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Darrell King Share 4 Apr 2011 Almost a year ago, this newspaper broke the story that Rangers were under investigation from HMRC over the use of Employment Benefit Trusts for over a decade. In the same article, we said that Lloyds Bank only had one plan for the club ââ?¬â?? cuts, cuts and more cuts. This would leave a team made up of players on low wages, with the squad supplemented by kids from Murray Park. Star names would go and, on top of that, the stadium was being neglected. We said that administration was a possibility, and that a sale would be unlikely unless someone agreed to offer a warranty on the potential tax bill that could, if found a case was there to answer, amount to tens of millions of pounds. The reaction? We were accused of scaremongering; in fact, some reckoned there were agendas at work to devalue the club just as they were going through an attempted take-over bid from Andrew Ellis. The day after we ran the story ââ?¬â?? which came about after weeks of investigation, including talking to players who at that stage had received letters from HMRC saying they would be part of a future probe, and talking to sources inside the boardroom ââ?¬â?? Sir David Murray responded. It was April 30 last year and, unless Iââ?¬â?¢ve missed it, that was probably the last time he went on record to talk about anything to do with the club. ââ?¬Å?This amounts to scare- mongering. Rangers are not in any danger because of their financial position,ââ?¬Â said Sir David. ââ?¬Å?People can think what they want of me, but one thing I would never do is put the club in danger. ââ?¬Å?If anyone wants to buy, let them make their play. They do due diligence and see where they are ââ?¬â?? but there is nothing to hide. ââ?¬Å?Iââ?¬â?¢ve had the club up for sale for two years. I am not going to be hard to deal with. It is a straightforward process.ââ?¬Â Subsequently, as we also predicted, Ellisââ?¬â?¢s bid fell. The ââ?¬Ë?for saleââ?¬â?¢ sign came down, well publicly anyway. And Rangers drifted on. Behind the scenes, Lloyds tightened their grip, squeezed more and the squad was asset-stripped further and further. Only Walter Smith ââ?¬â?? and his guidance of the team to two successive championships ââ?¬â??saved them from oblivion. Anyone who doubts that, just pause for a minute. Read the words of Alastair Johnston on Friday and imagine life at Rangers Ã?£30million poorer from what the Champions League has earned the club in the past two years. In fact, every Rangers fan should read what Johnston said over and over. Last Friday was the day when someone finally told it as it is. The day the chairman said enough was enough. Sure, he maybe got carried away, the nod of his head to a query on whether the club could go bust sparking all sorts of doomsday headlines and a subsequent retraction to the Stock Exchange. But Johnston showed guts and, in doing so, endorsed what this paper said a year ago. I wonder how the Lloyds Bank PR person felt on Friday when Johnston revealed that Donald Muir was the bankââ?¬â?¢s man, and that the only reason Rangersââ?¬â?¢ credit facility was rubber-stamped was because he was on the board. Or the fact that Lloyds refused to speak to Martin Bain ââ?¬â?? the man paid to run the club ââ?¬â?? for the first six months after they moved in back in October 2009, preferring to do all their business through Muir, who was acting on their behalf. This is the same Lloyds PR man who challenged us at every turn, asking us to remove any mention in articles that Muir was ââ?¬Ë?Lloyds Bankââ?¬â?¢s manââ?¬â?¢ and insisting that he was actually there are at the behest of the Murray Group. What Johnston did was brave, honourable and truthful at the same time. He laid it bare for Rangers fans who looked at our headlines a year ago and said ââ?¬Å?No way, not us. We are Rangers. Taxman? Administration? Not a chance.ââ?¬Â Well, the truth is out there now. Johnston is a fan first, chairman second. He knows itââ?¬â?¢s quite outrageous to ask the clubââ?¬â?¢s supporters (as is about to happen) to collectively shell out in the region of Ã?£15m in season ticket money when they donââ?¬â?¢t actually know what they will be watching next term. He also put pressure on all those involved in the current situation ââ?¬â?? Craig Whyte, Murray and the bank. Itââ?¬â?¢s time to do a deal, or move aside. His message, essentially, is this: If the status quo is to remain, let us know so we all know what we are getting into ââ?¬â?? especially Ally McCoist. Murray spoke of a straight-forward process, yet Ellis couldnââ?¬â?¢t see it through after months of hanging around. Whyte has been on the scene for five months, and we are now told it will be this week when a decision is finally made. His camp say he is getting little help, especially over issues like the Ã?£2.8m tax bill that popped up last week at the 11th hour. Murray wants Ã?£6m for his shares, when it could be argued that they are worthless in light of the possible tax liability that could sink them out of sight. The bank want their full Ã?£24m when they are selling off bad debts all over the place at 60p in the pound. They are looking after themselves, fair enough, but at least be straight. Donââ?¬â?¢t kid people on you are supportive when you are looking after your own interests. And what of Whyte? We know nothing really of this man, except that he appears to have patience, money to back him up, and that he has impressed Johnston and the board. If he walks, for whatever reason, he should tell the Rangers support why. If he does a deal then, even with tax problems still hanging around their neck, the club has a chance. But the time has come for him to show his hand. Buying Rangers is, after all, said to be a straightforward process. http://www.eveningtimes.co.uk/sport/editor-s-picks/the-truth-is-out-there-1.1094453

From The Daily Mail: Ignoring the obvious error in the title as Murray is not chairman how likely is it Murray will sacrifice half his pay off? I think he should but I'm not convinced he has it in him.

If he buys the club next week, I'd suggest the least it will tell us about Craig Whyte is that he has no lack of desire, commitment and determination to lead Rangers. He'll be buying the club in the face of enormous challenges and uncertainties. 'Fat Snake' Murray is still trying to strip the last cent out of us, unknown tax liabilities, and undoubtedly a host of other buyers (and he could have chosen to be one of them) waiting in the shadows for a post-administration bargain. To make his play at this time tells me a lot about how much he wants to be the man to take us forward. I don't know if we'll have a new owner next week, right now I think it's unlikely. If we do then Whyte is a man with big balls. If not then you have to assume administration is the most likely, and possibly inevitable, end game. We shouldn't fear administration and ultimately it could be the moment of genuine re-birth for Rangers. Right now however, I'd rather avoid the vulture-fest that administration will bring and would prefer ownership by a man who shows the personal desire that I think Craig Whyte s showing us today.

