Takeover talk - Rangers confirm Whyte talks

[Frankie 505]

just gonna ask this, why would anyone want to buy the club when we have this tax thing over our head?

The club have been at pains to say that the tax issue is only a query and if it did ever result in some sort of demand, MIH would be liable; not RFC.

We can only assume any potential buyer agrees with the advice given to the club in that regard.

[Right_To_Censor 1,951]

cheers rf52 and frankie

[Muff 245]

What they saying muff im in work?

Been in talks with David Murray for a couple of months, deal might be concluded by Christmas or the New Year, Andrew Ellis involved... in other words they have done what Sky Sports do all the time - pick snippets from the Scottish rhags and report it. They couldn't give a shit about Scottish football and cannot wait to talk about England, the Premiership and cricket...

[Ferdasyn 431]

People who started slagging the OP without without even checking if it was true are fuckin pathetic.

And we all know who the main culprit is

[RFC55 109,082]

Been in talks with David Murray for a couple of months, deal might be concluded by Christmas or the New Year, Andrew Ellis involved... in other words they have done what Sky Sports do all the time - pick snippets from the Scottish rhags and report it. They couldn't give a shit about Scottish football and cannot wait to talk about England, the Premiership and cricket...

and the Surf report Muff

[BRITNEY IS NOT FEELING IT 8,293]

Info bar on sky only saying two lines , fucking pathetic lazy journalism , more to follow (nowish) ?

[lgr1991 303]

BBc News reporting it now, we have a credible news source... finally

http://news.bbc.co.uk/sport1/hi/football/teams/r/rangers/9204288.stm

[markybear 136]

I'm not for 1min saying I completely believe this or not but it looks like something may be happening.

I don't have time to read the whole thread but I hope the op got some apologies for the early mocking in the first few pages. The story may not be true but he was pretty much spot on with the details he posted yesterday.

Chris Whyte? Was he on the radar b4?

Never heard of him tbh but if he's a minted bear wanting to help then it sounds gd (maybe too gd).

The thing that's making me sway to not believing this is the supposed Ellis involvement. I don't see what he brings to the table. We'll just have to wait and see I suppose

[Muff 245]

The man who once modelled himself on Sir David Murray today confirmed to the London Stock Exchange that he hopes to replace the Edinburgh-based millionaire as the new owner of Rangers.

Wealthy London-based financier Craig Whyte is in advanced negotiations to take control of the Ibrox club in a deal thought to be worth £32million, and could be at the helm before the end of the year.

The 39-year-old lifelong Gers supporter originally from Motherwell – who has made his fortune as a venture capitalist – is currently carrying out due diligence after weeks of secret talks with Mr Murray and Rangers’ bankers, Lloyds.

A statement from Whyte's representatives released to the market just before noon stated: "Craig Whyte notes the articles in today’s press regarding discussions between him and Murray International Holdings Limited ("MIH") with a view to him acquiring MIH’s majority shareholding in Rangers Football Club Plc ("RFC").

"Mr Whyte confirms that he is considering making an offer for RFC and is in talks with MIH but that these are at an early stage and there can be no certainty that an offer will ultimately be made.

"Mr Whyte has not yet approached the board of RFC. A further statement will be made in due course."

Mr Whyte could not add further comment today because of stock market rules, but sources close to him told the Evening Times he is a passionate Rangers fan who is determined to press ahead with the deal as quickly as possible and that he has major plans in place for the club.

In an interview in 1996, Mr Whyte said that Scots entrepreneurs such as Mr Murray, and Kwik-Fit owner Sir Tom Farmer, were his inspiration as he attempted to build his own business empire.

And now the man who once had an executive box at Ibrox could be heading for the directors box as the new owner and chairman.

“The money is already in place, and this could be completed in a matter of weeks once due diligence is finished – there will be significant funds available to progress the club on and off the pitch,” a source said.

“Deep down, this has always been one of Craig’s dreams to own Rangers. When he first started out in the early 90s, Sir David Murray was someone he looked up to. Now he is ready to take over from him.”

