[pollokfan1987]

Jinky67, on 01 February 2012 - 11:58, said:

Have actually heards this too.

Rumours of an EGM at 4pm today, not sure if any truth in it or not.

Time will tell i suppose

I heard it aswell any truth from rangers fans.

[qpsnapper]

Jinky67, on 01 February 2012 - 11:58, said:

Have actually heards this too.

Rumours of an EGM at 4pm today, not sure if any truth in it or not.

Time will tell i suppose

Doubt it, you can't call an EGM at a few hours notice, you have to notify all shareholders in advance, usually giving a couple of weeks (at least) notice.

[Jinky67]

qpsnapper, on 01 February 2012 - 12:03, said:

Doubt it, you can't call an EGM at a few hours notice, you have to notify all shareholders in advance, usually giving a couple of weeks (at least) notice.

Who says it wasn't organised weeks ago?

Rangers position today wasn't a difficult one to foresee.

Anyway was only a rumour, like i said not sure as to how much truth was in it.

67 says he heard Whyte flew back to London last night meaning the rumour to be false

This post has been edited by Jinky67: 01 February 2012 - 12:13

[the 67]

Jinky67, on 01 February 2012 - 12:11, said:

Who says it wasn't organised weeks ago?

Rangers position today wasn't a difficult one to foresee.

Anyway was only a rumour, like i said not sure as to how much truth was in it.

67 says he heard Whyte flew back to London last night meaning the rumour to be false

Like most yesterday I was trying to find out as much as I could about Rangers plight.....was reading the boards on a few Rangers forums and there was a number of posts about Whyte fucking off last night and leaving a mess behind......running to his bolthole in London as a few people put it......that might have been a load of shite or a bit of f**k off down there and don't come back type thing.....but more than a few did suggest he left for London....Rangers fans would probably have a better idea if there was any truth that he left Ibrox late last night for England.

[Auld Heid]

An EGM would not be required to announce any Administration.? I hold shares and have certainly not been informed of any EGM

If Whyte is in London is irrelevant as he doesn't necessarily have to make the announcement. He may be in London speaking to the stock exchange on the matter.

As I said in my original post - it was only a rumour that I heard from a source I consider to be reliable and who has not a care about either Rangers or Celtic and as such has nothing to gain by informing me of such news.

[Jinky67]

the 67, on 01 February 2012 - 12:22, said:

Like most yesterday I was trying to find out as much as I could about Rangers plight.....was reading the boards on a few Rangers forums and there was a number of posts about Whyte fucking off last night and leaving a mess behind......running to his bolthole in London as a few people put it......that might have been a load of shite or a bit of f**k off down there and don't come back type thing.....but more than a few did suggest he left for London....Rangers fans would probably have a better idea if there was any truth that he left Ibrox late last night for England.

If he has fucked off to London and leaving Ally here to deal with the shite coming Rangers way it says a lot about Whyte.

[pollokfan1987]

Jinky67, on 01 February 2012 - 12:34, said:

If he has fucked off to London and leaving Ally here to deal with the shite coming Rangers way it says a lot about Whyte.

Craig whyte can call a EGM if he owns 51% of rangers which he does.

[the 67]

Jinky67, on 01 February 2012 - 12:34, said:

If he has fucked off to London and leaving Ally here to deal with the shite coming Rangers way it says a lot about Whyte.

yep I would agree with that.....Ally has already shown with the transfer targets in the summer he can still be a bit wet behind the ears....seem to remember a few Rangers fans making the comment for him not to comment on potential signings so publicly in the media.....but this is a bit different as rangers fans want answers and news of whits happening at the club......puts a lot of pressure on a man still learning his trade in his first job in management......the guy needs a bit of help...if Whyte has fucked off he should be ashamed leaving his novice manager carrying the can.

[shiltrum]

Ya Bezzer!, on 01 February 2012 - 00:13, said:

Everyone should remember it wasn't Whyte that put Rangers in this position, it was David Murray.

