Another doom and gloom Daryll "exclusive"

[Bluedell 14]

Ah but there's the rub of it - this isn't a Daryl King story this is - as many people happily post - a DAVE King inspired story.

So who do i believe ? - a guy who has invested £20m of HIS money in the club and saw it vanish and who now wants to take control of it and restore its dignity

OR

The Moonbeam kid who has not put a penny of his personal cash into the club and HIS press buddies, oh and a man on the inside in Mr Muir who's only ambition is to recoup as much money for his master(s)

I can see the maneuvering by those who want the club and those who only want to maximise the return no matter what happens on football side.

Will say it again - Murco MUST lose this or the club we all love could be set back for years

So when King invests into rangers from his company it's his cash but when Murray invests from his company it isn't his cash?

[Blue Stars Bearette 1]

checking the papers online....interesting that the HMRC story might be a timed leak .....

Rangers chairman Alastair Johnston set for Ibrox return to sort out tax row and club's future

http://www.<No links to this website>/football/spl/2010/04/28/rangers-chairman-alastair-johnston-set-for-ibrox-return-to-sort-out-tax-row-and-club-s-future-86908-22217493/

excerpt

'Johnston stressed that, should Smith stay, he will be given a transfer fund for the first time in two years .

He said: "I feel confident we will have some money to spend. We have players out of contract and a lot of current players we would like to look at retaining."

Johnston also hopes to hold face-to-face talks with Ellis and appeared to warn that any bid could yet be blocked by the board.

He said: "If talks progress he will have to meet with the independent committee of the Rangers board. We will look at what he is prepared to do for the club and what he has the resources to do."

Asked about the HMRC tax probe, Johnston said: "This is not a new problem. It's something the Murray Group have been dealing with and taking care of."

Rangers have dismissed the tax story as a blatant attempt to scare off buyers and it was being suggested the information about HMRC's challenge could have been leaked from Ibrox.

But the Ellis team have completed the due diligence process and he is set to make a final decision on his bid.'

[GeneralCartmanLee 313]

Darrell King

Douglas Park, the businessman who has interests in several car ­franchises and a coach company, last night confirmed he has spoken with Dave King, the South Africa-based ­millionaire Rangers director who remains interested in taking over the club.

Park told The Herald there was a "real willingness" from several individuals who want to help the Ibrox club out of their financial plight. However, with the revelation that an HM Revenue and Customs investi­gation is ongoing into payments Rangers made into players' offshore trusts over the past decade, Park conceded there would have to be certain conditions agreed with Rangers' owners, Murray Inter­national, and the club's bankers, Lloyds, before any deal could be done. The SPL champions' debts are still hovering around the £30m mark, and the HMRC investigation could lead to a tax bill – the exact amount yet unknown – having to be met if the club is found to have a case to answer.

When asked if he had held discussions with King over a potential buy-out, Park would only say: "I have had meetings with Dave King since January, but the contents of our discussions are private. There are people out there with a real willingness to put millions of pounds of their own money into the club to try to address the current situation and return the club to stability. However, unless certain conditions are met, it would be impossible for anything to proceed.

"At the moment, the bank are in total control of the situation as the season-ticket money, and any Champions League money, comes in."

And there you have it......it's sad when you find out it's a group of rangers fans trying to get a cheaper price for the club (that they still can't afford) so they will tell there lapdog journalist anything whatever the consequences. When most of us just want to enjoy a league win these guys are briefing the press with half truths and lies to put pressure on the club and chairman to sell to them

If anyone thought we had it bad under Sir David it would be a hell of a lot worse under this lot. It's clear that parks, paul murray and king do not have the clubs best interests at heart.

No wonder Sir David wants nothing to do with them.

[Bakbear 3,586]

Right, I am going to start by apologising because this is gonna be a long and winding post .... apologies if it is muddled and incoherent, that just reflects my state of mind on all this...

