4.8 and rising

Only a handful of days after he completed his purchase of MIH’s 85% stake in Rangers FC for a pound, Craig Whyte has already signalled that it is business as usual.  Those who might have hoped for an era of glasnost and some transparency in communicating with supporters about the running of their club, will be disappointed.  Craig Whyte is already showing himself to be more Putin than Gorbachev.  Hand-picked journalists attending Saturday evening’s inaugural press conference with Whyte were under a three-line-whip from Gordon Hay of Whyte’s PR firm Hay McKerron that there were two subjects that could not be mentioned:
- The tax case
- The source of the money used to buy Rangers’ debt from Lloyds

Draconian penalties were promised for anyone who dared cross these lines.  Exclusion from future press conferences and no more “leaks” would be akin to removing life-support from those who have become dependent on succulent lamb from the table of the owner of Rangers.  No one crossed these lines.  Not one journalist in attendance asked about the only real questions that face Rangers just now.

Whyte chose to address the tax issue in a Rangers TV interview / presentation last night.  I guess that it will take him time find pet-hacks with whom he can build the sort of trusting relationships David Murray had with Jim Traynor and Tom English i.e. “if I want it printed, you print it!”  So, Whyte took solace in a media outlet which he now owns.  Very brave.

Whyte’s statement that he does not believe that there is any chance that Rangers will lose the tax case beggars belief.  Either the man is a liar or a complete moron.  I doubt that he is the latter.  Decoded, Craig Whyte’s statement on the tax case can be seen as an admission that there is no ‘Plan B’ for losing the tax case.  The independent committee of the Rangers’ board appear to be right to be concerned about the lack of funding to pay a combination of bills that could reach above £54m.

Even I do not profess 100% confidence in any particular outcome.  Much like the OJ Simspon trial, a patently guilty man can be found not-guilty in the face of a combination of excellent and incompetent lawyering.  I know that the evidence against Rangers is extremely strong.  It is hard to conceive of the case for a defence that Andrew Thornhill QC can have offered, but he built a strong reputation on finding fissures in legal arguments.  But Craig Whyte is 100% confident?

So, David Murray has gone, but Rangers are still owned by a man who will deploy expensive PR resources to protect himself.  It will be interesting to see if he is interested in defending Rangers’ supporters in the same manner as Murray. Rangers fans should be asking why David Murray gave away Rangers for less than a millionth of a penny per share. A man who was asking for a £6m payout for three years, suddenly decided to give away Rangers FC on the same day that the First Tier Tribunal that would decide the club’s fate concluded hearing evidence? Of course, Murray did it out of a love for the club! That Murray has considerably more provable personal wealth than Whyte should also be a red-flag. Murray was in a better position than Whyte to personally support Rangers. (Of course, over 23 years in charge, Murray took out much more than he put into Rangers. Take a look at Rangers’ ‘related party transactions’ over the last 14 years). The simplest explanation for the deal is that Murray and Lloyds wanted to be off-stage when the curtain falls. Whyte’s motivations? We can only guess. He is either an idiot or his ‘Plan B’ for the tax bill is not one that many will want to hear just now.

Of course, the other issue Rangers fans should ask about is ‘Who is funding Whyte?” The answer to that question will explain whether this is really a rescue or a pillaging. Of course, do not expect even the question to be posed by the Scottish media, let alone receive an honest answer. The same sources who told me on 19 April that Whyte had secured funding and was serious about buying Rangers, have told me that Whyte has contributed very little money personally. The exact terms of the package are unknown. Has Wavetower borrowed the money to buy Rangers? Or are the backers equity investors?

As things stand, Rangers are in as much debt today as they were last Thursday. Rangers’ debt to Lloyds has been purchased by Wavetower. Rangers FC still owe that £18m to Wavetower. (Interest rates may not stay the same). Additionally, Rangers also owe an additional £10m to other lenders and for negative working capital. Nothing has changed except that Murray and Lloyds have left the scene. Perhaps that is a cause for rejoicing amongst Rangers fans in itself, but they might have cause to prefer “the devil they knew rather than the devil they don’t.”

We can expect a media onslaught from Hay McKerron in the coming weeks. Every device to distract and deceive will be deployed. As I have maintained from the start, Rangers’ future depends upon the outcome of the tax case. Some shuffling of commercial paper has not changed that.

http://rangerstaxcase.com/2011/05/10/the-secretive-mr-whyte/

http://community.betfair.com/4.8_and_rising/admin/blog_post.one

I am in little doubt that, in coming years,  at least one book or Ph.D thesis will be written about the takeover saga at Rangers.  If the author has any desire to faithfully record the events, much must be made of Scotland’s “Street of Shame”.  The most important aspect of this story is the way the journalism profession has plumbed new depths of obsequiousness and fealty.   In their fight to be next in the queue to receive the next “another 48 hours” exclusive, Traynor, Speirs, and Tom English have somehow managed to have daily conversations with their masters at Rangers FC, and at MIH’s notorious PR firm, Media House, without ever asking the the crucial questions.  (Or more accurately, they understood the issues which must not be discussed less they lose their access privileges).  A host of minor characters from STV, BBC Scotland, and SKY Sports have also jostled with each other to sell their professional souls to be next in line to receive the next carefully crafted mendacious morsel from the Whyte camp.

It is the Whyte “camp” that we will discuss today.  One of Craig Whyte’s first actions when deciding to investigate a bid for Rangers was to hire a PR firm: Hay McKerron.  The Whyte project was masterminded by Gordon Hay, a partner at the firm and former Daily Express hack.  I am told that one the first objectives of the campaign was to convince ‘the world’ that Craig Whyte is a Rangers fan.  That seems like a reasonable  objective.  It would kill any  innuendo suggesting that Whyte is a carpet-bagger intent on asset stripping Rangers FC.  It would reassure all concerned that Whyte would be a safe custodian for the club.  It would eliminate the need for David Murray to sit in a nice-London-hotel and ask: “ok, gentlemen, before we do this, can you tell me how you’re going to run this club? “  With a devoted Teddy Bear at the helm, Scottish football could finally breathe easy.    It should be a simple task.  You would have Whyte pull out all of those childhood photographs with him sporting the famous blue jersey, interviews with old school friends who could attest to Craig’s lifelong passion for the club, and include an interview with the man himself waxing lyrically about those great Rangers days of his youth: Souness’ first game for Rangers; beating Leeds United home and away in 1992; and winning 9 in a row.  At least it would be easy if the buyer of the club had any historical or emotional attachment to Rangers.

Instead we saw planted posts on FollowFollow.com claiming to know Whyte back in the old days in Motherwell attesting to the blueness of his nose and a three-line whip to Hay’s journalist friends that their supply of stories would be cut-off if anything with a negative tinge was to be printed.  Such actions helped kill a line of enquiry that had many Rangers fans wondering: “Who is Craig Whyte?  Is he one of us?  Why does he want to buy Rangers before the tax case is settled? ”  With journalists refusing to do their job, the information vacuum was filled with a constant stream of “almost there!” and “another 48-hours!”  It worked.  Rangers fans were marionettes with Gordon Hay as the puppet-master tugging on their heart-strings.  Distracted by the excitement an imminent deal, few Rangers fans (and no journalists) have found time to ask the obvious next questions:
■Where did Whyte get the money? (He has no publicly verifiable track record of legally obtained wealth)
■Does Whyte understand the gravity of the tax situation and how much the bills could be?
■If he does understand the tax case, then why would he buy Rangers now?
■Is Whyte just buying the bank debt? i.e. that Rangers’ debt will not change?

Of course, the Scottish media will be rushing to curry favour with the new man. They will need to kiss-up with extra vigour out of fear that they could have their lunch-lines cut as the Ibrox ‘Old Guard’ prepare to exit.

The facts of Rangers under Whyte’s ownership remain the same:
- A tax case that was scheduled to finish this afternoon
- Tax bills of £36m (underpayment and interest) and a penalty case to start in some months
There are no other questions worth asking until Rangers supporters receive honest and forthright answers about Whyte’s plans for the various tax case outcomes. This blog has made clear that the only financial model that makes sense for Whyte is that he will have purchased the debt from Lloyds Banking Group directly (preserving their security interests and preferred creditor status) and will have paid £1 for MIH’s shares. He must then be ready to sell any playing asset that attracts a reasonable price. If the tax bomb detonates, he would exercise his security rights. If HMRC do not agree to just walk away and accept zero (or close to it), the only way for Whyte to claim what is his in law, is to see Rangers liquidated.

Rangers fans also need to understand that the terms of the deal that have been leaked so far would not leave Rangers debt-free. Firstly, only the £18m bank debt will have been paid. That would still leave at least another £10m in other loans (used to pay for Jelavic), capital leases, and negative working capital. If he has just purchased Lloyds’ debt, Rangers’ debt will not have changed at all! They will just owe the money to Whyte and whomever has funded him. (Who would be more reluctant to foreclose on Rangers FC? Lloyds Bank or a shadowy group of barely known investors?)

