Craig Whyte Statement

Jordi wrote:We are all Craig Whyte!

Totti wrote:

Jordi wrote:We are all Craig Whyte!

So we're all googly eyed?

Jordi wrote:

Totti wrote:

So we're all googly eyed?

The bug-eyed look.

None of us pay our taxes!

Ki wrote:Jordi you still don't understand the situation

Totti wrote:

Jordi wrote:The bug-eyed look.

None of us pay our taxes!

Ki wrote:Rangers were in debt, and were being investigated by HMRC after their owner David Murray wasn't paying taxes. Face a £50mil tax bill as well as being £18mil in debt

Along comes Craig Whyte, was supposed to be a billionaire, something which is far from the truth.

He bought Rangers for £1 off Murray. Lloyds let Whyte buy for £1 as he had agreed to pay off the bank debt 18 million to Lloyds. Craig Whyte said he would do this with HIS OWN MONEY

What he actually did to fund this, as revealed yesterday, was sell about 30,000 tickets of the season tickets revenue in advance for the next three seasons to a firm called Ticketus. In simple terms, if the ticket sales were worth 30 million over that period he sold them for a 25 million loan up front and the cash goes into Rangers bank account

It looks like he then lent this money to one of his companies, so the money moves into HIS bank account

So Rangers are being charged interest by Ticketus for the loan and ALSO BEING CHARGED INTEREST AND MANAGEMENT FEES by Whyte himself via his own company that re lent the money to Rangers. Madness, I know.

He is effectively charging Rangers Football Club to borrow back their own money.

Whyte could not even then pay the first installment of the ticketus repayment

So what does he do?

He borrows even more from Ticketus by selling another year of season tickets to them to get a loan to make the first annual repayment of the loan he just got.

So what Whyte has done, is said he would pay off Rangers debt with HIS OWN MONEY, but what he actually went on to do, is sold season tickets in exchange for a loan, and used THAT to pay off the £18 million debt. HE HASN'T SPENT A SINGLE PENNY ON RANGERS. He's making money on Rangers and he will benefit financially if they are to go into administration.

This is now leaving Rangers in £42 million of debt.

This is ALL BEFORE the tax case, where Rangers will potentially be hit with a bill of about £75 million because their previous owner didn't pay tax.

Ki wrote:Prove me wrong Jela. Go on...

Ki wrote:Thought I'd bump this for visitors of this thread who don't really understand what's going on ....... and Jordi.

Ki wrote:Rangers were in debt, and were being investigated by HMRC after their owner David Murray wasn't paying taxes. Face a £50mil tax bill as well as being £18mil in debt

Along comes Craig Whyte, was supposed to be a billionaire, something which is far from the truth.

He bought Rangers for £1 off Murray. Lloyds let Whyte buy for £1 as he had agreed to pay off the bank debt 18 million to Lloyds. Craig Whyte said he would do this with HIS OWN MONEY

What he actually did to fund this, as revealed yesterday, was sell about 30,000 tickets of the season tickets revenue in advance for the next three seasons to a firm called Ticketus. In simple terms, if the ticket sales were worth 30 million over that period he sold them for a 25 million loan up front and the cash goes into Rangers bank account

It looks like he then lent this money to one of his companies, so the money moves into HIS bank account

So Rangers are being charged interest by Ticketus for the loan and ALSO BEING CHARGED INTEREST AND MANAGEMENT FEES by Whyte himself via his own company that re lent the money to Rangers. Madness, I know.

He is effectively charging Rangers Football Club to borrow back their own money.

Whyte could not even then pay the first installment of the ticketus repayment

So what does he do?

He borrows even more from Ticketus by selling another year of season tickets to them to get a loan to make the first annual repayment of the loan he just got.

So what Whyte has done, is said he would pay off Rangers debt with HIS OWN MONEY, but what he actually went on to do, is sold season tickets in exchange for a loan, and used THAT to pay off the £18 million debt. HE HASN'T SPENT A SINGLE PENNY ON RANGERS. He's making money on Rangers and he will benefit financially if they are to go into administration.

This is now leaving Rangers in £42 million of debt.

This is ALL BEFORE the tax case, where Rangers will potentially be hit with a bill of about £75 million because their previous owner didn't pay tax.

Laurencio wrote:

Ki wrote:Thought I'd bump this for visitors of this thread who don't really understand what's going on ....... and Jordi.

