Whyte offer rejected rumour - denied by Johnston

[rbr 1,266]

What is amazing that on all the other sites every "quoted" poster who has "sources" have gone missing , not a peep either way , very strange

[Guest BRIANMC1]

Seems strange that Spiers thinks ( i know i hate him to but he does get a lot right from corridors within Ibrox) that the deal will be completed in next 36 hours....

[bluebear54 0]

Not for the first time in this long saga, my head hurts.

No matter what happens however, the fact remains that we - the support, have been treated pretty shabbily. I understand that there are rules that prevent CW making statements, but I'm also peeved at PM's lack of clarity - he's basically offering to underwrite a share issue to invest in the short term with no meaningful medium term plan whatsoever. On top of this, we will still have the LBG debt to deal with and presumably the same board. So, it's basically cough up, we'll keep the status quo and let's see where the wind blows.

On the other side of the coin, we have a solid bid from CW but don't know any details. One positive is that - in football terms, he's not promising a great deal. Pay off the debt and you have �£10m the first year, with �£5m for each of the following four years.

But we don't know where the money's coming from.

As far as I'm aware we don't know who's underwriting the share issue either - and how.

As I say - my head hurts.

[pete 2,499]

Not for the first time in this long saga, my head hurts.

No matter what happens however, the fact remains that we - the support, have been treated pretty shabbily. I understand that there are rules that prevent CW making statements, but I'm also peeved at PM's lack of clarity - he's basically offering to underwrite a share issue to invest in the short term with no meaningful medium term plan whatsoever. On top of this, we will still have the LBG debt to deal with and presumably the same board. So, it's basically cough up, we'll keep the status quo and let's see where the wind blows.

On the other side of the coin, we have a solid bid from CW but don't know any details. One positive is that - in football terms, he's not promising a great deal. Pay off the debt and you have �£10m the first year, with �£5m for each of the following four years.

But we don't know where the money's coming from.

As far as I'm aware we don't know who's underwriting the share issue either - and how.

As I say - my head hurts.

 

What is worrying me right now is the fact that Whyte seems to be borrowing the money to play. I would hate us to be back to 55mill in the red and in a sort of Glazier situation. The Ellis part of the deal worries me as well. Why would Whyte give him 25% for hee haw or on a gamble that the Ibrox development could go through. I am starting to become frightened of the Whyte deal, I feel we have far more to lose if the borrowed money is based on Rangers assets.

[bluebear54 0]

What is worrying me right now is the fact that Whyte seems to be borrowing the money to play. I would hate us to be back to 55mill in the red and in a sort of Glazier situation. The Ellis part of the deal worries me as well. Why would Whyte give him 25% for hee haw or on a gamble that the Ibrox development could go through. I am starting to become frightened of the Whyte deal, I feel we have far more to lose if the borrowed money is based on Rangers assets.

 

I wonder - worse case scenario is a few years of stability, player and infrastructure investment then big problems. The stadium isn't worth money per se as it's listed - I don't think it can be redeveloped and think it's use must remain. Auchenhowie worries me. As does a mass clear out of players and administration.

In that nightmare scenario, we have the only real asset left - which is the fan base. If the Club ever goes into administration it could be bought for one year's season ticket subscriptions.

But yes - I worry about CW and Ellis in particular. However, the Paul Murray plan worries me more.

Edited May 4, 2011 by bluebear54

[chilledbear 16]

It shows we know nothing.

 

I am more worried about where Whytes money is coming from.

[pete 2,499]

I wonder - worse case scenario is a few years of stability, player and infrastructure investment then big problems. The stadium isn't worth money per se as it's listed - I don't think it can be redeveloped and think it's use must remain. Auchenhowie worries me. As does a mass clear out of players and administration.

In that nightmare scenario, we have the only real asset left - which is the fan base. If the Club ever goes into administration it could be bought for one year's season ticket subscriptions.

But yes - I worry about CW and Ellis in particular. However, the Paul Murray plan worries me more.

 

I Think you will find that it is just the front shell and main stand that is listed. Rangers could also build round that. That would mean that it could be developed as long as you kept these features and incorporated them into a new building such as a shopping centre. Not 100% sure but I strongly imagine that is the case. The pitch and the modern stands are not listed as far as I know.

[Frankie 8,663]

From AJ - in a few papers today apparently:

 

"As chairman of the club I must remain objective and judicious. What I can say is the board have not, at this point in time, rejected Craig Whyte's proposal."

 

"We are working through an over- whelmingly complicated series of due diligence, much more complicated than meets the eye. There is a lot going on behind the scenes."

[ian1964 10,761]

May 4 2011 Keith Jackson

 

CRAIG WHYTE Rangers takeover suffered another setback last night when chairman Alastair Johnston revealed the board of directors are still not satisfied he has the cash to move the club forward.

 

Johnston spoke to Record Sport 24 hours after director Paul Murray, who has put together a rival buy-out bid, begged Sir David Murray NOT to hand Whyte, left, the keys to Ibrox.

 

Whyte's camp remain adamant their man will be in charge before the end of this week but Murray believes his proposal, which would see �£25 million ploughed into the squad this summer, will safeguard the long-term future of the club.

 

And now Johnston seems determined to stall Whyte and give legal experts more time to investigate his financial clout.

 

Johnston said: "As chairman of the committee I must remain objective and judicious. What I can say is the board have not, at this point in time, rejected Craig Whyte's proposal.

 

"We are working through an overwhelmingly complicated series of due diligence, much more complicated than meets the eye. There is a lot going on behind the scenes.

 

"I'm sure fans understand, we have to do the right thing."

 

Record Sport understands Murray's proposed share issue has been underwritten entirely by one wealthy backer but his plan would see more rich Rangers fans brought in as investors to form a credible consortium of money men.

 

Murray fears the Whyte bid is loaded in favour of Lloyds bank, who would stand to wipe out �£18m worth of debt and be free of the HMRC tax case, which could land Rangers with a bill in excess of �£40m.

 

http://www.dailyrecord.co.uk/2011/05/04/alastair-johnston-admits-craig-whyte-bid-to-buy-rangers-is-more-complicated-than-meets-the-eye-86908-23106092/

[Guest BRIANMC1]

Who is right then? Brahim or Alastair Johnston? lol