We should be in no doubt that Rangers have are much more likely to be about to jump out of the frying pan into the fire.  That Scotland’s media has been so easily placed in Whyte’s back pocket is a testament to the skills of Gordon Hay.  As his company’s own website boasts:

Often keeping something out of the news is as important as securing publicity. As poachers-turned-gamekeepers, we know how the media thinks and how it works. Our easy-to-follow 12-point plan for dealing with the media in a crisis could make all the difference between making or breaking your business.

Most have moved on to a better place but are never forgotten.


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Lloyds are forcing Rangers to accept the Craig Whyte deal, as it is the only show in town.

Celtic supporters are also praying for this deal to go through, as it is the only option that could possibly result in the liquidation of Rangers, when HMRC find them guilty.

http://rangerstaxcase.com/2011/04/26/making-sense-of-nonsense/

Making sense of nonsense


26/04/2011 by rangerstaxcase


The Scottish sports media has set new standards of incompetence and pandering over the proposed Craig Whyte deal to buy Rangers.  The conventional story being fed by PR agencies working on behalf of both Craig Whyte and David Murray is that Whyte will pay off the bank debt (with the implication that the debt will stay at zero), that Ally McCoist will be handed a fantastic sum to rebuild the team, and that the tax bill will be “handled”.  Of course, these stories never quite explain how a bill that could be £54-60m will be “handled”.  These PR placement stories seem to treat the tax case as if it is a trivial issue which is not going to be a significant issue in Rangers’ future.

However, for all of the pandering nonsense from journalists who earn a salary doing no more than typing their names on the by-lines of articles written for them by others, I am told that Whyte’s efforts to conclude a deal are gathering pace.  Whyte is working hard to finalise financing that would clear the bank debt (£20m on 30 June 2010) and would allow Lloyds Banking Group to wash its hands of Rangers.  It is understood that the amount that would be paid for Rangers’ shares is collapsing and approaching a price close to zero pence.  This would allow Sir David Murray to be off-stage should the Grim Reaper appear on the scene.  The tax liability would remain with Rangers FC.

The remaining issues centre on Dave King’s 5% shareholding.  The combination of MIH’s 85% and King’s 5% (held through Metlika Trading) would meet the 90% threshold required to force all of Rangers’ shareholders to sell at the same terms offered to MIH and King.  With 100% of Rangers’ shares, Whyte would be able to take The Rangers Football Club plc private.  With a privately owned company, Whyte would be free to conduct business without the transparency required of a plc.

However, there are challenges to obtaining King’s 5%.  King is still prevented by court orders in England and Scotland from buying or selling assets in the UK.  The recent transfer of ownership of Rangers’ shares from Murray Sports Limited to Metlike Trading was permitted as it was seen as a ‘value-neutral’ administrative transaction.  However, a sale of these shares, even for a very low amount, could be a legal minefield.  The other issue is that a businessman like King is unlikely to surrender a keystone position for free.  If his stake is essential to throw a dark cloak around Whyte’s plans for Rangers, then King will want to extract a fee.  Of course, there are ways to structure such a transaction.  Whyte could take an equivalent value shareholding in whichever legal entity Whyte wishes to use as the vehicle for owning Rangers.  That could again be considered a value-neutral exchange.  (A “consulting-fee” paid from one obscure company in the Caribbean to another would be very difficult to trace too).

No doubt if a deal is concluded it will be accompanied by a media blitz celebrating a new era for Rangers and how nothing but blue-skies are ahead.  Missing from these PR-agency articles will be the treatment of the tax bills.  I am told that the tax bills will remain with Rangers.  In effect nothing in Rangers’ financial position will have changed except that Lloyds and Murray, two parties that would have been dreading having to be seen to make some tough decisions about the protection of their financial interests in Rangers in an administration process will have managed to get off-stage.  Rangers fans need to ask themselves about the new owner: is Craig Whyte a ruthless financial operator who will think nothing of maximising his personal gain or is he a lifelong Rangers fan taking on the burden top protect and rescue the team he loves?

Those who believe that Craig Whyte is simply a devoted Rangers fan with fathomless wealth who is prepared to use a lot of it for the betterment of his team should ask to see evidence of his devotion to the club.  How many years has he been a season ticket holder?  Where are the photos of young Craig Whyte in his Rangers top?  Before the information age, Celtic fans were assured of Fergus McCann’s bone fides within a couple of days of his name being mentioned in the media.  The Scottish media have been strangely silent about the result of the investigations into the affairs of Craig Whyte. 

Is Craig Whyte a heartless asset-stripper who will not waste valuable resources on legal fees on further appeals if HMRC find against Rangers in the First Tier Tribunal?  Or is he a scene-stealing hero arriving to save the day?  Rangers supporters groups who have lined up to celebrate the arrival of Whyte have failed their members by doing their own due diligence on this man.  Of course, in the absence of anyone else, they may feel that they have no choice.

The recurring theme of this blog is “it is all about the tax case”.  This has not changed.  A Whyte takeover will not alter the fate that awaits Rangers FC.  All that will be changed is that people who would have been reluctant to act to ensure to be seen to bring down the axe on Rangers FC have been replaced by someone whom few of us know much about.

Seeds require a few factors to grow. They require fertile soil. They require water and they require sunlight.

Sectarianism is a seed too. It starts as a tiny husk and if given the right soil, water and sunlight it too will grow.

So you start with a small husk, likely given to you by family or friends. You will have heard people referring negatively to Catholic schools or using derogatory remarks. In Scotland you will likely have heard this during, or related to football. So you have the seed now from a very young age.
So you have the seed. You know need the soil.

You love your football so when you are old enough you are taken to see your favourite team. Rangers. You enter the stadium in awe. As the game starts you hear the songs you have heard on the TV only this time louder. “What are they singing Dad?” you ask. He tells you the words. Teaches you the songs. “These are the traditions son.” Some words you don’t understand and you don’t want to seem foolish to your dad so you ask your friends what they mean. You find out about words like **** and find out why you want to be up to their knee’s in their blood. You start singing the songs. Songs of hate.

You stand within the crowd singing, you feel part of something, likely for the first time in your life. You feel franchised. You feel powerful. You feel like one of the “People” as they say. You then get older. You get to go to the football on your own. You immerse yourself in the songs. In the traditions handed down to you by your father. Your sense of belonging grows by the game. This is your birthright. You are standing with like minded people. Your people. Belting out your songs. Your songs of entitlement.

The problem with your songs and traditions is that it is focussed on not being something else. The tradition you are taught is that you are the opposite of the enemy. You don’t celebrate you. You celebrate not being a Taig. Standing in the architectural embodiment of your tradition, surrounded by your people, you are taught to hate Celtic. You hate them as they are Irish. You hate them as they are Catholics. You hate them as they are the diametric opposite of you and you are the chosen people. You are taught they helped the Germans during the war. You are taught they harboured peadophiles and gave tacit approval to their actions. You are taught they aid and give succour to terrorist organisations. You are taught the media is against you and for them. You are taught they want to drive you, and your people, from this country. You are taught they are beneath you and are worthy of your hatred. You believe. You are not taught however that none of that is true.

This is your land. Your soil. Now we need the water.

You make the pilgrimage to the cathedral of your traditions on a bi-weekly basis. You feel included. Important. The club make you feel that way. You believe they are the same as you. They hold the same values. How could they not?

You can buy an Orange strip. They understand you. They believe too.
They charge £16.90 for meals. They understand you. They believe too.
They remove a menu item as the name of the dish sounds like the Pope. They understand you. They believe too.
They cut the sash into the pitch before a derby. They understand you. They believe too.
Their directors sing the same songs of hatred. They understand you. They believe too.
Wartime anthems are played over the tannoy. They understand you. They believe too.
They have the equivalent of paramilitary rallys on the park before games. They understand you. They believe too.
Everywhere you look the club celebrate not being what they believe Celtic are. They understand you. They believe too.

So you stand there, every 2nd Saturday, surrounded by your people, being fed by the owners of your cathedral. It is no longer a seed you have.
Lastly to grow to your full potential you need the sunlight. The sunlight is the affirmation by everyone that you are not wrong. Your beliefs and values are the right ones. Everything you have been taught is correct.

When your people smash up a City Centre your club say “it wasn’t our fans, it was others”. You agree. It is the timmy media again.
They then say it was the heavy handed policing. You agree. The Manchester Police is full of timmy’s.
They also say but the TV broke, the organisation was shambolic. You agree. Manchester Council are full of timmy’s.
When you smash up a stadium in Bucharest and throw chairs at stewards the club say that the tickets were inadequate and the chairs were lying around anyway. You agree. Those timmy’s in Romania are trying to destroy you.

UEFA hammer you for singing your songs of hate. Your club say “other people do it, why are you singling us out”. You agree. UEFA is filled with timmy’s.

You are then told that how you were reported is not agreeable with the club. Must be timmy’s trying to get you.

