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.
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Kojo on 12 March, 2012 at 15:18
Don’t bother your shirt with Gordon McQueen!
Google his daughter Hayley McQueen…that’s the McQueen you need to pay attention to :-)
Yes I agree about the bus. Dump Parks now!! In a roundabout way we are helping them. What about Doigs buses?? Cotters was always the Celtic bus but I think they are gone now.
Was there not a Doig played for Celtic years ago? Willie or Alec?
Phil MacGiollaBhain @Pmacgiollabhain Reply Retweet Favorite · Open
To various: Any consortium buying RFC will need to have/be able to raise £100 million to pay off debts. CVA is a pipe dream.
Nuff said…
Dream on hunnies, personally speaking I think it really cruel to spin the huns so many yarns, I hope their fans are not to upset by all of this carry on, chin up orcs remember you fly the flag and are the peepul…..
Tony
Thankfully she is back to health & good thanks. With the wedding being planned i think i will call it a day on working abroad next year as she also wants a baby tim. Get the season tickets back and live happily ever after haha. Jelly & Ice Cream would go down well here!!
Serge
miki67:
keep the faith!
Hail! Hail!
Canamalar….
Gordon Brown… implemented New Taxes – (not additional increases – he did that as well) which raised over 1 trillion in additional revenue for the treasury whilst he was Chancellor… what have we got to show for it.
The state is very bad at spending other peoples money….
Starve the beast cut the state out the equation an lets start looking after ourselves.
The state does not exist to serve you the human being – thats the biggest fraud of them all.
You exist to serve it, feed it, your its slave you have no choice in the matter.
There is no democracy in a system that is reliant in coercion and threat of violence.
Anyone any info on the young Aberdeen player carried off yesterday after the routine assault by the motherwell thug?
The Aberdeen manager thought a yellow would have been sufficient punishment for the awful tackle.
I really wish he’d start acting his age.
test
Phil MacGiollaBhain @Pmacgiollabhain Reply Retweet Favorite · Open
@tonybhoy610 Yes Tony this is grandstanding for the post #liquidationRFC scenario. The current company is unsavable. It’s over.
Hmmmm who to believe Phil Mac or Razzle Dazzle Jackson???
Tweet tweet went the last birdy at the Big House before flying East to greet the Rising Sun…
miki, Kojo,
Hope your health problems are resolved soon.
I noticed the rare time I tune into SSB, that it is sponsored by Parks of Hamilton.
No chance of a sponsor’s agenda there, then.
new article posted.
Passed Murray Park 4 times today. No media presence for the first time since Administration Day.
It’s quiet out there …………………….. too quiet.
Just brought myself up to date with Neil Lennon’s remarks re. the mainstream meeja…too true; Ragers problems have zero,zip,nada to do with us. They pushed the self-destruct button loooooong ago. Adios.
Even without their 10pt. deduction we are well on the way to a historic Treble.
However it plays out,this has been one amazing turnaround of a season.
I’m off for a kip & green dreams.
My dear,dear,dear,friend.. Citibhoy
Pal.. Guid tae see Ye!
Oan Politics..
The Political System o.. THE WORLD…is Flawed..
Democracy.. Jist disnae Woik..In Practice..
Fur..
The Worst Thing aboot. Democracy, wiz The Giein of a Buncha Folk. who dinna know how tae Haundle it..
THE RIGHT TAE VOTE!
Puzzled.. aboot whit Ah am sayin’?
Don’t be..
It wull awe become clear .in a Minute..
Fur.. Wance the Politician Fun oot.. The Implementation O’ the
Granting of the Votin Franchise tae the Hoi Poloi.. hid
excellent side Benefits…
He also. Fun ooot..
That.. He. the Politician could Curry Favour.. wi the “SWING VOTE”
by grantin.. Favours.. tae the.. “SWING VOTE”
The Said Politician could Tak the Money Fae “A” tae Gie Tae “B”
Who.. happened tae be..
Why.. The “SWING VOTE”!
Thereby, the Politician could Guarantee.. a Soft Cushy Life of Luxury.. fur Him and his Family. .. By Ensuring his Election tae Office..
Time After Time… as he hid.. “B”.. safely in his Poacket!
Whit the World Needs.. Is a Guid …Philospher King..
Who wid appoint.. TECHNOCRATS..who wid dae the Biddin..
No o’ the People. but,,
The King.
Wan Ring tae Rule Them Awe…
Yep..
Too Many Cooks spile the broth..and ..and thur ur Too Many Cooks. or.. shood that Be. CROOKS..
Running The Governments.
Kojo.
Yer pal. .who .likes ye aloater.
Quonno
I think Celtic PLC will follow the tax man
He has too.
Hail Hail
I might have misunderstood Paul’s article regarding the huns doing a deal as a newco to get straight back into the spl, with the other ten clubs??
Now one of the ideas being floated was that the other clubs would want to access half the gate money of the home team.
What I can’t understand is the Huns have mortgaged 26,000 of the season tickets for the next three years to ticketus. So if the visiting team get the other half of the gate money the Huns have no revenue stream through gate money.
I might be missing the point here but I don’t even think the stupid Huns are that daft.
Canamalar..
Victorian workhouses,child labour,Gin Alley….
I blame the mealy-mouthed limp-wristed encumbent Liberal Governments of the day.
Moving on,Prof. T.E.Smout ,”History of the Scottish People” (Second Volume)
“Even as late as 1958,82% of the Scottish population lived in accommodation comprising of just two rooms per family,with an outside toilet
which was shared/communal….Lest we forget..
However,thanks to the inspired leadership and utilitarian principles so evident in the SuperMac and Douglas Home administratoins,vast model housing schemes had been commisioned in the virgin greenbelt of Easterhouse,Clydebank,EK,Cumbernauld,and Lanarkshire,to provide the worthy and long-suffering population of our Sceptred Scotland the dream homes to which they had always aspired,after the Years Of Blood,Sweat,and Tears,when Our Gallant Country and Dominions stood alone and steadfast,against the Nazis and Ernie’s Nefarious Pals..
Sunlit uplands beckoned,then disaster as all hopes were crushed………as the swivel-eyed pipe smoking charlatan and his Union pals usurped the reins of Her Majesty’s Government…..and swiftly set about snipping off a fair portion of “The Pound In Your Pocket”,at the behest of his Kremlin Puppetmasters…
Fast forward to present times,where the very fabric of society,our Christian Heritage ,is daily under assault,and one has no right to wear a crucifix in one’s place of work.
Who are the guilty….?
Is it nae the Barron Knights who are intersted in rankers, thats a blast fae the past lol!!!
Surely they must be fit and proper..