Whyte bid on the ropes

[Jim1955 12]

I'm sure I read that craig whyte has spent some �£500,000 on this bid so far. Somehow I don't see him meekly accepting this, folding his tents and stealing off into the night.

[Gribz 743]

I'm sure I read that craig whyte has spent some �£500,000 on this bid so far. Somehow I don't see him meekly accepting this, folding his tents and stealing off into the night.

 

700k he has spent. Id be quite pissed off if I was him.

[bluebear54 0]

We could do with a little competition. If Craig Whyte is going to run off at the first sign of a challenge then he's definitely not the owner we need - but I doubt he will. It would be reasonable to hope some people might think Rangers worth fighting over. I think the real game is only just starting and we need to accept that it could run for a while yet ...or not.

 

Well said that man.

If CW walks, he wasn't for us. But I note in recent quotes that he had a financial backer. Who is that, I wonder.

I'm also astounded that a Director now sees this as the time for more capital.

Why not before KM left, before this season, the one before or the one before that?

And why can't we have an EGM?

[aweebluesoandso 290]

I'm still seething about this latest attempt to derail the Whyte takeover. We could have woke up this morning as a club debt free, some investment, new fresh and eager faces ready for the battles ahead. Instead we are in limbo with an board that is emasculated, hamstrung by Murray who is willing to let anyone have a kick at our club without fear of reprisal. I think the board is more concerned with looking after their own positions rather than what is best for Rangers, the old boys network is at play here. The Board have had their chance to defend our club, formulate rescue plans, seek new investment but have been less than successful, but when it looks like the club is about to emerge from some of it's troubles the best they come up with is to delay our pain. An EGM should be called now and a vote of no confidence in the board should be raised.

Edited April 20, 2011 by aweebluesoandso

[Guest Sjp1873]

Totally agree. As it stands just now every time Jelavic scores he will be attracting more interest in our situation it just seems harder to ensure that we can either fend of a hostile offer for him, far less reinvest the cash that is generated in our squad.

 

This morning we could be four clear with an easier run in that the tarriers, debt free and safe in the knowledge theres a rebuilding fund available. Also our players who are coming to the end of their contracts would know theres a chance of an improved contract to fight that bit harder for. Probably most importantly though our fan base would know that the hard earned cash they pay the club stays ours, it doesn't go into the pot between Murray and lloyds.

 

Indecision and business are never a fruitful mix, we need clarity.

[ian1964 10,457]

DIRECTOR Paul Murray last night emerged as the mastermind behind a new bid to take over Rangers – but he faces a battle to persuade Lloyds Bank to accept his proposal.

 

The shock new bid is the reason Craig Whyte’s planned buy-out has been delayed but it does not yet have the backing of Lloyds.

 

Murray’s camp claim their takeover would provide new boss Ally McCoist with an instant Ã?£25million war chest.

 

But Whyte’s people hit back last night, claiming their bid is worth Ã?£52.5m. And a source close to Whyte also suggested if he is forced to further delay his attempt while Rangers directors scrutinise Murray’s plan it might be too late.

 

The source said last night: “He will not wait much longer.”

 

Record Sport understands Murray has assembled a consortium of wealthy Rangers fans who are willing to pledge a small fortune to get the club back on its feet.

 

Financial expert Murray wants new shares to be released and has told the Rangers board his group have the cash in place to underwrite the scheme to the tune of Ã?£25m – all of which would then be pumped into McCoist’s first-team coffers.

 

But the plan hinges on Lloyds keeping the current credit facility in place and allowing the Ibrox debt to be repaid in instalments.

 

The bank still favour Whyte’s bid because it guarantees them their money and Murray still has to persuade them to back his offer.

 

Murray made his move after holding crisis talks with current owner Sir David Murray last week.

 

It is understood Murray, who was at Tannadice last night to watch his team take on Dundee United, now plans talks with Sir David and Lloyds in a bid to thrash out a deal.

 

But the word last night was that Murray – who teamed up with exiled Rangers director Dave King in a failed Ã?£18m bid for Murray International’s shareholding in 2009 – wants to do business quickly.

