chilledbear

Third I would play 4-5-1. No leadership, no fight, no spirit, we are drifting. If we don't do something drastic, we can wave cheerio to the League.

Don't see this on the Forum, some will not like it, but it is worth discussing. JAMES TRAYNOR CRAIG Whyte was spot on. He used selected Sunday's papers to hint that the worst was still to come for Rangers and he wasn't wrong. By mid afternoon yesterday Rangers were out of the Scottish Cup and their fans were storming away from Ibrox. Actually, most of them didn't even bother yesterday. Fewer than 17,000 watched Rangers being dumped out of the Scottish Cup and in my opinion you can't fool all of the people all of the time. He'll probably try again anyway but who does the owner blame this morning? The old board again? Ally McCoist, left, for failing to transform cheap options who can barely run with the ball or even pass it into genuine players? No point in circling the wagons or high-tailing it to one of your bolt holes this time, Craig. Do the right thing. Do the decent thing and come clean about the business plan. Although there were acres of empty seats at Ibrox yesterday Whyte had the cojones to show up but now he has to speak up. Rangers fans are due explanations rather than exclamations. The people whose loyalty has been cashed in to raise £24.4million have been shown indifference when they are due respect. Just look again at that £24.4m figure Craig and tell me you don't owe these people. Give them the truth no matter how painful it might be for you or them. Keep it plain and simple and let them decide if they want to continue buying into your regime. You've already admitted you've made mistakes so just let it all out, starting perhaps with the working capital and cash-flow projections pre-takeover. With a bit of luck Whyte will have looked at the coverage his attempt to rubbish Record Sport's exclusive about selling off future season tickets received and realised that the papers, apart from the subservient Sun, aren't swallowing the bilge any longer. The game's just about up. The fans know the chairman has "securitised" - let's just call it borrowed - a fortune on season-ticket sales but they aren't sure where this money has gone. Or why it was necessary to borrow it in the first place. After all, Whyte and his team of advisers took an age on their due diligence so they should have realised there would be this £10m funding gap which he has thrown up as the cause of some of the problems. Yet he talks about it as though it suddenly made a blind-side run through his business plan. The fact is the takeover group were warned by Rangers' Independent Board, set up to examine potential buyers' offers, that their projected figures were too low. That advice was ignored, as was the intelligence given on the amount required for a transfer budget. Someone with bags of knowledge on how to cut business costs and avoid payments must have shaped Whyte's strategy. Unfortunately we can now see that same person hadn't much of a clue about how to do that within a football club and keep the customers happy at the same time. So much for takeover specialists. If Whyte suddenly found the figures were miles, millions of them, off what exactly did he and his people do with all that due diligence time they demanded? Who recommended the figures? Who missed the £10m funding pit into which Rangers have fallen? He must be a bright boy. As part of the transaction to acquire the club Whyte had to provide a working capital and cash-flow document to show how he would take the business on but the Independent Board warned him he was well out on his projections. And not just by £10m. They told him he was off by £22m but their warning fell on deaf ears. Yet how much healthier would Rangers' finances be right now if just one within the takeover group had listened? They would still be in bother, of course, but they wouldn't have had to sell off as many of the season tickets that's for sure. No matter what Whyte says or how much overtime his spin doctors put in to divert blame, the bottom line is the owner went into this with his eyes open. He knew the risks. For reasons known only to himself he was happy to pay Lloyds Bank 100 pence in the pound when no one else could understand why and he was also prepared to take on the potential tax liability. That could be as much as £49m. He even said he would pay the smaller tax bill, the one for £2.8m, but he didn't and that tab is currently running at £4.1m because of penalties for non-payment. Whyte has yet to explain the business sense in allowing a bill, which he had accepted as legitimate, to jump by such an amount. And he should justify why he told the papers the old board had left him with £7m from a previous deal with Ticketus, the company he has used to raise money against season tickets over the current campaign and the next three. According to documents, which he must have seen or known about, that isn't the case. Rangers' management accounts from last April show that the balance due to Ticketus at the end of that month was £1.8m. But it was also made clear this amount was to be paid in May, 2011. So where did Whyte get the figure of £7m? And when he said in his friendly interviews with the Sundays that he had to pay £1m to Rapid Vienna as part of the Nikica Jelavic transfer he didn't mention Rangers were due £3m on transfer fees around April/May last year.Well, with so much going on he can't be expected to remember everything although if he wants another look at the relevant documents I'll be happy to help out. However, he should try to help Rangers fans understand what is happening with their club and their money. For a kick off, if the £18m which paid off Lloyds Bank came from one of his companies why can't he explain in detail what happened to the millions raised through Ticketus? It's a question which deserves a simple and clear answer. It certainly hasn't been invested in the playing squad as even Whyte and his sidekick Ali Russell must have noticed yesterday. Also, Rangers have delayed in producing a set of audited financial statements which would show clearly cash in and cash out. He blames the EBT tax case but the previous board were always able to produce sets of accounts when they had the same cloud of uncertainty hanging over them. How about it? How about producing those fully audited accounts and calling an AGM? If you're happy enough borrowing on the strength of the support's commitment the least you can do is explain what's going on.