Firstly, this tax business seems to me to be an absolute red herring designed and delivered to cause maximum confusion amongst the Rangers support. Whoever chose to exaggerate and inflate this issue, as if it is another nail in the Rangers coffin, ought to be hunted and prosecuted for libellous statements. That several other football clubs are involved in this investigation into a "loophole" and that many large businesses likewise utilize this loophole should be pointed out to enforce that this is not an illegal mechanism. Loophole seems to be synonymous with dodgy.... Tax accountants get paid handsomely to exploit these loopholes and it is up to the government to close them. Rangers have been acting in accordance with the rules and until those rules change there is no problem... a total non-story...

Secondly, what ever happened to the talk of 108 million debt? That was the story of the hour a couple of days ago. If this was proved to be nonsense then once again the perpetrator of this lie needs to be hunted and prosecuted for another libellous statement. The papers are now full of the debt being 30 or 31 million depending on which paragraph you read. No mention of 13 million profit in the first half of the season or the huge windfall that Rangers will be receiving thanks to the CL auto entry... 30 Million was the amount at the last published accounts I think and that was not including CL income from this year??

Moving on, I am not going to continue counting as I don't know where I am going with this :-) , assuming we are in 30 million of debt, and assuming that Lloyds, having just posted better than expected profits for the quarter, actually are demanding all their 30 million back immediately and without discussion, is it so bad that the Season ticket money and the CL money for one season will be given to them to clear our debt in one fell swoop?? Would this prevent us from offering new contracts and carrying a squad of around 20 players??? Because frankly if we could wipe out all our debt in one season of pain and then build on that then I don't think thats a bad solution and if we could convince Walter to stay at the helm and keep our current crop of players then I would be confident that our one season of pain might just end up being 3 in a row

That of course is really hypothetical because why would a bank want to get rid of loans that are being serviced, that is after all, how they make their money.

Next, all this talk of certain individuals releasing stories and trying to reduce the price of Rangers is driving me nuts. I am seriously considering dropping out of the internet community to avoid all this ridiculous conjecture and speculation. The fact is we don't know anything other than what the club releases officially. Innuendo, suggestion, veiled threats and the like, contribute nothing and serve only those who are in this for their own agenda.... this of course means journalists looking to sell papers and potential buyers looking to get the club on their terms and at the best price... with all those different agendas it impossible to figure out the truth so default position should be believe nothing... I will wait to hear what the official club statements are and believe nothing else

As I understand the bare facts today, (and by facts I mean that which is legally recognized to be the truth as opposed to what some random internet poster defines as FACT because it is in capital letters)

• At the last accounts released, Rangers are in 30 Million of Debt to Lloyds
• A business plan is in place to ensure that this debt is serviced
• Rangers have qualified for the group stages of the CL guaranteeing a minimum of 15 Million Income next season
• SDM is selling his stake in Rangers should a buyer be found
• There is an investigation by HMRC into a tax loophole being used by a number of businesses including MIH which MIH are fully cooperating and they are confident that they have done no wrong.
• Rangers have ONE party who is qualified to carry out due diligence for the purpose of buying the Club. That party is Ellis who has met whatever criteria is required to review the financial records. No other party has qualified to do this.

In effect nothing has actually changed since the AGM? Except someone somewhere has tried to ratchet up the pressure for their own agenda.

All the other talk about Wilson etc. not signing a contract and Rangers starting next season with only 14 professional footballers is just more scaremongering and speculation.... Rangers financial plight has become the cash cow for selling papers, preying on the fears of loyal fans to try and maximize the panic and the fact that in so doing give the great unwashed some hope in their miserable existence is just a happy by-product. We should be trying to starve these f#ckers of the fuel for their fire, the fuel being our fears.

Before I finish my rant, people talking about not renewing season tickets, well I can hardly judge as I have lived overseas for most of my adult life so have never held a season ticket. However for the life of me I see no advantage to delaying renewal of the season tickets. The club needs that money irrespective of what happens. Withholding that money is not hurting Lloyds it is hurting the club. Lloyds are being continually portrayed as the bad guys in all this. They are just a bank doing their business. Now you may argue that being "just a bank" is enough to justify casting them as the bad guy but that's a different debate.

