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[h=1]Craig Whyte says Rangers are not going bust and blasts Martin Bain's 'breathtaking' attitude[/h]Whyte's statement today on the Rangers website said: "On behalf of the board of directors at Rangers I believe it is right and proper today to inform our supporters of the true financial position of the club in the wake of the recent publicity, much of it generated with the sole intention of damaging this great football club.

"First, the board would like to make it absolutely clear that, at Ibrox, it is business as usual. The club is trading normally and has a strong balance sheet.

"The board finds it reprehensible that the law courts have been used in recent days to suggest the club is on the brink of insolvency. It is not."

Whyte admitted the club face "challenging times ahead."

But he added: ""This club has a great history and a great future - but we will have to work hard to achieve it. It is a great privilege to be the Chairman of Rangers Football Club and I will do everything I can to ensure our team and supporters enjoy continuing success in the future."
On the subject of Bain's claim, a Rangers spokesman also said: "The club is disputing any money is due to Mr Bain and we will be vigorously appealing the decision.




It's Deja Vu all over again.
 
Whatever happens it's utterly ridiculous that they've got themselves into this state again.

People can have a go at the likes of Whyte and Green and the rest but they were opportunists who saw a chance to make some money and they certainly did that (especially Green.)

But what about all those rich Rangers supporters when the club needed them most? All they did was haw and hum to a receptive press and put none of their money on the table. And when they did make an offer it came with so many caveats that it was never going to be acceptable to the administrators.

And where are they now?
 
Foundation of Hearts are about to save their club.

http://www.edinburghnews.scotsman.c...undation-of-hearts-ready-to-do-deal-1-3271998

If they'd wasted their time ****ing over some South African tax dodger and penning missives to the EC about Hibs new stand or some nonsense, they'd be ****ed.

Not only are FoH in a position to take over, they are paying £2.5m towards the CVA.

There's no CVA to sort at Rangers - a fan pressure group could take over and pay off the spivs no problem.

Why don't they?

http://forum.rangersmedia.co.uk/index.php?showtopic=263990

Some folks' attitudes.
 
Some of the high earners are on long contracts, if a player is sold without handing in transfer request they are a due a payout from the club, unless multi million ppund bids are coming in or the players agree to waive the payout I don't see how they will make money from selling players!!!
 
I see the financial brains of ra tic have come back from the brink of BTC blog oblivion.

Can I just say that I look forward to listening to all your expert financial opinions on the matter for months to come.

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We'll do a Murderwell admin and shed the high earners once the league is sown up, the tranfser window is shut and we've sold who we can.

Don't worry, we will continue to climb the leagues whilst investigating the odious relationship between Peter Lawell, the coal board and Glasgow Eastern Developments Ltd, bribes and bungs.

We will hunt you down and we will end you.

#GSCY

(God Save Chick Young)
 
pud said:
So, more than likely they won't go into admin...
Click to expand...

Rangers are different from others in that they have no overdraft facility so when the money runs out the directors have no choice but to apply for voluntary administration.

Unless a cash injection is forth coming in the next few months then I would say there is a good chance of administration.
 
MalteseMick said:
Not trying to get into technicalities, but honouring contracts is a liability and therefore a debt. They owe all those players the full amounts stipulated in their contracts and if they are unable to honour those debts then they enter administration to claim protection from their creditors, i.e. their own players

I'm not sure, but I think under UEFA rules football creditors come first before any other, which means several Polish cleaners and some random pie makers are going to get done again.
Click to expand...

chuck ellis said:
call me the quintessential 80's put down of spacker but how the **** can they go into admin when they have no debt.
Click to expand...

^^^
 
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