming out just below Luss.
The Hillhouse as you probably know is a Renee MacIntosh renovation. Well worth a viist.
Awe_Naw..,
a couple I’ve no seen posted
1 the electric brae
2 govan graveyard – the grave of St Valentine
bjmac on 12 March, 2012 at 14:22 said:
Shut it you.
I walk by it on the way home from work so no need for HT(IA) :-)
Joe Fillipes Haircut ,Well joe one millionare is joining the blue knights ,Douglas Park of Hamilton, who i beleive we hire one of his coaches,for the players and managenment when they travel to there football matches, home and away.i have said many times on here ,celtic football club should have there own bus coach.
Great view eating my lunch today, In Jordan looking across the Dead Sea at Israel. Trip to Petra on Friday.