Your enemy brings in the embodiment of evil to you to lead them. This cannot be tolerated. So you get vocal about the attacks on your traditions, on your birthright. Where can you do that. You do that surrounded by like minded people. At home. On the supporters bus. On the internet. Your views on what should be done about this are met with nods. Your views are agreed with by your peers as they have had the same twisted upbringing.

The lack of condemnation means you are never forced to review your values. The lack of condemnation gives tacit approval to your values.
Your club doesn’t condemn.
The media doesn’t condemn.
Your friends and family don’t condemn.
Your peer group don’t condemn.

Worse than that, their lack of words and action give you encouragement. If this was wrong surely somebody would say something?
This is the sunlight. Once the sun hits the seedling and it grows, only then can you see what it will grow into.
Nobody can get to the level of hatred required to want to kill or maim on their own. Many people are born with a nature that may preclude behaviour abhorrent to most. For that behaviour to display murderously nurture has to be given to prejudice.

This maniac may be acting alone, he didn’t get here alone though. If he succeeds in any of his terror attempts the blood will not be on his hands alone.

The sad fact is the one’s whose hands share the stain will probably believe Timmy deserved it and will plant a new seed with that odious utterance….


From Celtic Quick News.

The bitter old dinosaur Geoge Peat, the current SFA president with a hatred of all things Celtic, oversaw the demise of his own club Airdrieonians. They rose from the ashes in a different guise of Airdrie Utd, but Peat wasn't involved in the new setup.
He did manage to keep his position at the SFA, one of his likeminded, secret society pals, gave him a seat on the Stenhousmuir board.
Ogilvie is the man the SFA dinosaurs want to hand the baton to, as of course he is as  likeminded as they are. Ogilvie though has skeletons in the closet and we are hoping the transition will be at least far from smooth or hopefully not at all.
We don't forget the Campbell Ogilvie was an active member of the Rangers board who oversaw their signing policy of no Roman Catholics. This however is the least of his worries as the blogger Rangerstaxcase points out below.

http://rangerstaxcase.com/2011/04/14/campbell-ogilvie/

Campbell Ogilvie is already a man of quite some distinction.  However, his list of accomplishments might be about to become a bit longer.  It appears that he has sat on the board of directors of not just one SPL club entangled in highly dubious tax schemes, but two.  Heart of Midlothian FC look likely to be the next shoe to drop as football’s culture of thinking that it is above paying taxes starts to unwind.

Ogilvie, the current SFA Vice-President and heir apparent to George Peat’s job of President, is going to have quite the CV by the time he hangs up his pinstripes.  Not only was he a director of Rangers FC when the EBT scheme was first introduced, but he was also the company secretary.  This latter role gave him additional responsibility for ensuring statutory compliance for The Rangers Football Club plc.  So while some Rangers directors, like John Greig, might have a claim that their position was symbolic, and they did not understand what was happening or what their responsibilities as a director are, it will be difficult for Mr. Ogilvie to do likewise.   As a man with substantial experience and training in the legal responsibilities of directors, he will find it difficult to claim that he did not know or understand what was happening.  (He may try anyway).

However, Ogilvie seems likely to find himself in the unique position of being at the center of yet another tax avoidance/evasion storm.  On leaving Rangers in 2005, Ogilvie joined the board of Heart of Midlothian FC, and in 2008 became managing director of the Edinburgh club.  A source has contacted me with the story the Scottish Professional Footballers Association (SPFA) has made a complaint about employment practices at Hearts. This came to light when a Hearts player applied for a mortgage.  When presenting his salary advice, it was clear that he was on a rate close to the UK minimum wage. The player naively explained that he had lots of money, but that it was all paid overseas.  The SPFA would obviously have concerns that Scottish players will appear expensive in an era of 50% marginal tax rates compared to low-tax (or no-tax?) foreign players.  This raises a few questions: How many players are involved? How long have such practices been in effect? Are there players who have not been registered for tax at all in the UK? The scale of the Hearts problem is not yet fully known.  If this has been standard practice over an extended number of years, then the bills, interest, and penalties could also be of a magnitude that could put the existence of Hearts at risk unless Mr. Romanov decides to dig deep into his personal reserves.

Once could be just a mistake.  Twice looks very careless.
Scottish football supporters, as well as SFA member clubs, have a right to know “what did Campbell Ogilvie know, and when did he know it?”

It appears that one of two situations must exist: either Campbell Ogilvie knew of, and approved of, two high-risk / illegal tax strategies or he has failed in his responsibilities as a company director at two major Scottish football clubs.  Does Mr. Ogilvie have a casual disregard for the law or is he just an ignorant puppet dancing on the strings of charismatic impresarios?  Either way, it would be a matter of major concern to all those with an interest in Scottish football if either is true.  If there is another explanation for why he has had such a knack of being on the wrong boards at the wrong times, then Scottish football supporters need to be told.

Did Ogilvie bring dubious practices to Hearts from Rangers or was he an innocent bystander at both clubs?
Did Rangers register all of their overseas players for UK tax?

In light of his unique experience with two of the three largest football clubs in Scotland sliding to the edge of darkness, perhaps Celtic supporters should not be so concerned about Ogilvie inheriting the job of SFA President.  Given recent statements about the need to ‘pull down the walls’ and to rebuild the SFA from the ground up, who would be better qualified to at least bring about the first part?

http://rangerstaxcase.com/2011/04/13/martin-bain-defending-the-indefensible/

Anyone else struck by the undignified tone coming from Rangers’ Chief Executive Martin Bain in recent days?

His statement released after the shocking decisions from the SFA disciplinary meeting yesterday included the following:
We are, however, disappointed that our players’ misconduct was, in the opinion of the disciplinary committee, to be of a significantly serious nature and we will study the reasons for this when they are given in writing.”

In response to the sectarianism charges from UEFA, Bain said:
“We do, however, believe that it is absurd to think that only Rangers supporters sing offensive or sectarian songs. That is patently not the case and we are left to conclude that there is a disproportionate focus on Rangers. It has also become clear there are people who have been determined to undermine our Club at any cost and have constantly lobbied UEFA and other organisations to take action against Rangers.”

Tortured logic and simple denial are evident in both quotes.  Even when handed a gift that he could not have expected from the SFA (unless he had been informed in advance), Bain tries to boost his credentials as a defender of his club and their fans.  He is obviously playing to the cheap seats.  Much maligned in the past by many Rangers fans for what they saw as a failure to defend them in the litany of troubles created in their recent European adventures, Bain seems eager to ingratiate himself with the club’s more extreme elements.

That he would want to mend bridges with the FollowFollow crowd is understandable.  For a family man who lives just outside Glasgow, knowing what the future is likely to hold must weigh on him terribly.  There must be an awful fear that as Chief Executive during most of the period when the EBT scam was in operation, he will be held responsible.  There is a better-than-evens chance that he could be the last Chief Executive of The Rangers Football Club plc.  Imagine the scorn that will be directed his way when it becomes clear that not only is the tax case a real threat to the existence of the club, but that Bain has participated in downplaying the risks while knowing the full facts.  His actions have hampered Rangers fans’ abilities to prepare for the worst case scenario.  There are many fans who would never forgive him once the seriousness of the club’s situation becomes widely accepted.

Imagine how they would feel if they thought that his culpability extended beyond merely failing to stop the plan, but if they were to discover that he was also a significant beneficiary of the scheme?  Such a conflict of interest would surely tear away any coat of armour Mr. Bain thinks he is building through his newly discovered gruff voice.

12/04/2011 by rangerstaxcase

”I’m sometimes not sure the supporters realise just how serious our situation will be if we are not taken over. Some of them do but I honestly believe the vast majority don’t.” Alistair McCoist quoted in yesterday’s Scottish media.

When the history of these tumultuous days is written, I hope that mention is made of the efforts by both Walter Smith and Ally McCoist to signal to the club’s supporters about the dangers that lie ahead.  Not everyone is reading the signals well. The usual head-in-the-sand brigade who dominate Rangers supporter websites see these words as playing some role in a fanciful pincer-movement designed to get Craig Whyte to sign on the dotted line.  We are all entitled to opinions, but it seems quite obvious to me that this is a sincere attempt to warn fans without upsetting his employers: the Rangers board of directors.

Both McCoist and Smith have to walk a thin line in what they say.  Their bosses on the board, and the nominal owner in Edinburgh, have all signed off on the scams that place Rangers in mortal jeopardy.  They are all as guilty as Sir David Murray in that they failed to fulfil their fiduciary responsibilities as directors.  They have mismanaged Rangers FC and most of them will understand their culpability. I suspect that Alastair Johnston’s frank comments and head-nod were an attempt to insulate himself from both blame and liability.  He does now have a defence of  “Well I did tell you!”  The subsequent restatement of the boilerplate about legal opinion and optimism will not be mentioned if the worst-case scenario kicks in.  He has his excuse at the ready.

