'The bank has taken over the club'?

[papaguy51 912]

I just hope the players don't see it as an easy excuse.

[Jimfanciesthedude 24,609]

Wouldn't the bank only step in if we didn't pay our repayments or couldn't ? Banks cant just step in willy nilly if we are paying off what we should, when we should under the terms of the loan.........................surely

it depends

if you are merely paying the interest off without having a long term plan of clearing off the debt, then the banks will be worried

plus the fact that our club is relying on euro revenue for extra funds, no europe, no money, banks shite themselves

[pcbear 10,924]

Maybe they should be looking at the way they manage themselves, between them they nearly managed to tip the whole country into the abyss last year ffs.

I would put a lot of faith in them, morons.

Will it effect the way you me or 100s of thousands of others feel about the club? imo not a jot.

[LegendofCoop 17,390]

A lot of worry about nothing new if you ask me! I knew this would happen as soon as I heard Walters interview!

Yes, he perhaps let something slip that he shouldn't, (the pregnant pause ater he uttered the words "...the bank's now running the club.......") however I don't think it's the doom and gloom that everyone thinks it is (as in, there will be no 'Closing Down Sale' signs over the door).

There's a simple scenario with banks. If you owe them money, you pay interest. The bank therefore make money out of you.

If banks owe you money, they pay you money through interest! Make no mistake, the banks ARE making money out of Rangers financial mess. Yes we owe them a fortune, but don't forget folks, we will be significantly REDUCING our debt with the C/L money...probably between £5m & £10m. I believe that the bank have had someone on the board for a while now, so they will simply be wanting to make sure that we can continue to pay our interest while continuing to reduce the sum owed!!

However, I do think there will be a change in manager at the end of the year. Walter almost admitted this at the end of his interview when he said "...while I'm still here!". Big admission if you ask me!

A mess yes, but nothing new from the end of the August t/f window!

[CanadianBacon 2,088]

It is being said that Murray has been given until next week to sell or the bank will sell on his behalf.

There will severe asset stripping in January (*asset = players) and the mover and shaker behind this is the new board member, Donald Muir. He is a bank placement. (Does anyone have any background info on this guy Muir?)

It's is claimed that a firm of accountants is on standby for next week - they are looking at two firms, one in Glasgow, one in Edinburgh. This firm deals mostly in company liquidations.

Guess who owns both firms?

Folks............the shit is about to hit the fan.

[pcbear 10,924]

It is being said that Murray has been given until next week to sell or the bank will sell on his behalf.

There will severe asset stripping in January (*asset = players) and the mover and shaker behind this is the new board member, Donald Muir. He is a bank placement. (Does anyone have any background info on this guy Muir?)

It's is claimed that a firm of accountants is on standby for next week - they are looking at two firms, one in Glasgow, one in Edinburgh. This firm deals mostly in company liquidations.

Guess who owns both firms?

Folks............the shit is about to hit the fan.

Who owns both firms??

[CanadianBacon 2,088]

It is being said that Murray has been given until next week to sell or the bank will sell on his behalf.

There will severe asset stripping in January (*asset = players) and the mover and shaker behind this is the new board member, Donald Muir. He is a bank placement. (Does anyone have any background info on this guy Muir?)

It's is claimed that a firm of accountants is on standby for next week - they are looking at two firms, one in Glasgow, one in Edinburgh. This firm deals mostly in company liquidations.

Guess who owns both firms?

Folks............the shit is about to hit the fan.

Who owns both firms??

I asked you to guess.

PS. Bet you get it right.

[pcbear 10,924]

It is being said that Murray has been given until next week to sell or the bank will sell on his behalf.

There will severe asset stripping in January (*asset = players) and the mover and shaker behind this is the new board member, Donald Muir. He is a bank placement. (Does anyone have any background info on this guy Muir?)

It's is claimed that a firm of accountants is on standby for next week - they are looking at two firms, one in Glasgow, one in Edinburgh. This firm deals mostly in company liquidations.

Guess who owns both firms?

Folks............the shit is about to hit the fan.

Who owns both firms??

I asked you to guess.

PS. Bet you get it right.