 

Murray, 46, has almost two decades of experience in the private equity industry, working for companies including 3i plc and Deutsche Bank in executive positions.

 

We understands his shock “plan B” proposals have already gained support at boardroom level and also with the current management.

 

A source close to Murray’s group told us: “Paul felt it was time to act with a matter of urgency.

 

“He has now acted and is looking to get everything finalised as quickly as possible. There is no reason why this can’t be concluded in a four to six-week timescale.

 

“This is a credible and real solution to the situation which is crippling Rangers.

 

“Paul expressed an interest a while ago, as was reported at the time. It came to nothing but things have deteriorated a lot since then. When Craig Whyte arrived on the scene Paul was open-minded. He was prepared to try to help the guy.

 

“But it’s been dragging on for six months, meanwhile the situation at the club has been getting worse.

 

“That is why Paul acted last week. He felt things had reached the point of no return.

 

“He loves the club and he could not stand back and allow this crisis to continue. The situation inside the club is critical.

 

“He would not put his name to this if he wasn’t confident of getting it done.”

 

Murray’s move came to the fore yesterday in a statement from club chairman Alastair Johnston which was also made to explain to supporters why his board have moved to block Whyte’s takeover until the end of the season.

 

Whyte had hoped to conclude the deal on Monday afternoon but the independent five-man board set up to run the rule over any bids refused to pass his offer.

 

They don’t have power of veto but business etiquette and boardroom politics means they can delay the process further – to allow Murray time to make his move.

 

The independent board will have to examine and question Murray’s plan just as they have tried to do with Whyte’s package.

 

And Johnston, in a statement last night, hinted the documents detailing Whyte’s offer did not add up.

 

Whyte’s team then claimed that any suggestions he didn’t have the money or funding he said he could provide were not only untrue but defamatory.

 

Whyte was said to be furious about the further delay but the independent board – Johnston, chief executive Martin Bain, finance director Donald McIntyre and non-executive directors John McClelland and John Greig – insist they have only recently been able to look at the detailed agreements which David Murray, Lloyds and Whyte have been working on.

 

And it is fair to say they are far from happy or convinced.

 

Johnston said: “Based on the documents we have only been able to review within the last week, we are disappointed they did not reflect the investment in the club that we were led to believe for the last few months would be a commitment in the purchase agreement.

 

“Given the requirement to repay the bank in full under the proposed transaction, there appears to be only a relatively modest amount of money available that would positively impact the club’s operations, especially as it relates to an urgent requirement to replenish and upgrade the playing squad.”

 

http://www.dailyrecord.co.uk/2011/04/20/rangers-director-paul-murray-reveals-rival-bid-to-buy-club-as-craig-whyte-bid-falters-86908-23073941/

[Jim1955 12]

Smoke and mirrors, smoke and mirrors. I am even more confused. How can any delay be good for our preparations for next season (hopefully looking at Champions League) Why now at the eleventh hour?

[Guest millportbear]

I'm still seething about this latest attempt to derail the Whyte takeover. We could have woke up this morning as a club debt free, some investment, new fresh and eager faces ready for the battles ahead. Instead we are in limbo with an board that is emasculated, hamstrung by Murray who is willing to let anyone have a kick at our club without fear of reprisal. I think the board is more concerned with looking after their own positions rather than what is best for Rangers, the old boys network is at play here. The Board have had their chance to defend our club, formulate rescue plans, seek new investment but have been less than successful, but when it looks like the club is about to emerge from some of it's troubles the best they come up with is to delay our pain. An EGM should be called now and a vote of no confidence in the board should be raised.

 

I couldn't agree more mate, this present board have had there chance they have sat back and watched us sink deeper and deeper into debt. GO NOW

[Kenzie1 0]

I agree that the money Whyte has spent so far would encourage him to continue. However; what if this is just a speculative gamble - as seems likely - would he now concede that he has therefore been rumbled and try again elsewhere?

[ian1964 10,457]

I agree that the money Whyte has spent so far would encourage him to continue. However; what if this is just a speculative gamble - as seems likely - would he now concede that he has therefore been rumbled and try again elsewhere?

 

That's just the thing mate,none of us knows what the fuck is going on while we have these guys playing Rangers FC as a game