NAIL ON THE HEAD BANG!.
One does wonder where teflon Dave is these days he has a case to answer and after FG was given the bums rush yesterday what exactly did DM receive his knighthood for?.

[shiltrum]

Henrik, on 01 February 2012 - 01:21, said:

Your post count is very apt. I'd leave it at that if I were you

A man with the eye for detail.

[TheLip69]

qpsnapper, on 01 February 2012 - 12:03, said:

Doubt it, you can't call an EGM at a few hours notice, you have to notify all shareholders in advance, usually giving a couple of weeks (at least) notice.

EGM is an Extraordinary General Meeting and as it's name suggests normal procedures are not usually adhered to, it can depend on the boards procedures, but a few hours notice is not unheard of in business circles.

[pollokfan1987]

TheLip69, on 01 February 2012 - 13:27, said:

EGM is an Extraordinary General Meeting and as it's name suggests normal procedures are not usually adhered to, it can depend on the boards procedures, but a few hours notice is not unheard of in business circles.

There is a few people saying on twitter that there will be a protest tonight outside Ibrox at 6pm any one heard from friends or any confirmation.

[Tim Malloy]

the 67, on 01 February 2012 - 12:50, said:

yep I would agree with that.....Ally has already shown with the transfer targets in the summer he can still be a bit wet behind the ears....seem to remember a few Rangers fans making the comment for him not to comment on potential signings so publicly in the media.....but this is a bit different as rangers fans want answers and news of whits happening at the club......puts a lot of pressure on a man still learning his trade in his first job in management......the guy needs a bit of help...if Whyte has fucked off he should be ashamed leaving his novice manager carrying the can.

Just my take on the saga.

Murray knew Rangers were unsustainable. Announced he wanted to sell,that took time to find a buyer who then had to do due process.Murray started the ball rolling with Ticketus to see them through this period. He knew he couldn't be seen in control when the tax case hits. He HAD to be gone by then.Thus the £1 Rangers were touted.

He made a big song and dance about selling the club to the right person. Step up the man from the Motherwell book repository Craig Whyte,a venture capitalist with no Rangers leanings,Who was always going to be the "Man who broke the bank at Monte Govano". Murray seen this as a perfect out ,knowing Whyte would catch the flack from the bears as the man with no "dignity" and who would be cast as the pantomime baddie.

Whytes reputation made him the perfect Lee Harvey Oswald like Patsy. Murray organised the Rangers for sale cavalcade down edminton drive.Yesterday the shot rang out ,panic broke out and people stood watching as the announcement Rangers were dead.

Lee Harvey Whyte was apprehended and given up to be gawped at by the press scrum all the while Murray stood on the Govan, dogshite and Buckfast bottle strewn concrete knoll with a big grin and a smoking gun.

Looks like Lee Harvey Whyte will be symbolically silenced on the courthouse steps By Hector (the Taxman) Ruby. Whilst a shadowy figure on crutches emerges from the background claiming "it was nothing to do with me"

this conspiracy has been brought to you by Agent Malloy F.B.I. (Feni*n Bureau of investigateh*n.)

This post has been edited by Tim Malloy: 01 February 2012 - 13:39

[shiltrum]

No8., on 01 February 2012 - 09:34, said:

If 'Timmy' was right all along there would be no Rangers and Ibrox would be flats/Supermarket....

Maybe if 'Timmy' had shut the f**k up others migth have got to the truth a helluva lot sooner than this. If the shoe was on the other foot i would have been the same right enough.

Somtimes It's better living with the devil you know dont you think?. Can't say I agree with the highlighted remark though. I suppose you treated it like the boy who cried WOLF only to find out he was telling the truth all the time. It also puts the MSM in a bad light as they towed the party line but some headlines just have to be printed eh! .Funny how CW only says he will not buy the Record from now on and lets the hacks off THE HOOK pay back I suppose for services rendered in keeping it quiet for so long.

