UPDATE: Murray agrees to sell to Whyte

[maineflyer 0]

To be fair there is just as much bollocks stated on here that is conveniently forgotten when it's proven completely wrong.

 

To be fair, not many of us are paid to state the facts. Even in the madness of contemporary media, there is an acknowledged intent to promote the facts. We, on the other hand, log on for a few minutes every day with no such obligation and little time or resources to separate fact from fiction. Usually, speculation is our only alternative to silence. On that basis there could be a case for treating Gersnet members with a kinder hand than journalists.

[calscot 0]

To be fair, not many of us are paid to state the facts. Even in the madness of contemporary media, there is an acknowledged intent to promote the facts. We, on the other hand, log on for a few minutes every day with no such obligation and little time or resources to separate fact from fiction. Usually, speculation is our only alternative to silence. On that basis there could be a case for treating Gersnet members with a kinder hand than journalists.

 

While I agree with most of that, I can't help but believe that journalism has very little to do with facts these days...

[maineflyer 0]

While I agree with most of that, I can't help but believe that journalism has very little to do with facts these days...

 

Amen to that, it's mostly a dreadful parody of the journalism we expect.

[ian1964 10,761]

CRAIG WHYTE is winning his battle to have a �£2.8million tax bill slashed from the price of buying Rangers.

 

The would-be owner made it clear he would not pick up the tab for the bill which took Rangers directors by surprise when it was delivered a few weeks ago.

 

But confidence was growing yesterday that the figures will be adjusted after serious talks today among Whyte's advisors, Lloyds and the Murray Group.

 

That means the five month buy-out saga is likely to be completed by the middle of this week.

 

Whyte will pay around �£24m for the club and then sit down with Ally McCoist to plan for next season.

 

And though the 39-year old multi-millionaire knows the extent of work Ibrox needs in order to be brought back to previous standards - which could be up to �£12m - he realises the team must come first.

 

It's also believed that Whyte won't be solely responsible for further tax payments should Gers lose a court battle with HMRC.

 

This case relates to EBTs, Employee Benefit Trusts, but Rangers' legal people are watching a similar case that could set a precedent in their favour.

 

McCoist knows without a buyer he could be left with just 13 signed players.

 

But last night sources on all sides were confident the deal will be completed.

 

http://www.dailyrecord.co.uk/2011/04/04/rangers-would-be-owner-craig-whyte-winning-tax-fight-as-takeover-plans-remain-on-course-86908-23036775/

[chilledbear 16]

Almost a year ago, this newspaper broke the story that Rangers were under investigation from HMRC over the use of Employment Benefit Trusts for over a decade.

 

In the same article, we said that Lloyds Bank only had one plan for the club ââ?¬â?? cuts, cuts and more cuts. This would leave a team made up of players on low wages, with the squad supplemented by kids from Murray Park. Star names would go and, on top of that, the stadium was being neglected.

 

We said that administration was a possibility, and that a sale would be unlikely unless someone agreed to offer a warranty on the potential tax bill that could, if found a case was there to answer, amount to tens of millions of pounds.

 

The reaction? We were accused of scaremongering; in fact, some reckoned there were agendas at work to devalue the club just as they were going through an attempted take-over bid from Andrew Ellis.

 

The day after we ran the story ââ?¬â?? which came about after weeks of investigation, including talking to players who at that stage had received letters from HMRC saying they would be part of a future probe, and talking to sources inside the boardroom ââ?¬â?? Sir David Murray responded.

 

It was April 30 last year and, unless I�ve missed it, that was probably the last time he went on record to talk about anything to do with the club.

 

ââ?¬Å?This amounts to scare- mongering. Rangers are not in any danger because of their financial position,ââ?¬Â said Sir David. ââ?¬Å?People can think what they want of me, but one thing I would never do is put the club in danger.

 

ââ?¬Å?If anyone wants to buy, let them make their play. They do due diligence and see where they are ââ?¬â?? but there is nothing to hide.

 

ââ?¬Å?Iââ?¬â?¢ve had the club up for sale for two years. I am not going to be hard to deal with. It is a straightforward process.ââ?¬Â

 

Subsequently, as we also predicted, Ellisââ?¬â?¢s bid fell. The ââ?¬Ë?for saleââ?¬â?¢ sign came down, well publicly anyway. And Rangers drifted on. Behind the scenes, Lloyds tightened their grip, squeezed more and the squad was asset-stripped further and further.

 

Only Walter Smith ââ?¬â?? and his guidance of the team to two successive championships ââ?¬â??saved them from oblivion. Anyone who doubts that, just pause for a minute. Read the words of Alastair Johnston on Friday and imagine life at Rangers Ã?£30million poorer from what the Champions League has earned the club in the past two years.