The Rangers takeover deal, which our sources say will be financed mainly by Mr Whyte himself, although he has spoken to others – including Andrew Ellis who failed in a Gers take-over six months ago – about coming on board with additional financial backing, would see Lloyds given around £25m-£26m to wipe out the current club overdraft.

They have been running Rangers under a strict business plan for the past year after stepping in to take control when debts reached £32m.

Mr Murray would also get back the £6m he paid for the club in 1988 – in exchange for his controlling interest – in a deal that has been brokered by ‘turn-around specialist’ Donald Muir, who took a place on the Rangers board last year at the behest of the Murray Group, and Mike McGill, Mr Murray’s long-standing lieutenant.

Mr Whyte has already satisfied Mr Murray of his intentions, his ability to take the club on, and suitably provided evidence of his funding to complete a deal and provide finance for new players going forward.

However, given the much publicised attempted takeover by Ellis, which finally collapsed last summer after a protracted three-month affair, no-one will take anything for granted until the deal is completed.

Mr Whyte is fully aware of the on-going HMRC tax investigation into payments made into players remuneration trusts – a story we revealed back in May – although it is believed that the Murray Group have now offered a warranty to any possible liability, should Rangers have a back-dated tax bill to pay after a court case early in the New Year.

Mr Whyte has been off the radar on the Scottish business scene for the past 11 years after making a name for himself as a young entrepreneur before some of his local businesses ran into trouble.

He lives in London, but four years ago bought Castle Grant, just outside Grantown-on-Spey in the Highlands, and spends part of his time living there.

Rangers have effectively been ‘on the market’ for just over a year. In October 2009, it was announced to the Stock Exchange that Mr Murray would consider selling his controlling stake, effectively putting the club in a ‘live bid’ situation.

In March of this year, we revealed that Mr Ellis – a London-based property developer – was in talks with Mr Murray over a £30m plus takeover. This was confirmed to the Stock Exchange days after our story.

However, Mr Ellis failed to follow through with his financial pledges and, despite several public declarations of intent and suggestions that current millionaire director Dave King would step in with a firm offer to takeover, on June 15 the following statement was again released to the Stock Exchange, killing off the Ellis bid.

It read: “On 26 October 2009, the principal shareholder of Rangers Football Club, Murray International Holdings Limited, advised the board of directors of the club that it was considering options regarding the controlling shareholding in the Club help by its subsidiary Murray MHL Limited.

“At this time, however, the board MIH has not been able to secure an offer which it considers to be in the best interests of the Club, its shareholders and its fans.

“Following on from the success of winning the 2009/10 SPL title and thereby securing participation in the group stages of the Champions League during 2010/11, the Club recently announced that the football management team had signed new contracts.

“The board of directors of MIH therefore considers that the interests of stakeholders are presently best served by providing the football management team and board of directors with an opportunity to implement its business plan which is supported by Lloyds Banking Group. In these circumstances, MIH hereby announces that it is no longer actively marketing its controlling stake in the Club for sale.”

However, there was never a statement to the Stock Exchange stating the Club was back off the market – allowing interested parties such as Mr Whyte to continue dialogue with the Murray Group.

Now, if a deal can be agreed and signed, Rangers could change ownership for the first time in 22 years before the end of the year and be allowed to control their own destiny away from the iron grip of their bankers.

TIMES FILE: CRAIG WHYTE

* Born in Motherwell in 1971 to dad Tom, who owns family plant hire business and mum, Edna, who owns a babywear shop.

* Aged 15, using cash saved from a weekend job, starts to play the Stock Market.

* Leaves Kelvinside Academy in Glasgow aged 17 and works in family business.

* Named on Britain’s Top 20 ‘Rich Kids’ alongside Oasis star Noel Gallagher.

* Sets up own plant hire company in 1990.

* Purchases Vital Security in 1993 for £120,000. Provides in-store security for firms such as HMV, ASDA, Superdrug.

* Goes into contract cleaning at the beginning of 1995.

* Moves to Monaco in 1997 after selling off several businesses.

* Is now a venture capitalist and financier who specialises in acquiring and restructuring distressed firms.

* Has a wide range of business interests in the UK and overseas including financial services, commodities trading, transportation and property.

