Craig Whyte statement in full

[Davy 68]

im just keeping an open mind mate, if he's done something wrong i will trust that he is dealt with accordingly

but what im certainly not doing is reading and listening to the media and believing every single word until the whole situation is over, ive watched too many taggart episodes and tried to guess the villain before all the evidence has been shown

[RFC55 110,287]

im just keeping an open mind mate, if he's done something wrong i will trust that he is dealt with accordingly

but what im certainly not doing is reading and listening to the media and believing every single word until the whole situation is over, ive watched too many taggart episodes and tried to guess the villain before all the evidence has been shown

I had a diagnosis murder at the weekend i thought i had the bastard and it turns out it was his brother that done it

But Jim i will admit and you know anyway i was one of the main guys on here defending Whyte, but im now looking at this in the most logical way possible and it doesnt sit right with me. Bearing in mind i have little to zero finincial knowledge but the numbers just dont add up.

Something a will say for him is when he does an interview he (usually) manages to win a few folk back

[ara 154]

Perhaps not but over the next 3 seasons the income from these STs will go to Ticketus - around 26.9m (24.4m +10% - Ticketus bought them at a discount). WE now have a shortfall of that amount in income. How do we cover that if CW has already spent the money (18m to Lloyds and the remainder elsewhere.)

Howzabout we reprice tickets to £5 for the next three seasons and at the same time politely ask supporters purchasing STs to make a 'generous and entirely optional donation' (which just happens to make up the difference to the regular ST price of course) into a new (protected!) Fan Ownership Fund?

... then tell Ticketus they can have as much of the ST money as they fancy?..

[A.T.G 10,773]

24m ticketus

9m Vat/PAYE

6m Jelavic

10m working capital

5m investment

Cunt couldnt even pay the lloyds debt like he said he would

When he first came I was jumping for joy when he said he'd invest £25m in the playing squad, pay off the debt and provide working capital

Lying thieving scum bastard, dragged us through the mud, made us a laughing stock

I will be jumping for joy when he fucks off

Prick

[Jimfanciesthedude 25,042]

Perhaps not but over the next 3 seasons the income from these STs will go to Ticketus - around 26.9m (24.4m +10% - Ticketus bought them at a discount). WE now have a shortfall of that amount in income. How do we cover that if CW has already spent the money (18m to Lloyds and the remainder elsewhere.)

i have no idea nvager, i would like to think that either whyte starts funding the club or once we are financially sound after administration and the CVA is set up, then whyte sells the club for a quid to someone that has a spare 30mill to pump into the club

remember rangers went from a loan with Lloyds, and overdraft maxed out with Lloyds, a deal with ticketus, AND an extra 17mill in champions league revenue last season, to a club with none of the above, thats a lot for a club to suck up

[A.T.G 10,773]

i have no idea nvager, i would like to think that either whyte starts funding the club or once we are financially sound after administration and the CVA is set up, then whyte sells the club for a quid to someone that has a spare 30mill to pump into the club

remember rangers went from a loan with Lloyds, and overdraft maxed out with Lloyds, a deal with ticketus, AND an extra 17mill in champions league revenue last season, to a club with none of the above, thats a lot for a club to suck up

Not if you stick to your original takeover promises

This should have been the one season we were ok with money since he was "supposed" to pay off lloyds himself and invest in the squad

I really hate the cunt

[Craigie79 67]

Whyte just put his hand on the table in a very fair statement imo.

Did Murray/tsb see the 33 mill in November? even if it was from another loan how did he manage to get a loan of that 33m?

He did boob with the papers about the ticketus money but seems he did receive close to 20 mill and dont think he got asked if he had paid tsb with that money so wasn't really a lie and tbf it does make more sense to use other money rather than your own when the company could be going under in the near future.

The non tax payments is the one thats killing him but the 9 million number does seem like a figure that we shockingly missed out on during the season.

His term as chairman has been a bit of a mess some of his making some not but i very much doubt its was his intention for it to turn out like this and tbf we were already in a hell of a mess when he took over.

The admin guys and the various investigations will tell all.

[Jimfanciesthedude 25,042]

I had a diagnosis murder at the weekend i thought i had the bastard and it turns out it was his brother that done it

But Jim i will admit and you know anyway i was one of the main guys on here defending Whyte, but im now looking at this in the most logical way possible and it doesnt sit right with me. Bearing in mind i have little to zero finincial knowledge but the numbers just dont add up.