Instead of being cryptic, please state facts available, it would be a huge help.

[tommy2212 151]

Murray moonbeams?

Is the glasgow company response handling and the edinburgh company forth steel?

[JTP 221]

It is being said that Murray has been given until next week to sell or the bank will sell on his behalf.

There will severe asset stripping in January (*asset = players) and the mover and shaker behind this is the new board member, Donald Muir. He is a bank placement. (Does anyone have any background info on this guy Muir?)

It's is claimed that a firm of accountants is on standby for next week - they are looking at two firms, one in Glasgow, one in Edinburgh. This firm deals mostly in company liquidations.

Guess who owns both firms?

Folks............the shit is about to hit the fan.

Why are the Accountants supposedly on standby? They would only be on standby IF we were to go into liquidation. Yes we owe the bank money of which they will receive a huge lump sum from this years CL money. The debt will again we reduced. Our assets also far outweigh out liabilities so I don't understand why they are supposedly on standby?

[BlueIsTheColour 35]

Walter sounds like a man who is very disillusioned with the running of the club and it has finally gotten the better of him. He is taking stick week in week out and to an extent that is justified, but when the man is not allowed to bring players in to subsidise an ageing defence and strengthen a title-winning team then he is right to be angry.

Who knows what is happening at the club, the rumours are beginning to gather pace, but in the end we are in no position to know at the present moment. Whether CanadianBacon is right about the situation and that the club is going to take a turn for the worse next week is unclear right not.

But the situation must be rectified, and soon, because our performances and our chances of success are being affected in a detrimental manner. And that cannot continue.

Whoever is in charge just get it fucking sorted.

[CanadianBacon 2,088]

It is being said that Murray has been given until next week to sell or the bank will sell on his behalf.

There will severe asset stripping in January (*asset = players) and the mover and shaker behind this is the new board member, Donald Muir. He is a bank placement. (Does anyone have any background info on this guy Muir?)

It's is claimed that a firm of accountants is on standby for next week - they are looking at two firms, one in Glasgow, one in Edinburgh. This firm deals mostly in company liquidations.

Guess who owns both firms?

Folks............the shit is about to hit the fan.

Why are the Accountants supposedly on standby? They would only be on standby IF we were to go into liquidation. Yes we owe the bank money of which they will receive a huge lump sum from this years CL money. The debt will again we reduced. Our assets also far outweigh out liabilities so I don't understand why they are supposedly on standby?

I didn't say 'WE' were to go into administration - I said two companies, one in Edinburgh one in Glasgow.

RFC is not one of them.

Murray owns many companies - it's a paper chase nightmare is his financial empire.

[BlueIsTheColour 35]

It is being said that Murray has been given until next week to sell or the bank will sell on his behalf.

There will severe asset stripping in January (*asset = players) and the mover and shaker behind this is the new board member, Donald Muir. He is a bank placement. (Does anyone have any background info on this guy Muir?)

It's is claimed that a firm of accountants is on standby for next week - they are looking at two firms, one in Glasgow, one in Edinburgh. This firm deals mostly in company liquidations.

Guess who owns both firms?

Folks............the shit is about to hit the fan.

We've just handed over around £7.5 million in Champions League money, reduced the wage bill substantially and recieved millions in season ticket money. That would surely be enough to satisfy the banks for one season, no?

The debt cannot possibly be high enough to justify the forcible selling of the club by the bank. No chance.

[finnie72 0]

It is being said that Murray has been given until next week to sell or the bank will sell on his behalf.

There will severe asset stripping in January (*asset = players) and the mover and shaker behind this is the new board member, Donald Muir. He is a bank placement. (Does anyone have any background info on this guy Muir?)

It's is claimed that a firm of accountants is on standby for next week - they are looking at two firms, one in Glasgow, one in Edinburgh. This firm deals mostly in company liquidations.

Guess who owns both firms?

Folks............the shit is about to hit the fan.

Why are the Accountants supposedly on standby? They would only be on standby IF we were to go into liquidation. Yes we owe the bank money of which they will receive a huge lump sum from this years CL money. The debt will again we reduced. Our assets also far outweigh out liabilities so I don't understand why they are supposedly on standby?

