Rangers going bust
 

Going into administration and a 10 point deduction will see them plummet from second place to second place.

Scottish football is dead now, wasn't so long ago they were raiding English football for our top players now they're signing cast offs from the lower leagues.

Seen they only got 17,000 at home against Dundee united the other week in the cup , can't see that revenue paying many bills

Even Celtic now telling them to fuck off and they won't be missed, wouldn't like to be the guy that pulls the plug though.

Imagine thousands of pissed up angry sweaties after your blood, you'd have to go into hiding.

Pattaya's full of ugly sweaties in hiding.:dickhead:

Mainly in the JP at 7am according to Milky

10 point deduction so Celtic now champions and the season is over in Scotland and the taxman is going to be well pissed off

Watched fans being interviewed outside the ground on TV last night.
Couldn't understand a word they said.:unsure:


Bit like kick-out time at the Carlisle Tavern.:drinka:

This has been a bad day for Rangers and who know's what the future holds ?

Rangers went into administration voluntarily to pre-empt HMRC filing for administraion for them for a VAT bill. In doing so Rangers have been able to appoint their own administrators rather than have HMRC do it for them. So to be clear, Rangers have gone into administration for a VAT/ tax bill generated under Craig Whyte. Nothing to do with the 50 million tax case.

Craig Whyte said this was 'Plan D' but really I think this was always his plan. The 'tax case' for £50 million pounds for the Employee Benefit Trusts they used was hanging over Rangers and HMRC said they would appeal if they lost the case. It could have dragged on for years. I reckon Whyte has planned this since day 1 in charge.

Craig Whyte is a turnaround specialist. Lets see what he can do with this one. Some people might think he's going to rob Rangers blind, sell the stadium etc, I can't see that happening. His life would be in danger if he did that. No way. He'd need to leave the UK.

Administration is preferable to liquidation. If that happened Rangers would have to start again and lose their record. Their British record, like it or not, as the most successful British team domestically with 54 league titles. :bigfinger

I've spent a few hours reading various Rangers sites and no one really knows what will happen next.

:unionflag:

"Administration is preferable to liquidation "

Indeed so.

A shame for their fans, who have nothing to do with the financial side of things.

I haven`t followed the prior events to this but notice yet again when a company gets in to difficulties it`s HMRC proving the most aggressive.

We'll just add the 50 million quid owed us to the final bill upon Sweaty independence, drop in the ocean really compared to all that dosh we're owed for bailing out the Sweaty banks.

I don't think you'll find many Rangers supporters calling for Scottish independence... :unionflag:

Seems Craig Whyte has fled the country, trouble is these asset stripping owners/chancers can get away with it with teams with a less fanatical support but Whyte must have a death wish to try it at Rangers.

If the taxman wins the case then a lot of English clubs are next.

It's weird the big tax case wasn't the thing that finished Rangers. Losing it would have, but it hadn't gone to court. David Murrays lawyers were optimistic of a favourable outcome to it. They reckoned Rangers had a good chance with it.

It's the unpaid VAT/ PAYE tax since Whyte took over that put Rangers into administration. Rangers income this year should be enough to stay afloat and pay all bills.

So does make you wonder whats Whyte done with all this money ? Where is it ? What's he planning to do with it ? No one knows what's going on apart from Whyte.

Administrators probe 'missing' £24 million.

http://www.bbc.co.uk/news/uk-scotlan...-west-17067141

Has Craig Whyte the audacity to sell four years of season tickets, then go into administration and lose the money ?

He's obviously worked the administration angle (not paying 9 million VAT and tax) to enable him to fuck-off the unsecured creditors i.e. everyone bar himself, and then sell on the new debt-free Blue Nosed Bastards Ltd, or whatever the new entity will be called. Not very nice, but it appears he has a strong hand and couldn't give a toss about Rangers FC per se. Not much different from the Glazers or Fenway really - except that he's skint and tends to fuck-up a lot.

http://www.dailymail.co.uk/sport/foo...v-230-000.html


Under-fire Craig Whyte faces allegations he cashed in a piece of Rangers history in the latest twist to the financial crisis.
The embattled owner allegedly flogged 16 shares in Barclays Premier League side Arsenal for £230,000 to a consortium called Red and White, fronted by Alisher Usmanov, before he placed the club into administration last week.

The shares formed a historic link between the two clubs dating back 102 years when Arsenal had their own money problems.
It’s believed Rangers attempted to help out by buying two shares in Woolwich Arsenal because their manager, George Morrell, had previously worked for the Ibrox club.
Around 20 years later, a resurgent Arsenal gifted Rangers a further 14 shares in return for their support.

But Whyte ignored their sentimental value when he sold the shares for £14,375 each to Usmanov, who owns a 27 per cent stake in the Gunners worth £198m, reports The Daily Record.
Whyte then blocked a move for the cash to be paid into the Rangers bank account, demanding instead it stayed lodged in one of his own companies, Pritchard Stockbrokers in Bournemouth.