By Roddy Forsyth 11:00PM BST 01 Apr 2011 It soon became clear, though, that settling accounts was more on the Ibrox chairmanââ?¬â?¢s mind when he sat down in one of the stadiumââ?¬â?¢s plush lounges to offer a candid appraisal of the clubââ?¬â?¢s situation and the progress of the takeover bid being mounted by the London-based Scottish venture capitalist, Craig Whyte. By the time he had finished, he had delivered blistering criticisms of Lloyds Banking Group and Donald Muir ââ?¬â?? one of the bankââ?¬â?¢s placemen on the Rangers board. Johnston also confirmed that, if Whyteââ?¬â?¢s takeover is not concluded by close of business on Monday, Rangers are likely to go into administration if they lose their battle with HMRC over offshore payments to players. The clue that this was not going to be a soporific drone through questions of disposable assets and amortisations lay in the text of Rangersââ?¬â?¢ interim accounts to Dec 31, 2010, released earlier in the morning. They were pretty much in line with last yearââ?¬â?¢s equivalent figures, although turnover was down by Ã?£4.1 million to Ã?£33.7 million, with the same reduction in retained profit. The downturn was accounted for by home games postponed because of severe winter weather and by a five per cent reduction in season ticket sales, ascribed to the economic climate. However, amidst a note on the extension of credit facilities it was remarked that, ââ?¬Å?while we appreciate the support of the Lloyds Banking Group ... certain provisions imposed on the club continue to compromise, in our opinion, managementââ?¬â?¢s ability to conduct its role with maximum efficiency.ââ?¬Â There was meat in that and, as soon as Johnston sat down with a small group of correspondents, it was served up in ample portion and more or less raw. Asked how Lloyds had ââ?¬Ë?compromisedââ?¬â?¢ Rangers, Johnston said: ââ?¬Å?The bank look on us as a short-term project to the extent that at every opportunity theyââ?¬â?¢re not willing to concede that there isnââ?¬â?¢t an occasion or a transaction where they might want to participate. ââ?¬Å?If we sell players, do we have any certainty that we will get all the money, 90 per cent of it, 80 per cent of it, whatever? It makes it tough for our management to understand and to plan for selling players when we donââ?¬â?¢t know how much of the money weââ?¬â?¢re getting to keep. ââ?¬Å?The management team is reluctant to sell players because they donââ?¬â?¢t know if theyââ?¬â?¢ll get enough money to replace them. So when I say they compromise us, I mean they compromise our ability to plan three-year cycles. ââ?¬Å?They [Lloyds] have been fairly assiduous at saying, ââ?¬Ë?While we are willing to look at this on a case-by-case basis, weââ?¬â?¢re never going to give you carte blanche to think itââ?¬â?¢s all your money ââ?¬â?? if you get into the Champions League weââ?¬â?¢ll want part of itââ?¬â?¢. Therefore our management team is wary of doing certain things that in the long run might come back and haunt them.ââ?¬Â But wasnââ?¬â?¢t the purpose of having Muir on the Ibrox board to ease communications between the directors and the bank? ââ?¬Å?Letââ?¬â?¢s be very clear on the situation with Donald Muir ââ?¬â?? itââ?¬â?¢s a condition of our credit facility agreement that Donald Muir is the representative of the bank on the board. "Itââ?¬â?¢s very tough to engage in conversations at board level about strategies with the bank when we know that the bank guy is sitting there,ââ?¬Â said Johnston who, when asked why it had been denied previously that Muir was Lloydââ?¬â?¢s man, had a sharp retort. ââ?¬Å?I think it was Donald that denied that. Itââ?¬â?¢s been denied by a lot of people, but Iââ?¬â?¢m telling you what the issue is right now. I decided that I might as well,ââ?¬Â said Johnston. ââ?¬Å?What happened when I got here was that the banker that was involved with us refused to talk to our chief executive or to our chief financial officer. It was one of the most stupid aberrations that Iââ?¬â?¢ve ever come across and I said that to the bank. "He had never met our chief financial officer. He had never met Martin Bain [Rangersââ?¬â?¢ chief executive], so all the communications had to go through Donald Muir and Mike McGill, the other director, although essentially it was more through Donald than it was Mike. ââ?¬Å?So a lot of stuff got lost in translation.ââ?¬Â Would it be better for Rangers, therefore, if Muir ââ?¬â?? who is understood to have left the Murray Group on Thursday ââ?¬â?? also departed the club? ââ?¬Å?No question that his presence compromises things,ââ?¬Â said Johnston, although he added: ââ?¬Å?Iââ?¬â?¢ve always got on well with Donald Muir but I deal within the context of who he is.ââ?¬Â Johnston revealed that there were two HMRC issues, the latest ââ?¬â?? and much the smaller ââ?¬â?? being a claim by the tax authority for Ã?£2.8 million. ââ?¬Å?It relates to more than two or three players, but it relates to an issue 10 or 11 years ago ââ?¬â?? I donââ?¬â?¢t know the context of doing it,ââ?¬Â said the chairman. "As the Americans say, this one came right out of left-field. It really, really is frustrating. No one knew about it a couple of months ago ââ?¬â?? and let me put on record that if we did know about it we would have had to put it in our annual report and take liability for it in the accounts. ââ?¬Å?I donââ?¬â?¢t think it is a deal breaker. It wasnââ?¬â?¢t in any plan, it wasnââ?¬â?¢t in our budgets or anything that we have been trying to do. We have a very disciplined approach and I didnââ?¬â?¢t like that appearing over the horizon suddenly.ââ?¬Â As for the Whyte bid, it is understood that Murray had set a deadline of March 31 for completion but that other delays ââ?¬â?? including slow delivery of the bankââ?¬â?¢s authorisation for the bid to go through ââ?¬â?? required an extension. Still, it is surely a case of deal or no deal by Monday? ââ?¬Å?Exactly ââ?¬â?? that is the scenario that I am expecting,ââ?¬Â Johnston said. ââ?¬Å?I have to share with you the fact that amongst my fellow board members we have different views ââ?¬â?? but the board are reflective of my view which is, if we can get this thing right it will be good. ââ?¬Å?The club is the commodity ââ?¬â?? we donââ?¬â?¢t have a seat at the deal. We have to shove ourselves into the room. Our mission has been to represent Rangers Football Club and hundreds of thousands of supporters. We have no legal right to request it ââ?¬â?? but we have a moral right to request it.ââ?¬Â And if the deal fails and the HMRC judgment goes against Rangers in a few weeks? ââ?¬Å?Thereââ?¬â?¢s a 10,000lb gorilla in the room and you donââ?¬â?¢t know what its appetite is,ââ?¬Â Johnston replied. ââ?¬Å?Even accessing all the resources we have access to, we couldnââ?¬â?¢t pay the bill.ââ?¬Â From which the only conclusion is that, if there is no Whyte knight and if faced with an adverse judgment in the main HMRC case ââ?¬â?? which could amount to as much as a Ã?£30 million liability ââ?¬â?? Rangers would go bust after 139 years of existence. Johnstonââ?¬â?¢s silent nod of assent when asked that question was even more eloquent than any of the scalding words he had just uttered.

Whyte told to take on Rangers tax risk Published on 2 Apr 2011 BUSINESSMAN Craig Whyte will have to take on any responsibility arising from a multi-million-pound dispute between Rangers and the taxman if he wants to buy the club, The Herald understands. Mr Whyte faces the crucial decision on whether he is willing to buy the club on this basis as make-or-break takeover talks enter their final stages. The case between Rangers and HM Revenue & Customs is due to come before a tribunal within weeks. Amid reports that the liability could run into tens of millions of pounds if Rangers were to lose, the tax question appears to be a potentially major obstacle to a deal. The issue, which concerns using an employee benefits trust to remunerate players, will almost certainly have been one of the biggest areas of Mr Whyte’s due diligence work on Rangers’ books. The crux of the deal emerged on a day when the club released interim financial figures showing a retained profit of Ã?£9 million but a decrease in turnover and season-ticket sales. In an interview after presenting the results, Alastair Johnston, the Rangers chairman, was reported to have suggested the club could go out of business if it were to lose the tax ruling. But in an unusual move last night the club released a statement via the Plus Stock Exchange to “clarify that our chairman did not state that the club could go out of business”. Earlier, Mr Johnston had revealed the club’s prospective new owner had held another positive meeting yesterday before takeover talks were put on hold for the weekend. Johnston had earlier claimed a Whyte buy-out would be “good” for Rangers and it could be that an offer worth around Ã?£27m for Sir David Murray’s 85% shareholding is made in mid week. But the Ibrox chairman also admitted the dispute with HMRC over a major tax case remained “the gorilla in the room”: the cost could be Ã?£30m. Despite suggestions that Sir David Murray’s Murray International Holdings, which owns 85% of Rangers, might provide some indemnity or warranty to Mr Whyte on the tax issue, this appears highly unlikely. The club’s shares are traded on the PLUS stock market, with small shareholders, including fans, owning about 9%. Rangers declared that it continued to “vigorously contest” HMRC’s challenge and “in doing so continue to receive reassuring opinion from tax, accounting, and legal specialists”. The latest accounts of Murray International, meanwhile, reveal no provision for any potential liability. In the accounts, seen by The Herald, Murray International states: “On the basis of expert tax advice, the group continues to defend a tax query raised by HMRC into the operation of an employee benefit trust. This is scheduled for resolution by a tax tribunal in 2011. “The directors, having considered professional advice, are of the view that it is reasonable not to provide for amounts in respect of this matter.” Rangers believe there is legal precedent in favour of the club from a case involving a company called Dextra which came before the House of Lords.

