mizer Posted February 22, 2012 Author Report Posted February 22, 2012 So he DID use the Ticketus money then? So what will be their main source of income for the next 3 years? It was for 100,000 season tickets over 4 years - so around 50% of the tickets in Ibrox. Quote
Superstar Tradesman Posted February 22, 2012 Report Posted February 22, 2012 Just out of interest; when the administrators move in, who pays them to do their job? Quote
tom_widdows Posted February 22, 2012 Report Posted February 22, 2012 Just out of interest; when the administrators move in, who pays them to do their job? As far as Im aware they actually claim their money from the assets of the company they are dealing with. I believe the likes of Price waterhouse coopers were billing £500 per hour when they were winding up one of our previous clients. Longer the administration process takes the more they claim and the less the creditors get. Quote
dickofthedons Posted February 22, 2012 Report Posted February 22, 2012 http://www.bbc.co.uk/sport/0/football/17130755?utm_source=twitterfeed&utm_medium=facebook&utm_campaign=sportsound SPL are to investigate the secretarian singing on Saturday Quote
BigAl Posted February 22, 2012 Report Posted February 22, 2012 As far as Im aware they actually claim their money from the assets of the company they are dealing with. I believe the likes of Price waterhouse coopers were billing £500 per hour when they were winding up one of our previous clients. Longer the administration process takes the more they claim and the less the creditors get. Tom to be honest in my experience of such matters, I'd state that £500 per hour is extremely light. I know of instances where the administration of a business on nothing like the level of Rangers FC can run into several hundred thousand pounds Quote
tom_widdows Posted February 22, 2012 Report Posted February 22, 2012 Tom to be honest in my experience of such matters, I'd state that £500 per hour is extremely light. I know of instances where the administration of a business on nothing like the level of Rangers FC can run into several hundred thousand pounds If said hourly rate was correct PWC would have walked away with approx 8million from that property developer (b4 tax of course). I wouldnt say thats light. Quote
Tyrant Posted February 22, 2012 Report Posted February 22, 2012 :lolabove: :lolabove: I didn't want that to end! Superb. Quote
Madbadteacher Posted February 22, 2012 Report Posted February 22, 2012 Fantastic. And so accurate Quote
caledonia Posted February 22, 2012 Report Posted February 22, 2012 :lolabove: :lolabove: :lolabove: :lolabove: Quote
maverick sheep Posted February 22, 2012 Report Posted February 22, 2012 So it begins http://www.bbc.co.uk/news/uk-scotland-17130775 Ex-Rangers chairman Alastair Johnston has written to the administrators, asking if Craig Whyte has met the obligations set out in his takeover. The Ibrox club went into administration last week over an unpaid £9m tax bill. On Tuesday, the administrators and Mr Whyte confirmed that money from future ticket sales had been used to pay off an £18m debt to Lloyds Banking Group. Mr Johnson said Mr Whyte should lose secured creditor status and the debt Rangers owes him should be written off. Mr Whyte bought Sir David Murray's majority shareholding in Rangers in May 2011, agreeing to pay off the £18m the club owed to Lloyds Bank Group. Mr Johnston wrote to administrators, citing a written promise from Mr Whyte, which said that breaking the purchase terms would automatically extinguish the £18m Rangers debt which the financier took over from the bank. It was disclosed on Tuesday that Mr Whyte's loan to Rangers was not funded with his own money but with another loan dependent on future season ticket sales. Mr Whyte had previously denied that. Mr Johnston believes administrators could remove Mr Whyte's claim on club assets, making it easier for them to move the club to new ownership. Mr Johnston has already called on the administrators to investigate aspects of Mr Whyte's takeover of the club, and there is an inquiry being carried out for the Scottish Football Association. But the latest letter from the former chairman cites a clause in the circular to Rangers shareholders issued in June 2011 by Mr Whyte which could lead to a challenge to his position as secured creditor, with first call on club assets. While pledging funds for the club, including working capital and to develop the team player squad, Mr Johnston highlighted a clause that says the deal was "enforceable by both the club and the vendor", who was Sir David Murray. It went on to say: "A breach of any undertakings given by the Rangers FC Group in the agreement will result in the debt acquired being automatically extinguished." Mr Johnston's letter reminds the administrators, Duff and Phelps, that Sir David Murray has also raised these issues. The first time was in August, to which assurances came on 3 January. Sir David has repeated his request for further clarity more recently. With investors and supporters seeking ways to move Rangers out of administration, Mr Johnston points to Craig Whyte's "purported position as the primary secured creditor by dint of the £18m loan which he claims he has provided to the club on an unencumbered basis". By that, the letter is understood to mean that the conditions of the sale required the payment for the Rangers debt should not be secured against other assets. Yet it is now known that the loan was completed by borrowing against future ticket sales in a deal with a company called Ticketus. If the club no longer owes £18m to Craig Whyte, Mr Johnston's letter said it should be easier to find a route out of administration. Mr Whyte's statement, issued on Tuesday, said he had secured the loan from Ticketus - the London finance company from which the Rangers purchase was completed - with his own personal and corporate guarantees. While it was in return for a share of ticket revenue over three seasons, Mr Whyte said none of the Ticketus deal was secured against Rangers assets. A spokesman for Mr Whyte said he would not be responding to Mr Johnston's comments. Quote
TENEMENTFUNSTER Posted February 23, 2012 Report Posted February 23, 2012 Written off debt to Whyte, Ticketus are unsecured creditors. All coming together. Quote
Tyrant Posted February 23, 2012 Report Posted February 23, 2012 Who the fuck lends Rangers £24m unsecured? Quote
tlg1903 Posted February 23, 2012 Report Posted February 23, 2012 I'm surprised nothing had come out from ticketus yet Quote