Pritchard’s assets have now been frozen on the orders of the Financial Services Authority and Rangers’ administrators, Duff and Phelps, may attempt to recover the missing money as they seek to clean up the financial mess at Ibrox.

What a shady bastard.

Wouldn't like to be in Craig Whytes shoes when some pyscho Rangers fans meet up for a discussion

Forgotten his name, but there was a Rangers lad used to drink in Catz. About 5 feet nothing in every direction. Had something of a reputation.:2bats:


Edit: Derek. Hard nut.

^^^
Looking at Soi 2 posts/link above.

Most football clubs will try and create the most tenous of "traditional" links.

Maybe I was unware of this but as far as I knew Arsenal and Rangers were NEVER connected.

Just now it seems one club helped the other survive many years ago. Seems strange to me?

I'd never heard of Rangers owning any shares in Arsenal. Even if it was a nominal amount. Rangers fans have no connections at all with Arsenal. If any English team has some affection from Rangers fans it would be Chelsea. The issue here though is, Craig Whyte selling them and the money disappearing.

Liquidation inevitable according to high roller Dave King... this is grim reading.

Having had the opportunity to visit key stakeholders and to properly consider the information now available to me I would like to comment on certain matters that I have hitherto refused to comment on.

My own visibility of the true state of affairs was being actively restricted and, as it turns out, falsified by Craig Whyte and I did not wish to add to the strongly held but unconfirmed rumours that were already being played out in the media.

Craig Whyte

I met with Craig Whyte during my recent visit and he provided clarity on the funding position. His true financial commitment was not by way of cash (as he had previously advised me) but rather guarantees that he and/or companies associated with him had given to Ticketus.

He confirmed to me that Ticketus has no recourse to the football club. Hopefully the administrators will be able to confirm this. The upshot of Craig Whyte's confession is that the fans were duped.

Immediately upon the acquisition of the club by Craig Whyte (far from being debt free as was trumpeted by the Murray Group and Craig Whyte at the time) the club was in a much worse economic position than before and had no chance of survival even if we had progressed in Europe.

The Murray Group

I purposely did not meet with David Murray but did meet with Mike McGill who was a member of the Rangers board at the time of the acquisition and was intimately involved on behalf of the Murray Group in securing the sale to Craig Whyte.

I am absolutely satisfied in my mind that Mike McGill (and hence the Murray Group) had no knowledge that the proof of funds supplied by Craig Whyte's attorneys was secured by season ticket sales. I am further satisfied that the Murray Group would not have proceeded with the transaction if the true source of the funds had been disclosed.

The Murray Group had every right to rely on the proof of funds letter that was supplied by Collyer, Bristow.

Collyer Bristow

The role of Collyer Bristow requires further investigation as this legal firm appears to have behaved in a manner inconsistent with its natural duties and responsibilities.

I met with Gary Withey, on two occasions, during my recent visit and I do not believe that it is plausible that he was actively involved in an attempt to deceive the shareholders, fans, and creditors of the club.

I do however continue to have concerns about the discharge of his duties as company secretary for Rangers. There is a true version that has yet to emerge regarding Collyer Bristow's role and knowledge of events.

Administration

I do not believe that there is a reasonable prospect that the company can come out of administration. I believe that liquidation is inevitable.

European football

The club will not meet its financial requirements before the UEFA deadline. There will consequently be no European football next year and liquidation might extend that by another two years.

The harsh reality is that Craig Whyte has abused the loyalty of the fans by trading that future loyalty for cash in a manner that has excluded the club's ability to provide the very product that the fans were expected to pay for.

To have done this, and then blatantly lied about it, is an abuse that no fan of any club should have to suffer.

HMRC

Now that I have evidenced the true position I wish to commend HMRC for showing the maximum restraint that it possibly could have under its mandate to collect taxes that are due.

The empathy that HMRC has demonstrated to the club and its fans is particularly gratifying given the abuse perpetrated on HMRC by Craig Whyte in withholding ongoing tax payments to fund the club- while simultaneously pretending that he was using his own funds.

Going forward

It grieves me to state that it seems inevitable that the footballing institution will survive but the company won't. This will entail many hurdles (that will be overcome) including 'Rangers (2012) Ltd' having to reapply for membership of the SFA etc.

It is a sad point to have reached, but if managed sensibly, it can result in Rangers returning to its former glory as a football club in the shortest time possible. We must all strive to ensure that an appropriate ownership structure guarantees that this event is never repeated.

We must remember that our footballing friends across the city came very close to the point that we now find ourselves in. Scottish football needs a strong Rangers and Celtic- but perhaps in a slightly humbler form.