With the takeover speculation reaching fever pitch, chairman Alistair Johnston flying in today and the interim financials about to be released, never has the end of March been so exciting to be a Rangers fan. In the Whyte corner we have an allegedly hugely successful (but hitherto unknown) businessman eager to buy one of Scotland's finest institutions and the country's most successful football club. 'In the red' corner (literally) we have Sir David Murray a hitherto hugely successful businessman (but now not so keen on public appearances) desperate to sell. Therefore, what does this mean for the average bear in layman's terms? Firstly, Whyte obviously brings an apparent ambition to the club which has been lacking under the custodianship of Murray in recent years. If you believe the media, he is promising �£5million per annum of 'new' money over the next five years while the club currently tries to fend off a bank eager to claw back a similar debt figure. Secondly, after 20 odd years of boom and almost bust under MIH, many fans are eager for change; a freshness for the future if you will. Sick of downsizing year after year, the Whyte link provides something different to the constant negativity painted about the club's ongoing viability. After all, it's not often Rangers FC changes hands but when it does investment can be expected and most supporter's immediate reference point is ironically when SDM assumed control where the money/success quickly poured in. However, it is absolutely vital to make the point this situation is completely different. Scottish football no longer plays on the same field as other European leagues. Financially we remain hamstrung by less than lucrative TV deals while an ongoing recession means supporters have little spare cash to invest into bonds and share issues. Football generally isn't seen as somewhere people can make money; never mind in the backwaters of Scotland. To that end, one must ask where will Craig Whyte source the money for his trouble? To begin with �£25-28million is a fair amount up front to even buy the club. Given we know little about his background or financial successes rumours persist that he lacks the cash to do this and the delay since he made his interest clear perhaps lends weight to that. Where then will he find the �£5million per annum to invest into the playing squad? After all it has been quite obvious that without CL group stage football and/or player sales Scottish clubs cannot make a profit and remain competitive. Outwith the usual sources I see no way for Whyte to provide such money other than from his own pocket or via some new investment opportunity - be it a share issue or land-bank development. Initial fan enthusiasm aside, I doubt a share issue could raise �£25million from the rank and file so he'd be reliant on investment from wealthier people. This may explain his recent social meetings with well-kent businessmen. However these folk wouldn't put in such amounts for nothing. Would a directorship be enough or would they want a slice of the property pie? Where does Andrew Ellis fit into that equation? Obviously without further information it is impossible to formulate an educated opinion on this bid so it is natural for us to be sceptical. Conversely though, Whyte has clearly satisfied important people as to his suitability so perhaps the worries are merely people being ultra-cautious. However, do we have little choice than to back Whyte taking control? Exclusive public LBG promises to this website notwithstanding, key figures in the club are constantly at pains to tell us things will only get worse as long as the status quo remains. If we don't win the title and qualify for the CL then how do we service a debt the bank are keen on reclaiming - never mind invest new money into the club to maximise our future chances of success? To sum up, despite the understandable excitement and elation, genuine doubts remain about our club's future. Instead of dealing with irrelevant bloggers regarding his past reputation, I'd much rather Craig Whyte dealt with a Rangers support who are about to invest �£20million of their own next month. Tomorrow is April the 1st. I, for one, am sick of being treated like a fool and I won't be parting with my cash easily without finding out more about our club's future.

The latest thoughts from James Traynor:

The latest from Traynor with a nice little dig at the end: http://blogs.dailyrecord.co.uk/jimtraynor/2011/03/are-lloyds-trying-to-sell-rang.html

The Rangers Supporters Trust have called on Lloyds Bank to make clear their plans as Craig Whyte's takeover bid hangs in the balance. The �£33million deal will see the Scottish tycoon take over 75% of Sir David Murray's shareholding, with London-based property developer Andrew Ellis becoming a 25% partner. However, it is understood the bank's desire for an 'exit payment' of more than �£1m is just one of the key stumbling blocks and patience is fast running out. Whyte has targeted Thursday for the deal to be concluded by which time Rangers supporters are expected to be told the club's debt has been slashed to around �£21m from the �£27.1m figure announced in June. RST chairman Stephen Smith said, in these fraught circumstances, the Light Blues fans deserve to be informed of Lloyds' position. "Lloyds Bank can be a convenient whipping boy," Smith said. "It is very easy to paint them as the bad guy in this situation and there are some who may feel excuses are being put in place for the deal not happening. "However, our main concern is with the way that the bank is treating Rangers "We are living in extraordinary financial circumstances where Lloyds Bank have been kept afloat by the taxpayer. "Yet it appears they are refusing to accept a deal which will give them all their money back. "It just doesn't make sense. "If anything, it appears that the bank is trying to devalue the club. "So we would like Lloyds to tell us about their strategy. "We are not talking about breaching commercial confidences, or asking them to come out with figures and percentages. "We want to know their plans for the club and for them to confirm that they are operating normal commercial arrangements with a company the size of Rangers with the turnover of �£50m plus. "They should be able to do that but we have asked on a number of occasions and have been met with a wall of silence. "But as Rangers fans and taxpayers, we are surely entitled to know what's going on. "Anything else is not acceptable in the 21st century." Smith admits the rank and file of the Rangers support have grown tired of the takeover saga. "People are weary with it all," he said. "It has been dragging on for around nine months. "There have been various deadlines which come and gone, the first being in December when there was talk of Walter Smith getting money for the January transfer window, with another being in February. "But meanwhile, it seems the bank's restriction have been detrimental to our abilities on the pitch. "We have had to go with five loan players in our squad, while fighting in all three domestic competitions and in Europe. "Now we are down to one competition, the title race, and that might come down to fine margins. "And if Rangers lose out then Rangers fans will not forgive the bank." No one from Lloyds was available for comment. http://www.teamtalk.com/rangers/6839240/Supporters-chief-wants-answers

Craig Whyte has warned Rangers that only a swift conclusion to his takeover will give Ally McCoist the chance to make significant summer signings - avoiding the bleak scenario predicted by Walter Smith earlier in the week. While the prospective owner is willing to fund half-a-dozen signings, sources close to the deal insist this will only happen if he is in position soon. (Daily Mail) http://sport.scotsman.com/football/The-Rumour-Mill-Friday39s-football.6740208.jp

WALTER SMITH has held a secret summit with tycoon Craig Whyte to talk about the future of Rangers. The out-going Ibrox boss met with potential new supremo Whyte last Friday. Whyte is said to be inching closer to a deal to buy out Sir David Murray, and was at last week's Europa League defeat against PSV. Smith then met with the Scots billionaire for a face-to-face discussion about what the future holds for the SPL champs. Smith said: "I met Craig Whyte last week. It was a discussion from his perspective as to how I saw things at Rangers. "I have no inclination what way things will go. "Despite the length of time this has been going on for, that was the first time I'd met him. "I'm the lesser part of the procedure so I don't know what's going to happen. "The questions he asked were simply ones you guys might ask. He wanted to know how the squad is. He knows I'm leaving so he won't ask me about the future. "All he wanted to know was how I saw the current situation. "Now he has to go away and continue the financial aspects, which I have no idea what they will be." While Smith met Whyte, his successor Ally McCoist has yet to sit down with him. Smith added: "Is that strange? No, I don't think so. "The football side of it is part of the problem. You can have a fair idea of what it is going to be like, given the financial aspects of Rangers which have still to be clarified. "It should be obvious there would be a continuing down-turn if there is no change financially. "So it will be a hell of a task for Ally McCoist if there is no change. "The football side of things will be the lesser problem. The financial aspects are the main issue. "Maybe it's a good thing we don't know too much about that." Read more: http://www.thescottishsun.co.uk/scotsol/homepage/sport/spl/3485096/Boss-in-Whyte-summit.html#ixzz1HQH3Gpnq

SSN - Craig Whyte to buy Rangers next Friday. He will attend game tonight.