The other directors have not been at all forthright.  Their failure to level with Rangers fans, and to participate in the deception that is the idea that anyone would buy Rangers before the tax case is settled, is a betrayal.  They will feel that they have no choice but to follow the road they have chosen regardless of its destination.  After all, each director ”signed off” on Rangers’ tax strategies in each of the last ten years.

On seeing what was at best a high-risk venture, and at worst a criminal enterprise, someone should have had the courage to speak up on behalf of the club and its fans.  John Greig might have been the one to speak up, but as a lifelong football man, it is questionable whether he would have understood what was was going on.  As an aside, Greig’s seeming inability to act reflects on the unsuitability of purely football men for seats on any board of directors.  Directorships are not sinecures or retirement watches.  Directors have a broad range of legal responsibilities and need to have the education and experience to do their job.

The failure of Rangers fans to heed the many warnings means that time may not be available to act.  The most prominent internet supporters have gone to great exertions to stifle any discussion of the tax case over the last year.  Feeding a constant stream of soothing disinformation under the guise of being ‘in the know’, they have built hope and faith in the idea of imminent rescue and that the tax case is not a problem anyway.

How else can Rangers fans explain the current restrictions on how their club operates?
With funds from two consecutive Champions’ League group qualifications and debt that is moving in the right direction, why else would no one be rushing to buy one of the premium brands in the world of football? Do you really believe that Lloyds are singling Rangers FC out for special treatment? (Yes, I have read the ‘stab in the back’ theories propounded by bloggers. When the truth is awkward, find a scapegoat. It is not a new idea.)

Will Rangers fans accept reality in time to organise some form of rescue? Or will the fate of their team be left in the hands of vulture capitalists who specialise in picking over the bones of companies in administration?

It is very unlikely that HMRC will use its option to file criminal charges in this case, but that is at its own discretion. A bigger danger for anyone who served on Rangers board since 2001 is that the fallout from losing the tax case would bring lawsuits for failing to do their jobs. There is no guaranteed result in the First Tier Tribunal, but the evidence is stacked against the club. Unless the three judges sitting on the tribunal are as sympathetic to their plight as an SFA Disciplinary Panel, the coming weeks will involve many sleepless nights for Rangers’ board of directors.

http://rangerstaxcase.com/2011/04/12/mccoist-sounds-the-alarm/

Ken Gallacher, The Herald 15 April 1996
Long, hot summer of superstar signings
THERE were those last week who tended to play down the notion that Gianluca Vialli could be tempted from Juventus to join Rangers. Now these doubters will have to re-assess their thinking to come into line with football's new order. Rangers have done that, ahead of the game as they usually are when entrepreneurial skills are called into play, and they have held talks with the Italian, and they will not stop there.

In this potentially troublesome post-Bosman era, the Ibrox chairman, David Murray, is clearly setting out his stall. He senses the opportunity to add some new, glamorous, glittering names to those already at Ibrox, and at the same time impress upon the rest of European football that his ambitions for Rangers are without limit.

If Murray and his manager, Walter Smith, can put together a truly international team at Ibrox, they could perhaps force their way towards a place in the elite grouping which dominates the money-spinning Champions' League. That is why a player of Vialli's stature assumed enormous importance for Murray and Rangers. Last season, Paul Gascoigne heightened the Ibrox profile in England when the Champions' League games took place. Vialli would do the same in his own country as Brian Laudrup and Erik Bo Andersen will do in Denmark.

Therefore a gamble of £6m spread over a three-year period could provide a massive pay-off for Rangers. Vialli cost Juventus £12m when they signed him from Sampdoria four years ago. Now, thanks to the Jean-Marc Bosman case, he will cost nothing. In fact, the budget which Murray hands manager Smith each close season will not be used on transfer fees this summer but on securing top players and having them under contract for as lengthy a period as possible.

In essence, the six or seven million pounds which was spent last summer bringing Gascoigne and Oleg Salenko to Glasgow could profitably land Rangers three or four players. Stars will be chosen from around Europe to stress the international quality of the Glasgow club. Smith has maintained that the essential heart of the team will remain Scottish but, at this moment, few of our native-born artisans attract attention from around the world.

Players such as Vialli do, and while Rangers await his reply to their offer, Murray has promised that if that deal does not stand up, another one will be put in place. I do not doubt that. Murray is once more raising the ante, just as he has done on a regular basis since taking over the reins at Rangers. His transfer fees over the past few years have beaten those of any other Scottish club. The salaries paid at Ibrox dwarf others in the premier division. Now he is pushing these salary limits even further, encouraged so to do by the abolition of the transfer fee.

It is a bold initiative and one which, if successful, will make Rangers even more powerful next season. And the season after that, and on and on and on as the wealthiest club in the country simply becomes stronger and stronger. At the moment the target is a bigger share of the cash on offer in the Champions' League, and a team with top players from a clutch of countries can help provide that.
In the future the target is surely a place in any European League which seems certain to be formed. That may be several years away, but by that time Murray will have added to his international roster of stars and Rangers' reputation will have been established at a continental level.That is what the present multi-million pounds negotiations are about. The pay-off Rangers hope for is that spot among Europe's finest - in the meantime, their support will be entertained by some of the biggest names in the game.

How the rest of the clubs in Scotlan keep up is another matter and one which will no doubt be discussed in more than a few boardrooms over what will be a long, hot summer of superstar signings.


Ken Gallacher, The Herald 18 April 1996
I understand that Vialli's advisers, who met Murray last week, have been impressed with the way the Scottish champions have handled the negotiations. Under the Bosman ruling, Vialli is a free agent in the summer, and he had made it known that he wanted to try British football.

Initially that meant English football - until Rangers stepped in to prove that they can match any of the big spenders in European football.
Last night, Vialli admitted: “Everything I have heard about Rangers has been positive. I am ready to talk to them.'' Next season, Vialli could be hearing the same salute, but it may come with a Scottish accent.

There is no doubt that he remains a potent force at this level. If the talks go as well now as the preliminary discussions did, then Vialli will be a Rangers player, and David Murray and Walter Smith will have added another huge name to the list of stars they have paraded at Ibrox in recent years.


Chris Starr, The Herald 26 October 1996
"We will make the biggest moves that Rangers Football Club have ever made both off and on the park.I am totally committed to taking the club forward to be even stronger. By the year 2000, we will be double our size. We have a business upon a business providing the club with resources to compete at the highest level.”
“I can assure every Rangers supporter that I am committed to the cause, everybody behind the scenes is committed to the cause. We are going to double the size of the commercial department, we have got a new supermarket opening, coupled to all the things that are going to happen and I think it's great times ahead."

Mr Murray said that Sean Connery, who has been a regular guest at Ibrox, would help him in business ventures but “he isn't into the football business''. He said: “The people who are interested are interested in investment opportunities. We are looking at people taking a long-term position and taking a view in football in five years."


James Traynor, Daily Record, 2 November 1996
£80m TO SPEND
Kenny will be given a roving role to go out and recommend - and try to attract - the best."We're not talking about young or middle of the road players - we're talking the VERY best. Dalglish will be given an open chequebook to make sure the big names are made an offer they can't refuse. Murray knows the name of King Kenny will not only help capture top stars, but will increase interest from potential investors.

That Dream Team in Full

Ajax attackers PATRICK KLUIVERT and MARC OVERMARS would immediately create a £15 million hole in the Ibrox funds - but would no longer be an impossible prospect.

Paris St Germain's brilliant Brazilian RAI would also come into the equation and players like JURGEN KLINSMANN and PAOLO MALDINI would become targets.

Dalglish's brilliant record in England could prompt moves for ERIC CANTONA and ROBBIE FOWLER.

Top agents like Edinburgh's Jake Duncan reckons even Barcelona's RONALDO would not be out of Dalglish's reach.

If Rangers are making millions then the sky is the limit.

That's funny - when Kenny Dalglish returned to Celtic in June 1999 I don't remember the Laptop Loyal creaming themselves about Celtic signing the likes of Denis Bergkamp and Michael Owen. Must have been O*d F**m bias.


Simon Bain, The Herald 23 January 1997
RANGERS chairman David Murray has arranged British football's biggest investment in a remarkable £40m deal.
Mr Joe Lewis, a billionaire tax exile who owns part of Christie's and deals in currencies, has been enticed into putting £40m into Rangers as the first block in building a new international leisure business. The £40m injection will be used to buy players, begin a 150-bedroom hotel and sports bars development at Ibrox, and establish a new player development centre with training facilities. A final planning application on the hotel is likely to be made very soon.

Mr Murray said. ”This investment will enable Rangers to operate on a different plane. It gives us the necessary clout to do all the things we want to do and still have cash available.

Mr Murray added: “We have the second biggest turnover of any football club in Britain and we have no Sky revenue, £5 less at the gate than in England, so we have built a better business than anybody else.'' Mr Murray takes no salary or fee from Rangers. “I am not interested. I get my salary elsewhere. The only dividends I want are trophies."


