1702 replies to this topic

[sheeptastic]

Is this one of the revelations that has been hinted at?

http://www.google.co...CeueIcQ&cad=rja

[FrugalNory]

Wait, Rangers are in administration? I refuse to believe it. I read on this very forum that everything was ok only a few months ago.

Bet Sandaza is kicking himself over turning down that glittering pre contract agreement eh.....

:lol::lol:

[sheeptastic]

FrugalNory, on 20 February 2012 - 01:58 PM, said:

Wait, Rangers are in administration? I refuse to believe it. I read on this very forum that everything was ok only a few months ago.

Bet Sandaza is kicking himself over turning down that glittering pre contract agreement eh.....

:lol: :lol:

haha good one frugal, I was going to bump the Sandaza thread to discuss that very fact, maybe I should still do that, the grass is not always greener on the other side and all that, on another note, a drab 0-0 draw between our two teams, still confident of a top six placing for yourselves?

[FrugalNory]

Nah, we're on the slide now. It would take a massive turnaround to secure top six. I live in hope though.

[Goanjock]

CRAIG WHYTE has flogged 102 years of Rangers history by selling the club’s shares in Arsenal.

The latest revelation, which will sicken the club’s supporters, has come to light as part of Record Sport’s explosive investigation into Whyte and the £1 deal he struck to buy Rangers after selling off £24.4 million worth of season tickets to finance his takeover.

Fresh information in our possession now shows how Whyte struck a deal worth more than £230,000 with a consortium called Red and White to sell off the 16 shares and cash in on a historic link between the clubs dating back to 1910.

And brazenly, 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. The FSA moved in on Friday after ruling that Pritchard, who listed Whyte as board ­secretary, had used client money to cover its own costs.

The increasingly ­embattled Whyte then resigned from his position at Pritchard’s before standing down from two further directors’ posts with related companies, Merchant Corporate Recovery and Merchant Strategic Renewal.

Now Rangers’ ­administrators, Duff and Phelps, may attempt to recover the missing money as they fight to clean up the financial carnage which Whyte has created during his disastrous nine months at the Ibrox helm.

The close friendship forged between Rangers and Arsenal spans back to the turn of the last century when the Londoners were experiencing financial trouble of their own.

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 much stronger and vibrant Arsenal gifted Rangers with a further 14 shares in return for their support during troubled times.

This cemented what was already a rock solid ­relationship between the then managers, Bill Struth and Herbert Chapman.Struth and Chapman are today revered by fans all over the world as the greatest servants in the history of their clubs.

But Whyte ignored these historic links when he seized control of Struth’s old side and saw a chance to make a killing on the link


The more that comes out the dodgier Craig Whyte seems to look......the Police have also confirmed that they are now looking in to the financial goings on and are in talks with the administrators.

[robertkelly]

One thing that would worry me if I was a Rangers fan, where is the income going to come from for the next few years?
There will be no season ticket money due to the Ticketus deal. Rangers sold off their shops a few years ago, so income from merchandise will be limited.
Catering was also sold off and is supplied by a third party. All this with both HMRC cases hanging over their heads.

I just can't see any source of income whatsoever. If I'm correct in this assessment how can Rangers continue?

Whyte recently said that they need around £3m per month just to keep the lights on at Ibrox. Surely there can only be dark days ahead?

[craig]

Goanjock, on 22 February 2012 - 08:27 AM, said:

CRAIG WHYTE has flogged 102 years of Rangers history by selling the club’s shares in Arsenal.

The latest revelation, which will sicken the club’s supporters, has come to light as part of Record Sport’s explosive investigation into Whyte and the £1 deal he struck to buy Rangers after selling off £24.4 million worth of season tickets to finance his takeover.

Fresh information in our possession now shows how Whyte struck a deal worth more than £230,000 with a consortium called Red and White to sell off the 16 shares and cash in on a historic link between the clubs dating back to 1910.

And brazenly, 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. The FSA moved in on Friday after ruling that Pritchard, who listed Whyte as board ­secretary, had used client money to cover its own costs.