I really doubt Ally would say to any possible future boss to put up or shut up. It would be very stupid if he did.

As season ticket renewal time approaches next month, it has been interesting to note a sudden surge of information surrounding the running of the club. Whether it be Rangers Supporters Assembly statements inferring problems between the Rangers board and Lloyds Banking Group or Craig Whyte appearing from the smoke to sit beside wealthy Glasgow businessmen at Ibrox; the momentum is picking up on a variety of issues. Now, I'd consider myself a reasonably average Rangers fan. I have one of the cheaper season tickets at around �£420; I'm lucky enough to have a decent job/income; I'm married with two young children and I have a group of friends I enjoy going to Ibrox with 'Every Other Saturday'. I'd also consider myself fairly interested in the 'political' side of the club; like to sing songs when I attend games and obviously use the internet to pass on my words of wisdom. To that end, I'm more than aware that while the club is downsizing off the park - thus perhaps also downsizing our ambitions with it - my small annual investment is as important as ever to Rangers. A large (but serviceable) debt and tax 'queries' remain worrying obstacles to our continued success while the lack of interest of our previously less than publicity shy owner means ambition and plain old solid long term planning are difficult to find amongst the realism pleas from the board members who do engage with the support now and again. Indeed, it's that club-supporter relationship which is all-important going into the coming months and years. Despite year-on-year downsizing and minimal dialogue (or defence), Rangers fans haven't been slow to support the club - both emotionally and financially during these testing times. In fact, it was only in 2009 that key club figures spoke about our unwavering fiscal commitment and how vital it was to the club's viability. Ergo, while season ticket numbers have understandably dropped since then due to a worldwide recession, those words remain significant. With an absent owner struggling with his own empire problems (but still rich enough to buy vineyards, build Corstorphine mansions and develop Edinburgh green belts), a board of directors more interested in fighting each other than raising funds (or investing their own) and a bank who appear to change their debt demands as often as Diouf changes his car/hair colour; once again it will be down to the average fan to invest over the coming months. As it stands, �£20million (around 40,000 season ticket holders renewing at an average of around �£500) is the only cash that will be invested into Rangers this summer. Potential owner promises aside (I thought we were told not to accept money from strangers), no-one else will be putting in such a sum year on year. Obviously, for most of us, that investment won't be a financial one per se but merely our own small emotional gift to a club that means everything to us. However, that doesn't mean it is automatically given away to whatever bank (or majority shareholder) that needs to pay it's next multi-million pound bonus to. Therefore, while the Assembly's inferences are interesting and while hope persists about Craig Whyte's intentions, I can't be the only Rangers fan getting fed up of having to read between the lines. After all ticket renewals/attendances have been down the last two years and that's with a winning team. What will happen to those numbers if we don't win the league this season? For most of us supporting Rangers isn't a straightforward, logical choice but we all have ends to meet and will have to draw the line somewhere. It's with that thought in mind that the frustration starts to grate: 1. Are the bank financially supportive or are they not? 2. Is our budget to be increased or decreased? 3. Is this dependent on next year's European football income? 4. How does the HMRC tax 'query' fit into our budget? 5. If Craig Whyte is the real deal, why not partially reveal how he intends to take us forward? 6. New owner or not, where does the club see itself in 1, 3, 5 and 10 years time? I don't think the above questions are unreasonable or that difficult to answer. After all, myself and thousands other bears are about to blindly pay in advance for a service we just don't know the quality of. To be clear, most people don't want to withhold season ticket money (that would arguably just make things worse) but neither do we want to hand it over to see it swallowed up by people who contributed to our problems in the first place. It's with that thought in mind that I urge the club to revisit their comments of 2009 and ensure that our worries and opinions are addressed before they sanction the mailing of renewal forms. After all, most Rangers fans I speak with are realistic. Yes, we're ambitious (and often unreasonable with that) but we also acknowledge the challenges of the club and want to help face them. For that reason, I urge more transparency from the board and compel them to involve the supporters more than ever before. �£20million may not be a huge amount of money nowadays but it surely entitles those that pay it the same support and trust we continue to give the club and its custodians.

By jim Traynor on Mar 14, 11 08:37 AM in ALLY McCOIST will fight his two-match touchline ban but he should accept the punishment. He'll need all his reserves of energy and will for more important struggles which lie ahead. Depending on what happens over the next two to three weeks he will be taking over as manager of a club about to be revitalised or one sliding deeper into decline. And many are convinced it will be the latter. With the passing of every week Rangers fans lose hope that their club will be bought over and dragged out of debt. They look at the paucity of Walter Smith's squad and they must feel like weeping. Lloyds Bank, on the other hand, are delighted. Rangers' debt continues to fall and the next set of figures, which are about to be released, will show the Ibrox club now owe less than �£20million. No doubt someone at the bank will take pride in a job well done and it shouldn't surprise anyone if that person is in line for a whopping bonus. After all, that's what the banks do isn't it? They reward themselves for squeezing and destroying hard-working ordinary Joes even though it was their greed and stupidity that pushed the country towards financial ruin. And then they grab our tax money to get them out of the mess. It's instead of being forced back to school to do their sums again they grow fatter and richer by refusing to lend any of the cash back to people trying to buy or hold on to their homes and businesses. And of course the less they lend out the more for them to share in bonus payments which would be enough to keep loads of little companies and households going. They slap one another on the back, oblivious to the damage they cause. However, they are themselves insolvent. They are morally bankrupt. No doubt Lloyds will credit themselves for reducing Rangers' debt but there is nothing sharp, or even intelligent, in putting in place a repayment plan that is making it increasingly difficult for Rangers to remain competitive. While the Ibrox balance sheet is looking much better you have to ask at what cost has this been achieved? The answer won't be clear until the end of this season but it does look as though Rangers don't have enough players to handle the run-in. It's also fairly obvious they can't cope with Neil Lennon's Celtic, who have won three and drawn one of the five Old Firm clashes so far this season. Of course if Rangers were to win the remaining two Old Firm matches everything would look so much brighter but the problems caused by constant wage cuts to keep the bank satisfied would remain. They were there when Smith steered Rangers to back-to-back titles and a glance at any of his team sheets this season proves the problems are even worse now. No matter what Rangers do on the pitch between now and the end of the season McCoist will be inheriting a squad lacking in genuine quality and experience. And he will have to give serious thought to selling one of his few assets, Allan McGregor, to fund moves for a couple of players simply to increase numbers. His task will be practically impossible and his only real hope is Craig Whyte who is still waiting in the wings. However, he won't wait much longer. Time is running out and if Whyte hasn't been given the go ahead by the end of this month don't be surprised if he closes his cheque book, puts it back in his pocket and walks away. Several vague deadlines have come and gone but Whyte is smart enough to realise that buying Rangers solves only half a problem. The other half involves rebuilding a squad and Whyte, I suspect, doesn't want to leave that part to the last minute. He knows clubs and managers are already working on the ins and outs of transfer deals for next season and he would want to give McCoist as much time as possible to improve his squad. But nothing can be done until Whyte's offer has been accepted. If it isn't - Rangers' standards will continue to fall. Whyte's �£33m bid to take the club off David Murray's hands and out of the bank's control, and his promise to spend �£5m on players each season for the first five years of his tenure appears to tick the relevant boxes. But still McCoist and Rangers wait. Of course, there is the potential tax liability should Rangers lose their court battle with the taxman but it is understood some kind of arrangement has been put in place to deal with that as well. But still Rangers fans wait. Now they have to ask why. After all, Whyte has provided proof of funding and Murray, who said he would never sell to anyone who couldn't support the club financially, appears convinced by the Scottish financier and it's understood he's prepared to do the deal. So why the hold up? Who might be stalling? Are Rangers being used as a pawn in a wider game? Is the bank playing hard ball? If so, why? Someone at Lloyds could probably provide the answers but because of market rules and the cloaks of confidentiality bankers wrap around themselves there is only silence. Rangers have cut back to the bare minimum to repay their debt and there is an offer on the table which would rid the bank of the headache, yet nothing continues to happen. If Whyte is ready to get going and help finance McCoist's rebuilding programme but finds he is being blocked then he should say so. Rangers fans are entitled to know why this deal hasn't been concluded. They deserve to know who is holding up progress and why. But they should also be aware that the Whyte saga is nearing its end. The next few weeks will make or break his ambition to own Rangers. That also means the next few weeks could make or break Rangers.