Second I would send Bartley back to Arsenal.

I would make McCulloch captain, and tell him he plays as long as he is fit.

What is so disappointing is the lack of planning. It was obvious Jelavic would go, surely Whyte would say to Ally that he would do all he could to cash in on NJ. So the priority should have been a striker, not another left/right winger, how many is that we have now? If we are downsizing and need to cut the wage bill, it must be done with foresight and planned transfers, in and out.

We won the League didn't we. If you think we will do it this year, all I will say is open your eyes.

This reminds of another legend as manager, and it could end up going the same way. I sincerely hope not.

Keep playing like we did today and the S/T sales will plummet. Then where will we be ?

Crap story, by a crap comic.

I agree, but what can we do ? Surely the ex-directors have enough shares between them to call an EGM.

If we got all these £m from our ST, something is wrong he we need a quick £6m already.

You were flogging a dead horse over on FF mate. Why do Rangers Supporters argue among themselves so much, united we could be a real force.

I'm fed up with private meetings, behind the scene deals and so called money men who can only work by building up colossal debt. If they want anymore of my money, they can try and convince me I can trust them.

Someone who we can trust and would tell us the truth, that rules both sides out.

If we can't afford to bring anybody in, at least tell your manager beforehand, so he doesn't embarass himself.

Rangers unlikely to add to squad STV understands Ally McCoist is not likely to acquire any of his identified targets to replace Nikica Jelavic

STV saying the same.

Future season ticket money is being used to fund Rangers in a deal with a London-based finance company. The deal struck with Ticketus provides Rangers with cash now in exchange for future ticket revenue. Ticketus, which is part of Octopus Investments, has had deals in place with English football sides, including Plymouth Argyle, Hull City and Watford. The arrangement, which is understood to pre-date Craig Whyte’s May 2011 takeover of the current SPL champions, is thought to involve four years’ season ticket money up until 2014/15. On Tuesday, the Daily Record reported that the scheme had provided Rangers with £24.4m. Sources within the club have claimed that only a proportion of season tickets are involved and the money is used for "working capital". The Ibrox side are awaiting the result of their appeal against a disputed £49m tax bill from HM Revenue and Customs. Earlier this month the final evidence sessions in the First Tier Tax Tribunal were heard in Edinburgh, with a result expected at some point in the next month or so. http://m.stv.tv/news/scotland/west-central/295734-future-season-ticket-sales-used-to-fund-rangers/

Fourth Official on twitter. We have made a bid for Hearts Templeton

What was it with the accounts and the end of January ? Bluedell has just answered on another thread

