BrahimHemdani 1 Posted December 28, 2011 Share Posted December 28, 2011 OK most of this is not new but the headline info about Jelavic came to me today second hand from a source inside the Director's Box at Ibrox and the interpretaion is partly my own and partly from two accountancy sources one of whom has insolvency experience. Jelavic will be sold in January for £7.5M most likely to QPR. Reason for sale is that in the event of losing the tax case there is no money to pay the wages for the rest of the season (Whyte certainly doesn't have any more money). In the event of losing the tax case, Whyte gets the ground (possibly Murray park as well) as he is the only secured creditor, which assets would have been pledged as security for his company's loan to the Club. HMRC get nothing because they are behind the secured creditor unless they can prove that it was an arrangement to evade tax (difficult). They will nonetheless continue the case because it is seen as a test case on the whole issue. This scenario is much better for Whyte since he doesn't have to turn his £18M into equity as per the purchase agreement. Whyte sells the Club free of all debt for much more than his £18M. Bond holders are next in line but they also get nothing i.e. lose the value of their bond(s)/ seats. Season ticket holders are unsecured creditors and also get nothing i.e. lose the remaining value of this season's tickets unless the new owner offers free seats for the rest of the season. Not a nice scenario. 0 Quote Link to post Share on other sites More sharing options...
stewarty 2,060 Posted December 28, 2011 Share Posted December 28, 2011 I'm not saying any of what the OP says not true because I simply do not know. In mitigation to the above I would however say. We've heard "inside information" in the past but most of the doomsday scenarios out there so far have been from those who want to damage our club. Thus they are revelling in poring over the minutiae of information, speculating as to their providence and extrapolating conclusions. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,679 Posted December 28, 2011 Share Posted December 28, 2011 Most of it isn't new. A few quesions though. Why would HMRC get paid if it was seen as tax evasion? Why would Whyte get the ground and Murray park if he is only owed £18m? Surely they are worth more than that? If they are worth more than that then why wouldn't the taxman get something? Who is going to buy the club for more than £18m? 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted December 28, 2011 Share Posted December 28, 2011 My gut feelings are still relevant, Tax man to settle for a figure that will be acceptable for Whyte to pay. 0 Quote Link to post Share on other sites More sharing options...
Little General 80 Posted December 28, 2011 Share Posted December 28, 2011 Thanks for posting this before the game.has really cheered me up. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted December 29, 2011 Author Share Posted December 29, 2011 Most of it isn't new. A few quesions though. Why would HMRC get paid if it was seen as tax evasion? I am told that if Whyte being secured on Ibrox and/or other assets was seen as part of a scheme to evade tax then, they could ask a court to set it aside. But that seems unlikely as it is a perfectly normal arrangement. Why would Whyte get the ground and Murray park if he is only owed £18m? Surely they are worth more than that? If they are worth more than that then why wouldn't the taxman get something? Just like a bank, Whyte would get the property and in theory sell it to recoup his money; as you say it would then all depend on what he could get for it. Who is going to buy the club for more than £18m? Good question. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted December 29, 2011 Author Share Posted December 29, 2011 My gut feelings are still relevant, Tax man to settle for a figure that will be acceptable for Whyte to pay. That has always been my gut feeling too but the gap between them may be too wide and the taxman wants to make a point or more correctly establish a precedent. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted December 29, 2011 Share Posted December 29, 2011 To be really honest the way I feel about my club at the moment, I really couldnt give a F#+k what happens to us. 0 Quote Link to post Share on other sites More sharing options...
khan 0 Posted December 29, 2011 Share Posted December 29, 2011 (edited) I am told that if Whyte being secured on Ibrox and/or other assets was seen as part of a scheme to evade tax then, they could ask a court to set it aside. But that seems unlikely as it is" a perfectly normal arrangement". People go to jail for evasion, any sale proved to have been for that purpose could be referred and set aside. Murray would then also be in trouble maybe in a perverse way there will be justice after all. On a brighter note the soapdodgers are no great shakes, poor as we were and robbed of a goal they inflicted only the one goal on us which was a poor goal to lose, McGregor should have done better rather than be rooted to his line. We can still take the title I think we will. Edited December 29, 2011 by khan 0 Quote Link to post Share on other sites More sharing options...
ascender 352 Posted December 29, 2011 Share Posted December 29, 2011 Until the case runs it course the truth is none of us know what's going on. I've heard so many rumours from sources over the last couple of years and have lost track of how many have turned out to be taken from forums. The internet has made it possible for everyone to claim they have an exclusive and then go on to spread that exclusive by word of mouth to the point where it grows arms and legs and becomes gospel within days. Whyte was right though, until this gets resolved, I'm not sure how the club can really go forward with any sort of plans for the future. 0 Quote Link to post Share on other sites More sharing options...
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