CRAIG WHYTE'S �£33million takeover of Rangers is this morning on the brink of completion - and it does NOT hinge on the outcome of the Ibrox tax case. Sunsport can reveal that the HMRC probe into Gers' finances will not affect the plans of the multi-millionaire venture capitalist and his deal partner Andrew Ellis. Ibrox insiders remain confident they will emerge from the investigation into offshore payments to stars without a penalty to pay. This week behind-the-scenes talks have taken Gers fan Whyte close to completing the complex deal that'll end Sir David Murray's 23-year reign. Next week Gers' financial figures are expected to show that the club's debt level has fallen to below the �£25m mark. Now the Whyte deal WILL be completed before the end of the season and it will mean this: # The sale of the club will go through with Whyte aided by Ellis paying around �£33m for Murray's 92 per cent share. # Rangers will be guaranteed a total of �£25m worth of investment in the playing budget over the next five years - in effect �£5m per season before any money brought in by Euro success and other avenues. # Ally McCoist, Kenny McDowall and Ian Durrant being given the chance to take control of the first team when Smith bids an emotional farewell in May. Gers have come through some of the very darkest financial days of their history and survived after Murray appointed turn-around specialist Donald Muir and Mike McGill to the board. It's understood Muir and McGill - one of steel tycoon Murray's most trusted voices within his own empire - helped win a crucial vote to stave off a board bid to take the club's debt to �£50m. With that manoeuvre quashed, Lloyds were then persuaded to keep the club's annual player wage bill at the �£16m level and not engage in a policy of slashing it to �£10m-a-year that would have in effect have handed domestic domination to Celtic. Now it is hoped that Rangers will emerge from the mire as a club that operates within its means. The reality is Gers will still sell the club's best players to England. Lifelong Gers fan Muir, brought in by Murray to help rescue his entire empire, has been painted as the enemy within by sections of the support. Now the ship is steadied and the Whyte deal is imminent. Read more: http://www.thescottishsun.co.uk/scotsol/homepage/sport/spl/3421235/Whyte-on-brink-of-takeover.html#ixzz1EMAjxNWD

