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Record article on transfer budget, Ibrox improvements, wage bill & the debt


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RANGERS' new owner Craig Whyte last night officially pledged a minimum £12million of first-season funding.

And Whyte, left, also revealed that he could waive the £22m he paid to clear the club's debt with Lloyds Bank.

That would depend on the outcome of the legal battle with HMRC but the intention is to have the club debt free.

The other option if the case goes Rangers' way is to convert the price paid to buy the club into equity through a shares issue.

Whyte was required to tell Rangers' shareholders of his plans for the club - and he had until close of play last night to do so.

But he satisfied the Take Over Panel by meeting the deadline, even if his critics can argue the details in his document are little more than superficial.

However, Record Sport understands Whyte remains prepared to cover the cost of new manager Ally McCoist's rebuilding programme.

It is believed the £5million the new chairman said he would invest in the team in his first season is in the bank but there will be more if McCoist wants it.

The first £5million of additional working capital is also ringfenced.

And a further £1.7million has been earmarked to begin upgrading some of the stadium's facilities, including the public address system, which have been neglected over the last five years.

But it has also been made clear these figures are a minimum and that more will be spent if required.

Rangers' wage bill for players was reduced to £14million while the club were in the hands of Lloyds Bank.

But fans can expect to see the trend switched with a rise to £18million in the next year.

The document outlining Whyte's plans to the shareholders was released at around 6 o'clock last night.

And it revealed Andrew Ellis, who had tried to buy the club last year, is a director of The Rangers FC Group Limited, formerly Wavetower Ltd, who bought the club.

Phil Betts is also a director of the group and of the club along with Whyte, who is of course owner of Liberty Capital Limited.

They in turn own The Rangers Group.

- Can't quote the now but, and not saying it can't be improved but has the tannoy/microphone not louder now than what it was?

http://www.<No links to this website>/football/spl/rangers/2011/06/07/new-rangers-chief-craig-whyte-pledges-12m-to-help-rebuild-club-in-first-season-86908-23184996/

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"upgrading some of the stadium's facilities, including the public address system" The guy that speaks at half time, is loud as fuck. Surely he could fix they big screens before this?

a suitable sound system is a legal requirement.

health ans safety and al that.

the kitchen stuffs probably being forced on us as well.

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"upgrading some of the stadium's facilities, including the public address system" The guy that speaks at half time, is loud as fuck. Surely he could fix they big screens before this?

You're telling me!-hopefully it is a volume control button down the way

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