The increasingly ­embattled Whyte then resigned from his position at Pritchard’s before standing down from two further directors’ posts with related companies, Merchant Corporate Recovery and Merchant Strategic Renewal.

Now Rangers’ ­administrators, Duff and Phelps, may attempt to recover the missing money as they fight to clean up the financial carnage which Whyte has created during his disastrous nine months at the Ibrox helm.

The close friendship forged between Rangers and Arsenal spans back to the turn of the last century when the Londoners were experiencing financial trouble of their own.

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 much stronger and vibrant Arsenal gifted Rangers with a further 14 shares in return for their support during troubled times.

This cemented what was already a rock solid ­relationship between the then managers, Bill Struth and Herbert Chapman.Struth and Chapman are today revered by fans all over the world as the greatest servants in the history of their clubs.

But Whyte ignored these historic links when he seized control of Struth’s old side and saw a chance to make a killing on the link


The more that comes out the dodgier Craig Whyte seems to look......the Police have also confirmed that they are now looking in to the financial goings on and are in talks with the administrators.

oops, i didnt see this post and started another thread http://forums.scotti...arsenal-shares/

[Goanjock]

craig, on 22 February 2012 - 12:36 PM, said:

oops, i didnt see this post and started another thread http://forums.scotti...arsenal-shares/

something I would never do

[Psychoheart]

Asset stripper right enough.

[andrewkerr]

what i can't belive is i still have Rangers mates even last night in the pub saying. Its not his fault that Rangers are in Administration. This is just another example of this guy miss use of the club. I hope the police and raise criminal charges against him and his team.

[jaybee1978]

Rangers have announced the departure of two high-profile executives at the club.

Chief operating officer Ali Russell and Gordon Smith, director of football, stood down from their roles.

Former player Mr Smith said he was "undermined" through his association with owner Mr Whyte.

The redundancies are among the first that administrators Duff and Phelps have made since being appointed last week.

He added: "I admit that under the current circumstances it has not come as a major surprise to me. I was brought in by Craig Whyte but because his control and reputation has been damaged by recent disclosures, I feel my own position has been undermined by association.

"However, I would make the point that I was very frustrated in my job as I was unable to fulfil the job specification which was originally outlined for me.

"This was to control the major aspects of the football department outwith the first team operations. These were to include recruitment, scouting, transfer negotiations and youth development. I wasn't in control of any of these activities despite constantly making it clear to Craig Whyte that this was to be my remit. I outlined my medium to long term strategies for the Club on numerous occasions to no avail. There's no point in being a Director of Football unless you can control these areas, so, in that respect I'm totally comfortable with being made redundant at this time."

The pair will continue in their positions at the Ibrox club until the end of the month. They are the first employees to be made redundant at Rangers since administrators were called in.

Paul Clark, joint administrator, said: "Administrators met Ali and Gordon and during the meetings they expressed their deep disappointment regarding the position in which the club has been placed. There is nothing to suggest that either of them did anything but strive to act in the best interests of Rangers Football Club during their terms of office.

"At our request, both agreed to stay on and assist the club until the end of this month and we are very grateful for their co-operation and willingness to do what they can during this difficult period for Rangers. Meetings have also been held with Ally McCoist and we had discussions regarding the potential impact of the administration process on the football department and we will continue to consult fully with him.

"It is clearly understood by all, including the players, that the football department costs will come under review as is the case with all departments within the business. No decisions regarding staffing in any department have been taken at this point and will not be taken until next week."

Both of Mr Russell and Mr Smith were appointed by owner Mr Whyte last June.

After leaving his post, Mr Russell said: "It has been a great honour to have worked for Rangers Football Club. I only wish the circumstances could have been better. I would like to offer special thanks to Ally McCoist and Gordon Smith who have been tremendous throughout all of this.

"This is a difficult time for Rangers and I hope my departure will help others keep their jobs. The most important thing in this whole saga is the club’s future is secured and Rangers looks forward to better days. I am sure that will happen and my support will always be there for the club."

The announcement from Duff and Phelps comes as administrators handed over information on the financial situation at the club to Strathclyde Police.

