Danny 0 Posted April 27, 2012 Share Posted April 27, 2012 On the 13th of February, it was announced that Rangers had lodged legal papers 'signalling its intention to go into administration'. This was, naturally, news which broke the hearts of millions of devout supporters globally, and brought about a general feeling of incredible shock. The notion of administration had been banded about loosely at the tail-end of Sir David Murray's tenure, but it had never been spoken about as an 'inevitability'. Not until Craig Whyte took over. Ibrox Noise - Why the Hell Have we Been in Administration Anyway? I know we were not in a great state prior to Whyte's takeover, but it seems to me that a lot of us have previously taken administration as an inevitability. Feedback appreciated chaps. 0 Quote Link to post Share on other sites More sharing options...
gisabeer 409 Posted April 27, 2012 Share Posted April 27, 2012 hmrc forced it apon us when whyte failed to pay 19 million in tax. D&P cant trace the money. likewise with the jelavic money. i have a sneaking suspicion that the absence of these monies will come back to haunt whyte major style. 0 Quote Link to post Share on other sites More sharing options...
Ergatrude 0 Posted April 27, 2012 Share Posted April 27, 2012 Good read Danny & some good points. What makes you think the £18m debt was due to Walter Smiths second era in charge? Do you mean due to his spending, early Europe exits? Or merely pointing out the fact that it was sometime around his second coming that the debt appeared? 0 Quote Link to post Share on other sites More sharing options...
Danny 0 Posted April 27, 2012 Author Share Posted April 27, 2012 I've received the figures from our resident financial expert. We were in debt to the tune of 5.9M by the 30th of June 2006, but 3 years later it had risen to 31M. We got it back down to 18M but that's hung over us since then. Walter spent a lot of money second time round, (about 30M) and that's the debt we remain in. 0 Quote Link to post Share on other sites More sharing options...
Danny 0 Posted April 27, 2012 Author Share Posted April 27, 2012 hmrc forced it apon us when whyte failed to pay 19 million in tax. D&P cant trace the money. likewise with the jelavic money. i have a sneaking suspicion that the absence of these monies will come back to haunt whyte major style. Yup, more and more bears seem to be realising it's completely Whyte's fault. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted April 27, 2012 Share Posted April 27, 2012 Walter spent a lot of money second time round, (about 30M) and that's the debt we remain in. Walter's spending in that period was offset in a big way by a) selling players and b) being forced to reduce the squad wage bill over his final couple of seasons. There's also the issue of our run to the UEFA cup final which saw David Murray getting silly with money again and ended with us not making a good profit like we should have that season. 0 Quote Link to post Share on other sites More sharing options...
Ergatrude 0 Posted April 27, 2012 Share Posted April 27, 2012 At the time I felt that Walter was running with next to no funds.. I thought we went 18 months without signing a player? 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted April 27, 2012 Share Posted April 27, 2012 Yup, more and more bears seem to be realising it's completely Whyte's fault. I've said that for ages....see this poll from 22nd Feb I was the only one who completely blamed Whyte..... 0 Quote Link to post Share on other sites More sharing options...
gisabeer 409 Posted April 27, 2012 Share Posted April 27, 2012 i think the emphasis is on whyte at the moment. The ticketus deal is about to be unraveled through the courts and one by one all his other wrong doings will be brought to the fore. My biggest fear and its a real possibility is that whilst this is all going on it holds up the transfer of Whytes shares as part of the legal wrangle is the authenticity of whytes ownership of the club. Our biggest enemy is the length of time it takes the justice system to deal with him and with it comes a real threat of liquidation. As long as hes in the frame of things we cannot go forward. Personally im going to hold D&P accountable should this happen. They have assured us that the transfer of the shares wouldnt be a problem but im sceptical of this promise due to the fact that it hasnt actually happened yet. It should have been the first thing to happen. D&P have really dragged their feet over the issue given the guarantees they gave and should be explaining why it hasnt happened yet. I wont hold my breath though. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,132 Posted April 27, 2012 Share Posted April 27, 2012 I've said that for ages....see this poll from 22nd Feb I was the only one who completely blamed Whyte..... Not really, some of were saying months and months ago that we'd be in administration before the result of the FTT. 0 Quote Link to post Share on other sites More sharing options...
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