 

In fact, every Rangers fan should read what Johnston said over and over. Last Friday was the day when someone finally told it as it is. The day the chairman said enough was enough.

 

Sure, he maybe got carried away, the nod of his head to a query on whether the club could go bust sparking all sorts of doomsday headlines and a subsequent retraction to the Stock Exchange.

 

But Johnston showed guts and, in doing so, endorsed what this paper said a year ago. I wonder how the Lloyds Bank PR person felt on Friday when Johnston revealed that Donald Muir was the bank�s man, and that the only reason Rangers� credit facility was rubber-stamped was because he was on the board.

 

Or the fact that Lloyds refused to speak to Martin Bain ââ?¬â?? the man paid to run the club ââ?¬â?? for the first six months after they moved in back in October 2009, preferring to do all their business through Muir, who was acting on their behalf.

 

This is the same Lloyds PR man who challenged us at every turn, asking us to remove any mention in articles that Muir was ââ?¬Ë?Lloyds Bankââ?¬â?¢s manââ?¬â?¢ and insisting that he was actually there are at the behest of the Murray Group.

 

What Johnston did was brave, honourable and truthful at the same time. He laid it bare for Rangers fans who looked at our headlines a year ago and said ââ?¬Å?No way, not us. We are Rangers. Taxman? Administration? Not a chance.ââ?¬Â Well, the truth is out there now.

 

Johnston is a fan first, chairman second. He knows itâ��s quite outrageous to ask the clubâ��s supporters (as is about to happen) to collectively shell out in the region of �£15m in season ticket money when they donâ��t actually know what they will be watching next term.

 

He also put pressure on all those involved in the current situation ââ?¬â?? Craig Whyte, Murray and the bank. Itââ?¬â?¢s time to do a deal, or move aside. His message, essentially, is this: If the status quo is to remain, let us know so we all know what we are getting into ââ?¬â?? especially Ally McCoist.

 

Murray spoke of a straight-forward process, yet Ellis couldnâ��t see it through after months of hanging around. Whyte has been on the scene for five months, and we are now told it will be this week when a decision is finally made. His camp say he is getting little help, especially over issues like the �£2.8m tax bill that popped up last week at the 11th hour.

 

Murray wants �£6m for his shares, when it could be argued that they are worthless in light of the possible tax liability that could sink them out of sight. The bank want their full �£24m when they are selling off bad debts all over the place at 60p in the pound.

 

They are looking after themselves, fair enough, but at least be straight. Don�t kid people on you are supportive when you are looking after your own interests.

 

And what of Whyte? We know nothing really of this man, except that he appears to have patience, money to back him up, and that he has impressed Johnston and the board.

 

If he walks, for whatever reason, he should tell the Rangers support why. If he does a deal then, even with tax problems still hanging around their neck, the club has a chance. But the time has come for him to show his hand. Buying Rangers is, after all, said to be a straightforward process.

[maineflyer 0]

OFFICIAL: Whyte Deal possible in 48000000 hours

 

I think this could be out by a whole zero.

[Frankie 8,664]

OFFICIAL: Whyte Deal possible in 48000000 hours

 

I think this could be out by a whole zero.

 

EXCLUSIVE: Maineflyer believes takeover will go though sooner than expected. Indicated by a nod!

[maineflyer 0]

EXCLUSIVE: Maineflyer believes takeover will go though sooner than expected. Indicated by a nod!

 

I never said that! (wink, wink)

[ascender 352]

So what are the penalties for going in to administration? 10 points deduction isn't it?

 

If this came to pass, would our sole creditor be HMRC? If so, how much damage would be done to the club's reputation if everything else is in order? Part of the thing that's always tough when a local business goes under is seeing the other small/local businesses who are affected in-turn, but if all this in order, what would the damage be? Apart from giving everyone else another reason to hate us....

 

If everything else is in order, surely HMRC would rather agree terms on a payment plan than just have us go out of business and risk getting feck all? In fact I'm sure they'd object to us trying to go in to voluntary administration, so I'm wondering what are the sequence of events that would see this happening?

 

I can understand the appeal to someone coming in and getting the club for a song with in effect, a clean slate. But once the Lloyds debt is paid, do we not have the basis & potential for a solid business assuming its run prudently and there's no more gross over-spending in wages and fees?

 

Sorry, just more questions and random thoughts....

[maineflyer 0]

The ultimate nightmare for me would be seeing Ibrox sold off. Points deductions, relegation, ridicule would all be preferable to losing our home.