Craig Whyte Statement

[ascender 352]

Posted on the official site this morning.

 

RANGERS' majority shareholder Craig Whyte today issued the following statement regarding changes to the board at Rangers FC:

 

"It is a huge privilege and honour to have become the majority shareholder at Rangers Football Club.

 

"My commitment to take the Club forward is unwavering and like all Rangers supporters I want to build on the tremendous success achieved by the team in recent years.

 

"It is not uncommon to bring fresh thinking to an organisation in an effort to deliver greater success and that is the fundamental reason that changes have been made to the composition of the Board.

 

"Further Board appointments will be announced in due course. It would be inappropriate for me to comment on the suspensions of the Chief Executive and Finance Director at this time.

 

"I have been disappointed by some comments regarding the takeover made by former Board members who are clearly reluctant to embrace change.

 

"I believe most Rangers supporters understand that, as a result of the takeover, the Club's debt to the Lloyds Banking Group has been cleared and I have repeatedly stated to the Board my intentions to invest in the team.

 

"I have had discussions with Ally McCoist regarding his ambition to secure players already playing for the Club and also to bring new faces to the squad. These discussions will resume when Ally returns to Ibrox this week.

 

"These are exciting times for Rangers and the Club's supporters. This past season's achievements were truly great and I am determined to continue that success for Rangers and our supporters around the world."

[Stefanovitch 0]

I hope Mr Whyte makes some very astute appointments in the very near future. I'd also like to see him splash out on some players too.

[Super_Ally 0]

I believe most Rangers supporters understand that, as a result of the takeover, the Club's debt to the Lloyds Banking Group has been cleared

 

I would really like to see this 100% conclusively, in black and white. Is this definitely the case and is it proven anywhere. Has the debt merely be shifted to us owing Whyte's companies?

[ian1964 10,761]

Craig Whyte will adopt a “business as usual” approach despite being at the centre of an Ibrox civil war.

 

The new Rangers owner is determined to press ahead and continue with his sweeping changes as the fallout rages on from his decision to axe chairman Alastair Johnston and director Paul Murray, and suspend chief executive Martin Bain and finance director Donald McIntyre, on Monday night.

 

Whyte is scheduled to meet new boss Ally McCoist later this week to finalise plans for squad strengthening – and also hopes to have more new board appointments confirmed shortly.

 

Fears that his lack of experience in running a football club, especially with Bain now stood down from all day-to-day affairs, could derail plans at a crucial time were today shot down by sources close to the new owner.

 

“It is business as usual. He has a team around him who are more than capable of dealing with contracts, financial matters and any other immediate business,” the source told SportTimes.

 

“The suggestion Craig Whyte is a one-man band is a myth. There are several highly skilled people around him, and he also has people advising him on key football issues.

 

“This was always going to come to a head with directors that he simply had to remove in order to move forward. None of this will derail him, he is planning to meet the manager later this week to finalise what Ally McCoist wants to do, and is continuing discussions to make key appointments.”

 

One of those will be a new chief executive, with former Hearts commerical director and QPR MD Ali Russell believed to be a front-runner, as Bain will leave his post once contractual matters are resolved. McIntyre will also go, with a new head of finance also being sought.

 

Whyte was said to be ‘undisturbed’ by fresh statements made by Johnston and Murray this morning that raise fresh doubts over his long-term plans and financing.

 

He will send a document to all 26,000 club shareholders before a deadline of June 6 explaining the background to his takeover, the financial commitments and other crucial details.

 

When asked if some of the points raised by Johnston – specifically on what funds will be given to McCoist – had any foundation the source added: “Throughout this entire transaction, Craig Whyte has continued to feel that no matter the assurances given, it would never be enough for some people who just didn’t want him to buy the club.

 

“What is being lost somewhat is that this was a transaction between Craig Whyte, Sir David Murray and the bank. Those parties were all satisfied by what they have seen, and what Craig has provided.

 

“So far he has spoken to Ally McCoist on a couple of occasions and pledged his backing financially. He has conducted an interview on the club’s own media channel in which he said the pledge was to invest Ã?£25million over five years in the squad, with a commitment that could be front-loaded after discussions with the manager.”

 

http://www.eveningtimes.co.uk/sport/editor-s-picks/business-as-usual-at-ibrox-1.1103444

[maineflyer 0]

If I was in Craig Whyte's shoes I would be reluctant to make too many hard promises to either fans or manager. That may be what they want but it's not necessarily in the best interests of the club to do so and certainly not at this stage in proceedings. What Whyte needs at the moment is room to manoeuvre, not to restrict his options by making commitments while his ability to implement these is still developing. He needs to identify and secure the members of his new team and he needs to learn more about the underlying problems and challenges, as well as the speed at which certain opportunities can be realised. It's not what fans want to hear but the last thing Whyte needs at the moment are people telling him how to achieve things that they bear no risk for delivering.

[Zappa 0]

I would really like to see this 100% conclusively, in black and white. Is this definitely the case and is it proven anywhere. Has the debt merely be shifted to us owing Whyte's companies?

 

It's just been shifted.

[craig 5,199]

I would really like to see this 100% conclusively, in black and white. Is this definitely the case and is it proven anywhere. Has the debt merely be shifted to us owing Whyte's companies?

 

Could be word-games.

 

If the debt has been shifted then his statement still holds true... i.e. LBG are no longer owed the debt.

 

We are so used to being fed half-truths and lies that we still remain sceptical - and a healthy scepticism is not a bad thing to have.

[Super_Ally 0]

Could be word-games.

 

If the debt has been shifted then his statement still holds true... i.e. LBG are no longer owed the debt.

 

We are so used to being fed half-truths and lies that we still remain sceptical - and a healthy scepticism is not a bad thing to have.

 

I dont know why, but I hoped or assumed the debt would be written off. I hope he hasn't merely acquired the debt himself so he can earn it back over time, even if it is under more favourable circumstances. Completely clearing the debt would surely put Rangers in a very strong position. Though why would a businessman do that?

[rbr 1,266]

Because let's face it the old board were really excellent at running the club , NOT

[Zappa 0]

It was made perfectly clear that the debt was simply being shifted because it was being purchased by Wavetower. That's why we had the discussions about plans for the debt to supposedly eventually be 'waived' as mentioned in one of the statements by MIH. Frankie started a thread that had a link to an article containing the following-

 

The MIH statement read: "Over the last few years, MIH has received interest in its controlling stake from a number of parties.

 

"However, the board of MIH has previously been unable to secure an offer which it considered to be in the best interests of the club, its shareholders and its fans.

 

"Following detailed negotiations and discussions with Craig Whyte, MIH now considers that an agreement has been reached which satisfies these criteria.

 

"The transaction provides for funds to be immediately available with �£5million of investment in the playing squad together with further money available for the infrastructure of the stadium and working capital.

 

"In addition, Wavetower has stated its intention to invest a further �£20m over a four-year period.

 

"Wavetower will also acquire the indebtedness of Lloyds Banking Group, the secured creditor, and is under an obligation to waive this debt in the foreseeable future, thereby strengthening the club's balance sheet.

 

"MIH is receiving �£1 for the sale of its controlling shareholding.

 

"MIH and its executive chairman, Sir David Murray, have agreed terms attaching to the sale of its stake in the club that ensure an immediate and substantial improvement in the club's financial position as well as a significant investment in the club and its playing squad."