ian1964 10,461 Posted April 12, 2011 Share Posted April 12, 2011 Slow progress will not derail Craig Whyte's bid for Rangers Published Date: 12 April 2011 By Stuart Bathgate Craig Whyte and his negotiators still hope to complete their proposed takeover of Rangers this week despite being disappointed by a lack of progress over the weekend. Lawyers for the businessman put in "a huge amount of work" on Saturday and Sunday, according to a source close to the Whyte camp, but no substantive progress was made on the points which need to be resolved before a final agreement is reached to buy Sir David Murray's controlling interest in the Ibrox club. "We are seriously hoping that this is the week," the source said last night. The middle of the week is the most likely time for a resolution to be reached, but the nature of the negotiations means that predicting the date of a conclusion is far from an exact science. A vast volume of paperwork is still outstanding, and only when that has been processed will both parties be in a position to proceed with the sale. The Whyte camp, while stressing that they had never set or been a party to the various deadlines supposedly imposed on the takeover talks, have admitted that they had hoped last week would see a successful outcome to the talks. They have accepted as "very sensible" the statement by the Rangers manager-in-waiting Ally McCoist that in planning for next season he has to work on the basis that there will be no new owner. That means that at present, when attempting to persuade a new player to join Ibrox or an existing member of staff to sign a new contract, McCoist is working within the very tight budget imposed on the club by their bankers, the Lloyds Group. Whyte plans to provide the new manager with several million pounds' worth of funds to make new recruits. The precise amount will depend on the cost of the takeover. http://www.scotsman.com/football/Slow-progress-will-not-derail.6750226.jp 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted April 12, 2011 Share Posted April 12, 2011 Putting together information a number of well placed sources: Commercial aspects of the Whyte deal are done to Lloyds satisfaction Whyte has still to convince anyone that he has along term capital plan Ellis was rumoured to have left the building but he is saying that there may be something new tomorrow (Wednesday) or Thursday; but we've heard all that before. The possible new bidders may be an inside job! 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted April 12, 2011 Share Posted April 12, 2011 Putting together information a number of well placed sources: Commercial aspects of the Whyte deal are done to Lloyds satisfaction Whyte has still to convince anyone that he has along term capital plan Ellis was rumoured to have left the building but he is saying that there may be something new tomorrow (Wednesday) or Thursday; but we've heard all that before. The possible new bidders may be an inside job! Do you mean that he does not have a long term plan or that he has no long term capital? I would imagine to make a long term plan you would need to do it together with the manager and other board members so I don't really see that as a problem yet. If he does not have any long term capital then the only difference will be that we do not have to pay crippling debts back to Lloyds 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,461 Posted April 12, 2011 Share Posted April 12, 2011 Do you mean that he does not have a long term plan or that he has no long term capital? I would imagine to make a long term plan you would need to do it together with the manager and other board members so I don't really see that as a problem yet. If he does not have any long term capital then the only difference will be that we do not have to pay crippling debts back to Lloyds Is it not dasatrdly Murray who is insisting on the long term investment??? 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted April 12, 2011 Share Posted April 12, 2011 Do you mean that he does not have a long term plan or that he has no long term capital? I would imagine to make a long term plan you would need to do it together with the manager and other board members so I don't really see that as a problem yet. If he does not have any long term capital then the only difference will be that we do not have to pay crippling debts back to Lloyds The latter. He has no credible plan to provide ongoing finance for the team. Certain members of the Board believe that that can only be achieved with fan involvement. To that end Ellis is reported to have been in contact with RST again but they were unable to do anything previously with the Chiarman's Club, Park, King, Ellis or McColl, so it is hard to se where they would be able to raise that kind of money now. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted April 13, 2011 Share Posted April 13, 2011 Is it not dasatrdly Murray who is insisting on the long term investment??? I believe so but with the backing of Bain and Johnston. McGill and Muir just want (the bank) out. But surely you would want a guarantee of long term investment, otherwise what's the point? Clearly Whyte doesn't even have the dosh to take out all the current borrowings e.g. the car park leases and the �£1m for the interest rate differential both of whcih are goiung to be "financed" i.e. borrowed. It's my belief that he doesn't have the other �£20m or so in cash, which means he has to borrow it against property or other assets; so in essence the Club becomes indebted to him (or his bankers whoever they are) rather than LBG. I'm not sure I see the point of that either. At least at the moment the vast bulk of the borrowings are on a term loan that we only have to pay off at a million a year. Who knows what the terms of his borrowings would be? 0 Quote Link to post Share on other sites More sharing options...
Stefanovitch 0 Posted April 13, 2011 Share Posted April 13, 2011 The latter. He has no credible plan to provide ongoing finance for the team. Certain members of the Board believe that that can only be achieved with fan involvement. To that end Ellis is reported to have been in contact with RST again but they were unable to do anything previously with the Chiarman's Club, Park, King, Ellis or McColl, so it is hard to se where they would be able to raise that kind of money now. Can you confirm Ellis has been in contact with the RST? 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,356 Posted April 13, 2011 Share Posted April 13, 2011 It's my belief that he doesn't have the other �£20m or so in cash, which means he has to borrow it against property or other assets; so in essence the Club becomes indebted to him (or his bankers whoever they are) rather than LBG. It would be unacceptable for any new buyer to do that. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,356 Posted April 13, 2011 Share Posted April 13, 2011 The latter. He has no credible plan to provide ongoing finance for the team. Which is what I've also heard from more than one source. How can he provide �£5m-�£9m of funding for transfers if he is struggling to provide proof of funding at this point? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,186 Posted April 13, 2011 Author Share Posted April 13, 2011 I think the problem we may have here is that Whyte is looking for contributions from people who think they may be able to buy the club themselves for the money being talked about. 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.