Lloyds Change Attitude Towards Football Clubs!

[craig 5,195]

Forcing SDM in selling the club to the first people arriving and thus consequently leading us to the admin event? You would like to know what made Lloyds think to force-sell on of Murray's price assets, while they apparently have not so much pressure when it comes to other clubs? And obviously, it amounts to financial doping if some clubs are bailed out by a bank on the back of the tax payer?

 

And how would you prove it was a forced sale by Lloyds ?

[craig 5,195]

Maybe. Yet, you would ask yourself, why sell the club for a pound when it was one of the few things of his imperium that was actually not going under? If the stories we hear are correct, we could have reduced the managable debt at the time while still sure being able to challenge for (if not: in) Europe. IMHO, either Lloyds forced him because it was a decent pay-back for them, or HMRC's witchhunt made Lloyds act then rather than wait till the possible debt increased.

 

SDM didnt know it wasnt going under. Remember, he wasnt convinced that we would win the EBT case - and if we did lose that we would owe HMRC over 100 million (if they got the full whack including penalties) - you reckon Rangers would have survived that ? SDM wanted out - he was crapping himself over the EBT and didnt want to be the one to put Rangers out of business.

 

I dont think it was a forced sale. Pressure applied ? Possibly - but RFC wasnt the only asset he was forced to get rid of, he was also having to sell other properties to satisfy all the short term debt he foolishly took on.

 

We can call it a witch hunt from HMRC all we like - at the end of the day they tried to apply tax legislation which had been amended and their interpretation was that we owed a ton of money. They lost but it doesnt actually make it a witch hunt, no matter how unpalattable that sounds.

[RANGERRAB 3,254]

SDM didnt know it wasnt going under. Remember, he wasnt convinced that we would win the EBT case - and if we did lose that we would owe HMRC over 100 million (if they got the full whack including penalties) - you reckon Rangers would have survived that ? SDM wanted out - he was crapping himself over the EBT and didnt want to be the one to put Rangers out of business.

 

I dont think it was a forced sale. Pressure applied ? Possibly - but RFC wasnt the only asset he was forced to get rid of, he was also having to sell other properties to satisfy all the short term debt he foolishly took on.

 

We can call it a witch hunt from HMRC all we like - at the end of the day they tried to apply tax legislation which had been amended and their interpretation was that we owed a ton of money. They lost but it doesnt actually make it a witch hunt, no matter how unpalattable that sounds.

 

You should ask why HMRC chose to go after Rangers for this fictitious EBT tax bill. I firmly believe a certain former labour cabinet minister used his political connections to get them to do this as part of the plan to put us out of business altogether.It very nearly succeeded.

[Crimson Dynamo 128]

Ultimately it was financial mismanagement that caused the oldco's downfall. Murray's fault any bank could take advantage of that

[Mountain Bear 0]

Totally disagree. When LBG took over HBOS It meant emminent Celtic supporters Manus J Fullerton &Archibald G Kane were in charge of the scottish business division. That included MIH which of course included Rangers oldco. MIH had bank debt of over £700m and Rangers oldco had debt of around £18m (3 per cent of the MIH debt) yet LBG seemed much more interested in the Rangers debt and even appointed Muir & McGill onto the Rangers oldco board. Why would they do that ? Why weren't they more concerned with the much larger MIH debt? Was the opportunity to cause damage to Rangers too great to resist? Then to compound matters Whyte managed to acquire Rangers. Was SDM forced into selling to Whyte by LBG? If so by whom and for what reasons? That is the question we need answered. Let us hope the police investigations or the Insolvency Service can provide the answers we deserve.

And not forgetting we need to find out why HMRC pursued us for a fictitious EBT tax bill which never existed. Did a former labour cabinet minister use his political contacts to do this? Hopefully after the UTT early next year this will become clearer too.

 

What do you think would have happened to LBG's personal banking business north of the border if they'd had to put Rangers into administration?

[pete 2,499]

You should ask why HMRC chose to go after Rangers for this fictitious EBT tax bill. I firmly believe a certain former labour cabinet minister used his political connections to get them to do this as part of the plan to put us out of business altogether.It very nearly succeeded.

Rab i think you also have to remember that the HBOS were almost bankrupt themselves. They had to get a hold of every penny they could. As far as I can remember HBOS had about 1 hour before they went to the wall. Lloyds obviously wanted to cut their debt quickly. As for the new stance, well every bank is now starting to soften up again.

[Zappa 0]

People seem to forget that to a certain extent we also brought the wrath of Lloyds down on us ourselves with televised protests against them being in our boardroom, public threats to boycott their bank etc. I'm not saying it was all our fault, far from it, but we certainly didn't help the situation as a fan base and despite the intentions always being good, they were also somewhat naive and misguided because we made ourselves toxic to them and a problem which needed fixed. Walter didn't help either tbh because when he told us the bank were running the club that was a catalyst.

[RANGERRAB 3,254]

Rab i think you also have to remember that the HBOS were almost bankrupt themselves. They had to get a hold of every penny they could. As far as I can remember HBOS had about 1 hour before they went to the wall. Lloyds obviously wanted to cut their debt quickly. As for the new stance, well every bank is now starting to soften up again.

 

So why were they more concerned with Rangers debt instead of the much larger MIH debt?

[RANGERRAB 3,254]

What do you think would have happened to LBG's personal banking business north of the border if they'd had to put Rangers into administration?

 

Had Whyte never got Rangers in the first place then administration would never have happened.we need to know how Whyte got Rangers. Did LBG force SDM into selling to Whyte? If so why, by whom at LBG and for what reasons?

[RANGERRAB 3,254]

Ultimately it was financial mismanagement that caused the oldco's downfall. Murray's fault any bank could take advantage of that

 

No it wasn't.It was always going to happen when Whyte took over.He hadn't the funds to run Rangers. I want to know who was responsible for allowing him to take over Rangers.