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Rangers
Posted by Douglas Cameron on 01/17/2012

Another hard fought win was secured in Perth at the weekend by our rag tag first 11. The three points scarcely matter though as Rangers face a far greater fight this week as the tax tribunal resumes.

Football fans as a rule care little about off field events provided their team is winning. For Rangers fans as a whole I think that is currently just about true. Many seem ready to back Whyte on the basis he bought the club when nobody else was interested. At the time of the acquisition he paid a whole £1 and there appears to be little evidence that he has made good on his promise to inject any significant funds. For me that is scant evidence of a man who deserves our loyalty or the chance to own our club.

There is a great deal being written and discussed online regarding our finances and the potential consequences. Whilst there is certainly a good deal of gloating and wishful thinking out there we should not allow that to blind us to what is currently going on under the Whyte regime and what previously went on under Murray.

- Rangers are currently involved in a tax tribunal which if it goes against us would mean a bill for unpaid tax, interest and penalties of £49 million. If lost it is impossible to envisage an insolvency event not resulting
- Rangers are currently in court this week defending themselves against an action by former Chief Executive Martin Bain for breach of contract which if lost would mean a payment of £1.5 million. Bain has succeeded in having £0.5 million of Rangers cash ring fenced
- Rangers also have an outstanding court case for breach of contract brought by the former Finance Director Donald McIntyre for £0.3 million. McIntyre has succeeded in having £0.3 million of Rangers cash ring fenced
- Rangers are also involved in another tax case with HMRC for £2.8 million. HMRC have succeeded in having £2.8 million of cash ring fenced
- Craig Whyte failed to disclose at the time of the takeover to the Rangers support or the football authorities that he had in the past been disqualified from serving as a company director for a period of seven years (presumably researching this fact was also beyond Murray and his advisors since he always claimed he would only sell to someone who had Rangers' interests at heart)
- Rangers have failed to produce audited accounts and have missed the 31st of December deadline for lodging these with Companies House
- The accounts that have been produced seem to indicate Rangers have stopped paying NI and PAYE which is a classic sign of a company in trouble closely monitoring cash
- Rangers have failed to hold their AGM
- Rangers shares have been suspended from being traded on the PLUS stock market
- Rangers have until the 31st of March to produce audited accounts and satisfy the SFA of their financial health or fail to meet UEFA's licensing requirements which means at least one season with no European football (the implications for team and supporter morale of this are self evident)

The evidence is mounting yet there seems to be a denial about the mess we are in amongst some of our supporter base. I have not been immune to it myself. I have questioned in the past whether Whyte really was someone with the necessary experience to steer us through our financial problems. Is he someone experienced in the pre pack process? I certainly hope so but with every passing day that hope fades.

I can well remember the amusement of listening to the Celtic support wailing on the phone ins and the "sack the board" chants. What goes around comes around. Any protest from our support would be divisive and in truth I am not sure what we would be protesting. Whyte out? Clearly it is difficult to find much positive to say about him but he is not responsible for the EBTs and the tax case. We also don't have any alternative owner to back and in the timescales involved there is no possibility of a fans buy out being organised. The best hope has to be a pre pack with anyone other than Whyte owning the newco, ideally the fans. In the midst of our dark Scottish winter such a bright new tomorrow seems a long long way off.

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Comments

Posted by trueblue on 01/17/2012

i think well be ok with white got every faith in him and im not an easy person to convince do you really think he took on the rangers just to watch it go under i dont think so

Posted by londoner on 01/17/2012

he bought for a £1, if rangers go under he will make a healthy profit and walk into the sunset

Posted by bb blue on 01/17/2012

i would love to say i trust him what is his motives if not to make money maybe to be remembered as the saviour of rangers but for every loyal fan we will have to trust him, there is no other option open to us, only time will tell, meanwhile we have to give support to our team and hope things work out for us and whyte really is as sharp as he makes out and not the chancer he is being perceived

Posted by GARY McC. on 01/17/2012

We are a great club with fantastic support and it was disappointing in my opinion that sir david murray decided to sell whyte the club. Only time will tell whats going to happen under whyte but in all honestly we as a club cant afford to let it continue as it has been, the tax issues are a big and worrying problem.

Its going to be hard for the board to turn down offers for our better players. Jelavic always seems to come up with the important goals but has lacked a little without naismith pulling the strings in the middle off the park where he was in excellent form before his injury. A decent offer could see jelavic go, but who do we get too score the gols with him leaving? lafferty is out injured and if we do sell jelavic how much will we actually get to try and find a decent striker.
Boyd would get us goals even if its only until the summer.

Posted by Martin on 01/17/2012

It will be a sad day for Rangers Football Club if they are found guilty of tax evasion. The evidence seems to be stacked against them, the case would never have got to court if the taxman thought he couldnt win it.
Whyte tried to cut a deal earlier but failed that would further prove the Tax authorities are confident of getting a prosecution.
Time will tell but it seems Rangers will have to repay a substantial amount of money to HM Tax and Revenue.

Posted by Douglas Cameron on 01/17/2012

I don't pretend to have the answers but I am past the point of just sitting tight BB. It feels like we need some sort of protest but equally a protest without a goal just becomes divisive and a distraction to the team.

As I have illustrated, it is fairly easy to set out what has gone wrong in recent times. Aside from a handful of good early signings (which should really be set against some duds like Ortiz amd MacKay) and picking a fight with the BBC after they shared a few home truths regarding his past actions I'm struggling to find anything positive Whyte has achieved to date.

The proof will be how he negotiates the next few months and whether it is to Rangers benefit or purely Craig Whyte's.

Posted by Anonymous on 01/17/2012

if you take over an establishment like rangers, you have to come out and talk to the masses? imo his silence speaks volumes and the scottish media should have done their jobs and found out alot more about him, before portraying him as a wyhte knight

Posted by Kieran on 01/17/2012

HAHAHAHAHAHAHAHAHAHAHAHAH

Swallow Swallow

Posted by Andy's dads Andy on 01/18/2012

Would agree that a future without uncertainty seems a long long way off!

Whilst its only a drop in the ocean when you look at the big picture have we not settled with McIntyre?

Agree with comments re Whyte's silence, part of me hopes it's because he's got an ace up his sleeve and he's gonna save the day, we'll get 4 in a row and all the gloating Septic fans will disappear back into the woodwork! But in reality that's the same part of me that still wants to believe in Santa!

Long way back from wherever it may be we end up, hey ho, we'll always have the memories, Florence anyone?

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