This post has been edited by shiltrum: 01 February 2012 - 13:44

[shiltrum]

Tim Malloy, on 01 February 2012 - 13:38, said:

Just my take on the saga.

Murray knew Rangers were unsustainable. Announced he wanted to sell,that took time to find a buyer who then had to do due process.Murray started the ball rolling with Ticketus to see them through this period. He knew he couldn't be seen in control when the tax case hits. He HAD to be gone by then.Thus the £1 Rangers were touted.

He made a big song and dance about selling the club to the right person. Step up the man from the Motherwell book repository Craig Whyte,a venture capitalist with no Rangers leanings,Who was always going to be the "Man who broke the bank at Monte Govano". Murray seen this as a perfect out ,knowing Whyte would catch the flack from the bears as the man with no "dignity" and who would be cast as the pantomime baddie.

Whytes reputation made him the perfect Lee Harvey Oswald like Patsy. Murray organised the Rangers for sale cavalcade down edminton drive.Yesterday the shot rang out ,panic broke out and people stood watching as the announcement Rangers were dead.

Lee Harvey Whyte was apprehended and given up to be gawped at by the press scrum all the while Murray stood on the Govan, dogshite and Buckfast bottle strewn concrete knoll with a big grin and a smoking gun.

Looks like Lee Harvey Whyte will be symbolically silenced on the courthouse steps By Hector (the Taxman) Ruby. Whilst a shadowy figure on crutches emerges from the background claiming "it was nothing to do with me"

this conspiracy has been brought to you by Agent Malloy F.B.I. (Feni*n Bureau of investigateh*n.)

lol .

[Enrico Annoni]

Former chairman Alastair Johnston delivers Rangers cash warning

Quote

Former Rangers chairman Alastair Johnston fears further damaging revelations about the Scottish champions' finances.

And he has urged the club's fans to demand answers about the current position from owner Craig Whyte.

Johnston was speaking to BBC Scotland after Whyte denied claims he used future ticket sales to finance his takeover of the club last year.

"Where's the money gone? Is the debt really £42m now?" Johnston said.

Whyte had continued the previous administration's practice of using a company called Ticketus to receive a portion of ticket sales in advance to improve short-term cash flow.



But Johnston fears that the new owner has used the practise to the kind of extent that previously left Leeds United and other clubs in dire financial straits.

"In the past, Rangers would never probably borrow or take credit for more than £5m," he said.

"In this instance, it would appear from the evidence presented, which he has acknowledged, is that he has mortgaged or securitised the fans' season ticket revenue that he expects to earn from season tickets over the next three to four years.

"That means that this money is being used as long-term financing. Either that or it has been deployed already for expenditures that only Mr Whyte would know about.

"But, as far as the amount is concerned, £5m as opposed to £24m or £25m is a significant difference."

Johnston said he must take Whyte on his word that he did not use any of the money from Ticketus to pay the £18m debt to Lloyds Bank as part of his takeover.

"So the club should at this moment in time be £42m is debt. Is that correct?" he asked.

"What is the issue with respect to administration? Who is the secured creditor?

"It would be difficult for me to understand if Ticketus, in lending this money to Rangers, didn't request and get a secured position?

"In the event of administration, is it a finance company like Ticketus that is going to determine the destiny of Rangers Football Club?"

Johnston explained that the latest claims about Rangers finances emerged following an investigation by the HMRC tax authority into VAT payments relating to the takeover.

"I speak with some degree of knowledge and, put it this way, I am not comfortable that there won't be further revelations," he said.

"If the debt has been borrowed and the money is being used today, what's our source of revenue going to be three years from now?

"How is the team going to be revived and recycled and rejuvenated if the primary source of revenue, which is season ticket sales, has already been coralled?

"Today the manager and the team do not have the resources that I believe year on year, on a sustainable basis, can be competitive.