So to summarize... Jhournos are tossers.... Rangers are Champions .... and ... we welcome the chase

[docspiderman 1,248]

Not at all muddled or incoherent!

Excellent and accurate analysis !

Those who delight in rumour mongering and fantasies will continue,however.

[bombaybadboy08 15,660]

Right, I am going to start by apologising because this is gonna be a long and winding post .... apologies if it is muddled and incoherent, that just reflects my state of mind on all this...

Firstly, this tax business seems to me to be an absolute red herring designed and delivered to cause maximum confusion amongst the Rangers support. Whoever chose to exaggerate and inflate this issue, as if it is another nail in the Rangers coffin, ought to be hunted and prosecuted for libellous statements. That several other football clubs are involved in this investigation into a "loophole" and that many large businesses likewise utilize this loophole should be pointed out to enforce that this is not an illegal mechanism. Loophole seems to be synonymous with dodgy.... Tax accountants get paid handsomely to exploit these loopholes and it is up to the government to close them. Rangers have been acting in accordance with the rules and until those rules change there is no problem... a total non-story...

Secondly, what ever happened to the talk of 108 million debt? That was the story of the hour a couple of days ago. If this was proved to be nonsense then once again the perpetrator of this lie needs to be hunted and prosecuted for another libellous statement. The papers are now full of the debt being 30 or 31 million depending on which paragraph you read. No mention of 13 million profit in the first half of the season or the huge windfall that Rangers will be receiving thanks to the CL auto entry... 30 Million was the amount at the last published accounts I think and that was not including CL income from this year??

Moving on, I am not going to continue counting as I don't know where I am going with this :-) , assuming we are in 30 million of debt, and assuming that Lloyds, having just posted better than expected profits for the quarter, actually are demanding all their 30 million back immediately and without discussion, is it so bad that the Season ticket money and the CL money for one season will be given to them to clear our debt in one fell swoop?? Would this prevent us from offering new contracts and carrying a squad of around 20 players??? Because frankly if we could wipe out all our debt in one season of pain and then build on that then I don't think thats a bad solution and if we could convince Walter to stay at the helm and keep our current crop of players then I would be confident that our one season of pain might just end up being 3 in a row

That of course is really hypothetical because why would a bank want to get rid of loans that are being serviced, that is after all, how they make their money.

Next, all this talk of certain individuals releasing stories and trying to reduce the price of Rangers is driving me nuts. I am seriously considering dropping out of the internet community to avoid all this ridiculous conjecture and speculation. The fact is we don't know anything other than what the club releases officially. Innuendo, suggestion, veiled threats and the like, contribute nothing and serve only those who are in this for their own agenda.... this of course means journalists looking to sell papers and potential buyers looking to get the club on their terms and at the best price... with all those different agendas it impossible to figure out the truth so default position should be believe nothing... I will wait to hear what the official club statements are and believe nothing else

As I understand the bare facts today, (and by facts I mean that which is legally recognized to be the truth as opposed to what some random internet poster defines as FACT because it is in capital letters)

• At the last accounts released, Rangers are in 30 Million of Debt to Lloyds
• A business plan is in place to ensure that this debt is serviced
• Rangers have qualified for the group stages of the CL guaranteeing a minimum of 15 Million Income next season
• SDM is selling his stake in Rangers should a buyer be found
• There is an investigation by HMRC into a tax loophole being used by a number of businesses including MIH which MIH are fully cooperating and they are confident that they have done no wrong.
• Rangers have ONE party who is qualified to carry out due diligence for the purpose of buying the Club. That party is Ellis who has met whatever criteria is required to review the financial records. No other party has qualified to do this.

In effect nothing has actually changed since the AGM? Except someone somewhere has tried to ratchet up the pressure for their own agenda.