I saw this on article on Yahoo but believe it was originally posted on Eurosport.com ...... not sure who penned it and won't claim there's much new but thought I'd share it anyway. Edit - seems it was written by one Desmond Kane (oh dear?) Rangers Pay the Price for Murray's Self-indulgence A fool and his money are soon parted. To leaders suffering from hubris, such a proverb can prove to be gruesomely true. As a spectacle, the game of football continues to contain an innate ability to reduce sober-suited, profitable businessmen to regretful rags. Sir Alan Sugar continues to be depicted as a wise old sage on television programmes such as The Apprentice, but the barrow boy from London's East End who discovered a a beach of gold after founding the Electronics firm Amstrad in the 1960s, never managed to use his gumption in avoiding the unique pitfalls of football. The world game remains a forum where can you can squander millions of your personal fortune for the love of one club, and continue to be booed by its supporters when you return. There have never been any laws of logic governing the fundamentals of football. Sugar conveyed the message that he viewed his period as the controller of Tottenham Hotspur in the 1990s as a waste of his time. "Football is about the only business in the world where it's embarrassing to make money," said Sugar. Football is not the only business in the world where it is embarrassing to lose your bread, but it can prove to be the most painful. The dearth of funds affecting Glasgow Rangers, champions of Scotland over the past two seasons, would be embarrassing if it was not so serious. As chairman of a club in the English Premier League, Sugar made money on his controlling interest in Spurs when he sold up a decade ago. He received Ã?£22 million for two thirds of a stake that he paid Ã?£8m for in 1991. Sir David Murray, the owner of Rangers in the Scottish Premier League, put up around Ã?£6m for the Glasgow club three years earlier, but looks likely to be left with nothing more than a series of gilded and galling memories when he finally departs a scene he has been trying to escape with some urgency for several years. He will be left bereft of vast financial rewards for investing his emotional capital in Rangers. In trying to apply the Midas touch to the game of football, Murray has been left badly scalded. There is a growing sense that the worst is yet to come for Rangers as the club is forced to face up to its fiscal responsibilities. Debt has gripped Rangers since the former Dutch coach, Dick Advocaat, was given carte blanche to blow over Ã?£80m on players over a decade ago in an attempt to furnish the Ibrox trophy room with the European Cup, a vision commensurate with such an extravagant commitment to excess. Pride comes before a fall. Common sense, if not finance, was in short supply when Rangers began spending money they evidently did not have. The Glasgow side are again jousting with their eternal foes Celtic as they pursue a third successive Scottish Premier League gong this season in a championship that has not been won been by another club side since Sir Alex Ferguson ran Aberdeen in 1984. They do so against severe financial hardship. Having failed to find a buyer for Rangers over the past few years, Murray has been conspicuous by his absence in failing to inform the fans of what is going on. These are the same diehards who lavished praise upon the proprietor for helping them match Celtic's record of nine successive domestic titles in 1997. It must be said, the supporters of Rangers deserve better than they are getting from a figure who once liked to project himself as a figure of dignity in a rabid Scottish football scene prone to moments of madness. Murray bought Rangers in 1988 before leading them to the fore of British, if not quite European football. To a neutral, Murray is a man to be admired, a brave figure who recovered from losing his legs in a horrific car crash in the 1970s. He is one of the country's leading businessmen, a so-called pillar of society and owner of one of the country's largest sporting institutions, but money never made a man. Before the advent of Sky Television and the English Premier League as we know it in 1992, Rangers were arguably the biggest and wealthiest football club in the United Kingdom. Funded by Murray, Rangers reversed the trend of talent departing Scotland for more lucrative shores. Mark Hateley, Brian Laudrup, Paul Gascoigne and Giovanni van Bronckhorst are a selection of the names to have washed up at Ibrox during Murray's stewardship, but all this has come at a price. It is a price they now seem unwilling, or unable, to pay. The owner's treatment of Rangers since around 1998 has proved classless bordering on reckless. The sums involved are truly astonishing, and not just in unloading Ã?£12m to purchase the much-maligned Norwegian striker Tore Andre Flo from Chelsea a decade ago. Net debt at Rangers reached Ã?£82m in the early part of the previous decade, but they have not yet got their house in order. Murray remains owner in name only with the club's bankers Lloyds TSB taking an active interest since the recession bit deep into his company Murray International Holdings three years ago. To cut a longish story shorter, Rangers are inextricably linked to Murray's other assets. They have taken a hit, and Rangers have been dragged along for the ride. It is unclear where the final destination for the club will be in all of this. Run in the interests of Lloyds, who are attempting to claw back debts of Ã?£27m, it is interest on an unpaid tax bill that leaves Rangers sporting a jaundiced look. Prospective buyers Andrew Ellis and Craig Whyte have appeared to be Walter Mitty characters in failing to purchase the club, but it seems the figures do not add up for them. If they are toying with the idea on whether investing in football makes sense, they need only study the man they are buying the club off to understand the pitfalls of such a foolhardy venture. Money spent without care on Scottish football tends to be money lost. It must be assumed that the real reason why Rangers have not yet found a buyer to purchase the club is that no prospective owner wants to be left with an estimated tax bill of Ã?£24m and interest of Ã?£12m, a figure touted by several commentators on the subject, once a hearing into the case is played out in May. If you read some of the literature swirling around this mismanagement, added penalties for failure to pay tax to HM Revenue & Customs (HMRC) over wages paid into offshore accounts to the club's employees in the past decade could apparently see the tax bill rise to over Ã?£50m by the end of next year. This is before the bank debt is totted up. There remains a possibility that Rangers could be forced into administration when this reaches a crescendo. Rangers look unsellable unless some rich Sheikh in the Middle East decides he suddenly has a penchant for golf or the Scottish Highlands. There has even been talk about Glasgow City council coming in to to take over the running of Ibrox Stadium and leasing it back to Rangers. It is little wonder that Lloyds Bank are refusing to release sizeable funds for new faces if the tax man is about to take back what is his. None of this is good news for the general health of Scottish football. Rangers opted to sell top goalscorer Kenny Miller, a man who had discovered 22 goals in the SPL this season, to Turkish champions Bursaspor for Ã?£400,000 at the outset of the January transfer window rather than watch him walk away for free during the summer months. This was a decision taken by the bank. If Rangers were in rude health, Miller would have signed a long-term contract last year. He walked away because the club is financially paralysed, unable to meet his demands. They were apparently outbid this week by Celtic for the attacking Derby midfielder Kris Commons, who was offered a modest Ã?£20,000 per week compared to the maximum of Ã?£15,000 Rangers could unearth. Who would have countenanced such a possibility when Murray vowed to put down a tenner for every fiver Celtic spent a few years ago? Rangers now toil to stick down a ha'penny without the permission of the bank. Of course, apart from the loss of face, these are trivial moments compared to the wider issues. It is ironic that for a club which wraps itself in the Union Jack and God Save the Queen, Her Majesty's Revenue & Customs could help Rangers plunge into a period of deeper despair. Murray must shoulder the blame. He used to court interest from a fawning Scottish press in the 1990s when money was no object. A few newspapers in the country were furnished with a bottle of Scotch from the Rangers owner back in the day, but he is nowhere to be seen when the going gets tough. The constantly impressive Walter Smith has helped Murray by luxuriating in trinkets since he returned to manage Rangers in 2007 a decade after he oversaw nine-in-a-row, winning with the spine of a team purchased three years ago. An appearance in a UEFA Cup final and two SPL titles in three seasons suggest Smith is more an alchemist than a football manager, but he has been left exhausted by his inability to strengthen his squad. It would not surprise this onlooker to see Smith manage in the English Premier League or Championship next season if he so wishes. At least Sir Alan Sugar got out of the cursed business with millions for his shares in an English Premier League concern. Not so Murray. His silence on the subject speaks volumes. "There is a massive moonbeam of success coming to us. We've got big plans," said Murray at the time he bestowed the job of manager upon Paul Le Guen in 2007. Such sentiments now sound like the utterances of a fantasist. Rather than Sugar, perhaps history will remember Murray as a man who was more similar to Leeds United under Peter Ridsdale, a custodian of a club who believed his own press, a figure who spent money without preparing for an economic downturn that was just around the corner. 
As has been said in other quarters, such treatment of a great club like Rangers amounts to a form of financial vandalism. The fans will thank Murray for fuelling their rise to nine-in-a-row, but they are also discovering that the road to ruin lies in living outwith your means. Time may yet be a great healer for Rangers, but in poring over the effect of the Murray years at Ibrox, it has also been a great revealer. His empire appears to have been built on shifting sands.

http://www.heraldscotland.com/sport/spl/rangers/michael-grant-on-monday-1.1082711 The first suggestion was that Craig Whyte might be able to rush through a takeover and own Rangers in time for Christmas. Then he supposedly wanted to have the reins in time for the January transfer window so he could plough in some funds for signings and an enhanced contract offer to Kenny Miller. Christmas is over, Miller is away, the window closes at 11pm tonight, and still there is no Whyte. Not a peep has been heard and sources have said nothing is likely to change. It is now 74 days since the story broke that he wanted to buy the Ibrox club. It wouldn’t be a surprise to learn that the most pressing matter on Whyte’s mind now is how best to spin his retreat from the Ibrox doorstep. Not much is clear about Rangers’ ownership and information remains contradictory about whether or not the club will end up in Whyte’s hands, but there has been absolutely nothing in their January activity to suggest this is a club on the brink of new ownership. They submitted a bid for David Goodwillie which Dundee United rejected, and that was that. No increase, no bargaining, just a withdrawal from the table. They effectively agreed a fee with Derby County for Kris Commons only to realise they weren’t able to follow it through when he asked for Ã?£20,000-per-week. Whatever impact David Healy may go on to have for them, the fact remains that he wasn’t the first or even second forward on their wanted list. The Commons move said it all. The best Rangers could manage was several thousand pounds per week less than he was able to get from Celtic. If the most Rangers can offer now is about Ã?£14,000-per-week, they risk being outbid by their rivals for any player they might want in the foreseeable future. Agents routinely offer the same player to both clubs (same city, same league, same status of club) and their obligation to do the best they can for a client means they would naturally try to play one club off against the other if it might hike up the wages on offer. The Commons deal might not be the last time Rangers are gazzumped by Celtic. Rangers also risk not being able to keep hold of Madjid Bougherra, Steven Davis and Steven Whittaker, who are all out of contract at the end of next season. All three will believe they can get more money by leaving than re-signing. It’s easy to see all three of them going the way of Kris Boyd and Kenny Miller, departing for little or nothing. Lloyds Banking Group’s aggressive clawing back of the debts accumulated under Sir David Murray have been cold and clinical and still it goes on, relentlessly. Around Ã?£22m of the Ã?£27m debt is owed to Lloyds and they continue to be voracious in trying to get it back. “Whether we think it’s fair or not, it doesn’t really matter because we are not getting any kind of reaction any time we ask about it,” said Walter Smith recently. Lloyds don’t look at the football implications of anything. They aren’t interested in speculating to accumulate, which is why they were unmoved by the case for keeping top goalscorer Miller and increasing the likelihood of winning the league and reaching the Champions League. To Lloyds, Ã?£400,000 for Miller sounded a whole lot sweeter than nothing for him in the summer. They don’t give any ground, no matter how often or how passionately the case is made by Smith or chief executive Martin Bain. Those two must feel they are banging their heads against a brick wall. It isn’t going to change. Lloyds want another cut to the wage bill for next season, another Ã?£1m off the players’ salaries. They see themselves owed a big pile by a club facing reduced television income, the possibility of no Champions League money, and even some reduction in season-ticket sales. They see a possible Ã?£36m bill, plus penalties, from Her Majesty’s Revenue and Customs tax investigation which might hang over the club for another 18 months or so. They aren’t sitting back, waiting for Whyte or anyone else to pay back the money they’re owed. They’re working to get it back through a thousand cuts. Others won’t shed tears for Rangers. Even Ã?£14,000-per-week is way above what any Scottish club except Celtic can pay. Even after Miller’s departure they have four strikers on the books who cost Ã?£11m in transfer fees alone. They aren’t in this mess because of Lloyds, but because Murray allowed the debt to soar in the first place. It’s just their misfortune that Lloyds are being as brutal as a loan shark when it comes to claiming the money back. If it’s exasperating for Smith and Bain, then what must another central figure be making of it all? What kind of job is Ally McCoist going to inherit in four months’ time? Celtic appointed an inexperienced manager last summer, but crucially they backed him with the money to buy his way out of trouble. Rangers will not be able to do that. McCoist will swell with pride when he becomes manager, but there has never been a worse time to inherit the job he has always wanted.