Administrators were brought in after HM Revenue and Customs went to the Court of Session to appoint insolvency experts over unpaid PAYE and VAT from Craig Whyte’s May 2011 takeover totalling £9m.

Joint administrators Paul Clark and David Whitehouse have claimed that redundancies at the crisis-hit club are not a foregone conclusion.
Manager Ally McCoist also previously said he hoped the administration process would be as painless as possible.

Taken from stv sport

[Goanjock]

Craig Whyte lies again......it seems the tax bill owed is £9 million plus the £4 million plus VAT due and not inclusive of.....

[Goanjock]

Rangers' tax bill is much greater than the £9m that forced the club into administration, BBC Scotland understands.
HMRC documents suggest it owes more than £13m and the bill could rise to £15m by the end of the month.
In separate developments, Rangers Director of Football Gordon Smith and the Chief Operating Officer Ali Russell have left the club.
And police have said they have been handed documents by the administrators.
Rangers went into administration last week after HMRC took action over an unpaid tax bill of just over £9m.
In a statement released on Tuesday, Rangers chairman Craig Whyte claimed that some £4.4m of that total could be attributed to the so-called "wee tax case" which the club has been disputing.
But BBC Scotland has now seen evidence which suggests that statement is not true.
BBC Scotland has seen HMRC documents indicating that the £4.1m it froze from Rangers accounts last year to cover the small tax bill has been used for another purpose.
Instead, that £4.1m was used to pay VAT due on the £24m Rangers received as an advance on season ticket sales from the London-based finance firm Ticketus.
Full amount
That means the entire small tax bill, totalling about £4.4m, remains unsettled. BBC Scotland understands the administrators are withdrawing the appeal against it.
And - contrary to Mr Whyte's claims - the small tax bill is unrelated to the £9m figure. Both have yet to be settled.
With the tax bill rising by more than £1m a month, by the end of February the full amount owed will be close to £15m.
That does not take into account the potential £49m "big bill" faced by the club if it loses a separate tax case.
Craig Whyte has disputed the figures obtained by BBC Scotland.
He said: "I will absolutely be back to finish what I started at Ibrox.
"No-one else was willing to step up to save the club and I have only ever had the good of the club at heart.
"In terms of the new figures suggesting the PAYE and VAT bill is more in the region of £14m as opposed to the £9m, those figures don't stack up as far as I'm concerned."
Strathclyde Police meanwhile announced they had been passed information from the club's administrators.
A spokesman said: "It is currently being examined and we will be contacting the Crown Office and Procurator Fiscal in due course. It would be inappropriate to comment further at this time."
Champions League
BBC Scotland also understands Rangers are unlikely to be out of administration in time to be eligible to play in European football next season.
The club need to lodge audited accounts and other financial statements by 31 March to compete.
Craig Whyte has disputed figures obtained by BBC Scotland
But administrators appointed by the club hold out little hope its finances can be sorted out by that deadline.
They are confident, however, they can get creditors to agree to a Company Voluntary Agreement, meaning HMRC would get a portion of what it is owed without the club going into liquidation.
However it is believed this is contingent on Craig Whyte no longer being involved at Ibrox.
European competitions have provided a vital income stream to Rangers in recent years in terms of prize money, TV money and gate money.
The club's potential absence from the Champions League or Europa Cup next season would be extremely damaging as it looks to emerge from administration.
Scotland's first minister, Alex Salmond, has described recent revelations about Rangers' finances as "very concerning".
At First Minister's Questions, Mr Salmond said administrators faced a very difficult task trying to meet the club's obligations to taxpayers, keep Rangers in business and save jobs.
The first minister also said his government would support Ibrox workers if and when redundancies were announced.

[Billy Bhoy]

This gets worse and worse for Rangers. If the administrators are saying Craig Whyte isn't the secured creditor and floating charge holder, and he's saying he is there could be legal disputes over who owns Ibrox etc and even liquidation and a newco in time for next season could be difficult.