All the other talk about Wilson etc. not signing a contract and Rangers starting next season with only 14 professional footballers is just more scaremongering and speculation.... Rangers financial plight has become the cash cow for selling papers, preying on the fears of loyal fans to try and maximize the panic and the fact that in so doing give the great unwashed some hope in their miserable existence is just a happy by-product. We should be trying to starve these f#ckers of the fuel for their fire, the fuel being our fears.

Before I finish my rant, people talking about not renewing season tickets, well I can hardly judge as I have lived overseas for most of my adult life so have never held a season ticket. However for the life of me I see no advantage to delaying renewal of the season tickets. The club needs that money irrespective of what happens. Withholding that money is not hurting Lloyds it is hurting the club. Lloyds are being continually portrayed as the bad guys in all this. They are just a bank doing their business. Now you may argue that being "just a bank" is enough to justify casting them as the bad guy but that's a different debate.

So to summarize... Jhournos are tossers.... Rangers are Champions .... and ... we welcome the chase

Good post.

[derekweir29 505]

Darrel king is a joke 24 changed his tune

[Orangeclement 572]

Man utd and Arsenal are A COUPLE OF THE epl being investigated also , Man Utd in relation to Wayne rooney and Arssenal for an alleged tax evasion

[markybear 136]

I listened into RR at 6:30 when the guy was on .. Brian Something (never caught his surname), i presume this guy is a major shareholder or has some sort of influence at the club as when he said that SDM called him back, i doubt he would do that to just a guy who has 5 shares !!

Anyway, i heard this guy recount his conversation where it was made clear that the debt had been reduced to Circa £20m and was still to drop, considerably. There was also a clear statement that the CL & season ticket money was NOT ring-fenced to reduce the debt .. again at £20m and dropping. Lastly, there was confirmation that the club will have funds to strengthen the playing staff ... now whether that comes from sales of existing players or is money from CL/Season Tickets, they weren't clear on (not that i can remember).

Overall, the impression given from the caller was that SDM was not pleased with the "misinformation" being fed to the press and was looking to do something about it. Personally i would love to hear Daryll King having a phone-in discussion with SDM where he could put his claims to the horses mouth.

Dear oh dear, where do you start with this ?

Some guy called Brian Something says he's had a personal call from the invisible man hiding in Chateau Du Thief - must be true then ?

Sells an "everything is fine - no need to panic" B/S storyline

The two Goons happen to "slip up" that THEIR insider info was from same said Charlatan and proceed to poo poo the E.T. story which is highly damaging to one persons image, yep mr invisible.

So in short, Some Rangers fans will still believe the Murray Lies,spin and moonbeams on the word of "brian" and a mince stealing T*rrier and Cameron. Only for this to be even further substantiated by the "official" retort from the club which actually when read doesn't actually deny the allegations merely refer to them in different tense and manner.

The game is afoot and it is splitting down the lines of Murco and his minions and King and his hanger ons.

Murco MUST lose

wtf are u talking about? who the fuck is murco? are u just making ppl up?

ur post really doesnt make much sense

[Blue Stars Bearette 1]

any one read DKs latest doom n gloom article in todays ET yet?

http://www.eveningtimes.co.uk/sport/editor-s-picks-ignore/poison-pill-that-killed-the-party-1.1023505

[RFC55 109,652]

any one read DKs latest doom n gloom article in todays ET yet?

http://www.eveningti...party-1.1023505

Thats the 1 the 13 page discussion is about

[Blue Stars Bearette 1]

any one read DKs latest doom n gloom article in todays ET yet?

http://www.eveningti...party-1.1023505

Thats the 1 the 13 page discussion is about

am aware of that ::this a new article ..dated today...

[Frankie 505]

The article has been amended slightly - probably at the behest of Rangers FC.

[WaltersGotStyle 160]

any one read DKs latest doom n gloom article in todays ET yet?

http://www.eveningti...party-1.1023505

Thats the 1 the 13 page discussion is about

am aware of that ::this a new article ..dated today...

It's dated yesterday... or am I missing something...

