Frankie 8,562 Posted April 19, 2011 Share Posted April 19, 2011 In the most important week of the season so far on the field, it's no coincidence that off-the-field a variety of matters are also coming to a head. Be it our HMRC tax tribunal in Edinburgh resuming for the next fortnight or the takeover saga taking its daily twist, we're not spoilt for discussion. Yesterday this website revealed that today was the day with respect to the club announcing to PLUS that the takeover was complete. Unfortunately this doesn't look like coming to pass with a late 'snag' halting the deal in its tracks. According to the media the independent bid oversight committee (comprising of Alistair Johnston, Martin Bain, John McLelland, Donald McIntyre and John Greig) want to delay any takeover until the end of the season. The question on everyone's lips is why? Throughout this ownership saga doubts have been cast on Craig Whyte's ability to fund his bid - not with regard to the purchase price (that was agreed over a month ago and those funds are in place) but in respect of the provision of ongoing financial investment (i.e. the �£25million/5 year budget rumoured in the media). It appeared that over the weekend such doubts had been allayed and the deal was set to complete. Not so! Thus, what has changed then? Have Whyte's financial backers changed their mind on which horse to back? Or have the oversight committee picked up on a controversial aspect of his plans that they want examined? Moreover, how much credence can we place in renewed speculation that there may be a management buy out in the pipeline? Unfortunately, despite the conjecture we read in the media and across the forums, answers to these questions are difficult to find. After all, surely if a management buy out was viable, these directors would be in breach of their independent responsibilities to the bid panel? What other reason can be given for a delay given Whyte is apparently ready to buy immediately? Recent weeks have been most interesting in the takeover debate. As this site uncovered Lloyds Banking Group have said they will not interfere while Alastair Johnston also inferred he was happy with the Whyte presentation. Unfortunately, delayed interim financial results and two different tax cases will have contributed to further legal wrangles. Meanwhile, two separate UEFA charges could also indicate fiscal problems for any new owner. The current Rangers board will be busy people! We were told at last year's AGM that their responsibilities were always to the club and fans. To that end, it is interesting that despite all the latest gossip, they've chosen not to comment to the shareholders/support. This is even more surprising given the support are about to invest another �£20million of our money into the club for next season. Surely, it is beyond time for this committee to either approve or reject the Whyte bid? Of course even then it's not as simple as the bid then being dead. MIH still have the majority shareholding required to sell irrespective of any committee recommendation. However, it's been rumoured that Craig Whyte doesn't fancy this route due to the time-scales involved in thereafter removing what would be a 'hostile' board. On the other hand, if Whyte does say enough is enough where would that leave us then? Would other interested parties step into the breach and 'save' the club from a bank still keen on clawing back its debts? And if they did, how could we as a support trust these people given their mistakes over the last decade? Moreover, why are they waiting so long to make their move? Unfortunately, there are obviously still far more questions than answers. None of us know if Whyte has the wherewithal (financial and strategic) to run Rangers in a better fashion that we've seen of late. As such, we have no option to defer to the oversight committee to act on our behalf - despite their poor performance as directors previously. As ever the support stand confused and alone. A RFC Management buy out may well be out of self-interest or an unavoidable financial necessity but until they share with us their concerns they're guilty of making the same mistakes again by treating our worries with disdain. In our season ticket renewal letters, manager-in-waiting Ally McCoist said our huge financial commitment is 'not one we (the club) take for granted'. Unless the club sorts out the takeover shambles soon then that is not just a patronisation but an outright lie. 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted April 19, 2011 Share Posted April 19, 2011 Agree Frankie it seams at the moment our management team only SINE when their winning 0 Quote Link to post Share on other sites More sharing options...
Tumshie RFC 0 Posted April 19, 2011 Share Posted April 19, 2011 The whole process has dragged on for too long. It has to be sorted out once and for all. 0 Quote Link to post Share on other sites More sharing options...