"I don't think anyone in their right mind should be happy with the way things are going."

Johnston's remarks came as Whyte admitted he had to sell top scorer Nikica Jelavic to Everton on transfer deadline day because of the club's financial position.

Whyte had responded to the latest claims by suggesting that the old board, who had expressed reservations to previous owner Sir David Murray about the takeover, had been "all talk and no action".

However, Johnston said that, at the time of Whyte's takeover, their auditors had no fears that Lloyds Bank would put the club into administration.

"They realised that we had actually brought the debt down by about £16m - £25m when you consider outstanding money we owed on players," said the former chairman.

"At £18m level, we were way ahead of getting to where it was a working relationship with the bank.



"We were looking at reducing the debt by £1m or £2m but looking at a working debt of £16m that we could handle under any circumstances with the cash flow of the club.

"By the time Mr Whyte got around to making up his mind, or accessing the funds, to do it, the bank were pretty happy with the club.

"But, having said that, with the opportunity to cash out and get out of it and the fact that it was a corporate mandate from Lloyds Bank, the idea of getting their £18m and running was pretty attractive to them and that's why they were supportive of and more than persuasive in terms of getting this deal done.

"All the negotiations with Mr Whyte pertaining to the transfer of shares and the material provisions of that particular document were conducted and negotiated by Murray International and their representatives.

"And they were the ones that basically testified to us that they were happy that they had seen funds that were in place and were going to proceed

Enrico Annoni is pleased today

[pollokfan1987]

Bawdeep, on 01 February 2012 - 13:57, said:

True Partick fan?

From the guardian;


Ex-Rangers chairman Alastair Johnston demands answers from Craig Whyte


The former Rangers chairman Alastair Johnston has urged his successor Craig Whyte to explain exactly how he has spent advance season-ticket revenues.

On Tuesday Whyte denied claims he had used a loan secured on future ticket sales to facilitate his takeover of the club in May, which involved paying off a debt of £18m to Lloyds Banking Group.

However, the Rangers owner did admit to borrowing money from Ticketus – a London-based group who allow clubs to borrow money on the strength of future season-ticket sales – and did not dispute reports the amount came to £24m.

Whyte said the money "goes directly to the club and is used for the club's operations", but Johnston implored Rangers fans to ask serious questions.

Speaking to BBC Scotland, Johnston said: "What has it been used for? Where has the money gone? Why did he feel he had to mortgage season-ticket revenues for the next three or four years?

"I don't think anyone thought when he came in, when he was talking about war chests and being the saviour of Rangers, that we would be in the position we are in right now."

Supporters' faith in Whyte to transform the club's financial fortunes was seriously tested on Tuesday as the revelations came just before their top scorer Nikica Jelavic was sold to Everton for a reported £6m without being replaced.

Johnston, who opposed Whyte's takeover, added: "On the assumption he is being open with the fans, he has borrowed £24m, he paid £18m to buy off the debt, so the club should be £42m in debt. Is that correct?

"Is that the nature of our problem? Is that why we have the perception of not paying our debts and being less than aggressive in the transfer market? If this debt has been borrowed and is being used, what is the source of revenue for the next three years?

"How is the team going to be rejuvenated if the primary source of revenue, which is season tickets, has already been corralled? Who is the secured creditor? It would be difficult to understand that Ticketus, in lending this money, didn't request and get a secured position. In the event of administration, is it a finance company like Ticketus that is going to determine the future of Rangers?"

Whyte pointed out that the previous Rangers ownership used the same company and stressed there was "nothing unusual or untoward" about the arrangement, "which was put in place at the club long before my takeover last year". Johnston admitted Ticketus had been a "vital source of short-term revenue" when he was chairman, but said the maximum sum borrowed was about £5m in late spring and was automatically paid back when season tickets were sold in the following months.

