Big Rangers Administration/Liquidation Thread - All chat here!

[vikingTON]

£75m of that estimated debt is the maximum possible from the tribunal. That could be zero

^^^ clutching at straws

[Mark Connolly]

At least Bearwithme is willing to come on today. Your fellow bears have been conspicuous by their absence over the last 24 hours.

On holiday rather than in hiding, I'm sure.

[Bearwithme]

....not denying that only making the point that when the forensic auditors were investigating the Boumsong deal to Newcastle (not Rangers) they reputedly discovered extensive information of the exact detail of the players and staff involved in the EBT scheme at RFC, which was not in the club's accounts. We all agree EBTs are legal if applied within the terms and condition of tax law. It is the unpublished information that has been described as 'voodoo' but since I have no knowledge what is in those various files I can't comment on the state of their voodoo-ness.

...i also agree your posts are illuminating and fair and unlike some on this thread I do not have an SPL axe to grind I'm a student of voodoo

Is there any solid source for these Boumsong claims (and I don't mean Tweets)?

And thank you for the kind words.

[PeeTeeJag]

Whilst I understand the Chic Young isnt an "investigative" journalist, surely asking the right questions is part of his job as well as a bit of going through the archives to confirm a story. All he has done for years is just been a mouth piece for these guys without questioning them once.

Hopefully the BBC will now see the wave of contempt most people hold for him and his like now. No one believes a word these guys say or cares if they have an exclusive.

The same thing happened with Gretna and Chic never learned his lesson then. People on the internet were digging deep and knew what was going to happen long before Chic exclusively revealed it. And the same is happening now.

What I do find appalling is he is saying the same crap now about Rangers that he did about Gretna. The whole "no one could have predicted this was going to happen" line is a cop-out that no one is buying anymore.

Chic, this took me 5 minutes to find..................

Sunday Mirror, January 27, 2008

A MILLIONAIRE who fled Scotland under the shadow of a tax probe and £4million debts has returned home after buying a Scottish castle. Craig Whyte, 39, vanished nine years ago, leaving behind a controversial career, lawsuits and multi-millionpound debts.

The Scots entrepreneur once dubbed "the next Richard Branson" was accused of failing to pay his employees' wages and was at the centre of a massive tax investigation by the Inland Revenue.But after fleeing to the tax haven of Monte Carlo, where he continued with an extravagant lifestyle, he has now made an equally extravagant return to Scotland. Whyte acquired Vital UK in 1993 and built it into a conglomerate. But it went into voluntary liquidation in 1996, with debts totalling £600,000In 1999, a report hinted that he had failed to register some of his employees for PAYE tax. The tycoon ended up at the High Court, where his legal team admitted he owed £3.5 million to a single creditor.

It was around the same time that members of the 700-strong workforce from his company network even threatened to riot over unpaid wages.But despite the allegations and court cases, he insisted in an exclusive interview with the Sunday Mirror at his Monte Carlo home eight years ago that he was debt-free. "I don't owe anyone any money - least of all the taxman," he said. And now, as he returns to Scotland, Whyte says he is to restore his newly acquired castle to its former glory. Yesterday he spoke of his delight at being back in Scotland and insisted he was debtfree and no longer under investgation by the Inland Revenue.He said: "I am debt-free and now own substantial holdings and assets in various parts of the world.There are no outstanding claims against me. I continue to hold property and assets overseas. My wife and I have always wanted to own a home in Scotland, and what more beautiful spot than Strathspey.The Inland Revenue is satisfied with my status and previous claims of debts proved completely false. I have never been declared bankrupt."Asked about his plans for the castle, he added: "We have held discussions with Historic Scotland and it is happy with our long- term ambitions. This involves a multi-million-pound restoration over the next few years.We will be at pains to preserve the historic character and ambience of the castle".

But when the Sunday Mirror contacted Historic Scotland, a spokesperson claimed they had no record of any discussions with Mr Whyte concerning his plans for the castle.

Now Chic, tell me that no one saw this coming.

Now either do the job that you are supposed to get paid for or get out of our way.

Edited April 6, 2012 by PeeTeeJag

[Dunning1874]

At a time when a fellow football club (The Rangers F.C.) teeters on possible liquidation, they are trying to buy one of our star players on the cheap which is morally reprehensible.

If bidding low is 'morally reprehensible', I wonder what bluechip, the Loyal Bluenose from Gourock, would call the actions of a club that made bids to sign another clubs star player, lets take a name at random and call him Francisco Sandaza, knowing full well they were about to go in administration, the last bid coming about 24 hours before they actually went into administration?

I know this is from about 20 pages back, but it still amused me. Remind me how much Rangers paid Dundee for Gavin Rae?

I can't wait for the verdict in the Big Tax Case; I wonder how the media are going to claim everything's fine after the money from that is added to the current £55m. The idea of HMRC accepting a CVA.

[Raith Against The Machine]

Surely a journalist who isn't "investigative" is really more of a scribe?