[Blue Stars Bearette 1]

any one read DKs latest doom n gloom article in todays ET yet?

http://www.eveningti...party-1.1023505

Thats the 1 the 13 page discussion is about

am aware of that ::this a new article ..dated today...

It's dated yesterday... or am I missing something...

apologies I was reading the ET banner Wednesday 28 April 2010

date line instead of the article date...which seemed a bit different from the original one

[WaltersGotStyle 160]

any one read DKs latest doom n gloom article in todays ET yet?

http://www.eveningti...party-1.1023505

Thats the 1 the 13 page discussion is about

am aware of that ::this a new article ..dated today...

It's dated yesterday... or am I missing something...

apologies I was reading the ET banner Wednesday 28 April 2010

date line instead of the article date...which seemed a bit different from the original one

Yeah he wrote that piece several hours after the original

[GeneralCartmanLee 313]

The article has been amended slightly - probably at the behest of Rangers FC.

What has been changed (i can't read it again i may cry )

[william2408 0]

Stil doesnt change the fact that Smith, King, Park and Murray are using Daryl King to spin this story, and I am really surprised that more people dont realise this, just wait 2-3 weeks time when walter walks and we are left with Donald Muir interviewing our new manager, unless changes happen!

[CottonRunt 978]

Right, I am going to start by apologising because this is gonna be a long and winding post .... apologies if it is muddled and incoherent, that just reflects my state of mind on all this...

Firstly, this tax business seems to me to be an absolute red herring designed and delivered to cause maximum confusion amongst the Rangers support. Whoever chose to exaggerate and inflate this issue, as if it is another nail in the Rangers coffin, ought to be hunted and prosecuted for libellous statements. That several other football clubs are involved in this investigation into a "loophole" and that many large businesses likewise utilize this loophole should be pointed out to enforce that this is not an illegal mechanism. Loophole seems to be synonymous with dodgy.... Tax accountants get paid handsomely to exploit these loopholes and it is up to the government to close them. Rangers have been acting in accordance with the rules and until those rules change there is no problem... a total non-story...

Secondly, what ever happened to the talk of 108 million debt? That was the story of the hour a couple of days ago. If this was proved to be nonsense then once again the perpetrator of this lie needs to be hunted and prosecuted for another libellous statement. The papers are now full of the debt being 30 or 31 million depending on which paragraph you read. No mention of 13 million profit in the first half of the season or the huge windfall that Rangers will be receiving thanks to the CL auto entry... 30 Million was the amount at the last published accounts I think and that was not including CL income from this year??

Moving on, I am not going to continue counting as I don't know where I am going with this :-) , assuming we are in 30 million of debt, and assuming that Lloyds, having just posted better than expected profits for the quarter, actually are demanding all their 30 million back immediately and without discussion, is it so bad that the Season ticket money and the CL money for one season will be given to them to clear our debt in one fell swoop?? Would this prevent us from offering new contracts and carrying a squad of around 20 players??? Because frankly if we could wipe out all our debt in one season of pain and then build on that then I don't think thats a bad solution and if we could convince Walter to stay at the helm and keep our current crop of players then I would be confident that our one season of pain might just end up being 3 in a row

That of course is really hypothetical because why would a bank want to get rid of loans that are being serviced, that is after all, how they make their money.

Next, all this talk of certain individuals releasing stories and trying to reduce the price of Rangers is driving me nuts. I am seriously considering dropping out of the internet community to avoid all this ridiculous conjecture and speculation. The fact is we don't know anything other than what the club releases officially. Innuendo, suggestion, veiled threats and the like, contribute nothing and serve only those who are in this for their own agenda.... this of course means journalists looking to sell papers and potential buyers looking to get the club on their terms and at the best price... with all those different agendas it impossible to figure out the truth so default position should be believe nothing... I will wait to hear what the official club statements are and believe nothing else

As I understand the bare facts today, (and by facts I mean that which is legally recognized to be the truth as opposed to what some random internet poster defines as FACT because it is in capital letters)

• At the last accounts released, Rangers are in 30 Million of Debt to Lloyds
• A business plan is in place to ensure that this debt is serviced
• Rangers have qualified for the group stages of the CL guaranteeing a minimum of 15 Million Income next season
• SDM is selling his stake in Rangers should a buyer be found
• There is an investigation by HMRC into a tax loophole being used by a number of businesses including MIH which MIH are fully cooperating and they are confident that they have done no wrong.
• Rangers have ONE party who is qualified to carry out due diligence for the purpose of buying the Club. That party is Ellis who has met whatever criteria is required to review the financial records. No other party has qualified to do this.