Including today, that's only three days left before Craig Whyte announces his takeover of Rangers - it is still January isn't it? I wonder if he'll leave it until Monday .... or take advantage of the Sunday papers, all of which will already have their pieces ready to go with heads up he gave us all about announcements in January. Or it could be announced to catch the football programmes today. Personally, I think the entire thing is a crock of arse gravy which will no doubt quietly fade until season ticket time comes around again. Either way the latest chancer to be rebuffed by Dirty Dave should have kept his mouth closed.

The following is from BBC Sport website .... looks to me like a clear pre-cursor to the deal falling through ..... but I suppose we continue to live in forlorn hope ..... By Alasdair Lamont Craig Whyte remains hopeful of concluding his proposed takeover of Rangers before the end of January. Whyte has been in negotiations with the current owner Sir David Murray since the middle of November. He had hoped to complete a �£33m deal before Christmas, but due diligence has taken longer than Whyte expected. Meanwhile, the Rangers Supporters' Trust chief has warned that fans could boycott Lloyds Bank if they continue to deny Rangers funds for squad building. Whyte considers the matter to be largely in Murray's hands at this stage, with Whyte's lawyers and accountants awaiting responses to a number of queries from the current owner. He expects that following a period of relative inactivity over the festive period, which he found frustrating, the pace of negotiations will now pick up. However, if Whyte can conclude a deal soon, he hopes to be able to help Rangers manager Walter Smith strengthen his squad. On Thursday, Smith bemoaned the current financial constraints at the club, stating that he would be unable to bring in new players unless he sold first. Stephen Smith, chairman of the Rangers Supporters' Trust, reiterated their stance regarding Lloyds Bank's involvement with the club. "The sooner Lloyds are disentangled from the running of Rangers Football Club the better," he told BBC Scotland. "I'm as worried now as I was last year when the manager felt strongly enough to publicly criticise the bank's role. "We've had a successful Champions League campaign, we're guaranteed at least two more European games, yet there has still been no change in attitude from Lloyds. "We're challenging for four competitions and that's why the size of the squad is a concern. "If the manager's saying we need help, why are Lloyds behaving in such a vindictive way towards Rangers? "If that begins to materially affect Rangers on the park, we will certainly look to take action to try to change that. "Getting the Rangers family involved in a boycott of Lloyds bank can't be ruled out." As of September 2010 Rangers' debt stood at �£27m. While Smith was allowed to conduct some transfer business in the summer - including the purchase of Nikica Jelavic for �£4m - his hands have been largely tied on that front for the past three seasons. The Scottish champions trail league leaders Celtic by four points, although they have two games in hand. However, as things stand, Smith will have to challenge in all domestic competitions, as well as in the Europa League, with the same small squad of players. Meanwhile, across Glasgow, rivals Celtic appear likely to bring in more players during the January transfer window. Champions League participation over the last two seasons has helped Rangers go some way to alleviating their financial problems. But failure to win the Scottish Premier League again this term, and thereby miss out on the lucrative Champions League, would reverse that trend and make things even more restrictive for whoever succeeds Smith as Rangers manager next season

First of all, a Happy New Year to all Gersnet's subscribers; after a few weeks R&R; it's good to be back online and reading the varied opinions across the community! And it's with that initial greeting that we can immediately ask ourselves if indeed 2011 will be a prosperous time for our club. As ever the answer isn't easily found. Of course we started the year rather badly. After an icy December of cancelled game after cancelled game, it was no surprise to see our lack of sharpness affect our performance against Celtic. Added to the inconsistency we've seen throughout this season (despite being top) I wasn't expecting a great display on the 2nd, though I was disappointed with the familiar motivational problems rearing their head again. However, as ever, the reaction afterwards was overly negative and, as Monday's night's win over Kilmarnock showed, rumours of our demise have been greatly exaggerated. We may be four points behind our rivals but we're more than capable of winning our games in hand and retaining top spot - with or without Kenny Miller. On the subject of Scotland's most prolific striker, fans are again worried about his probable sale and, given the mixed messages coming from the club regarding Lloyds Banking Group's involvement, I certainly share in their concern. After all �£20million of European income should surely enable our manager to strengthen his squad in January in order to help facilitate the same CL revenue next season? Do we really need to sell in order to buy? A quick (and empirical) look at our finances tells us we're have around �£27million of debt after reducing this from the �£32million in 2008/2009's figures. Moreover, last year we used around �£9million of our European income to pay off any remaining transfer fees owed to other clubs. This means, instead of reducing our debt by only �£4-5million as in the 2009/2010 figures; we can hope to at least double that when we report in 2011. Therefore, with a decent Europa Cup run, we could easily find our debt almost halved by the start of next season. Now, that's great news in anyone's book but it doesn't automatically mean we'll have huge transfer 'war-chests' this month or even in the summer and beyond. The simple truth is that unless the club is bought over we'll remain reliant on MIH/LBG for ongoing finance. Thus, it is exactly because the CL income from the last two seasons has been so essential that the bank will be so reluctant to loosen the purse strings given our CL involvement is less than guaranteed (as Champions or not) next season. Their view will be that for their �£22million long term loan to be repaid in full, they will have to ensure the club remains on an even keel - without or without the European gravy. As such, while they may not be taking the �£20million from this season in one lump sum; they may 'suggest' to MIH that this money is used to reduce the long term debt in part once more while the rest is kept back for a 'rainy day' in seasons we don't qualify for the CL Group Stages. After all, without these monies we struggle to break even and unlike other clubs we don't appear to have the financial philanthropy of a mega-rich owner to guarantee our fiscal viability. I appreciate none of this is the kind of news that makes us smile. In this long, cold winter (someone please close that transfer window quick) positivity is hard to find so we may just have to content ourselves with realism. Unfortunately, that realism tells us that the days of huge transfer budgets every summer are gone. Indeed, the only huge fees we'll see nowadays is when we hope to move on our better players in order to supplement our operating expenses enough to keep the club competitive. Furthermore, even if we do manage to attract a new owner; I wouldn't expect a whole load of difference from this model. Craig Whyte (or rather certain journalists) have suggested an annual budget of �£5million each season if he takes over which, although conservative at first glance, is actually quite high (and possibly impossible) without major European dividends. We did spend around �£5million on transfers this season so is it any wonder we'll struggle to spend more as it stands? Again, I understand this is quite depressing when you juxtapose your Giovanni van Bronkhorsts with your Richard Fosters. Ten years is a long time in football and we are not just in a new climate but a new era. Monday's Ibrox Scottish Cup crowd shows just how difficult it will be to keep fans interested in a declining product with increasing prices. In a recession, the choice of �£30+ on a night out at the football or paying for your fuel to get to work for the week is a tough one. Unfortunately, these difficult choices extend to the club (and their bank) as well. All in all, I think as a support we need to examine the future carefully as we head into a new year. Sure, we want our club to be ambitious and our investment should entitle us to improved clarity from Rangers when it comes to finance going forward. But if we want to be taken seriously as partners, then we have to be realistic in what we expect. The unpalatable truth is that the 1990s have long gone and we're closer to bust than boom. To that end, prudence continues to be our buzzword so such vigilance requires patience and wisdom if we want our club to remain successful on all fronts. Like every bear, I look forward to meeting our challenges head on and urge everyone involved with the club to work with us in that regard. Here's to #54!