Ken Gallacher, The Herald 23 January 1997
Rangers may spend £28m this summer
The kind of cash which will now be available to Smith will compare with the substantial television payments which have transformed the fortunes of every club in England's Premiership since the deal with Sky was signed. That deal has enabled English clubs to sign such as Fabrizio Ravanelli, Gianluca Vialli, Dennis Bergkamp, and others.

Such money from TV contracts is not on offer in Scotland - though it may yet come - but Murray's shrewd selling of a part of his stake in the club and his decision to re-invest in making Rangers still bigger is going to provide a financial launchpad which the chairman hopes will carry the team into Europe's elite. That is Murray's dream and, until now, he has been hampered by the status of Scotland as a footballing nation.


The Herald, 31 May 1997
Ronaldo
Striker Ronaldo is reported to have turned down a financial package worth a few pounds short of £40m, £20m being the transfer fee, to join Rangers. The 20-year-old Ronaldo is expected to join Inter Milan. Rangers chairman David Murray has used the massive bid to underline the fact that, in the first place, it was not a publicity stunt, and secondly that Rangers were able to compete with the biggest clubs in the world, although obviously showing his disappointment at probably losing out in this case.

Paul Sinclair, The Herald 23 June 1997
"I can accept the reasons why [Manchester] United may receive more television money, but in other terms we can match or better them. It is time for us to compete better commercially" Murray says.

The branding of Rangers can be expanded world-wide. We have already seen from the signings we have made that we are acknowledged as a major name as far afield as Italy and Chile. Now we want to take commercial advantage of the support we have at home and also in places like Canada and Australia - wherever we are known," Murray says. "I think we would open shops in Australia even if it was not the most viable operation" Murray insists. "It would provide a service for our supporters there and take our name to a new market. We are looking at the Far East as a potential market, but we know you have to get things right at home before you start to try to export abroad."

I'm sure the rest of the world will be taken with your 'Rule Britannia, WeeeeArrraPeeepell' club ethos and come clamouring to buy We Are the People wristbands and union jack shorts.


James Traynor, Daily Record 19 November 1998
SECRET FEAR THAT DRIVES ME TO WIN
10 IN A ROW: Rangers chairman David Murray opens up on the highs and lows of his decade in charge of Rangers and promises that the best is still to come
Exclusive: James Traynor

To hear him speak was to listen to a man who believes himself to be charged with some kind of great and mighty mission. Murray, who chose to talk only to the Record about his dreams and ambitions for Rangers, said: "No one should doubt that Rangers are the biggest club in the country, but I know that talk is cheap in this business and that we will have to prove just how big we are.

"That doesn't really bother me because as long as I am able to influence this club we will be the biggest and we will be the best. I have spent 10 years of my life, and I know that sometimes I gave up too much of myself to Rangers, but I am not about to give up now. Neither am I willing to stand aside and allow another club to overtake Rangers. The failure of last season hurt me a lot and that pain was something I didn't need nor want. It is also a pain which I never want to suffer again, but by God that sort of thing just makes me even more determined to succeed. I am still as driven, still as enthusiastic and I will welcome the challenge of anyone out there."

"I look upon these last 10 years as a having been a great era, but it is over and Rangers are about to head on into a new era," he said over a glass of the finest red.

He was about to take in another mouthful of the most succulent lamb - anyone who knows Murray shouldn't be surprised to learn he is a full-blooded, unashamed red meat eater - when he put down his knife and fork. It was like a statement of intent and looking directly across the table to make sure I hadn't yet succumbed to the wine, he said: "Bring on the next 10 years, there's more to come for Rangers.”

"What I'm saying here is that no matter who buys Celtic from Fergus, they will need to have the deepest of pockets imaginable. The fresh challenge would be good for the Scottish game and lift the profile, but Celtic's new owners had better be prepared to spend. In the past, Celtic's people maybe just haven't fancied trying to take Rangers on financially, but if I have to go in deeper to keep my club up there then I will. I have done it too many times to be frightened now. "From anyone else such talk could be dismissed as no more than empty rhetoric, but with Murray you just feel it is more than bluster and besides, he does have a track record as a spender.

There have been times in his 10 years when he has taken Rangers somewhere between £15m and £20m into debt and he knows that if this season goes belly up like the last one he could be looking at a potential debt of £20m. However, having taken the value of Rangers from £6m to approximately £186m in 10 years he knows how far he can gamble in pursuit of success. This season alone he has allowed his new manager Dick Advocaat to spend almost £30m, but he refuses to lose any sleep over it. He said: "I don't because I consider spending as much as £5million on someone like Andrei Kanchelskis as a necessity. If a club like ours doesn't do that then we fall by the wayside.

"Look, I have many other businesses so I could find many other things to worry about, but I love sport and I want Rangers to be successful. I know this won't be accepted by some people but this isn't about making money. £56m has been invested in the stadium and in my time £200m has been turned over and after interest our trading profit is minimal. Perhaps as much as £60m has been spent on players and I have even paid in about £1m in hospitality but never taken a salary from the place.”

"I get six complimentary tickets the same as everyone else and if I want extra I have to pay for them the same as everyone else.There are no free lunches for David Murray at Ibrox and I have never taken part or been at the centre of any of the numerous victory celebrations we have had.”

"I hope I can say that in my 10 years so far I've been fairly good at that, but the day I run out of ideas is the day I'll know it's over. I'm sure someone will tell me because I have good people around me, I always have. But I'm not ready yet to step back and I see enough fresh challenges, staying ahead at home and winning a place at the European table, ahead in the next 10 years to keep my own adrenaline flowing."

He knows roughly how much it will cost him and he's heard the rumours that ENIC, who have invested £40m in Rangers, are uneasy at the club's spending policies but Murray claims these backers have always been supportive of his methods. He said: "They could kick up a fuss but they don't. Besides, I am the owner of the club and so far most people seem to like what I've done."


The Times, 15 March 1999
DAVID MURRAY, the Rangers chairman, has revealed that a UEFA ruling forced him to abandon his plans to buy Manchester City, of the Nationwide League second division, last year. Murray confirmed that he had several meetings with representatives of the club with a view to a £30 million takeover.

However, Jim Farry, the then chief executive of the Scottish Football Association, advised Murray that if the deal had gone through, UEFA could have used its powers to expel Rangers from European competition.

"Mr Farry advised me there could be serious difficulties with me having a controlling interest in Rangers and Manchester City if we were both in the same European tournament," he said. "One of the teams would have been forced to withdraw from the competition. Therefore, we decided that it would be better to walk away from the deal".

Sunday Herald, 13 July 1999 KEN GALLACHER
David Murray reveals his ambitions for the Ibrox club
Rangers have won 19 trophies during your time as chairman, does that bring you a great deal of personal satisfaction?

Murray: I'm not interested in personal glory. After the cup final - which I left five minutes early, by the way - I went back through to Edinburgh to have dinner with friends. I didn't even go to the celebration party. That was for the players. I only join them when they lose and they don't do that too often, I am glad to say.

There has been a wage explosion following Bosman. Do you see danger signs for clubs in this?

Murray: Yes. Some of them will go bust. I don't say that about the top teams, but the middle-of-the-road teams in England - the ones who are trying to keep up by using television money - will find themselves in trouble.I don't know where some of the medium-sized clubs get the money to pay the kind of wages they are currently paying to players.I don't see it happening here in Scotland but there is a problem in the south. The big clubs will survive - they will always survive - but the others tucked in just below them could be in serious bother.
Something has got to give - and something will.


News of the World, 21 November 1999
If Dick stays on at Ibrox he will go on to stake his claim to be simply the best of the legends

DICK ADVOCAAT could have walked into the Real Madrid manager's seat vacated by John Toshack last week. That says everything about the calibre of the man currently in charge of Glasgow Rangers. It's still very early days in the Dutchman's Ibrox reign but so many things are beginning to fall into place under Advocaat. I suspect we could just be witnessing the arrival of the best pound-for-pound manager in Rangers' history.

Spanish insiders revealed last night that the Euro giants were willing to DOUBLE Advocaat's Ibrox salary after being impressed by Rangers' displays in Europe this season.

Murray told me: "Dick has made me fully aware that certain parties have been in contact with him to see if he would be interested in moving. "He informed me right away and told me in no uncertain terms he would not be leaving Rangers.


Rodger Baillie, The Sun 31 March 2000
£20m man Dave's pledge
MEGABUCKS tycoon Dave King is pumping £20million into Rangers because he wants them to be as big as Manchester United inside five years.The South African-based Gers fanatic is investing a huge slice of the Pounds 100m he made from the sale of his financial company.

He revealed the only return he wants from his old favourites is European glory.
King said: "I want to see Rangers consistently high performers on the European stage, the position Manchester United have reached now.

"The Old Trafford club know they will operate at the highest level every season in the Champions League, and that must be our target too." Chairman David Murray is putting £10m of his own fortune into the Ibrox war chest.