I didn't say 'WE' were to go into administration - I said two companies, one in Edinburgh one in Glasgow.

RFC is not one of them.

Murray owns many companies - it's a paper chase nightmare is his financial empire.

i work for rhl, if they are the company can you pm me

[JTP 221]

It is being said that Murray has been given until next week to sell or the bank will sell on his behalf.

There will severe asset stripping in January (*asset = players) and the mover and shaker behind this is the new board member, Donald Muir. He is a bank placement. (Does anyone have any background info on this guy Muir?)

It's is claimed that a firm of accountants is on standby for next week - they are looking at two firms, one in Glasgow, one in Edinburgh. This firm deals mostly in company liquidations.

Guess who owns both firms?

Folks............the shit is about to hit the fan.

Why are the Accountants supposedly on standby? They would only be on standby IF we were to go into liquidation. Yes we owe the bank money of which they will receive a huge lump sum from this years CL money. The debt will again we reduced. Our assets also far outweigh out liabilities so I don't understand why they are supposedly on standby?

I didn't say 'WE' were to go into administration - I said two companies, one in Edinburgh one in Glasgow.

RFC is not one of them.

Murray owns many companies - it's a paper chase nightmare is his financial empire.

Apologies mate I thought you were implying WE were on the radar.

[Edd1873 0]

It is being said that Murray has been given until next week to sell or the bank will sell on his behalf.

There will severe asset stripping in January (*asset = players) and the mover and shaker behind this is the new board member, Donald Muir. He is a bank placement. (Does anyone have any background info on this guy Muir?)

It's is claimed that a firm of accountants is on standby for next week - they are looking at two firms, one in Glasgow, one in Edinburgh. This firm deals mostly in company liquidations.

Guess who owns both firms?

Folks............the shit is about to hit the fan.

Why are the Accountants supposedly on standby? They would only be on standby IF we were to go into liquidation. Yes we owe the bank money of which they will receive a huge lump sum from this years CL money. The debt will again we reduced. Our assets also far outweigh out liabilities so I don't understand why they are supposedly on standby?

I didn't say 'WE' were to go into administration - I said two companies, one in Edinburgh one in Glasgow.

RFC is not one of them.

Murray owns many companies - it's a paper chase nightmare is his financial empire.

so murray is fucked basically?

[MikeSpilligan 0]

It is being said that Murray has been given until next week to sell or the bank will sell on his behalf.

There will severe asset stripping in January (*asset = players) and the mover and shaker behind this is the new board member, Donald Muir. He is a bank placement. (Does anyone have any background info on this guy Muir?)

It's is claimed that a firm of accountants is on standby for next week - they are looking at two firms, one in Glasgow, one in Edinburgh. This firm deals mostly in company liquidations.

Guess who owns both firms?

Folks............the shit is about to hit the fan.

What part's does Murray have to sell? So I know not to look for work in RH.

Who owns the accountants?

[clelandhattrick 8]

Well done on freaking everyone out, CanadianBacon.

[weeblu 0]

Did anybody else hear chick around about 1.45-2.00 saying that walter was a hairs breadth away from throwing in the towel in the summer because of the financial situation and the restrictions put on him.He said it was only his love for the club that stopped him.(that bit is probably to sweeten us up)Also it was said that the plan to filter Mcoist and Mcdowell into the hot seat was up in the air also.And he expects walter to walk if not in jan then defo in the summer.After he said it he asked Traynor (Mintys lap dog)if he could back him up and he confirmed it.

This + everything else that has came to the fore since for me spells all change at ibrox.Lets just hope its for the better.

[docspiderman 1,234]

It is being said that Murray has been given until next week to sell or the bank will sell on his behalf.

There will severe asset stripping in January (*asset = players) and the mover and shaker behind this is the new board member, Donald Muir. He is a bank placement. (Does anyone have any background info on this guy Muir?)

It's is claimed that a firm of accountants is on standby for next week - they are looking at two firms, one in Glasgow, one in Edinburgh. This firm deals mostly in company liquidations.