Stimpy 0 Posted April 19, 2011 Share Posted April 19, 2011 Is anyone else like me in that I have very little to say on the takeover because it's all getting very confusing and don't what side to back? All I want is Murray out, Debt free and Ally given a proper chance to manage us. And of course we run within our means. 0 Quote Link to post Share on other sites More sharing options...
Danny 0 Posted April 19, 2011 Share Posted April 19, 2011 Is anyone else like me in that I have very little to say on the takeover because it's all getting very confusing and don't what side to back? All I want is Murray out, Debt free and Ally given a proper chance to manage us. And of course we run within our means. I'm not sure I trust the current board. After all, aren't they part of the current problem. And Johnston has been a lousy chairman, as was McLelland. And Bain is just far too orange for my liking. Point is, I'd like Whyte to come in, bring in money, his own people, and overhaul this club right where it needs fixing. Then start working on the team. Start with the rotten foundations then plaster it all up properly. Don't just paper over the cracks. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,562 Posted April 19, 2011 Author Share Posted April 19, 2011 Is anyone else like me in that I have very little to say on the takeover because it's all getting very confusing and don't what side to back? All I want is Murray out, Debt free and Ally given a proper chance to manage us. And of course we run within our means. No, I agree. While I have a bit more to say on it than most people I've literally no idea who are the good and buy guys here. I don't think anyone else can either. 0 Quote Link to post Share on other sites More sharing options...
ascender 352 Posted April 19, 2011 Share Posted April 19, 2011 Given the critical stage of the season we're at and the seemingly critical state of the financial health of our club, the way this has all panned out makes it very difficult to think the individuals involved have anything but their own self-interest at heart. Pretty depressing tbh. 0 Quote Link to post Share on other sites More sharing options...
Stimpy 0 Posted April 19, 2011 Share Posted April 19, 2011 (edited) I'm not sure I trust the current board. After all, aren't they part of the current problem. And Johnston has been a lousy chairman, as was McLelland. And Bain is just far too orange for my liking. Point is, I'd like Whyte to come in, bring in money, his own people, and overhaul this club right where it needs fixing. Then start working on the team. Start with the rotten foundations then plaster it all up properly. Don't just paper over the cracks. Is it possible to plaster over any more cracks? I truly wish I knew more about takeovers that I might be able to seek solace in the constant merry go round. No, I agree. While I have a bit more to say on it than most people I've literally no idea who are the good and buy guys here. I don't think anyone else can either. The snippets that come out still tell us very little. It would seem the media are being played here. For some strange reason I feel it will be done by the end of the week, or at least that's how it will look come Friday. Am I wrong here in thinking that the takeover has taken up its own pattern of events? Things pick over the weekend, then on the eve of a league match we're told something else. There's also the fact that the run up to every OF game has seen a "big announcement" about the takeover. Edited April 19, 2011 by Stimpy 0 Quote Link to post Share on other sites More sharing options...
Guest The Duke Posted April 19, 2011 Share Posted April 19, 2011 Is anyone else like me in that I have very little to say on the takeover because it's all getting very confusing and don't what side to back? All I want is Murray out, Debt free and Ally given a proper chance to manage us. And of course we run within our means. thats my sentiments too, just want murray out of our club, id never slagg him as what he done during the 90's for us was immense but he ran our club to the ground in the end 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,744 Posted April 19, 2011 Share Posted April 19, 2011 (edited) Given the critical stage of the season we're at and the seemingly critical state of the financial health of our club, the way this has all panned out makes it very difficult to think the individuals involved have anything but their own self-interest at heart. Pretty depressing tbh. That said, has anyone who's directly involved actually said something official? I still have some niggling feeling that this sensationalist reporting has been done to derail us as much as the team for this rather crucial week. And I am not exactly that paranoid ... Edited April 19, 2011 by der Berliner spelling 0 Quote Link to post Share on other sites More sharing options...
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