Sports management chief Alastair Johnston and Blackpool Tower owner Trevor Hemmings will chip in around £3m as part of a share issue to raise £53.1m.
Murray said: "We're going for it. I don't want to waste two or three years of my life by not having a right go."

"If we do that and it doesn't happen we'll hold our hands up but I honestly think we're on the verge of something. "When that Champions League music plays every season I want Rangers to be part of it."The Ibrox club are also considering a Stock Market flotation. But Murray emphasised firmly: "If we do it then I'll still be in charge. "I've seen what happens with other clubs where control changes hands and that won't happen with Rangers."

And Rangers are working on other money-spinning ventures via the internet and pay-per-view TV. Murray has been working for months on this package. He said: "This is not a begging letter to the existing shareholders and I'll understand if some of them don't want to take part. It's not for widows and orphans to join in."


The Herald, May 2000
KEN GALLACHER
Murray's Blueprint
Just as promised, Rangers are moving on to another level from the rest of Scottish football, as chairman David Murray announced a new investment of £53m for the Ibrox club, with a further massive cash boost soon to follow. The eventual cash injection could soar as high as £80m as Murray guides the club into what he believes will be a new, golden era for the Scottish champions. The money involved, the biggest financial boost for any Scottish football club, will enable them to move into Europe's elite over the next few years. Yesterday, however, Murray maintained, as always, that he will not turn his back on Scottish football to play in any other league, and that while he remains in charge of the club, he will retain a responsibility to the domestic game."

It is clear from this latest move, however, that the Glasgow giants are setting an agenda that no other Scottish club can match - and that appears to include their Old Firm rivals, Celtic, who are trailing by 15 points in the Premier League championship and are now looking at a financial gap which the Parkhead club might not be able to bridge. There have been hints around Glasgow that Celtic could be ready to attempt a share flotation of their own, but it would seem unlikely they would be able to match the financial clout that Murray has put together. The Ibrox chairman promised his shareholders good news and a more prudent financial strategy at the last annual meeting of the club. He has now delivered this by taking on board several very heavy financial hitters, South African-based David King is worth around £300m - £20m of which he is investing in the club he followed as a young man in Glasgow."

The Ibrox chairman has spent several months and many sleepless nights piecing together the plans which will eliminate Rangers' debt, currently sitting at around £40m, provide finance for the new training centre and the soccer academy which will be housed there, and still allow cash to invest in new players. He said: 'I want to make it clear from the outset that while our small shareholders, our supporters who have an interest in the club, will have the opportunity to invest again if they want, there is no pressure on them to do so. The bulk of the rights issue is being taken up by myself and David King and some other smaller investors, including Alastair Johnston, who is a long-time Rangers' supporter.'


Andy Devlin, The Sun 27 November 2000
RANGERS are on course to become one of European football's biggest clubs after revealing a turnover of over £51million for last year. Murray said: "As a result of the rights issue and the PTV agreement, we closed the year with funds in excess of £21million. The Rangers brand still has further potential value with the strength of our management team and worldwide supporter base.


Iain Dey, The Scotsman 13 December 2002
'Scottish football is bust' says Murray
"Football is bust," Murray said. "Rangers and Celtic will survive because they're brands. I've got a 50million pounds debt at Rangers. But we can service that, and we can pay that back because we've got a stadium, we've got a training ground, we've got players. But at other clubs which have got debts, you wonder how that can ever be repaid. There's no assets. "Rangers' stadium and players could be worth £100-£150million depending on what day of the week it is and how you want to value it. That's the business."


James Traynor, The Daily Record 21 June 2003
We're not as broke as some folk say
Rangers' honorary chairman decided to suspend his self-imposed silence to talk exclusively to Sports Record so that Rangers fans could deal with the "truth" rather than rumour and conjecture. He also went out of his way to stress his commmitment to his club remains strong even though he is no longer chairman and it was clear the rumours about his lack of concern had cut deeply.

Murray can be cold and brash, but he believes that if he is guilty of anything then it is over ambition for Rangers. "If that's a crime then it isn't such a bad one is it?" he asked before letting fly in all directions spitting out words like bullets. First, he spoke about the level of debt and said: "People talk about our debt being as high as £70million or £80 million, but that just isn't the case.
"It's nonsense, although we do have a high level of debt, but we can manage and it will peak at £60m to £65m for everything, players, training facilities, shops, the lot. We will work to reduce our debt and we have a four-year plan in place to take us forward. Of course there is a level of debt which we will not go above, but I've made a commitment to have the Murray business help out if and when the club needs assistance. For instance, if at some point in the new season Alex McLeish needs a player or players in a hurry then he will be given the money. "He already has Capucho signed up, Michael Mols has agreed a new one- year deal, and Zurab Khizanishvili has been offered a contract with the Georgian having to decide over the weekend and by Monday at the latest."

Although he refused to divulge the amount his busines empire will plough in to help Rangers my belief is there will be a credit line which could rise to £20m as Murray tries to make sure his club and manager don't have to go empty handed despite the severe financial restrictions which currently afflict the game.

James Doherty, The Scotsman 24 March 2004
Ibrox takes a gamble on casino to restore fortunes
"RANGERS Football Club has unveiled an ambitious £120 million plan to transform Ibrox and the surrounding area in Govan into an entertainment complex complete with casino. The Scottish champions confirmed the development will include a casino, private flats, a community sports facility, a health care centre and hotel and conference facilities. The club chairman, John McClelland, said the proposals, which have been drafted with Glasgow City Council, should generate substantial profits for the club and create more than 2,000 jobs. The entertainment complex, in partnership with the US-company Las Vegas Sands Inc, is worth an estimated £80 million alone."

Lindsay McGarvie, The Sunday Mail 29 August 2004
MURRAY IN £8.3M GERS SHARE WIN
RECLUSIVE Rangers investor Joe Lewis has sold his stake in the club to David Murray for a £31.7million loss. Murray paid just £8.3million for the billionaire financier's shares last Friday. Lewis paid £40million for them in 1997. The 20 per cent stake held by Bahamas-based Lewis' ENIC was bought through Murray MHL Ltd.

Murray now owns 86 per cent of the Ibrox club and is expected to launch major sport and leisure ventures to capitalise on the brand. He may open hotels and casinos in a bid to wipe out Rangers' pounds 70million debts.

Sources close to Murray say buying Lewis' stake shows 'his hunger to bring back the Ibrox glory days'. A close friend added: 'David played a magnificent hand of poker against Joe Lewis - a man he hasn't even met’.

It's going to allow him to take the club to a new level.'

Yes, administration!

Murray is expected to officially announce his return as Rangers chairman in the coming week.


Siobhan MacFadyen, The Sunday Mirror 29 August 2004
IBROX TO DIG DEEPER
RANGERS will transform the face of Ibrox in an amazing £10million revamp, the Sunday Mirror can reveal. The audacious scheme will see 5,000 new seats added to the Glasgow stadium as the club battles to keep pace with rivals Celtic. Ibrox chiefs reckon the rebuilding will bring in pounds 25million in extra gate receipts over the next 10 years.

The operation could take place as soon as next summer and it's hoped it will be the answer to the club's debts and cash-flow problems. Approaches will be made in the next month to five building firms to compete for the contract. The plan is to dig up the Ibrox turf and then excavate five metres of the ground below it. Builders will then dig beneath the front of the existing seating to create a cavity big enough to fit five new rows of seats - making a new bottom tier around the whole ground.

It will raise the capacity of Ibrox from 51,420 to 56,420 - moving Rangers closer to Celtic's capacity of 60,832. The news comes amid today's vital first Old Firm game of the 2004/2005 season at Parkhead. It will be a huge tonic to Rangers fans worried about the £68million debt hampering the club's prospects - and coincides with the announcement that club owner David Murray will resume the chairmanship at Ibrox next week.

The club will set tough deadlines for the building contract, with all work to be completed in a two-month window in the close-season. A club insider said: "Everyone is massively excited. "It's been a difficult time at Ibrox with Celtic in the ascendancy lately. This shows that Rangers mean business - on and off the park. It won't be easy to get the work done before the start of next season but it could happen that quickly. These extra seats will bring another £2.5million into the club every year - that's a lot of money, especially in the current climate. The plan is to take the pitch down by five metres (16 feet) and insert another tier around the full circumference of the pitch. It would be impossible to build up, as the stands would collapse, so they have come up with plans to dig down.

All that done in two months???

The whole place is buzzing because it means more season tickets and more cash for the club.“David Murray is a very astute businessman. He led the way in redeveloping Rangers after he bought the club and now he is doing it again."


Martin Hannan, Scotland on Sunday 12 September 2004
Ibrox minted after Murray's £50m sweetener as charm offensive continues
"He has got a plan," said a leading stockbroker and veteran Murray-watcher, "and if I was guessing, I would say that people who have invested in Murray Holdings and made a profit may now use that money for Rangers." The same stockbroker speculated last week that Murray was preparing an "exit strategy". Other Murray-watchers speculate that two or three years from now, Rangers could be under new ownership even if Murray retains a sizeable shareholding. With 86 per cent of the club after buying ENIC's stock, he can do with Rangers plc what he likes.