Guess who owns both firms?

Folks............the shit is about to hit the fan.

We've just handed over around £7.5 million in Champions League money, reduced the wage bill substantially and recieved millions in season ticket money. That would surely be enough to satisfy the banks for one season, no?

The debt cannot possibly be high enough to justify the forcible selling of the club by the bank. No chance.

Tell me about this please, I didn't think we would get champions league money until much later.

[cooper1989 0]

Way too much conjecture on here Bears.

My favourite post...

The banks will sell the club by the end of the week if Sir David cannot sell...

Need I go further?

Cmon folks... Things are bad.. but we will survive -- we have been a club since 1873. We will be just fine. 25 mill in debt to a bank is fuck all for a club like Rangers.

[Boab 73]

Did anybody else hear chick around about 1.45-2.00 saying that walter was a hairs breadth away from throwing in the towel in the summer because of the financial situation and the restrictions put on him.He said it was only his love for the club that stopped him.(that bit is probably to sweeten us up)Also it was said that the plan to filter Mcoist and Mcdowell into the hot seat was up in the air also.And he expects walter to walk if not in jan then defo in the summer.After he said it he asked Traynor (Mintys lap dog)if he could back him up and he confirmed it.

This + everything else that has came to the fore since for me spells all change at ibrox.Lets just hope its for the better.

Didn't hear that no, interesting throughout though.

[Boab 73]

Published on 25 Oct 2009

WALTER Smith last night confirmed the extent of Rangers’ financial crisis when he revealed that owner Sir David Murray is no longer in control and the club is being run by 
the bank.

Senior sources at Ibrox had ­previously denied that the club was being run by HBoS ever since owner Murray stepped down as chairman on August 26. But that changed nine days ago when Donald Muir formally joined the Rangers board to act in the bank’s interests. That meant Murray gave up all meaningful control – or had it removed from him – by the bank which holds Rangers’ debt of around £30 million. Murray has been trying to find a buyer for ­Rangers for more than two years, without success.

No new players can be bought, nor existing ones offered new contracts, without the bank’s authority, while everyone on the playing staff is available for sale. There is further uncertainty over Smith, assistant Ally McCoist and their backroom staff, who are out of contract in ­January and have not been offered new deals.

Smith outlined the situation after Rangers’ 1-1 draw at home to Hibs yesterday as the club also denied a report that a consortium led by non-executive director Dave King, who is based in South Africa, was days away from taking over at Ibrox. It all meant an inglorious end to Murray’s 21-years in power but Smith said he was sorry that the former chairman had surrendered control to the bank. “It’s obviously not a good situation,” said Smith. “It’s not a situation that anybody wants the club to be in. It’s been up for sale for a while. It’s not the bank’s fault. If the bank has to take over in the circumstances it has, they’re not going to invest in a ­football club, are they? I think ­Rangers have been honest about their ­situation. The players at the club have been up for sale since January. 
[We] haven’t bought a player for 
what will be 18 months in this ­transfer window. So we have been quite honest.

“These circumstances have been there for quite a while now and – despite some headlines – I have never complained about it. I’m not complaining now either I’m just saying it’s a fact of life. A lot of ­companies around the world are struggling financially. When Sir David Murray stepped away from the club I felt that was a bad thing for Rangers because he’s tried as hard as he could over 20 years to invest in the club.

Now there is have no investment. It’s not a situation anybody wants for the club

“Now we don’t have that. So the quicker that gets cleared up the better it will be for Rangers. ­Hopefully 
there can be a change sooner rather than later.”

USA-based director Alastair ­Johnston replaced Murray as Rangers’ chairman in September although he, too, is now answerable to the bank.

http://www.heraldscotland.com/sport/spl/ra...ksEnabled=false

[NOLUWDC 1]

It really is hard to believe we've got ourselves into this situation. If you told me in May 2008 that in 18 months time we would be in this sort of trouble I'd have laughed at you.

[TexasGers 96]

It really is hard to believe we've got ourselves into this situation. If you told me in May 2008 that in 18 months time we would be in this sort of trouble I'd have laughed at you.

I was thinking the same thing