In effect nothing has actually changed since the AGM? Except someone somewhere has tried to ratchet up the pressure for their own agenda.

All the other talk about Wilson etc. not signing a contract and Rangers starting next season with only 14 professional footballers is just more scaremongering and speculation.... Rangers financial plight has become the cash cow for selling papers, preying on the fears of loyal fans to try and maximize the panic and the fact that in so doing give the great unwashed some hope in their miserable existence is just a happy by-product. We should be trying to starve these f#ckers of the fuel for their fire, the fuel being our fears.

Before I finish my rant, people talking about not renewing season tickets, well I can hardly judge as I have lived overseas for most of my adult life so have never held a season ticket. However for the life of me I see no advantage to delaying renewal of the season tickets. The club needs that money irrespective of what happens. Withholding that money is not hurting Lloyds it is hurting the club. Lloyds are being continually portrayed as the bad guys in all this. They are just a bank doing their business. Now you may argue that being "just a bank" is enough to justify casting them as the bad guy but that's a different debate.

So to summarize... Jhournos are tossers.... Rangers are Champions .... and ... we welcome the chase

Why do you not post more often!!

Great post! im sure every sensible Rangers fan feels the same! :praise:

[william2408 0]

This situation wont effect masses of season ticket renewals but if it even effects one then its a shame because Ibrox shouldnt loose a fan becuase the board!

[Maxiglw 9]

wtf are u talking about? who the fuck is murco? are u just making ppl up?

ur post really doesnt make much sense

Murco - Murray Company

ppl - people ? ur - you're ? "" - a deer, a female deer ????

Sorry but i can't get posts done in crayon to appear online

[GeneralCartmanLee 313]

.

[markybear 136]

wtf are u talking about? who the fuck is murco? are u just making ppl up?

ur post really doesnt make much sense

Murco - Murray Company

ppl - people ? ur - you're ? "" - a deer, a female deer ????

Sorry but i can't get posts done in crayon to appear online

murco-why dont u just say MIH like everyone else?

yes 'ppl' means 'people','ur' means 'your', not you're and fuck knows why you're talking about deer?

anyway phrases like 'wtf' mean 'what the fuck',they are used as shorthand/quick replying in texts, its not my fault you cant understand them,but most importantly your other post still doesnt make sense, put that on ur crayon and smoke it

[william2408 0]

I like how no one has decided to upload Daryls response to his critics today! funny that, head = sand = lalalalala

[william2408 0]

And here it is

Rangers released a statement last night confirming our exclusive revelation that HM Revenue and Customs are investigating the club over payments made to players through off-shore employee remuneration trusts.

It is believed almost £47million has been channelled into The Rangers Employee Benefit Trust and the Murray Group Management Ltd Remuneration Trust since 2001.

Here, in light of the reaction to our story that had dominated the headlines since, we spell out the facts...

RANGERS: “There is an on-going query raised by HMRC, which is part of a pending court case. On the basis of expert tax advice provided to Rangers, the Club is robustly defending the matters raised and cannot comment further at this stage.”

FACT: We told our readers this explosive news yesterday – and it was subsequently confirmed an hour later by the club.

We also said that it was unclear how much money Rangers would have to pay – if they are found to have a case to answer.

It has been reported in another newspaper this morning that Sir David Murray was approached in January and asked about a HMRC tax investigation.

The report says he denied there was one going on when asked at that time.