"Let's say he tidies the whole thing up," said a stockbroker, "and gets the balance sheet looking much better, the question will then be, has he got somebody waiting in the wings to maybe come in and take over Rangers? "If this were an ordinary company, which Rangers most definitely is not, then you would have to conclude that he is gearing up to turn it over, but to whom?

Didn't realise that "Murray-watcher" was a bona fide career. I'd guess that there are a lot of "Murray-watchers" heading for the dole queue since he retired to the Fuhrer Bunker on a permanent basis.

Funny how the laptop loyal can find "leading stockbrokers" and "insiders" within the financial whizz community when it comes to bumming up the Huns, but the HMRC issue is just too complicated for them and they just don't have the time to go and find an expert to explain it in simple terms because they're too busy writing furious poison articles about Neil Lennon.


Andy McInnes, Daily Express 2 October 2004
Rangers £10m on horizon

GLASGOW-born businessman Alistair Donald is set to plough more than £10million into Rangers to boost Alex McLeish's transfer kitty. The lifelong Rangers fan, who has an estimated fortune of pounds 70m, has been holding talks with chairman David Murray for several weeks regarding the investment.

Murray will reveal the finer details of the share issue aimed at easing the club's £74m debt at Thursday's AGM - leaving the majority of Donald's cash injection for new players. Donald said: 'I have been speaking to David Murray for some time with a view to making an investment which will be north of £10m.

£10 million or "north" of £10million, which is it Andy? Or is this a game of pick a numberm double it and multiply by the number you first thought of?

'David will be attacking the debt and wiping it out very soon so I expect a large proportion of the money I am pledging will go to the manager. 'I feel with the proper resources Alex McLeish can take Rangers even further in the Premier League and in Europe.' Donald made his fortune with internet companies in Europe and America in the 1990s and, now that he plans semi-retirement when he turns 50 next week, he is keen to buy an interest in the club he has supported all his life.

Murray confirmed that talks have been ongoing over recent weeks. He said: 'We have been having amicable discussions over a period of weeks now and I look forward to a profitable outcome in due course.'We're determined to get the club back on a strong financial footing and help the manager and the team further their ambitions at home and abroad.'


Stephen Halliday, The Scotsman 8 October 2004
Murray Silences Ibrox critics
DAVID MURRAY yesterday produced arguably the most polished performance witnessed at Ibrox so far this season when he cruised unscathed through his first Rangers annual general meeting as chairman for three years.

Despite providing no specific detail of how he intends to fulfil his recent pledge to eradicate the club's £74million debt within the next year, Murray was afforded a largely rapturous welcome back to the front line of the Rangers command structure by an audience of around 1,500 shareholders.

The proposed rights issue, which Murray hopes will raise £57million for the club and which he will personally underwrite through his Murray International Holdings Limited company, was approved unanimously and will be undertaken within the next two months."My intention is to wipe out the club's debt completely within the next 12 months," said Murray, whose recent £8.7million acquisition of ENIC's shares in Rangers took his controlling interest in the club to 86.3 per cent. "I'm prepared to take my share of the blame [for the debt] but I have plans and schemes in place which hopefully will alleviate the problem."

Murray also provided a vague response to a question over the reported intention of wealthy supporter Alistair Donald to invest £10million in Rangers to be used as a transfer kitty for manager Alex McLeish. "We would welcome any investment," said Murray, "and we will see what happens."

He claimed Rangers can expect to receive between £4million and £6million a year in rent from the Las Vegas Sands Casino development proposed for the site currently housing the club's Albion car park. A planning application will be lodged with Glasgow City Council soon and the agm approved the purchase of the car park, currently owned by Murray's Premier Property Group company and leased back to Rangers, for the nominal sum of £1.

There were also echoes of Murray's Old Firm one-upmanship of old as he stated Rangers' intention to earn £10million a year from a new kit deal, double the amount Celtic announced when striking their recent contract with Nike. Rangers are in talks with two companies to replace current kit suppliers Diadora.

How'd that one work out Moonbeams?

On the playing front, Murray was quizzed about persistent speculation surrounding Jean-Alain Boumsong, the French international defender signed on a free transfer from Auxerre in the summer, and insisted Rangers are not out to make a quick profit on him. "I think we did a remarkable job in bringing a player like Jean-Alain here," said Murray, unable to resist taking personal credit for the signing as he added: "The old private jet thing still works."


John Shields, The Sun 14 December 2004
Murray's £50m has freed Eck from New Year sale

RANGERS chief David Murray says the success of the club's new rights issue means boss Alex McLeish will not have to sell players.

Except Jean Alain Boumsong the lapdog hack forgot to say.

The club announced yesterday that more than £51million had been raised, with Murray's own MHL Limited company underwriting more than £50million of the total sum. That still leaves Gers almost £23m in debt but the news that will interest fans most is chairman Murray's claim that McLeish is no longer under pressure to reduce the wage bill and unload players.

Except Jean Alain Boumsong the Hun lickspittle forgot to say.

Murray said: "It now means we are in a position where we do not need to sell any of our players. However, if we do sell any players...."

Doublethink rules OK??!!

"... the money will immediately be given to Alex McLeish for replacements. Rangers can now look forward to a brighter future."

Existing shareholders had the opportunity to match their shares one for one and the results of the rights issue were announced yesterday, with £51,430,995 being raised through the issue of shares sold at £1 each.

Murray MHL Limited, a company controlled by Murray, took its rights to 11,785,479 and subscribed for a further 38,489,521 shares - a total commitment of £50,275,000. The total number of shares owned by Murray now represents 91.8% of the issued share capital.

In some cases, existing shareholders applied for additional shares, and the rights issue also succeeded in attracting 1,263 new shareholders, raising a further £307,530. Murray believes the financial future of Rangers now looks far more optimistic as a result of the issue.

He said: "I am delighted by this response. It was our intention to have a share issue that was open to all our shareholders and supporters. The number of existing and new shareholders who have subscribed means that we have achieved this objective. "The success of the fundraising was guaranteed by MHL underwriting the issue, but the investment by over 4,500 subscribers demonstrates strong support for this initiative."

Hun share issue raises just over £300K from new shareholders and this is lauded as a roaring success by the Scottish media.


Darrell King, Evening Times 7 October 2004
Rangers £6m casino windfall

RANGERS are set for a £6million windfall after agreeing a car park deal to allow a massive casino next door to Ibrox. Shareholders today agreed a resolution which will see the club buy the Albion car park to allow a (pounds) 120m casino to be built. Chairman David Murray estimated the transaction could earn the club between £4m and £6m. He said: ''We are getting great backing from Glasgow City Council on this project and we estimate those are the kind of figures the club could earn in rent from Las Vegas Sands, who will build the casino.'' Rangers last month submitted plans to create a Las Vegas-style casino resort at Ibrox.


PETER JARDINE, Daily Mail 19 November 2004
Pupils to be Proud of but Lessons Still to be Learned
THREE and more years have elapsed since David Murray cut the ribbons on the impressive £14million training facility in Milngavie which now bears his name. Wait five years or a decade for the real dividend, noted most observers. The immediate imprint was felt on the Rangers balance sheet. But, almost imperceptibly, the Murray Park graduates are starting to make a mark on Scottish football.

Come tomorrow, Alex McLeish is liable to name three of them in his squad for the latest Old Firm 'Judgment Day' against Celtic - Hamed Namouchi, Alan Hutton and Chris Burke.

That'll be Hamed Namouchi that they signed on a free from Cannes. How that fits in with the "Murray Park conveyor belt of talent" propaganda is not explained by the hack.

The Scotland Under-21 squad on Tuesday night against Sweden featured three more - Partick Thistle defender Andy Dowie, Falkirk's Darryl Duffy and midfielder Peter Leven, an SPL goalscorer for Kilmarnock against Hearts last weekend. Sheffield Wednesday striker Steven Maclean continues to wrestle with goalscoring in the lower divisions in England while, in the Bell's First Division, Billy Gibson would probably claim, like team-mate Dowie, that Partick are better than their league place suggests.

All grist to the argument that, in a corner of Milngavie, sandwiched between a golf course and a tennis/hockey club, something is starting to stir.

A dodgy tax evasion scheme??


Andy McInnes, Daily Express 25 February 2005
IT'S BOUM TIME FOR RANGERS
Murray insisted the recent figures for the six-month period to December 31, 2004 showed the Ibrox club was already getting onto an even keel financially. He said: "I'm certain that the cornerstones are in place for the delivery of continued improved results both on and off the field for future years. We have a solid structure in place, assets in our stadium and Murray Park that require little in the way of development work, and a playing squad filled with quality players of a relatively young average age."

Rangers turnover for the period was £30,932,000 - £2,832,000 less than the corresponding six months in 2003. Profit before tax was £5,509,000 but, after interest charges of nearly £2m, dropped to £3,537,000.