My own present position

I seem to be one of the few people who actually invested cash into the club. I have made a claim of GBP 20 million on the basis of non-disclosure by the then Chairman, David Murray, of Rangers true financial position as far back as 2000.

Other shareholders may feel deceived like I do and wish to take similar action. (David Murray will no doubt argue to the contrary and the merits of this will be dealt with in due course in the appropriate forum.)

For present purposes however, I simply want to advise the fans and fellow shareholders that any benefit I receive from my claim will be fully reinvested into the restructured football club. I remain 100% committed to the Rangers football club and will do whatever I can to advance its interests.

My own future position

I intend to remain involved with the club, at least on my present basis, post-reconstruction if that is at all possible under the new ownership structure. I am however alert to the raw sentiment around the need for Rangers to have 'fit and proper' persons at its helm.

In view of my own well-publicised and acrimonious legal disputes with the authorities in South Africa I have taken it upon myself to approach the SFA in that regard in advance of considering an increased role in the club going forward. I will be guided by the SFA's response in that regard.

Paul Murray

In the interim I will be putting my full support behind Paul Murray's initiative to secure the future of the club. Paul is a very smart businessman of undoubted integrity and a man who holds all that is sacred and traditional at Rangers football club very close to his heart. He is exactly the type of man the club needs at this time.

The previous board

I worked happily with the previous board and was immensely saddened by the way that some of them were excoriated by the media for no reason other than that they strongly opposed the sale of the club to a man who appeared to have insufficient funds to take the club forward.

Martin Bain, Paul Murray and Alastair Johnston were fired immediately upon the takeover for voicing their concerns. The Ranger's spin doctoring machine then started to work overtime to discredit them, both individually and collectively.

We now know the truth and hopefully those three loyal Rangers fans can now be fully welcomed back to Ibrox Park with full appreciation for the role that they have played in working tirelessly behind the scenes to expose Craig Whyte for what they truly knew him to be- and what all fans now know him to be.

This cancer might have continued longer without their continued probings.

Martin Bain

Martin deserves particular mention. I have chatted to him a few times since he was forced to resign. Despite the lies and untruths that were being leaked about him to the press he never wavered in his loyalty and commitment to the club.

He never wavered in his commitment to the fans and he was determined to expose what was really going on.
The club was fortunate to have Martin at the helm as CEO for many years and was even more fortunate to find him continue to act in the interests of the club after he was unjustifiably removed from that position and unjustifiably deprived of his fair contractual settlement.

John Greig and John McClelland

Both of these gentlemen were, like me, not fired from the board after the acquisition and soldiered on in the best interests of the club until they reached a point where they reluctantly resigned rather than be associated with the failing governance at the club. That was the early warning sign.

I haven't spoken to John McClelland but I can confirm (from my recent discussions with him) how pained John Greig is to have been unable to attend his beloved Ibrox. Hopefully he will shortly be able to resume his rightful iconic place in the director's box.

Previous titles

I have noted the recent media comment about Rangers being stripped of previously earned titles. While this makes good headlines, I am absolutely confident (now that I have a good sense of the true position) that this will not happen.

If Rangers are liquidated and have to 'start again' momentum is building here to get out of Scotland. Start at the bottom in England and slog it out to the Premiership. Pure speculation at this stage but there will never be a better opportunity to start afresh. Scottish football is fucked. There's people at the gym knocking back free hospitality at Kilmarnock games, you can't give it away... :scotsflag:

Situation is escalating fast....

http://www.rangers.co.uk/news/footba...rticle/2638789

Duff & Phelps, the Administrators of Rangers Football Club, today issued the following statement.

David Whitehouse, Joint Administrator, said: "We are announcing today we are accelerating the sale of Rangers Football Club.

"The Club is in a perilous financial situation and that should not be under-estimated. Regrettably, we have been unable to agree cost-cutting measures with the playing staff on terms that will preserve value in the business. We understand the players' position as the scale of wage cuts required to achieve these savings without job losses were very substantial indeed.


"In view of this, we are faced with a situation of making redundancies within the playing staff on such a scale that would materially erode the value of the playing squad. We are striving to strike a balance where cost-cutting measures can be implemented but do not destroy the fabric of the playing squad to the extent that it will inhibit the prospect of a sale.

"However, no one should be in any doubt that in the absence of sufficient cost-cutting measures or receipt of substantial unplanned income, the Club will not be able to fulfil its fixtures throughout the remainder of the season.

"As a result, we are expediting the sale process and over the next few days we will be holding discussions with prospective purchasers who have declared their interest. The Manager, Ally McCoist will play an integral part in these discussions.

The knives are out, Celtic fans calling for Rangers to be stripped of some of their league titles.. lol gotta love Scottish football sometimes. :bigfinger

http://www.followfollow.com/news/tmn...14/index.shtml

Thanks

Interesting read, be some sad fans about.

Why doesn't Bazzap buy it for one of his burdz?:cheer2: