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The Bank hold key to Rangers’ future


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sorry if this is a repost havent been on all day because the 19's cup final.

Douglas Park today confirmed he has spoken with Dave King, the South Africa-based millionaire Rangers director who remains interested in taking over the club.

Park, the businessman who has interests in several car franchises and a coach company, said that there was a “real willingness” from several individuals who wanted to help the Ibrox club out of their financial plight.

However, as revealed in SportTimes yesterday, an HM Revenue and Customs investigation is ongoing into the £47m payments Rangers made into players’ offshore trust funds over the past decade.

And Park concedes that 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 £30million mark, and the HMRC investigation could lead to a tax bill – with the exact amount as 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 and 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.”

Rangers hope to discover next week the bank’s plans for the biggest revenue stream into the club – the season ticket monies that annually amount to between £18million and £20million.

Sources insist again today to the Evening Times there are fears this money will be used to attack the overall debt as the wait for a new owner goes on.

Chairman Alastair Johnston will arrive from America next week prior to the SPL trophy presentation and has a series of crunch meetings lined up to determine the way ahead.

Last night, Rangers were also guaranteed automatic entry to the Uefa Champions League group stages next season after Bayern Munich thrashed Lyon in France.

The German side, along with Barcelona and Inter Milan, who contest the second semi-final this evening in Spain, are all guaranteed into the 2010/11 group phase courtesy of their domestic league positions, and therefore an automatic position has now been freed up for the champions of Scotland.

This will generate around £15million and, again, answers are being sought from the bank on what will happen to that money, with fears centring on how much will be set directly against the debts, and how much will be put into the business plan for the season ahead.

Manager Walter Smith has expressed fears since last October on the future of Rangers after he claimed the bank were running the club, but he will say nothing else on the financial situation, or his own contractual situation, until informed by the board what the exact business plan is.

Smith is almost certainly unwilling to commit to another season at the helm if the club is going to continuing downsizing.

At the moment, with six players out of contract, Rangers are scheduled to return for pre-season training in July with a squad of 14 first-team players plus two goalkeepers.

Of that number, three are young players in Danny Wilson, John Fleck and Andrew Little, while another is Andrius Velicka, who is unlikely to be match fit for the start of the season after nine months on the sidelines with a knee injury.

They could be open to predators in the transfer market for stars like Madjid Bougherra, Steven Davis and Allan McGregor, with no guarantee cash raised would fund replacements.

There has been no satisfactory scouting network in place for a club of Rangers’ size due to cutbacks over the past six months; while the pre-season tour planned for America, including a money-spinning Old Firm match against Celtic scheduled for Boston on July 21, cannot be confirmed until a management team is in place again for next season.

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Darell King is a Rangers man, and to be honest I don't see why he's being vilified for reporting this. I'd love to think that he was some Celtic-minded hack who was delighting in making up scare stories but the sad reality is that the situation he's reporting is probably fairly close to reality, and I don't see how burying our heads in the sand and pretending that there's nothing really wrong is going to do any good.

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I cant remember one of this dicks "exclusives" ever coming true. He is no Rangers man, he is joining in with the attempt to deflect attention from the fact we have won, number 53 and they have won fuck all.

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There is an encouraging article in today's metro re the tax. Basically says the issue is with image rights but clubs who properly valued them have little to fear. It tends to be last minute deals where this has not been done properly in order to speed through the deal.

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There is an encouraging article in today's metro re the tax. Basically says the issue is with image rights but clubs who properly valued them have little to fear. It tends to be last minute deals where this has not been done properly in order to speed through the deal.

well we could be in trouble then

our transfer business over the last 18months has been so hectic and frenzied that maybe something was missed :P

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There is an encouraging article in today's metro re the tax. Basically says the issue is with image rights but clubs who properly valued them have little to fear. It tends to be last minute deals where this has not been done properly in order to speed through the deal.

i have herd that more then half of the SPL Clubs pay to offshore accounts. And i herd arsenal have payed the most into an offshore account and havent been pulled up for it yet. its not illegal, i herd anyway, so i dont see the problem

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