Charlotte Fakeovers · @CharlotteFakes
23rd Jun 2013 from TwitLonger
@Martin1Williams Here's another thing. I agree that the Big Tax Case hanging over Rangers made them toxic. Who would have been mad enough to invest with their own money?
Had Craig Whyte not appeared on the horizon, Rangers FC may well have entered administration (and consequently liquidation) much earlier than they did.
Lloyds couldn't call in their £18 million - There had been no breach of that agreement. Working capital was the issue and Sir David Murray had nothing left to inject from other sources. It could be argued he knowingly sacrificed Rangers in order to save the rest of his empire.
I'd say the Discount Option Scheme or the Wee Tax Case as it became better known, was a major factor. Ticketus also.
£2.8 million was overdue at 31 March 2011 for the wee tax case. Due to the takeover talks, this was bundled up for payment and incorporated into the share and purchase agreement.
£2m was scheduled for repayment on the Ticketus 2010-11 deal by end of June 2011. Previous Ticketus deals were masked so that full repayment happened prior to the year end and not identifiable within the public accounts.
Whilst the £18m was safe, credit lines were to be pulled. Furthermore season ticket money was to be ringfenced and not used for working capital. The existing directors had to ensure that for their own good in the event of an insolvency event.
In my opinion: Sir David Murray drove RFC into the ground. He doesn't have the balls to take responsibility. His evidence at the EBT FTTT hearing was that of a man who knew he was culpable, but still unwilling to take responsibility. It's all about self preservation, sod everyone else.
He didn't appear to take the blame for the EBT situation developing, nor side letters mysteriously disappearing. His get out clause appeared to be that he was merely facilitating deals during his reign. With over 100 companies to manage, he never ever got into the nitty gritty of the deals. Passing the buck - that's not a sign of leadership, that's an indication of a coward and a man of no self respect.
Just my view - SDM needed to get out and Craig Whyte delivered a deal that could be believed.