Em..... so that'll be a profit before tax of £3.5million then.... pesky interest charges.....and em...a after tax that'll be a loss then! What do you mean, what tax?? ?

And they wonder how they are in the mess they are in.


The Sun
Andy Devlin, 15 June 2005
007 sewed up Hem
DAVID MURRAY has revealed how James Bond star Sean Connery helped him lure Brahim Hemdani to Rangers. The Ibrox supremo roped in his close pal 007 as the Marseille captain swithered between Gers and German aces Bayer Leverkusen. Murray set up an airport meeting between the 27-year-old French-Algerian stopper, left, and Connery.

The veteran actor convinced Hemdani to head for the SPL champs on a lucrative four-year-deal. Murray said: "I enlisted Sean's help to sell Scotland to Brahim. Leverkusen were chasing him too and I arranged for Sean to meet him at Cannes airport to help sell Scotland to him. Brahim then flew over and had a good look round and I'm delighted he agreed to sign."

Daily Express
Andy McInnes and Gary Keown, 6 July 2005
FAN THE MAN FOR GERS

RANGERS last night completed the signing of Jose Karl Pierre-Fanfan on a three-year deal, leaving Old Firm rivals Celtic licking their wounds after failing in a bid earlier in the day to land the French defender. The 29-year-old Paris St Germain star completed his medical last night having been flown into Glasgow on chairman David Murray's private jet to look around Murray Park and Ibrox.

However, while the French central defender was being welcomed to Govan Rangers were issuing an angry ultimatum to Sotirios Kyrgiakos to make his mind up now on a return to the club.

Gers chairman Murray slapped down the "sign it or beat it" demand after revealing it was the Greek defender who was holding up his permanent transfer to the Scottish Champions and not his previous club Panathinaikos. "We can't wait for ever so we want an answer from Kyrgiakos about his future as soon as possible, " declared Murray. "It is entirely up to him now. Neither Rangers nor Panathinaikos are holding up this move. It is him. He has said he loves Rangers and wants to play for us, so now he must prove it."

Wonder if an EBT played any part in negotiations...?


The Herald
Darryl Broadfoot, 29 July 2005
BARGAIN HUNT ALEX McLEISH'S CANNY EXPLOITATION OF THE TRANSFER MARKET HAS MADE RANGERS TITLE FAVOURITES
THIS summer's shopping has cemented Alex McLeish's reputation as one of British football's most prolific and prudent Bosman customers. With the possible exception of Sam Allardyce at cosmopolitan Bolton Wanderers, few have negotiated the market as adeptly as the Rangers manager.

Rangers begin the Bank of Scotland Premier League season as favourites for the first time under McLeish's stewardship and he has wasted little time equipping his squad for such heightened expectation. Brahim Hemdani, Jose-Karl PierreFanfan and Ian Murray, established defenders at Marseille, Paris SaintGermain and Hibernian respectively, have galvanised the club for a title defence and improved challenge in the ultimate proving ground, the Champions League.

With SPL transfer budgets now regarded as a luxury, McLeish has again painstakingly pored over the Bosman directory and been rewarded for his diligence. Indeed, this season's Rangers starting XI could comprise seven players recruited for free. Ronald Waterreus, should he retain his place despite the return of Stefan Klos, Marvin Andrews, PierreFanfan, Murray, Alex Rae, Hemdani and Dado Prso are all ideal examples of McLeish's astute policy.

Cue....Celtic winning the league by 20 points and the Huns finishing 3rd behind the Wee Huns. Give that man a job at the SFA!!


Darrell King, Evening Times 10 February 2006

FOR a man who likes to think of Rangers as his family, clearly being attacked from those within his inner circle was just too much. The 300 fans who protested outside Ibrox after last week's Scottish Cup defeat to Hibs, and the dozen or so who unfurled a 'Murray Out' banner at Pittodrie before Wednesday night's defeat, may have been small in number.

But David Murray sensed a major fall-out was on the way - something that may even have ended in damaging feuding or even acrimonious divorce. When the final whistle blew in Aberdeen, Rangers yet again on the end of a defeat, the Ibrox owner and chairman knew it was time to act.

Today he has called for unity behind his decision to reveal that his embattled manager Alex McLeish will go at the end of the season. In his own inimitable style, Murray also rolled out the big guns - a new manager is more or less in place, huge investment is on the way to fund his rebuilding of this pitiful Rangers line-up and the club is making record amounts of cash.

Like the head of the family calling everyone around the table, he has spoken.

Now, he wants the Rangers support to prepare themselves for what he will bring to that very table - and if they are not pleased, he says they can protest all they like.

Murray said: "I will leave no stone unturned. I am working very hard with Martin Bain to bring all these deals together and bring the direction this club needs. "That (protests) is not Rangers' way. I understand people have the right to stand outside and protest. But Rangers do things another way, not like that. That's why I meet the Trust, the Assembly, we do it by talking.

"It is people's entitlement. It does not sway me, nor does it put me off - I will still do my job to the very best. I can understand 300 people getting bloody annoyed if they felt there wasn't a light at the end of the tunnel - but there is a massive moonbeam of success waiting for us.

"People must accept there are legal issues, stock exchange issues, timing factors - but this will happen.

And when we make the changes, and if people are not happy then protest all you want - but big plans are on the way for Rangers. There is a massive moonbeam of success coming to us"


Darrell King, Evening Times, 9 March 2006

ON the day after their European dreams came to an agonising end, the Rangers support received the fillip their chairman had promised. As always, the timing from club owner David Murray was impeccable.

But this is no sweetener just to keep the legions happy after defeat in Villarreal consigned them to nothing more than 10 SPL games between now and the end of the season.

Murray wasn't in at the start 20 years ago when Graeme Souness kick-started the Rangers revolution that reshaped the face of Scottish football. But the Edinburgh millionaire is at the very forefront this time, in direct response to a season from hell that has seen his club fall so far behind Celtic in the league championship that it is simply intolerable for the supporters.

In a momentous week for the Ibrox club, which included the brave end of their Champions League adventure, the Rangers fans have now witnessed the first shafts of light in the "moonbeam of success" that Murray said was lying in wait for the club. The outstanding French coach Paul Le Guen is expected to confirm this weekend that he will take charge of Rangers next season.

That news preceded the tie in Villarreal. But the announcement last night of the massive guaranteed £48m retail deal that Murray has brokered with sports chain JJB, proves to fans that Le Guen will be armed with the transfer cash he needs to rebuild the team. It is believed Le Guen will be handed upwards of £15m this summer to spend on new players, and that eight new faces have been earmarked.

For some time now the name of the £6m-rated French internationalist Sidney Govou has been circulating. Every manager has a player who follows him around the clubs he works at and, such is the relationship between Le Guen and Govou from their time at Lyon, the winger is said to be the incoming manager's No.1 target.

Lille's Greek defender Stathis Tavlaridis was the subject of two failed transfer attempts last summer by Alex McLeish. But in recent times Le Guen's No.2 Yves Colleu, has watched the former Arsenal centre-half in the flesh and he is likely to appear back on the radar.

Nantes keeper Mickael Landreau has been told he can leave the club this summer on a free transfer after seven years. Suggestions in France are that Le Guen rates him highly and will move for the 26 year-old as Lyon shot-stopper Gregory Coupet would be too expensive. Closer to home, a deal for Hibs' Derek Riordan - who Rangers missed out on in January - remains on-going and he should be at Ibrox by the time Le Guen arrives in the summer.

His Easter Road team-mate Scott Brown, was the player McLeish wanted to sign for a year now and that is another move strongly being tipped in the Ibrox corridors. With eight new players expected, Le Guen will have to trim the squad but that can be done without too many problems.


On yerself the lapdogs!!

11/8 for a team 2 points behind the leaders, with vastly inferior players in ability and numbers, would usually seem a ridiculous bet. Not in Dcotland though, as the full weight of referees and SFA are fully behind their heroes in blue.
Today, their verdicts on the assaults on the referee, by both Bougherra and Diouf of the huns, rsulted in a fine of no more than a days wages for each, allied to that of Sally McCoist getting his 2 game ban overturned on appeal, have firmly nailed the SFA colours to the mast. There is absolutely no way on this earth that the SFA or referees will aloww Celtic to win this league. They have and will continue to help the huns in every way possible.
We know there is one rule for them and another for us. The below link is to an incident with Neil Lennon and the ref in a huns game and is nowhere near as bad as what Bougherra sis.
http://cdnedge.bbc.co.uk/sport1/hi/football/teams/c/celtic/4266062.stm

Yesterday, we saw the release of an email sent around the top huns in the SFA,including George Peat, ridiculing Celtic and what they were paying Bobo Balde in his final years at Celtic.
The email was semt by David Dowling, who is also a Huns shareholder and Vice Chair of the SFA's referees committee. The email was signed off at the bottom as follows :
ahahahahahahahahahahahahahahaha - go on yerself Bobo - get it right up them !