"The difference here with what Mr Whyte has done is not just the tenure – the time taken to pay it back – but the amount. It would appear from the evidence, that he has acknowledged, that he mortgaged the season-ticket revenue from fans over the next three or four years and that means this money is being used as long-term financing or has been deployed already for expenses that only Mr Whyte would know about."

Johnston also responded to claims from Whyte that he and his fellow board members were "all talk and no action and presided over the club as it careered to the brink of financial collapse", although he did not specifically address the main financial issue facing Rangers, a potential £49m tax claim.

Lloyds had two representatives on the Rangers board, who had a significant say in the running of the club in the final years of Sir David Murray's reign, after the debt hit about £34m.

But Johnston said: "It was a working debt. We were paying interest and were in discussions with the bank about having a permanent debt of about £16m, which we could handle under almost any circumstances with respect to the cashflow of the club.

"The bank were pretty happy with the club, but with the opportunity to cash in and get out, the idea of getting their £18m was pretty attractive to them, and that's why they were supportive of, and more than persuasive, in terms of getting this deal done."

Earlier Whyte issued a statement defending the decision to sell Jelavic, saying they had no choice but to accept Everton's bid.

"One, the player wanted to leave and there is no point in trying to keep a player who no longer wants to be at Ibrox. Two, the club is simply not in a financial position to turn down offers for players which give the club a good return on its original investment."

This post has been edited by pollokfan1987: 01 February 2012 - 14:08

[Auld Heid]

A lot of spin from both Whyte and Johnson to talk up their own viewpoints, but no real content giving in their answers by either. By pointing fingers at each other they are only deflecting and splitting opinions and hiding the real issue - NO ANSWERS!!

I agree with Whyte there was a lot on the previous Board who were mere passengers and brought little or nothing to the table either as individuals or financially. Then have the audacity to take a wages/expenses and moan when a new owner doesn't allow the tail to wag the dog.

I also can't believe that he has bought into Rangers without some sort of a plan. NO ONE dives head first into such a situation without some sort of a credible Plan.

It's hard to be critical of Sir David Murray as over the years he put a lot of money into the club. But unfortunately also allowed Rangers to go down the road that has led us to the situation we are in today. You would also hope that in selling the club to Whyte that he did so for the good of the club and not without a care to the future of the club from the position his ownership had left it in.

Sir David Murrays silence on this whole situation is also very worrying as I have read or heard nothing as his views on the new owner and current situation. His silence is deafening!!!!!

The whole situation with Rangers is unbelievable and there are a lot of people out there who really should be held accountable for their previous actions.

IF the HMRC win the Tax Case - then the individuals responsible for making the original decisions should be made to pay the consequences and face charges. As it seems to me that individuals are hiding behind Glasgow Rangers FC to cover their (illegal or not) actions.

[No8.]

ballymoneyyin, on 01 February 2012 - 10:56, said:

what about handing McGregor, Whittaker, Naismith, Davis etc all those big deals? Signing important players like Goian, Wallace, Bocanegra etc

What about them?

He Re-signed those players on long term deals and their market value has gone up...He has already stated we must cut the wage bill and those 3 will be first out the door. Never thought i'd say this but thank f**k Naismith is injured!!

As for the signings..The combined total for those 3 is around the £2 million mark. 3 players in for the Madjid Bougherra money and probably all 3 combined would take his wage. No great expenditure there. Excellent work by the club all the same but were they the 1st choice picks? Where is Craig Conway? David Goodwillie? Kenny Miller? There are numerous other targets we missed out on as Whyte refused to free up the cash he had promised.

Whyte has contradicted himself on too many occassions and told us straightforward lies...The latest being in yesterdays official statement when he said he would be working with McCoist right up until the end of the window to bring in a replacement. Only hours later he is chasing McCoist out of Ibrox and giving him NOTHING!!!