Rangers can't, to my understanding, run up any more credit to anyone except HMRC so the longer this goes on the more likely it will be that they rely on HMRC to pass a CVA and one of HMRC's policies is that they won't do deals on previous liabilities with anyone who isn't meeting their current liabilities. I'm not sure if the administrators could release big earning players now to reduce the build up of what they owe HMRC and so they have creditors likely to accept a low pence in the pound CVA (as they could sign for other clubs anyway) but then they couldn't sell them in the summer and would probably have to replace them with youth players.

Still, bearing in mind how the MBB was "playing a blinder" last week, I'm sure this is all part of his master plan.

[Barbarossa]

Billy Bhoy, on 24 February 2012 - 12:13 AM, said:

This gets worse and worse for Rangers. If the administrators are saying Craig Whyte isn't the secured creditor and floating charge holder, and he's saying he is there could be legal disputes over who owns Ibrox etc and even liquidation and a newco in time for next season could be difficult.


Rangers can't, to my understanding, run up any more credit to anyone except HMRC so the longer this goes on the more likely it will be that they rely on HMRC to pass a CVA and one of HMRC's policies is that they won't do deals on previous liabilities with anyone who isn't meeting their current liabilities. I'm not sure if the administrators could release big earning players now to reduce the build up of what they owe HMRC and so they have creditors likely to accept a low pence in the pound CVA (as they could sign for other clubs anyway) but then they couldn't sell them in the summer and would probably have to replace them with youth players.

Still, bearing in mind how the MBB was "playing a blinder" last week, I'm sure this is all part of his master plan.

I love that bit the CVA has been worrying me a wee bit but if the bit in red above is true then I should have no worries about R*ngers wriggling out of this one

[had29]

Barbarossa, I am not quite following. Billy Bhoy is right. The HMRC won't do arrangements with companies that are currently defaulting, ie,not meeting their current obligations. I am not privy to the Rangers current tax position, but if they are still not paying tax in whatever form, then there is no chance of the HMRC agreeing to a CVA. As far as I remember, the HMRC is obliged to take that position under public accounting laws. i.e for those of us that don't give a crap about Rangers, the government protects us from the sentimental idiots that want the rest of us to have to cough up for their mismanagement.

Don't rely on the government keeping you going. Your only hope is some rich sugar daddy that doesn't care how much money they lose in the name of "the history of the club" Good luck with that.

[Billy Bhoy]

The Sun are saying they've seen one of the fabled "side letters" relating to the EBT's:

Quote

THE Scottish Sun today reveals details of the controversial player payments made by Rangers — which have dragged the club to the brink of extinction.

BY PAUL THORNTON

RANGERS fans' chiefs are to meet administrators for crunch talks about the club's future.
Supporters will demand to know what will happen to cash they raise — and they want answers before next week's home game against Hearts.
Andy Kerr, head of the Rangers Supporters Assembly, revealed he hoped to hear from the money men within a few days.
He said: "We need to know if we provide cash whether it is protected or not. We can't just throw money down a black hole.
"And we need to know whether we can decide how the money is being used — can it retain our players and is there any impact on what happens in the future?"
He added: "The best thing we can do is to keep filling the stadium.
"We need to know if we can say to 40 or 50,000 people next Saturday that if they pay an extra tenner, then Steve Davis will be there until the end of the season.
"That's the kind of clarity we are looking for."