'

You're not making sense.

He first sells the ticket rights, generating a guaranteed £25M on the spot.

He then lends this money to his own company. I would assume this is at some sort of interest rate, which I noticed you didn't mention.

He takes this money and lends it back to rangers, at another interest rate, another one which hasn't been presented, and pays down the serious loan.

Through this you claim he is making money.


Well there is another scenario, which would make more sense if he truly wants the club to succeed.

He sold the ticket rights, getting £25M on the spot, he lent that to his company at an above usual interest rate, ensuring that he could pump in a certain ammount of money into the club every season without moving against the fair play rules and avoiding any unecessary tax. He then lent the money back to the club at another interest rate, probably lower than at what he originaly lent it at, to ensure that the club had money in the coffers, and a steady income.

With that money he paid down the loan, ensuring that the £18M was paid in full and that the money he pumped into the club would not be taxed.

To be honest, that's rather ingenious. Possibly moral tax fraud, but entirely legal and genius. Saves Rangers a shed load of money.

Ki wrote:No, the money was used TO PAY THE 18mil DEBT, that is where the money goes, then when it comes to the first repayment he cannot pay it, and has to sell another season of tickets for a loan .. to pay back the first loan!!

This means Rangers are seriously in debt to Ticketus, he used it to pay ONE debt and created ANOTHER worse one.

Because he didn't use his own money like he said he would, he sold off Rangers season tickets for the next four seasons to pay off a debt. That is NOT ingenious at all!! He's just ensuring he doesn't spend any money on Rangers while making money all the time.

http://www.scotzine.com/2012/01/rangers-debt-hits-35-4-million-after-whyte-sells-season-tickets/

Laurencio wrote:
I don't get it. How can Rangers owe Ticketus £26M, when Ticketus were the ones who paid for the rights for the tickets?

Current director Dave King and former board member Paul Murray have been quizzed by the tax authorities as part of their enquiry which has revealed £24.4million has been borrowed against future season-tickets sales.
Tranches of tickets over four seasons have been sold to Ticketus, a London-based group linked to Octopus, and it's claimed this deal helped finance Whyte's operating costs after the takeover.
Whyte himself last night confirmed he had sold off the tickets but denied he used the money to pay off Lloyds Bank. He insisted the £18m for the bank came from one of his companies.
When Whyte took over Rangers' debt was £18m to Lloyds Bank and their wage bill had been reduced to £14m but it is believed the club could owe much more than that.
It's thought the current debt is £21m to Ticketus plus £5m VAT on the ticket deal. But there could be other bills due and of course Rangers are awaiting the final verdict on their £49m EBT (Employee Benefit Trust) tax case.

.....


But the Ibrox club's support will be shocked by the detail of invoices and letters now in the revenue's possession. It is claimed these show Whyte sold off massive chunks of Rangers' future season-ticket sales.
And former board member Murray believes the takeover wouldn't have been possible without the fans, even though they had no idea future tickets had been sold off to raise extra cash.
Murray said: "These documents prove to me that Rangers fans have actually paid and will continue to pay for the sale of their club."
He added that HMRC have told him they are also due VAT, as much as £5m, on the deal with Ticketus and insists he has seen details of letters and invoices held by HMRC.
Murray claims that in one of the documents, a letter dated March 8, 2011 and signed by Whyte, it is alleged he made it clear that through Wavetower, his bid vehicle at the time, he would be entering into a deal to sell the season tickets to a company called Ticketus.
They are part of London-based Octopus, a perfectly legitimate lender who grant immediate loans based on future ticket sales. Record Sport managed to speak with most of the people who were on the Rangers board at the time of the takeover and they insist they knew nothing about the sale of season tickets. In fact they tried to ring-fence supporters' money.
The papers, which are being pored over by HMRC officials, are said to reveal borrowing against ticket sales for seasons 2011-12, 12-13 and 13-14 that Whyte was able to raise £24.4m.
Then on June 27 he was hit with the first of his repayment bills from Ticketus, who were demanding a total of £9.5m, their share of that summer's season-ticket sales. Whyte could only come up with £3.5m cash and to fill the shortfall mortgaged off part of season 2014-15 to the value of £6m.

Ki wrote:

Laurencio wrote:
I don't get it. How can Rangers owe Ticketus £26M, when Ticketus were the ones who paid for the rights for the tickets?