CHAIRMAN ALASTAIR JOHNSTON: “It’s not a new issue. Tax issues are never clear cut and all I can say is we have taken a lot of legal advice on this issue. I do not think it should be a material concern for us in the longer term, but we can’t say for sure yet what might happen.”

We have been accused of “underhand tactics” by running the story at a time when Andrew Ellis was conducting due diligence. The tax issue would have leapt out at Andrew Ellis in that process so how could it possibly be designed to derail him?

The story was run to inform the club’s fans this serious issue existed and what the possible implications could be.

RANGERS: “It has been speculated in the media today that club season-ticket and Champions League income had already been ring-fenced by the bank to reduce the Club’s debt. This is totally incorrect and discussions with the bank in relation to the business plan will take place in the coming weeks.”

FACT: We did not say the season-ticket money and Champions League money had already been ring-fenced. We stated that senior figures at the club FEARED this would be the case when they meet the money-men next week. It has been confirmed today that the club have yet to find out what the business plan actually is, so fears remain at senior level given what’s been imposed on them for the past 18 months.

CHAIRMAN ALASTAIR JOHNSTON: “Hopefully, to maintain long-term value of Rangers, Lloyds will see what is needed. Hopefully they will be collaberative.

WALTER SMITH AT THE WEEKEND: “I don’t know exactly how it will work out with the bank plan that has been put in place and that we have had to come into line with.

“Although we have been cutting back recently, cutting our staff and wages down, this (summer] would be the first time it would be implemented.

“We have yet to be told what will happen if we are successful in winning the league and if we do get the Champions League money – or what happens to the season-ticket money that comes in.

WALTER SMITH YESTERDAY: “They’re (bank) all sitting back looking at two lots of Cham-pions League money.

“That’s £24m quid. Dead easy from their point of view. So by winning we’ve disadvantaged anybody buying the club. That’s what we’re doing.

“They’ll be elated, won’t they? Because that’s them, they’ve got a chance of the Champions League money again.

“They’re rubbing their hands so, from the off-field perspective, everybody is delighted.”

So, the manager and the chairman have yet to be told what the plans are. This will come next week and Rangers fans will hope, for the sake of their club, that Lloyds take their hand off Rangers’ throat.

With debts still around £30m, and no guarantee that there will be Champions League money again after next season, it will take a radical U-turn for them to give the club breathing space. These are the fears that we made public yesterday.

RANGERS: “The club would also like to reiterate once again that at no time has Director Dave King made an offer for the purchase of Rangers Football Club.

FACT: We never said Dave King had made an offer. In January another newspaper reported he had offered £18m. Yesterday we stated King had met Rangers fans last week in Johannesburg and said he wanted to buy the club. We have spoken to fans who were there and have a detailed account of what was said to them.

The Evening Times works to no agenda, or on anyone’s behalf. Our aim is to report stories and give our readers an insight into the financial crisis at Rangers and information about the behind-the- scenes battles in the biggest football story for years.

lIn October, we revealed the massive crisis Rangers were in. We said the club had been told administration was an option had the board not accepted the bank’s business plan and that the real crisis would come in this summer. Yesterday, we told our readers how the 5-4 vote on the business plan went. This aspect of the story was unchallenged.

lIn November, we revealed how Graham Duffy, the Florida based businessman, wanted to launch a fans backed takeover. This never materialised, but it was this paper’s duty to report the story which activated weeks of debate on fan ownership.

lIn March, we revealed Andrew Ellis had lined up a £33m bid to take control and, despite several requests, he has not yet taken up the offer to speak publicly to this newspaper.

We have been told his bid will not proceed. If it does, then our information will have been wrong.

The future of Rangers is the most important issue to their supporters, and if Ellis does proceed and take control he should be commended for taking the club on and attempting to salvage them.

Our sister title, the Sunday Herald, this month also revealed how a fans’ group had held talks with businessman Jim McColl over a possible supporter-driven buy-out.

Our stories over the past seven months were researched fully, checked out with impeccable sources and are the subject of NO legal challenges.