http://www.dailyrecord.co.uk/2012/01/31/rangers-owner-craig-whyte-admits-he-sold-four-years-worth-of-season-tickets-to-keep-ibrox-club-running-86908-23728301/ CRAIG WHYTE sold off four years of fans' money to help fund his Rangers buy-out, it was revealed last night. And Record Sport can also reveal high-ranking HMRC officials are investigating alleged non-payment of VAT since Whyte gained control of the club last May. Current director Dave King and former board member Paul Murray have been quizzed by the tax authorities as part of their enquiry which has revealed £24.4million has been borrowed against future season-tickets sales. Tranches of tickets over four seasons have been sold to Ticketus, a London-based group linked to Octopus, and it's claimed this deal helped finance Whyte's operating costs after the takeover. Whyte himself last night confirmed he had sold off the tickets but denied he used the money to pay off Lloyds Bank. He insisted the £18m for the bank came from one of his companies. When Whyte took over Rangers' debt was £18m to Lloyds Bank and their wage bill had been reduced to £14m but it is believed the club could owe much more than that. It's thought the current debt is £21m to Ticketus plus £5m VAT on the ticket deal. But there could be other bills due and of course Rangers are awaiting the final verdict on their £49m EBT (Employee Benefit Trust) tax case. Last night Whyte insisted the Ticketus deal was normal practice for clubs and his spokesman said: "The suggestion that the Rangers takeover was funded through financing arrangements on season tickets is categorically untrue. "Rangers FC is no different in that it has a working capital facility with Ticketus, as have many, many other clubs. It is a common arrangement in football. This facility was in place at Ibrox long before the takeover." The EBT ruling is due within weeks and if Rangers lose they will be facing financial meltdown. Their debt could then be in the £75m region with liquidation a stark reality. But many now fear Rangers could be tipped over the abyss and into some kind of insolvency even before their Judgment Day over the tax case. Rangers fans put their faith in Whyte believing he would get rid of the club's debt and also provide transfer money for manager Ally McCoist, who has been an impoverished bystander during this transfer window. But the Ibrox club's support will be shocked by the detail of invoices and letters now in the revenue's possession. It is claimed these show Whyte sold off massive chunks of Rangers' future season-ticket sales. And former board member Murray believes the takeover wouldn't have been possible without the fans, even though they had no idea future tickets had been sold off to raise extra cash. Murray said: "These documents prove to me that Rangers fans have actually paid and will continue to pay for the sale of their club." He added that HMRC have told him they are also due VAT, as much as £5m, on the deal with Ticketus and insists he has seen details of letters and invoices held by HMRC. Murray claims that in one of the documents, a letter dated March 8, 2011 and signed by Whyte, it is alleged he made it clear that through Wavetower, his bid vehicle at the time, he would be entering into a deal to sell the season tickets to a company called Ticketus. They are part of London-based Octopus, a perfectly legitimate lender who grant immediate loans based on future ticket sales. Record Sport managed to speak with most of the people who were on the Rangers board at the time of the takeover and they insist they knew nothing about the sale of season tickets. In fact they tried to ring-fence supporters' money. The papers, which are being pored over by HMRC officials, are said to reveal borrowing against ticket sales for seasons 2011-12, 12-13 and 13-14 that Whyte was able to raise £24.4m. Then on June 27 he was hit with the first of his repayment bills from Ticketus, who were demanding a total of £9.5m, their share of that summer's season-ticket sales. Whyte could only come up with £3.5m cash and to fill the shortfall mortgaged off part of season 2014-15 to the value of £6m. Opening in March last year Murray claims the detail contained within HMRC's file is extensive and explosive. This is the timetable and interpretation of events: March 8, 2011: A letter from Liberty Capital (one of Whyte's companies) is signed by Whyte and addressed to Ticketus. In the letter Whyte confirms the intention to sell Rangers' season tickets to Ticketus. April 7: Lawyers on behalf of Ticketus deposit £24.4m into a Collyer Bristow (lawyers for Whyte's bid) client account. A further £2m was placed in the same account from a company called JLT Benefit Solutions with £1m from the Merchant House Group, a firm of corporate finance specialists with whom Whyte is closely linked. May 9: An agreement was entered into between Ticketus and Rangers to sell the season tickets.This was just three days after the takeover date of May 6. The bank was repaid the £18m. June 27: Ticketus raised an invoice to Rangers seeking first repayment of £9.5m on their agreement. Rangers paid only £3.5m of that amount in cash and borrowed £6m more from Ticketus by selling another portion of 2013-14 as well as a portion of season 2014-15. Analysts stress there is nothing illegal in selling future ticket sales. In fact, it is common practice in British football, although the problems encountered by Leeds United and Newcastle United, who both borrowed too often and too much, are proof of the dangers. Whyte has never declared the deals with Ticketus although HMRC documents suggest he has cashed in on fan loyalty. The tax officials quizzed Murray and South African-based King, who was on conference call, as recently as last Friday morning. They insisted they had no knowledge of what had been happening and Murray, who last year offered to take the club off Lloyds' books and invest £15m in the team in a last-ditch attempt to prevent Whyte from getting the club, said he couldn't believe what he was reading when presented with the HMRC file. "HMRC asked for a meeting at the end of last week to find out what knowledge I, having been a director of the club at the time, had of these transactions prior to the takeover," Murray said. "I knew nothing about this and although I have been questioned by HMRC and seen some especially revealing documents which are in their possession, it is still very hard to take in what has been going on. "Collyer Bristow were acting for Craig Whyte during the takeover and I have been shown their client account, from the opening of it until today. "I've also seen all invoices from Ticketus to Rangers and Rangers to Ticketus supporting all these actions. "I can't believe Rangers have been handed over in this way. "Remember also, the Independent Board, set up to make sure any potential buyers were capable of making the purchase and then funding the business, asked repeatedly where Craig Whyte was getting the money. "He said it was from his own personal wealth and through Liberty Capital, which he insisted he owned 100 per cent, in the British Virgin Islands. "Plans were being made to sell off future ticket sales but the directors were never told. This was all being done behind our backs." King was also shocked to learn of the seasonticket sale and said: "Securitising season tickets is a valid seasonal funding strategy to smooth cash flows within the year - but no longer." Whyte's spokesman added: "The takeover team instigated discussions with Ticketus prior to the takeover because the relationship with Rangers was already in place and the new owners wanted to continue it. "They were clear from the outset they wanted to ensure there were robust working capital provisions in place that could deal with the many financial challenges the club faces. "The takeover was funded by one of Mr Whyte's companies. Several months before then - and long before any discussions with Ticketus - Mr Whyte was asked to provide proof of funds for the takeover and he did that to the satisfaction of the previous owners, Lloyds Banking Group and professional advisers."

Can someone answer this. If Murray and his mouthpieces, Walter Smith, Traynor etc. are so against Whyte, why did Murray sell Rangers to him in the first place ? Surely he knew Whytes past and whether he had the whereforall, why the shouting now about no money ? Is it a coincidence the result of the tax tribunal has been reached ?

Who knows where this will end. It seems people are taking sides and not caring about the damage they are doing to Rangers.

Meant don't know much about him. Perhaps despite what Frankie says, Murray was giving good news yesterday. We all know how he likes to disappear when there is bad.

I thought this was interesting. 'It is now Whyteâ??s problem, although the result of the issue with HMRC â?? which relates to payments made on loans to players as long as a decade ago â?? is not certain to go against Rangers. The tribunal, held last week in Edinburgh, is believed to have gone as well as could be expected for the Ibrox club'. I don't know the author, so don't know how to take this about HMRC.