* Based in London but enjoys spending time at his home in the Highlands.

http://www.eveningtimes.co.uk/news/editor-s-picks/the-new-king-of-ibrox-1.1069303

[lgr1991 303]

I'm not for 1min saying I completely believe this or not but it looks like something may be happening.

I don't have time to read the whole thread but I hope the op got some apologies for the early mocking in the first few pages. The story may not be true but he was pretty much spot on with the details he posted yesterday.

Chris Whyte? Was he on the radar b4?

Never heard of him tbh but if he's a minted bear wanting to help then it sounds gd (maybe too gd).

The thing that's making me sway to not believing this is the supposed Ellis involvement. I don't see what he brings to the table. We'll just have to wait and see I suppose

Think several people, including myself, have offered an apology to the OP, but tbf, its hard to know what to believe, so many of these stories came along.

I think Ellis is involved simply because he is a property developer and Rangers own the land around Ibrox which is in a prime location for redevelopment and theres already planning permission there i think.

Craig Whyte seems to be a genuine bear, so as long as there is someone who will have the interests of the club at heart, then i will accept it. This is why i wasnt keen on the first Ellis takeover bid, and im sure thats why Murray rejected the offer. He has his critics, but im sure Murray wont sell the club unless its too someone who will look to take the club forward.

[1st_Jan_1994 4,868]

To be fair, the OP said Rangers were bought and taken over. They aren't.

But he got the ball rolling and I'm always grateful of rumours and snipplets - no matter how surreal they sound.

[markybear 136]

Well apart from the bought & sold bit john. I forgot about that minor detail

Apart from that his details where pretty much bang on

[wearethemighty 186]

I wonder if this thread will be as big as the Jelavic one?

[Right_To_Censor 1,951]

I wonder if this thread will be as big as the Jelavic one?

you better not be plane with us

[Ace 3,556]

I give it 48 ..... pages

[Muff 245]

THE board notes the announcement released this morning on behalf of Craig Whyte.

The board confirms that it has been advised by Murray International Holdings Limited ("MIH") that it is in early discussions with Craig Whyte regarding the acquisition of MIH's majority shareholding in Rangers Football Club plc.

The board will keep all shareholders informed of further developments.

The Independent Directors accept responsibility for the information contained in this announcement and, to the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Dealing Disclosure Requirements:

Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of RFC, all "dealings" in any "relevant securities" of RFC (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction.

This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of RFC, they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of RFC by any offeror, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities.

In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website.

If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.

http://www.rangers.co.uk/articles/20101118/gers-confirm-whyte-talks_2254024_2224171

[caseyjones 3,009]

Bog standard statement from the club. There is no knowing how advanced the talks are at this stage, and this will run and run, just like it did previously.

[Bear 25]

I’m pleased about this but i don’t like Andrew Ellis’s name hovering about.

I don’t know if the lads that said he would like Otomar Hitzfeld in was on the piss or not but i would LOVE him as manager........This is a good thing...........fuck what the arses in the press say

[RFC55 109,082]

http://www.rangers.c...2254024_2224171

Im glad Rangers are now keeping us informed

[ghurka 0]

Just thought I would drop by and pour some oil on troubled waters, I am quite surprised that the contents of the following link have not been published here, an oversight perhaps, it has been freely available for almost 3 years, incidentaly where is Mr Whyte listed in corporate hospitality, anyone like to guess. AJ is said to be shall we say, suitably laid back.

http://forum.followfollow.com/showpost.php?p=12598743&postcount=1144

[Raligt 2,541]

Just thought I would drop by and pour some oil on troubled waters, I am quite surprised that the contents of the following link have not been published here, an oversight perhaps, it has been freely available for almost 3 years, incidentaly where is Mr Whyte listed in corporate hospitality, anyone like to guess. AJ is said to be shall we say, suitably laid back.

http://forum.followfollow.com/showpost.php?p=12598743&postcount=1144

A MILLIONAIRE who fled Scotland under the shadow of a tax probe and £4million debts has returned home after buying a Scottish castle.

Craig Whyte, 39, vanished nine years ago, leaving behind a controversial career, lawsuits and multi-millionpound debts.