[Mr Tee]

so, if Whyte borrowed 24 million from ticketus, borrowed other money to pay the bank (thats if its been paid..) and has avoided paying taxes.

is it possible he has simply put all that money in his back pocket, then because its all in the companys name he can just walk away once HMRC find us guilty?

[the 67]

No8., on 01 February 2012 - 14:45, said:

What about them?

He Re-signed those players on long term deals and their market value has gone up...He has already stated we must cut the wage bill and those 3 will be first out the door. Never thought i'd say this but thank f**k Naismith is injured!!

As for the signings..The combined total for those 3 is around the £2 million mark. 3 players in for the Madjid Bougherra money and probably all 3 combined would take his wage. No great expenditure there. Excellent work by the club all the same but were they the 1st choice picks? Where is Craig Conway? David Goodwillie? Kenny Miller? There are numerous other targets we missed out on as Whyte refused to free up the cash he had promised.

Whyte has contradicted himself on too many occassions and told us straightforward lies...The latest being in yesterdays official statement when he said he would be working with McCoist right up until the end of the window to bring in a replacement. Only hours later he is chasing McCoist out of Ibrox and giving him NOTHING!!!

There value may have gone up......but what club if any is going to pay top dollar for a player or his true market value when the selling club is on it's knees and needs money badly???...
look at Jelavic going for 5 million odd.....still can't get my head round that.

[Cammy35]

An interesting quote from Alastair Johnstone in the above article "that's why they[Lloyd's Bank] were supportive of and more than persuasive in terms of getting the deal done".

Suggests Lloyd's TSB forced David Murray's hand to sell to Craig Whyte. And yet Alastair Johnstone states that Rangers could "easily handle [the bank debt] under almost any circumstances" out of normal cashflow. This seems a strange move from the bank if AJ is telling the truth.

This post has been edited by Cammy35: 01 February 2012 - 15:10

[Diamonds are Forever]

Cammy35, on 01 February 2012 - 15:09, said:

An interesting quote from Alastair Johnstone in the above article "that's why they[Lloyd's Bank] were supportive of and more than persuasive in terms of getting the deal done".

Suggests Lloyd's TSB forced David Murray's hand to sell to Craig Whyte.

They did, Johnstone has said as much in the past, Lloyd's told them they had to sell to Whyte, despite Johnstone advising otherwise (so he says), or they were pulling the plug, so they sold. That's the problem with all these comments about Murray selling to the wrong man, going from what Johnstone says they didn't actually want to sell to Whyte.

[Thistle_do_nicely]

No8., on 01 February 2012 - 14:45, said:

What about them?

He Re-signed those players on long term deals and their market value has gone up.

Are you sure?

Davis has had a bit of a poor season by all accounts, McGregor has had his iffy moments, Naismith I'll give you, Whittaker...

[No8.]

shiltrum, on 01 February 2012 - 13:39, said:

Somtimes It's better living with the devil you know dont you think?. Can't say I agree with the highlighted remark though. I suppose you treated it like the boy who cried WOLF only to find out he was telling the truth all the time. It also puts the MSM in a bad light as they towed the party line but some headlines just have to be printed eh! .Funny how CW only says he will not buy the Record from now on and lets the hacks off THE HOOK pay back I suppose for services rendered in keeping it quiet for so long.

The point being they were not telling the truth though...The nonsense that has been spouted here and elsewhere by 'Timmy' is just mind boggling bollocks. Last time i looked Rangers 'Were still going strong' contrary to what others would have us believe...Just out of interest how did the EGM go today? You know the one 'Timmy' was talking about earlier.

The stories that have brought us to where we are come from Rangers minded people..They come from the mainstream press but most of all they come from the mouth of Craig Whyte himself. That main couldn't lie straight in bed!!

The likes of Oirish Phil and The Tax Blog merely take the heat of him with the shit they post. Just out of interest have we lost that case? Nope? I don't know either and that is why i have no opinion on it yet and don't waste my time reading the guff posted about it