Craig Whyte remains hopeful of concluding his proposed takeover of Rangers before the end of January. Whyte has been in negotiations with the current owner Sir David Murray since the middle of November. He had initially hoped to complete a �£33m deal before Christmas, but due diligence has taken longer than the Scottish businessman expected. However, if that can be concluded soon, Whyte aims to take over in time to help Walter Smith strengthen his squad. On Thursday, Smith bemoaned the current financial constraints at the club, stating that he would be unable to bring in new players unless he sold first. As of September 2010 Rangers' debt stood at �£27m. While Smith was allowed to conduct some transfer business in the summer - including the purchase of Nikica Jelavic for �£4m - his hands have been largely tied on that front for the past three seasons. The Scottish champions trail league leaders Celtic by four points, although they have two games in hand. However, as things stand, Smith will have to challenge in all domestic competitions, as well as in the Europa League, with the same small squad of players. Meanwhile, across Glasgow, rivals Celtic appear likely to bring in more players during the January transfer window. Champions League participation over the last two seasons has helped Rangers go some way to alleviating their financial problems. But failure to win the Scottish Premier League again this term, and thereby miss out on the lucrative Champions League, would reverse that trend and make things even more restrictive for whoever succeeds Smith as Rangers manager next season. Bookmark with: Delicious Digg reddit Facebook StumbleUpon What are these? E-mail this to a friend Printable version see also Whyte holds further Rangers talks 03 Dec 10 | Rangers Gers boss pleads for investment 24 Nov 10 | Rangers Ibrox changes will not sway Smith 19 Nov 10 | Rangers Duo hold Rangers takeover talks 18 Nov 10 | Rangers -------------------------------------------------------------------------------- related bbc links: Rangers fans' views on My Sport BBC Where I Live - Scotland Glasgow weather BBC Sport SPL related internet links:

RANGERS captain David Weir has accused the club's bankers of unreasonable behaviour in placing fresh restrictions on manager Walter Smith ahead of the forthcoming transfer window. The veteran defender is bemused by the policy, confirmed again by Smith earlier this week, which currently means no funds will be available to spend in January for either permanent or loan signings. With Rangers still in limbo as they await the outcome of the latest takeover bid for the club from businessmen Craig Whyte and Andrew Ellis, Lloyds Banking Group continues to dictate the financial management at Ibrox. Weir believes Rangers' bid to win a third successive SPL title this season and qualify for next year's Champions League could be seriously compromised if they are not allowed to strengthen the squad next month. "It seems illogical that we can't sign any new players in January," said Weir. "Given how successful we have been in reaching a European final and playing in the Champions League, reducing the wage bill and the squad at the same time, you wonder how much further you can go down in terms of numbers and still be competitive. "I'm an amateur when it comes to finances, but you look at the debt and the money brought in since the manager took over. You'd like to think that you could have wiped out the debt in that time with the money we've brought in. I'm obviously missing something." Lloyds last night declined to comment on Weir's criticism. Rangers' debt in their most recent annual accounts stood at �£27.1 million, of which �£22.3 million is owed to Lloyds and incorporates their long-term loan agreement with the bank and overdraft facilities. A two-year transfer embargo was lifted by Lloyds last summer, allowing Smith to spend �£5.25 million in transfer fees on strikers Nikica Jelavic and James Beattie and secure the loan signings of Vladimir Weiss and Richard Foster. That investment was offset by the sales of Kevin Thomson and Danny Wilson for �£4 million, however, while four other senior players left the club at the end of their contracts. Rangers raked in almost �£14 million from their participation in the Champions League group stage last season, allowing them to record a profit of �£4.2 million, and will earn even more from the current European campaign which has seen them finish third in their Champions League group to progress to the knockout stages of the Europa League. Weir is also concerned that they may face that challenge with their existing squad further diminished as prize assets such as Scotland goalkeeper Allan McGregor are vulnerable to potential transfer bids. "That's what the manager and his staff are fighting," added Weir. "You cannot underestimate the job we've done with one hand tied behind our back. "It's not inconceivable there could be departures next month. It's the reality of where we are at (with the bank]. It's no secret that, if a right bid comes in, then the player will go. We'd prefer everyone to remain and keep our best players to be successful, but it's out of our hands. "The tightness of our squad has been the basis of the success we have had in recent seasons, but that can change as well." Weir was speaking at Hampden, where he promoted ESPN's live coverage of SPL football over the festive period which will begin with Rangers against Motherwell at Fir Park on Sunday. He was joined by Celtic captain Scott Brown, who made his return from injury as a substitute in his team's 1-1 draw at home to Kilmarnock on Tuesday night. The 25-year-old midfielder is likely to be restored to the starting line-up on Sunday when Celtic seek to put their recent stuttering form behind them for the visit of St Johnstone. But, while manager Neil Lennon is able to add to his squad next month, Brown insists Celtic already have the strength and quality required to overhaul Rangers and win the title for the first time in three years. "Our squad is probably the best in the league, to be perfectly honest," said Brown. "We've got around 25 or 30 player who can come into the first team at any time. We've pretty much got two good starting elevens. If we went through January without buying a player, we would still be fine. "We have a big game on Sunday and we need to keep close to Rangers before the Old Firm game at Ibrox on 2 January. "There is no real concern about our form. We are looking good in training and we are dominating teams in games. We are putting the ball in the box and we just need a bit of luck." http://sport.scotsman.com/football/Bank39s-tight-grip-on-spending.6670700.jp?articlepage=2

The daily record and scottish sun are both carrying this story that miller will quit rangers during the january transfer window after transfer talks broke down??, I'm hoping this is just romours and this is not the case but rangers really should be pulling out all the stops to hold on to our top striker!!, you really have to ask what is going on at murray park! I'm very worried tbh

The consortium of Craig Whyte and Andrew Ellis want to complete their �£33 million purchase of Sir David Murray's shares within the next month. Craig Whyte and Andrew Ellis will hold talks with senior Rangers officials next week, as they look to step up their joint efforts to buy Sir David Murray's shareholding in the Ibrox club. STV understands the duo want the deal, worth �£33 million, to be concluded by Christmas but have conceded privately it may take until the new year to finalise the sale. The takeover, which will wipe out the club's �£27.5 million debt to Lloyds TSB, is understood to be at an advanced stage. Whyte and Ellis will also pay shareholders, including Murray, a total of �£5.5 million as part of their proposals. If the deal for Murray's 92 per cent shareholding is completed, Whyte will own 69 per cent of the club's shares, with Ellis - who failed in his own attempts to buy the club earlier this year - holding 23 per cent. As part of their plans, �£25 million will be invested in Rangers' first team squad over a period of five years, with transfer funds being made available to Walter Smith in the January transfer window if the takeover is concluded in time. News of the pair's bid first broke on November 18, with Whyte and Rangers both putting out statements to the Stock Exchange confirming a possible offer. Nearly two weeks on, evident progress has been made in a bid Whyte's solicitor confirmed as being "at an early stage". Talks between Whyte, Ellis and club officials were also yet to take place at that point. More to follow... http://sport.stv.tv/football/scottish-premier/rangers/213122-rangers-takeover-bidders-want-club-bought-by-christmas/