Something a will say for him is when he does an interview he (usually) manages to win a few folk back

just remember mate that as i said in another post we as a club went from a season with Lloyds 18mill, Lloyds 15mill overdraft, an outley to ticketus and champions league revenue

consider it this way

january 2011 we had 33mill debt with Lloyds made up of 18mill loan and 15mill overdraft fully maxed out

we also had 2011-2012 ST revenue reduced due to a deal with ticketus sorted by the old regime

and we also had euro money of maybe 20mill

now if we are running at a loss of 10mill on a normal season, then with 20mill euro money we have a 10mill surplus, so when the takeover comes around that 10mill surplus is put to the overdraft

so come last may we had 18mill loan with Lloyds, 5 mill overdraft with Lloyds, and 2011-2012 ST revenue reduced by ticketus deal, so to clear the overdraft for the takeover the club would have needed to find another 5mill from somewhere, most likely ST money perhaps as we didnt have another brass bean

So, and im not saying its true, just one of my theories, Whyte started his first full season as rangers owner with

Drastically reduced ST revenue

No credit facility available

HMRC now wanting us in court

i agree that it looks like whyte has done wrong with us, until he is found gulity i will hold out for something positive, but what he was left was an absolute abysmal set up of a football club, one that should mean the old regime are never allowed anywhere near ibrox again

[Craigie79 67]

the old board had a credit line with Lloyds to the tune of 15mill, and the old board also had walter and co to thank for an extra 35mill+ in revenue from europe

Don't forget they also had to use ticketus aswell.

[bombaybadboy08 15,660]

i think we all need to lay off Whyte.

Every news outlet in the counry is selling papers or getting internet hits by throwing up negative headline after negative headline. It's in their best interests to paint him as a crook.

I haven't seen a single piece of evidence to refute any of what that statement says. We should wait and see what the administrators say. Whyte has made some bold statements recently along the lines of "every penny can be accounted for" "ive acted with rangers best interests at heart".

We'll, if he has done something untoward to our club, it will all come out, his lies will be proven by books and accounts that are due to come out - so until they do, i'll reserve judgement instead of jumping on the tabloid bandwagon.

[gogzy 31,195]

Gonna let all these investigations finish before i want him hung lol

Have to admit though, this recent development has me a lot more worried about him than i was previously.

Still holding out hope that he might have a masterplan and we come out of it well.

[TheLawMan 6,240]

january 2011 we had 33mill debt with Lloyds made up of 18mill loan and 15mill overdraft fully maxed out

Who said we were maxed out on overdraft in January ? You got evidence of that Jim ?

[caseyjones 3,009]

Who said we were maxed out on overdraft in January ? You got evidence of that Jim ?

I'm still waiting for that too.

[RFC55 110,287]

Well that's 200k he sold a piece of our history has been sold off for, what's the defence today then lads?

Waken up

[Jimfanciesthedude 25,042]

Who said we were maxed out on overdraft in January ? You got evidence of that Jim ?

im putting 2 and 2 together like everyone else has done on here

Whyte was asked for a 33mill proof of funding in november, AJ was also told about the credit line removed if the deal was held up, the use of ticketus

if it wasnt it wasnt but like every single person on here im taking a guess based on the informtaion on here and in the media

[TheLawMan 6,240]

im putting 2 and 2 together like everyone else has done on here

Whyte was asked for a 33mill proof of funding in november, AJ was also told about the credit line removed if the deal was held up, the use of ticketus

if it wasnt it wasnt but like every single person on here im taking a guess based on the informtaion on here and in the media

2 and 2 to get 5.

The overdraft had been coming down due to our severe cost reduction. In years gone by, we were actually breaching our limits but in the last few years Lloyds refused us to do so, which means at the very worse point in the year, which would be 1st April, we werent over the £15m.

The Old Board have confirmed that ticketus were owed nothing when Whyte took over. I believe them

Every piece of evidence available in the accounts, the circular and from the administrators points to us only owing £18m to Lloyds at the takeover which Whyte used OUR money to buy the club. He forked out a SHINY POUND and that was that. He never invested a single penny on any of the other promises. On top of the £24m or £27m(that people mocked a week ago but now that figure is being used) we had the balance of season ticket money flowing in, we had the balance of the Champions League money flowing in, we had the Sky payment, normal ticket money, sale of Jelavic, plus an additional whopping £9m in PAYE and VAT.

If you cant see the above, and coupled with all the lies in statements he has made to YOU, there is no hope.

[Adoniram 1,919]

Ahhh the accounts

The ones SDM and co could get audited but then Whyte says he couldnt due to the big tax case yet we had that hanging over us for 3 years

He told the VB's that the accounts would be audited then bang 4 days later were in Admin and accounts cant be audited. Hes a chancing bastard

No he didn't. Please get your facts right before quoting VB please.

