chilledbear 16 Posted February 9, 2012 Share Posted February 9, 2012 Doesn't it mean season ticket money was used to purchase the club? Could be. I thought he paid £1 for the Club. Does purchasing the Club also mean paying off the bank debt? 0 Quote Link to post Share on other sites More sharing options...
metlika 0 Posted February 9, 2012 Share Posted February 9, 2012 Could be. I thought he paid £1 for the Club. Does purchasing the Club also mean paying off the bank debt? Yeah, £1 was a token figure, I believe it was the £18m-£20m bank debt which was the real cost. 0 Quote Link to post Share on other sites More sharing options...
stewarty 1,896 Posted February 9, 2012 Share Posted February 9, 2012 No Whyte needs to show the provenance of the monies from where they left Ticketus to where they are now. I would firstly reply by saying that Whyte has a lot to prove and I am no apologist for him. (not that you were suggesting that, so I'm not attempting to put words in your mouth. And if I understand you correctly, I agree. But the point I was making is that if the Insolvency Service did come in, all Whyte would neeed to do is prove where the money came from which should surelyt be done quite simply. If he has secured fianance in some fashion to one of his companies then that surely confirms its provenance? In the absence of bank finance, Whyte appear to have got creative to secure some cashflow. Seems a fairly pragmatic strategy to me. Otherwise we'd be getting wound up. For me, this is just a circus for AJ to try and pretend he is doing us a favour. Seems some of SDM's ego rubbbed off on him during his altogether brief visits to the Chairman's office when he was in office. 0 Quote Link to post Share on other sites More sharing options...
Gers4Life 0 Posted February 9, 2012 Share Posted February 9, 2012 There is definitely a coup de ta underway. IF Alistair Johnson is right and Whyte used mortgaged season ticket money to finance the takeover it means that Whyte flat out lied to us and the rest of the world. Like most he'll have a long wait for season ticket money! 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted February 9, 2012 Share Posted February 9, 2012 Yeah, £1 was a token figure, I believe it was the £18m-£20m bank debt which was the real cost. As well as the new squad investment money that seems to be invisible or too slippery to grab hold of. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted February 9, 2012 Share Posted February 9, 2012 â?? I have had numerous approaches following the recent revelations in the press about the acquisition of Rangers Football Club and the use of future season ticket money. I am not in a position to answer all the questions put to me, but I do recognise the issue is causing much concern. I believe this is a prevalent view amongst Rangers stakeholders who are now demanding full transparency about the funding of the acquisition of the Club, its current financial status, and most importantly, the way forward. In order to allow all of the options potentially available to stabilize the Club be explored, there must be total disclosure of all the underlying obstacles that need to be surmounted in order to achieve this. Therefore, in my capacity as the Chairman of the Club during the period when it has been alleged that certain financial arrangements of concern were executed by the buyer, I have formally requested that the Intelligence & Enforcement Directorate investigate and clarify this matter once and for all which is surely in the interests of all concerned.â? Alastair J. Johnston Former Chairman, Rangers Football Club If Whyte did nothing illegal and financed the deal with his own money through his own business then he has nothing to fear and should welcome an investigation to clear his name and move on. On the other hand, if he bought the Club with its own mortgaged money (which I assume would be illegal) then he has everything to fear including being deemed not "fit and proper". In that case what he will do is attempt yet again to discredit Johnston and his motives. My guess is that is exactly what he will do. I have said it before and I say it again, whatever Johnston did or didn't do as Chair of the Company, I believe that he did his job as Chair of the Independent Directors thoroughly and I have no reason to question his credibility or his motives. I cannot say the same for Mr Whyte. I am not sure of the definition of "fit and proper" in a football sense but in financial services it means being "honest, competetent and solvent". Hands up, those who think Mr Whyte would pass those three tests? 0 Quote Link to post Share on other sites More sharing options...
stewarty 1,896 Posted February 9, 2012 Share Posted February 9, 2012 Even if he proved that the ticket deal was secured by one of his companies rather than Club assets, would it not still be a tad alarming if he used flogged-off RFC fans ticket money to buy the club? Or am I missing something here? Up to a point. Securing cashflow against future income was common under the previous regime too. Whether it was done to the same scale is another question, but these are exceptionally difficult trading conditions forced upon us due to the lack of bank overdraft, the trading deficit without European income, and the attitudes of our creditors who are imposing much stricter terms and conditions upon us. 0 Quote Link to post Share on other sites More sharing options...
Gers4Life 0 Posted February 9, 2012 Share Posted February 9, 2012 (edited) I can see another bloody Craig Whyte statement coming soon! Edited February 9, 2012 by Gers4Life 0 Quote Link to post Share on other sites More sharing options...
stewarty 1,896 Posted February 9, 2012 Share Posted February 9, 2012 If Whyte did nothing illegal and financed the deal with his own money through his own business then he has nothing to fear and should welcome an investigation to clear his name and move on. On the other hand, if he bought the Club with its own mortgaged money (which I assume would be illegal) then he has everything to fear including being deemed not "fit and proper". In that case what he will do is attempt yet again to discredit Johnston and his motives. My guess is that is exactly what he will do. I have said it before and I say it again, whatever Johnston did or didn't do as Chair of the Company, I believe that he did his job as Chair of the Independent Directors thoroughly and I have no reason to question his credibility or his motives. I cannot say the same for Mr Whyte. I am not sure of the definition of "fit and proper" in a football sense but in financial services it means being "honest, competetent and solvent". Hands up, those who think Mr Whyte would pass those three tests? Bottom line, if Johnson has some evidence of wrongdoing, let him play his hand. I would welcome any further insight he can bring. All he's doing is sniping from the sidelines and playing to the gallery. We can well do without this. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted February 9, 2012 Share Posted February 9, 2012 the lack of bank overdraft The overdraft facility was in place to 31/12/2011 I believe. The real issue might have been whether the bank would have renewed it absent any European cash this season. But as I said previously they would have had to weigh withdrawing it and effectively putting the Club into adminstration against the public outcry that would have ensued. So I believe a compromise deal would have been put in place. 0 Quote Link to post Share on other sites More sharing options...
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