RST meet Whyte.....

And he tells them the Huns are ****ed.


SUMMARY OF MEETING HELD BETWEEN THE RANGERS SUPPORTERS
ASSEMBLY AND CRAIG WHYTE ON SUNDAY 5 FEBRUARY 2012
Present: Craig Whyte (RFC Chairman), Jim Hannah (RFC Supporters Liaison), Andy Kerr (President, RSA), Ross Blyth (Vice-President, RSA), Mark Dingwall (RSA Delegate for Rangers Supporters Trust, Tam Green (RSA Delegate for Scottish Delegates)

The Assembly delegates thanked the Chairman for arranging to meet at such short notice and then set out the level of anxiety and concern among supporters following the recent media coverage of the Club’s financial affairs. The Chairman said he was well aware of the concern and recognised how important it is to keep the fans informed and united – he stressed we must all stick together. The delegates went on to explain that there had been a unanimous mandate from all the fans’ representative groups to seek clarification on a timetable for publication of the Club’s accounts. They explained that the accounts would place on record all the financial details and would remove the rumour and speculation.

The Chairman explained that the accounts had been held up for two reasons – one was the auditors requesting further papers and information from the Club and the other was awaiting legal opinion on the outcome of the Big Tax Case. He confirmed that the audit is now complete and he was meeting the auditors on Monday 6 February 2012 to hopefully finalise the process. He promised to feed back the outcome of that meeting and provide a timetable for publication (see update below). He clarified that, in any event, the accounts had to be made available to the SPL and UEFA by 31 March 2012. He confirmed that after the accounts are published and, subject to the statutory notice period, an AGM will be called.

There was then some discussion about the financial transactions around the borrowings from Ticketus against season ticket revenue. The Chairman confirmed the borrowing was over a three-year period and was secured against one of his companies and not Rangers Football Club. He stated that all monies were lodged and transacted through the Club’s bank accounts – that included the £18m from him to clear the previous Bank debt, the Ticketus borrowings and the working capital available as part of the Takeover Agreement. In response to questions about the level of borrowing from Ticketus, the Chairman explained that it would be extremely difficult to borrow from any Bank at present and it was necessary to meet the running costs of around £3.5m per month.

Questions were then posed about the Big Tax Case. If the case goes in the Club’s favour, the Chairman stated that HMRC would appeal and that would mean a further lengthy period of the same uncertainty and would discourage investors, sponsors, etc. If we lose the tax case, we can appeal but there would then arise the issue of managing any accruing debt. He couldn’t speculate on the outcome but made it clear this is a vital period in the Club’s history.

He explained that all the shareholders and season ticket holders are the lifeblood of the Club and their interests would be looked after, no matter the outcome.

In summary, the Chairman stated we are in very difficult times and we need to be able to reach the point where we can run the Club on a self–sustaining basis. He is fully committed to that goal and will do all in his powers to achieve it.


ADDENDUM - As promised, the Chairman provided an update following the meeting with the Auditors on 6 February 2012. He stated that he met with the auditors and they confirmed that they now have the majority of the documentation that they require to complete the accounts. Anything else that they require will be provided this week. They are confident that the accounts will be produced well in advance of March 31st. An AGM will be held as soon as possible after the accounts are signed.

 

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I will give it a whirl, just out of interest to see the quality of other fan made media....Is it any good?

 

That is the one Harry Brady from Celtic Underground took the piss out of.....He was joking.

 

Can I be? I'll be honest and not against it just because your buddies are Huns.

 

I think they have too many people on there and they don't go into enough detail. It is well presented.......I can't believe they don't get it still.