The Scots entrepreneur once dubbed "the next Richard Branson" was accused of failing to pay his employees' wages and was at the centre of a massive tax investigation by the Inland Revenue.

But after fleeing to the tax haven of Monte Carlo, where he continued with an extravagant lifestyle, he has now made an equally extravagant return to Scotland.

Whyte is back home after forking out a colossal £720,000 for a Scottish castle. He and wife Kim have snapped up Castle Grant in Grantown-On-Spey, Moray.

The ancient ancestral seat of the chiefs of the Grant Clan, the 15th-century castle sits on a small hill around a mile north of the town.

It contains dozens of rooms, one of which is a massive dining hall. In recent years, it has been a popular visitor attraction for Grants from all over the world, who see the castle as their ancestral home.

After being listed alongside the likes of David Beckham and Prince Naseem Hamed as among Britain's richest young people in 1999, Whyte's fortunes took a dip.

His business career started early and by the time he left school, he had amassed a personal fortune of £20,000 by playing the stockmarkets.

Whyte acquired Vital UK in 1993 and built it into a conglomerate. But it went into voluntary liquidation in 1996, with debts totalling £600,000

In 1999, a report hinted that he had failed to register some of his employees for PAYE tax.

The tycoon ended up at the High Court, where his legal team admitted he owed £3.5 million to a single creditor. It was around the same time that members of the 700-strong workforce from his company network even threatened to riot over unpaid wages.

But despite the allegations and court cases, he insisted in an exclusive interview with the Sunday Mirror at his Monte Carlo home eight years ago that he was debt-free. "I don't owe anyone any money - least of all the taxman," he said.

And now, as he returns to Scotland, Whyte says he is to restore his newly acquired castle to its former glory.

Yesterday he spoke of his delight at being back in Scotland and insisted he was debtfree and no longer under investgation by the Inland Revenue.

He said: "I am debt-free and now own substantial holdings and assets in various parts of the world.

"There are no outstanding claims against me. I continue to hold property and assets overseas.

"My wife and I have always wanted to own a home in Scotland, and what more beautiful spot than Strathspey.

"The Inland Revenue is satisfied with my status and previous claims of debts proved completely false. I have never been declared bankrupt."

Asked about his plans for the castle, he added: "We have held discussions with Historic Scotland and it is happy with our long- term ambitions.

"This involves a multi-million-pound restoration over the next few years.

"We will be at pains to preserve the historic character and ambience of the castle."

But when the Sunday Mirror contacted Historic Scotland, a spokesperson claimed they had no record of any discussions with Mr Whyte concerning his plans for the castle.

What's your fucking point? All you do is post alot of crap. Did you actually read it?

[Bear 25]

Just thought I would drop by and pour some oil on troubled waters, I am quite surprised that the contents of the following link have not been published here, an oversight perhaps, it has been freely available for almost 3 years, incidentaly where is Mr Whyte listed in corporate hospitality, anyone like to guess. AJ is said to be shall we say, suitably laid back.

http://forum.followfollow.com/showpost.php?p=12598743&postcount=1144

We need to know this stuff. But take on the fact he has been living and working in London for a long time now suggests to me he is doing something right. There is always a mirky back ground to anyone with a vast wealth and i think, a lot of the time the debts owed are mismanagement by people that work for the man at the top............

[RFC55 109,082]

What's your fucking point? All you do is post alot of crap. Did you actually read it?

Last night he posted a link saying it said the guy was in liquadation when it was actually a company who were in Administration.

Dont know why the fuck hes still on here tbh,

Its clear he has other motives. Wonder how the AGM is going

[MisterC 12,282]

Just thought I would drop by and pour some oil on troubled waters, I am quite surprised that the contents of the following link have not been published here, an oversight perhaps, it has been freely available for almost 3 years, incidentaly where is Mr Whyte listed in corporate hospitality, anyone like to guess. AJ is said to be shall we say, suitably laid back.

http://forum.followfollow.com/showpost.php?p=12598743&postcount=1144

Jog on back to kerryfail street or the muddleboard where you belong.

[RFC55 109,082]

Jog on back to kerryfail street or the muddleboard where you belong.

Up his brothers rectum