mizer Posted February 23, 2012 Author Report Posted February 23, 2012 FEARS are growing that stricken Rangers could hit the buffers within days – because Craig Whyte’s lawyers won’t show them the money. The Ibrox club’s crisis was deepening last night with administrators still waiting for vital clues which could lead them to as much as £4.5million. Duff and Phelps’ experts have been on the paper trail of cash they believe belongs to Rangers since they took over the running of the club nine days ago. And there are genuine fears that without this money the chances of Rangers surviving will be much slimmer. The man who has so far failed to respond to pleas for help is Gary Withey – Rangers’ own company secretary. This latest twist came as Dave King, a director Whyte tried to oust last week, jetted in for talks with the administration team and as ex-chairman Alastair Johnston questioned whether the Whyte takeover is still legally sound. Johnston has written to the administrators looking for control of the club to be ripped from Whyte’s hands because the shamed owner may be in breach of his own takeover conditions. But they’ll have to be quick, especially if the administrators continue to be blanked by Whyte’s lawyers. Duff and Phelps’ duo Paul Clark and David Whitehouse are trying to track down money they reckon should still be in the Collyer Bristow client account set up to facilitate Whyte’s takeover. But the joint administrators can’t get answers – even though Withey is a partner with Collyer Bristow. Clark and Whitehouse have been trying to find out how much cash is sloshing around in the account but Withey hasn’t gone out of his way to assist and it’s now believed someone else has been put in charge of this part of his firm’s business. The lack of financial clarity has made survival even tougher. By close of play last night the team fighting to keep Rangers alive were still waiting for Collyer Bristow to play ball and disclose how much went in AND out of the account. The Ticketus millions flowed through the account but there would have been more than just the £24.4m deposited in exchange for huge chunks of future season tickets.The strength of this ticket deal is likely to be challenged by the administrators but at a later date. The priority now is today and then each one after that as they strive to keep Rangers playing. That’s why they must get their hands on every penny due to the club and it’s thought the £2.8m Whyte said he had to settle the “small tax bill” might still be in the account. Whyte also said he had £1.7m for stadium refurbishment and that should also be there. These are figures Whyte included in the takeover circular and they’re now seen as vital for Rangers’ survival. But that same circular may now be used by those who believe Whyte could be ousted. Record Sport has discovered he could be taken out if King – or any other Rangers shareholder – launch a court case against the validity of his takeover. If it can be shown he has failed to deliver on his key pledges he could be legally challenged and that would raise the possibility of him losing his preferred creditor status. King’s sudden arrival can’t be underestimated and might unnerve Whyte who moved to axe him from the board last week. But the South African-based businessman assured Duff and Phelps he is legally still in place as a club director. He then demanded to know the true extent of the mess Whyte has left behind while Ally McCoist was also seeking answers from Clark and Whitehouse. It’s understood McCoist was given details of how much cash he and his players, who have agreed to take wage deferrals, will have to sacrifice in order to save jobs throughout the club. Quote
TENEMENTFUNSTER Posted February 23, 2012 Report Posted February 23, 2012 Johnstone has said more in his time with no connection to the Huns than when he was chairman. He's Murray's man. Quote
BigAl Posted February 23, 2012 Report Posted February 23, 2012 Johnstone has said more in his time with no connection to the Huns than when he was chairman. He's Murray's man. Totally agree. Notice how Sir David doesn't really have very much to say for himself. The above is one reason, the other is he is guilty as fuck Quote
mizer Posted February 23, 2012 Author Report Posted February 23, 2012 http://news.stv.tv/scotland/west-central/298826-crisis-hit-rangers-tax-bill-is-6m-higher-than-previously-thought/ Crisis-hit Rangers' tax bill is £6m higher than previously thought Around £15m in PAYE and VAT has been deducted from employees' pay at the Ibrox club. The tax bill that crisis-hit Rangers are facing is around £6m higher than previously thought. Last week administrators Duff and Phelps were called in after HM Revenue and Customs tried to get court appointed insolvency experts in to the Ibrox club. At the time, the administrators said unpaid PAYE and VAT worth around £9m had been deducted from employees’ wages, but was not handed over the HMRC, which had prompted the Court of Session move. STV understands that the unpaid tax is closer to £15m and has increased as administrators have started looking over the financial arrangements at the Ibrox club since Craig Whyte took over last May. The £15m total is believed to include both the £9m dating back to the takeover last May and the outstanding 'wee tax case' between Rangers and the government authority. Mr Whyte claimed that £4.4m of the total owed to HMRC was in relation to the ‘wee' case. Previously, joint administrator David Whitehouse said: “Unpaid taxes are not appropriate long-term funding for the club." Quote
Tyrant Posted February 24, 2012 Report Posted February 24, 2012 No more games at Ibrox until the Polis are paid for the last one. Rangers apparently owe them £17k. Quote
scotfree Posted February 24, 2012 Report Posted February 24, 2012 http://www.heraldscotland.com/news/home-news/money-men-cannot-find-whyte-cash-at-rangers.16844833 Quote
Superstar Tradesman Posted February 24, 2012 Report Posted February 24, 2012 Just keeps on getting better. Quote
Penfold Posted February 24, 2012 Report Posted February 24, 2012 Apparently Kyle Lafferty has a clause in his contract meaning 2 more games and Burnley are due 900k. He won't play those 2 games then. And for anyone who still thinks the SPL needs Rangers, look at Motherwell's crowd on Wednesday night. Put a bit of hope into the teams support that 2nd place/Champions League might be up for grabs and over 8000 turn up for a midweek game against poor opposition. Compare that to 4/5000 on their previous weekend fixtures, and 3700 in their last midweek SPL fixture and you can see they have already replaced the income which is/would/could be provided by the huns away support. Get them to fuck. Quote
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