Our hard-hitting investigation explains to football fans AND the taxpayer how the Ibrox giants apparently offered 'tax-free' bonuses as a lure to players it was eager to sign.
A bombshell letter sent to one former ace — who joined the club in the mid-2000s — tells him that on top of his salary he is entitled to a £122,000 payment spread out over two years, plus additional four-figure appearance bonuses.
It is believed these payments may fall under an Employee Benefit Trusts scheme which is likely to have sparked Her Majesty Revenue and Customs' £75million tax battle with the SPL giants.
EBTs are NOT illegal and are usually used for pensions, charities and families.
But last night three experts told The Scottish Sun the letter to the player — who we are not naming — may have broken strict financial rules by not paying revenue on what is effectively wages.
It is in draft form but shows the nature of the arrangements.
Last night a financial advisor told us: "If a client showed the letter to me, I would tell them to rip it up. The killer points are one and two.
"Number one, you are going to get £122,000 and number two you get £1,200 for a first-team game.
"It equates to salary as far as I am concerned. I would say this sort of letter will be a central thread in the big tax case.
"This would be manna from heaven for HMRC if they have this. If there are 10 like these and there are matching payments, I'd find it difficult for the courts to do anything other than find in favour of HMRC."
Meanwhile a jobs lawyer also warned that the bonuses offered look "a hell of a lot like employment".
He said: "What we have here is a fairly basic contract between Rangers and a player — it is not very different from ones I have seen in the past for other clubs.
"What makes it very different is this letter appears to introduce all sorts of other provisions.
"What I understand is Rangers are trying to say there was money paid to the people, but it was not wages — it was something else.
"If you look at the back letter it says you will get this money for each competitive first-team match for which you're selected.
"It seems they are getting paid for the job Rangers employ them to do so the likelihood is that that is employment income."
An accountant who we showed the letter to also hinted the payments offered to the player were "illegal".
He added: "This appears to be a contractual obligation to put money into an Employee Benefit Trust. The implication is that there is a pot of money going to an individual.
"I have been shown a contract of employment showing how much money players were going to get but also a back letter which I presume that individual has assumed is part of his salary. It seems like a contract.
"If the two documents are handed to someone together, is that seen as being his overall package? If the answer to that is yes then there is a problem because the money that goes into the trust really should be getting taxed because it is his salary.
"The fact it is there as a back letter at all suggests it is dodgy."
During Gers' big spending days top players like Arthur Numan and Ronald De Boer starred for the club — but it's not known if they were offered EBT deals.
It's been reported that a total of £47million was contributed by Gers to the EBT fund. At its height in 2005/06, the club gave out £9.2million — and used EBTs right up until the HMRC probe kicked off over a year ago.
HMRC have tried to call in a bill for the payments.
Rangers contested the tax tab and when Motherwell tycoon Craig Whyte took over the club from Sir David Murray last May he insisted he was confident of beating it.
The case has been heard in Edinburgh and a result is understood to be due at the end of next month — with many predicting a bloody nose for the Light Blues.
Letters like the one we've seen are likely to have been used as evidence.
Administrator Duff and Phelps is trying to save Rangers but it's feared a massive tax bill could tip them into insolvency.

Read more: http://www.thescotti...l#ixzz1nRZEneUw

http://www.thescotti...-uncovered.html


If true, it makes it unlikely Rangers will win the big tax case.

[SheenyBob]

Billy Bhoy, on 26 February 2012 - 12:37 AM, said:

The Sun are saying they've seen one of the fabled "side letters" relating to the EBT's:



http://www.thescotti...-uncovered.html


If true, it makes it unlikely Rangers will win the big tax case.

Its in the Sun...it must be true then

The article mentions Numan & De Boer for absolutely no reason whatsoever.....other than attempt to give the story credence. Yawntastic regurgitated shite and damn lazy journalism

Edited by SheenyBob, 26 February 2012 - 12:47 AM.

[Billy Bhoy]

SheenyBob, on 26 February 2012 - 12:47 AM, said:

Its in the Sun...it must be true then

The article mentions Numan & De Boer for absolutely no reason whatsoever.....other than attempt to give the story credence. Yawntastic regurgitated shite and damn lazy journalism

Bob man, if there's ever a fucking Tescos in place of Ibrox you're still going to be expecting games to be played there and thinking everything is fine and dandy for Rangers.

[SheenyBob]

Billy Bhoy, on 26 February 2012 - 12:52 AM, said:

Bob man, if there's ever a fucking Tescos in place of Ibrox you're still going to be expecting games to be played there and thinking everything is fine and dandy for Rangers.

You keep obsessing about Rangers and wishing maximum pain and extinction if it makes ye feel better. Personally i find that kind of unhealthy obsession pityful.

Meanwhile I'll wait to see what the government agencies, professional accountants and lawyers involved have to say on the matter.

Away you go and lie in a dark room.

Edited by SheenyBob, 26 February 2012 - 01:10 AM.