[RFC55 110,287]

Adoniram it said he hoped they would be signed within a week or so iirc, you don't need to get in a tizzy because you were duped by him! Most of us were. Al go find the bit I'm talking about anyway

[RFC55 110,287]

Apologies adoniram it was a meeting with the sun not you guys, he's had that many publicity interviews you forget when he says things

[MrSifter 181]

2 and 2 to get 5.

The overdraft had been coming down due to our severe cost reduction. In years gone by, we were actually breaching our limits but in the last few years Lloyds refused us to do so, which means at the very worse point in the year, which would be 1st April, we werent over the £15m.

The Old Board have confirmed that ticketus were owed nothing when Whyte took over. I believe them

Every piece of evidence available in the accounts, the circular and from the administrators points to us only owing £18m to Lloyds at the takeover which Whyte used OUR money to buy the club. He forked out a SHINY POUND and that was that. He never invested a single penny on any of the other promises. On top of the £24m or £27m(that people mocked a week ago but now that figure is being used) we had the balance of season ticket money flowing in, we had the balance of the Champions League money flowing in, we had the Sky payment, normal ticket money, sale of Jelavic, plus an additional whopping £9m in PAYE and VAT.

If you cant see the above, and coupled with all the lies in statements he has made to YOU, there is no hope.

You talk about "our money". It wasn't "our money" at all.

The bigger point is the overdraft. Lloyds wanted their money out and were squeezing the life out the club, that is something we all accept as fact. They cared not a jot where it came from and in the current climate did well to recover all their liabilities.

Why is no-one countenancing the possibility that the Club could not borrow or have a generous revolving facility from Lloyds or any other bank?

Would you lend to Rangers or provide a revolving credit facility with the big tax case hanging over us? I know I wouldn't if I was a bank.

If the club has not been able to secure a loan / overdraft / revolving credit facility then how are we expected to operate when we earn £35m but spend circa £45m?

In previous years we had European runs to plug the gap but due to McCoist's European humiliation and total failure we did not have this income stream.

[boss 1,941]

Why is no-one countenancing the possibility that the Club could not borrow or have a generous revolving facility from Lloyds or any other bank?

Would you lend to Rangers or provide a revolving credit facility with the big tax case hanging over us? I know I wouldn't if I was a bank.

There is no question that we had to replace the £15m overdraft with some other finance facility. Ordinarily the facility needed this year might have been nearer £5m because of the cashflow position at the start of the year, but our European disaster meant the facility was going to have to be higher. Whyte should have financed this with some of the "original" £33m which he had supposedly deposited in Collyer Bristow's client account.

[MrSifter 181]

There is no question that we had to replace the £15m overdraft with some other finance facility. Ordinarily the facility needed this year might have been nearer £5m because of the cashflow position at the start of the year, but our European disaster meant the facility was going to have to be higher. Whyte should have financed this with some of the "original" £33m which he had supposedly deposited in Collyer Bristow's client account.

Indeed, if he'd been true to his word then this is what he'd have done. Obviously he never.

Given he isn't a sugar daddy owner and given the big tax case hanging over us, getting such a finance facility would be difficult if not impossible.

We also need to accept that the club had been up for sale for quite some time and no-one other than Whyte put together an offer. Now we're in administration we're told by the administrators that there are a number of interested parties. This leads me to think administration was inevitable and Whyte was the only one willing to do it.

As I've said before, this still has a long way to run. Once we get the administrators written report we'll have (for the first time) a clear(ish) picture and then is the time to make judgements. I've no doubt there will be unpleasant truths in the report but the truth, however unpalatable, always has a dignity about it.

[boss 1,941]

Given he isn't a sugar daddy owner and given the big tax case hanging over us, getting such a finance facility would be difficult if not impossible.

IMO getting the finance facility from a bank etc. would have been impossible at this time with the big tax case hanging over us.

[MrSifter 181]

IMO getting the finance facility from a bank etc. would have been impossible at this time with the big tax case hanging over us.

I agree, so that logically leads us to...

[gunslinger 270]

the overdraft was cleared by uefa and the fans. exactly when may be debatable but not that.

despite what some supposed financial experts would have you believe we were run very well in the few years before mr whytes takeover and he had no need to clear the overdraft.

he used our cash to pay of lloyds. he put in the quid himself and he used what was left to run us for a few months while only paying what he was forced to.

now he wants us liquidated and he can sell us to someone for millions despite only forking out a quid.

oh and along the way he used our cash to help out mates and prop up his other businesses.

and yet the sensble heads still argue in his case.