chilledbear 16 Posted April 28, 2010 Share Posted April 28, 2010 Rangers in crisis ââ?¬â?? Douglas Park has spoken to director Dave King, but admits takeover is ââ?¬Ë?impossibleââ?¬â?¢ because of tax investigation For sale ââ?¬â?? but whoââ?¬â?¢s buying? Darrell King Share 0 comments 28 Apr 2010 Douglas Park, the businessman who has interests in several car *franchises and a coach company, last night confirmed he has spoken with Dave King, the South Africa-based *millionaire Rangers director who remains interested in taking over the club. Park told The Herald there was a ââ?¬Å?real willingnessââ?¬Â from several individuals who want to help the Ibrox club out of their financial plight. However, with the revelation that an HM Revenue and Customs investi*gation is ongoing into payments Rangers made into playersââ?¬â?¢ offshore trusts over the past decade, Park conceded there would have to be certain conditions agreed with Rangersââ?¬â?¢ owners, Murray Inter*national, and the clubââ?¬â?¢s bankers, Lloyds, before any deal could be done. The SPL championsââ?¬â?¢ debts are still hovering around the Ã?£30m mark, and the HMRC investigation could lead to a tax bill ââ?¬â?? the exact amount yet unknown ââ?¬â?? having to be met if the club is found to have a case to answer. When asked if he had held discussions with King over a potential buy-out, Park would only say: ââ?¬Å?I have had meetings with Dave King since January, but the contents of our discussions are private. There are people out there with a real willingness to put millions of pounds of their own money into the club to try to address the current situation and return the club to stability. However, unless certain conditions are met, it would be impossible for anything to proceed. ââ?¬Å?At the moment, the bank are in total control of the situation as the season-ticket money, and any Champions League money, comes in.ââ?¬Â Rangers are anxious to discover as soon as possible the bankââ?¬â?¢s plans for the biggest revenue stream into the club, season-ticket monies that annually amount to between Ã?£18m and Ã?£20m, with sources telling The Herald there are fears this money will be used to attack the overall debt as the wait for a new owner goes on. Last night, Rangers were guaranteed automatic entry to the Cham*pions League group stages next season after Bayern Munich overcame Lyon 0-4 on aggregate in France. The German side, along with Barcelona and Inter Milan, who contest the second semi-final tonight, are all guaranteed to play in the 2010/11 group phase courtesy of their domestic league positions and, therefore, an automatic position has been freed up for the champions of Scotland. There are people out there with a real willingness to put millions of pounds of their own money into the club to try to address the current situation and return the club to stability. However, unless certain conditions are met, it would be impossible for anything to proceed. Douglas Park This will generate revenue of around Ã?£15m for Rangers and, again, answers are being sought from the bank as to what will happen to that money, and how much will be put into the business plan for the season ahead. Rangers issued a statement last night denying that Champions League income ââ?¬Å?had already been ring-fenced by the bank to reduce the clubââ?¬â?¢s debtââ?¬Â. However, when our sister paper the Evening Times broke the story yesterday, their suggestion was that senior sources at the club feared the Champions League and season ticket money would be used to address debts, not that it had already been agreed. The statement added: ââ?¬Å?Discussions with the bank in relation to the business plan will take place in the coming weeks. The club would also like to reiterate once again that at no time has director Dave King made an offer for the purchase of Rangers.ââ?¬Â Manager Walter Smith has expressed fears since last October over the future of the club, but he will say nothing else on the financial situation, or his own contractual situation, until being informed by the board of what the business plan is. Smith is almost certainly unwilling to commit to another season at the helm if the club is going to continue downsizing. At the moment, with six players out of contract, *Rangers are scheduled to return for pre-*season training in July with a squad of 14 first-team players plus two goalkeepers. Of that number, three are young players in Danny Wilson, John Fleck and Andrew Little, while another is Andrius Velicka who is unlikely to be match-fit for the start of the season after nine months on the sidelines with a knee injury. They could be open to predators in the transfer market for players such as Madjid Bougherra, Steven Davis and Allan McGregor, with no guarantees that any money from sales will be allowed to fund replacements. There has been no scouting network in place because of the financial cutbacks over the past six months; while the pre-season tour planned for America, including a money-spinning Old Firm match against Celtic scheduled for Boston on July 21, *cannot be confirmed until a management team is in place for next season. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,148 Posted April 28, 2010 Share Posted April 28, 2010 All well and good to comment in papers - much more difficult to garner support constructively... 0 Quote Link to post Share on other sites More sharing options...
Stefanovitch 0 Posted April 28, 2010 Share Posted April 28, 2010 Yeah, I feel if Park, King or anyone else came out and said we want to do this and we need the supporters backing to put pressure on Murray, Muir or Lloyds then it would be far easier for the supporters to muster together some plans. All we have now is people saying "we can't say anything" but at least Park has spoken although disclosed very little. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted April 28, 2010 Author Share Posted April 28, 2010 I wonder why Dave King seems to be turning into the golden boy. Has he not been on the Board while Rangers have got into this state. How desperate we have become. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,148 Posted April 28, 2010 Share Posted April 28, 2010 I wonder why Dave King seems to be turning into the golden boy. Has he not been on the Board while Rangers have got into this state. How desperate we have become. An excellent point mate... Of course, being on the board doesn't mean he agreed with the SDM model but if he'd been more vocal perhaps the situation may not have been as bad. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,409 Posted April 28, 2010 Share Posted April 28, 2010 I just wish to feck something would happen soon,this is all getting a bit tedious and frustrating.If the fans actually knew what the feck was going on then maybe just maybe we could look at doing something, but who cares eh?, I mean we are only punters 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted April 28, 2010 Author Share Posted April 28, 2010 An excellent point mate... Of course, being on the board doesn't mean he agreed with the SDM model but if he'd been more vocal perhaps the situation may not have been as bad. Not only King, but the ones who are looking into potential owners are culpable. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,148 Posted April 28, 2010 Share Posted April 28, 2010 Not only King, but the ones who are looking into potential owners are culpable. Indeed - which is why they must also be pressurised into doing their jobs well during these testing times... 0 Quote Link to post Share on other sites More sharing options...
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