We stand by every word. We will continue to pursue the truth about what is happening inside Ibrox on behalf of our readers.

THIN BLUE LINE

Q. What exactly have Rangers done?

A. The club have been paying some players in part through an employee remuneration trust. Instead of incurring hefty income tax and National Insurance (NI) bills, Rangers have paid the money into an offshore account.

This is then “loaned” to players at a low interest rate, currently 4.75%, with no expectation of players repaying it.

Q. Why would they do this?

A. Players often negotiate wage deals based on take-home pay, rather than

pre-tax income. Using trusts allows the club to afford better players.

Q. Is this legal?

A. Yes, although it is a matter of opinion. HM Revenue & Customs has pursued cases against firms that do it, claiming they are breaking the law. Either a negotiated settlement is reached or the case becomes bogged down in court with both sides arguing the toss. It is very common, with big City firms and larger sports teams across the UK adopting the practice.

Q. How much money would be involved?

A. About £46 million at Rangers, according to figures obtained by SportTimes. The tax man could potentially try to get back all the PAYE tax and NI contributions that would be due on this balance; assuming all the players were on the top rate of tax, this would be roughly £24.3m, effectively doubling Rangers’ debt.

Q. Which players could be involved?

A. Neither Rangers nor HMRC will comment on this. After accountants’ fees are taken into account, however, it would only make sense to pay top earners in this way – players on at least £6,000-a-week would be the most likely candidates. And, since the fund has been running since 2001, this could mean any number of Rangers’ biggest names from the past decade, including (above left to right): Fernando Ricksen, Peter Lovenkrands, Ronald De Boer, Dado Prso and Pedro Mendes.

Q. Shouldn’t it be the players who pay the money back?

A. Some would argue so, but for foreign players, at least, any such attempts would be easy to avoid, simply by leaving the UK.

Q. And why could this make Rangers “unsellable”?

A. Given the potential for a £24m can of worms to open up a year or two down the line, any buyer will be cautious about making a bid. If there’s any danger, it is going to rule out all but the most foolhardy of investors.

Bank plan puts pinch on stadium

Rangers’ business plan is so restrictive that standard maintenance and repairs at Ibrox are being ignored.

Cash is so tight, with almost every penny spent having to be signed off by the money men, that members of the board are now embarrassed when fans ask them what is going on.

A source told the Evening Times: “The catering outlets are in drastic need of refurbishment. There are numerous screens in the stadium concourses that need repaired or replaced but have not been touched.

“General maintenance work, such as painting, needs done and there have been complaints that parts of the stadium are filthy. Everything, comes under the scrutiny of the bank’s business plan.”

The giant jumbotron screens have also been the subject of fans’ enquiries as to why they are not working properly, or rarely switched on.

An expenditure request was raised and signed off by the board last year, and repair was then scheduled.

But the company Rangers were looking to use ran into trouble and there was a delay.

By the time a new expenditure request was raised, with the new bank plan in place, it was felt the money would be better used elsewhere and the screens remain in need of repair and are therefore not switched on at home games.

No liability to Murray firm

There has been conjecture over Rangers and their link to Murray Sports, the company that owns a percentage of the club’s shares.

It has been claimed that the football club could be liable for an £108m payment to Murray Sports as a result of a transaction in 2004. This is not the case. A leading financial analyst explains the numbers today in a bid to clarify this speculation for supporters.

He said: “When Murray Sports acquired Rangers from Murray’s holding company in 1999, the transfer price for the 75 per cent stake was set at £61m, with £60m of it a loan repayable to the parent group.

“Interest was to be rolled up on the loan, with the entire sum repayable in the event of the sale of Rangers. The accounts show the accumulated interest is now at £48m, which means Sir David should by now have earned an 80% return on his investment. Instead, any buyer of Rangers will consider the club’s debt to its bankers a high enough price to pay.

“If, as is likely, sufficient money is not received by Murray Sports for their shares to repay the loan notes and interest then Sir David Murray’s empire will suffer the loss.”