"Here, take down some of this stuff from this press conference, and some stuff Davie just told you on the phone, and arrange it into paragraphs. Do you think you can manage that, son?"

[NorthBank]

I don't know if you listened to Sportsound last night, but if you did, you would have heard Chico and Roddy Forsyth blaming the Business Editors, saying that it wasn't the job of football journos to look into the business side.

I did and could not believe the hypocrisy. They both defended themselves saying their job was to report football stories and not business stories and that business editors should be investigating murky financial dealings. When was the last time Sportsound only featured football stories? Every fuckin night they talk about business stories relating to Rangers. So make up your minds lads. If its football only you report then stick to football only.

[vikingTON]

Surely a journalist who isn't "investigative" is really more of a scribe?

The word you're looking for is 'sycophant'. Which as a rule covers at least 95% of the Scottish sports media and 100% of Glasgow-based productions.

[Mark Connolly]

I did and could not believe the hypocrisy. They both defended themselves saying their job was to report football stories and not business stories and that business editors should be investigating murky financial dealings. When was the last time Sportsound only featured football stories? Every fuckin night they talk about business stories relating to Rangers. So make up your minds lads. If its football only you report then stick to football only.

Presumably the political and religious editors should have been writing about the sectarianism, etc too.

These poor football writers...

[Baxter Parp]

Surely a journalist who isn't "investigative" is really more of a scribe?

"Here, take down some of this stuff from this press conference, and some stuff Davie just told you on the phone, and arrange it into paragraphs. Do you think you can manage that, son?"

That would be a "columnist", I think.

[speckled tangerine]

Underbidding for Scottish players at other clubs? shurely shome mishtake. More chuckles if it turns out that, for instance Lafferty, is punted on for 500k. The great irony is that when they were babbling on about 2 million for Goodwillie, they may as well have outbid Blackburn seeing they`d no intention of actually paying oustanding fees for players. Could have bid 4 million, paid 500k up front, the rest in installments and add ons and fucked us over like Hertz with Lee Wallace! Dodged a bullet there I think.

[MEADOWXI]

Graham Spiers has reappeared.

Just heard him on Northsound Radio. To paraphrase;

Total debt is £134M, HMRC are coming after their £93M, the scale of the debt and size of the debt is totally unmanageable.

I want Chico to repeat these words soon. Accept the reality - if you have a football shirt with 5Stars on it time to get the needle out and start unpicking. This is the season your history died. Think something will be around next saeason but nothing with the right to claim the history.

[Mark Connolly]

Underbidding for Scottish players at other clubs? shurely shome mishtake. More chuckles if it turns out that, for instance Lafferty, is punted on for 500k. The great irony is that when they were babbling on about 2 million for Goodwillie, they may as well have outbid Blackburn seeing they`d no intention of actually paying oustanding fees for players. Could have bid 4 million, paid 500k up front, the rest in installments and add ons and fucked us over like Hertz with Lee Wallace! Dodged a bullet there I think.

Eddie Thompson - told Romanov to f*ck off.

Stephen Thompson - told Rangers to f*ck off.

Two great men.

[~~~]

BBCchrismclaug #Rangers boss Ally McCoist says it's difficult to see positives in a newco option for club, but will need to find some if it happens.

I'm still convince they are preparing to go into liquidation, Why would they even be discussion it if they didnt believe it was going to happen

[PeeTeeJag]

If I remember correctly rangers put in a very low bid for Duncan Ferguson which Jim McLean refused quite publicly. The offers kept rising until it got to £4 million and Utd accepted.

Murray was raging and going on about how because rangers had money clubs were taking the rip, at which point Jim basically said "well if you are daft enough to throw it about like that!!!!"

Hopefully this will now bring an end to rangers buying players that have a good game against them.

Edited April 6, 2012 by PeeTeeJag

[7-2]

Presumably the political and religious editors should have been writing about the sectarianism, etc too.

These poor football writers...

Why are these football only journo's reporting on the administration and pending liquidation now then? Surely Chic Young should only be concerning himself with the footballing side of tomorrows game against St Mirren.

[vikingTON]

Why are these football only journo's reporting on the administration and pending liquidation now then? Surely Chic Young should only be concerning himself with the footballing side of tomorrows game against St Mirren.

That would require Chic spending the afternoon researching who plays for the away side.

[Guest]

Total debt is £134M, HMRC are coming after their £93M, the scale of the debt and size of the debt is totally unmanageable

[Drooper]

It seems that Rangers be be around £1M in debt for every year of their existence. No doubt this has already been metioned, but it seems very fitting somehow that it is all coming together in such a neat way in this year which will surely be their last *crosses everything*

[thruthenight]

Am I doing bad maths here? How can you add the Ticketus debt into the total amount of debt brought in by CW? If the Ticketus deal hadn't have been done then they wouldn't have had the £24m cash that was brought in, so it's only the potential interest that was extra debt brought in by CW. And I'm assuming they weren't getting a 100% ROI in the 3 years of the deal, so the Ticketus debt that was the fault of CW has to be less than it being reported.