It's a LOAN!!! They have to pay it back, they can't. Therefor they are in debt to Ticketus.

Its so simple, he borrowed 25mil from Ticketus, used 18mil to pay off the debt, god knows what he done with hat was left over but he had to borrow even more because he couldn't pay back the first installment of payments back to Ticketus.

Current director Dave King and former board member Paul Murray have been quizzed by the tax authorities as part of their enquiry which has revealed £24.4million has been borrowed against future season-tickets sales.
Tranches of tickets over four seasons have been sold to Ticketus, a London-based group linked to Octopus, and it's claimed this deal helped finance Whyte's operating costs after the takeover.
Whyte himself last night confirmed he had sold off the tickets but denied he used the money to pay off Lloyds Bank. He insisted the £18m for the bank came from one of his companies.
When Whyte took over Rangers' debt was £18m to Lloyds Bank and their wage bill had been reduced to £14m but it is believed the club could owe much more than that.
It's thought the current debt is £21m to Ticketus plus £5m VAT on the ticket deal. But there could be other bills due and of course Rangers are awaiting the final verdict on their £49m EBT (Employee Benefit Trust) tax case.

.....


But the Ibrox club's support will be shocked by the detail of invoices and letters now in the revenue's possession. It is claimed these show Whyte sold off massive chunks of Rangers' future season-ticket sales.
And former board member Murray believes the takeover wouldn't have been possible without the fans, even though they had no idea future tickets had been sold off to raise extra cash.
Murray said: "These documents prove to me that Rangers fans have actually paid and will continue to pay for the sale of their club."
He added that HMRC have told him they are also due VAT, as much as £5m, on the deal with Ticketus and insists he has seen details of letters and invoices held by HMRC.
Murray claims that in one of the documents, a letter dated March 8, 2011 and signed by Whyte, it is alleged he made it clear that through Wavetower, his bid vehicle at the time, he would be entering into a deal to sell the season tickets to a company called Ticketus.
They are part of London-based Octopus, a perfectly legitimate lender who grant immediate loans based on future ticket sales. Record Sport managed to speak with most of the people who were on the Rangers board at the time of the takeover and they insist they knew nothing about the sale of season tickets. In fact they tried to ring-fence supporters' money.
The papers, which are being pored over by HMRC officials, are said to reveal borrowing against ticket sales for seasons 2011-12, 12-13 and 13-14 that Whyte was able to raise £24.4m.
Then on June 27 he was hit with the first of his repayment bills from Ticketus, who were demanding a total of £9.5m, their share of that summer's season-ticket sales. Whyte could only come up with £3.5m cash and to fill the shortfall mortgaged off part of season 2014-15 to the value of £6m.

Craig Whyte has responded to yesterday’s call from the RST to set a date for the club AGM.

Mr Whyte has stated that the AGM can’t take place until the club account are signed off and that challengers around the potential tax case liabilities mean these continue to be worked on. He further stated that as soon as the accounts are signed off an AGM will be called.

Finally. the Chairman stated that he has an open door to the RST to speak on any issues of concern to our members.

Jelavić7|EFC wrote:Chairman Craig Whyte's statement to The Rangers Supporters Trust:

Craig Whyte has responded to yesterday’s call from the RST to set a date for the club AGM.

Mr Whyte has stated that the AGM can’t take place until the club account are signed off and that challengers around the potential tax case liabilities mean these continue to be worked on. He further stated that as soon as the accounts are signed off an AGM will be called.

Finally. the Chairman stated that he has an open door to the RST to speak on any issues of concern to our members.

Alan wrote:I thought the HMRC would have helped Rangers out, since the entire club are all Queen chaggers.

Jelavić7|EFC wrote:

Alan wrote:I thought the HMRC would have helped Rangers out, since the entire club are all Queen chaggers.

Twice in one night? Ooh, you should join Totti's lot.

Ki wrote:Yes it is...

Ki wrote:Read over my post again

"What he actually did to fund this, as revealed yesterday, was sell about 30,000 tickets of the season tickets revenue in advance for the next three seasons to a firm called Ticketus. In simple terms, if the ticket sales were worth 30 million over that period he sold them for a 25 million loan up front and the cash goes into Rangers bank account"

Laurencio wrote:Oh he borrowed against the tickets. That's not what you said at first...