Arsenal Shares: Previous Board Alerted Whyte


Reports that Craig Whyte has been “asset stripping” and selling off Rangers’ heirlooms have understandably angered many fans.

However, painting Craig Whyte as the devil incarnate on this issue might be a little hasty. It appears that members of the old board actually suggested to Whyte that these shares could be sold for cash.

Rangers’ April 2011 Financial Report (prepared on 18 May for Whyte just after the takeover) contained the following:

It is understandable that every weapon in the armoury is being deployed to get Whyte out, but it is also clear that truth and context might be casualties in this war. From the tone and positioning in the report, these shares were suggested to Whyte as a source of cash. No other “family silver” is listed.

Had Whyte’s takeover of the club not happened would Rangers have sold their Arsenal shares anyway? The issue of concern for Rangers fans should not be the sale of the Arsenal shares themselves, but rather what has happened to the proceeds. However, simply accusing Whyte of misappropriating £188k would carry legal risks and might seem trivial compared with recent accusations. The emotional appeal of the sixteen shares gifted to the club in 1910 is a much more potent weapon.

Public relations at its murky best!

About rangerstaxcase
I have information on Rangers' tax case, and I will use this blog to provide the details of what Rangers FC have done, why it was illegal, and what the implications are for one of the largest football clubs in Britain.

1,564 Responses to Arsenal Shares: Previous Board Alerted Whyte

  1. k3lly says:

    Garry88 says:

    I have to agree: nearly sixty years of my life and finally, at long last, it looks like Karma has caught up with “The Rangers”. All my f**** life, as you say. And it’s so sweet I can taste it. But surely now the authorities have to go all the way – no more secretive committee’s, no more closed doors. No more smoke and mirrors and dinosaurs.

    Should they be stripped of the tainted titles and recompense made to the other SPL clubs that would have won honours? Yes. But declare them null and void and award them to nobody (less malice all round). And just move on. There’s no way funds for the wilderness years are forthcoming to Celtic, Aberdeen, Dundee Utd etc – who’d pay it? And what’s in a distant title anyway – worthless bragging rights?

    As long as Rangers can be publicly punished for what has gone on – that’s enough. We all know. Now move on, with or without them. I think anything else is unrealistic.

    But no parachute into the SPL and an easy way to regain their former strength. We hear a lot about the “true” Rangers fan – the silent majority at Ibrox: so let’s see it in action. Earn your place in three years – you’ll desrve it if you can manage it. Otherwise, you always be seen as Cheat FC. And everything you win from this day forward is tainted – who wants that?

  2. Pat McCarthy says:

    RTC is the equal of Woodward and Bernstein who broke the news that led to the Watergate Scandal and the resignation in disgrace of the President of the United States in the 1980,s
    RTC broke the news. Not the Record, Not the Mail Not the Sun and Not Radio Clyde. Already the hacks are trying to claim the credit and report “exclusives” gleaned from these pages.
    2012 will be the year that Rangers ceased to exist
    The year that SFA members resigned in disgrace.
    The year that Scottish football was reorganised to focus on football and not on formenting bigotry
    Tomorrow the Oscars take place.
    If there was on Oscar for blogs the following words would ring out
    And the winner is……………..Rangers Tax Case

  3. k3lly says:

    Pat McCarthy says:

    Who is left to fool?
    RTC is a bit too widespread now – even the dimmest Rangers supporter realizes that he/she have not been told the truth by the MSM. Fatal credibility damage has been done by the MSM denials, and that cost has still to be counted (in falling sales of papers, and dwindling audiences for radio shows). All the latest “exclusives” aren’t fooling anyone.

    How could they have been so stupid, and so reckless? They must have known RTC’s blog was the truth – so why commit commercial suicide? Unless they think their audience has the attention span of a peanut! (Which might be a valid Business Model for “ra Peepul” but is an epic fail for almost everyone else). MSM – we laughing at you. Credibility is all shot to s**t I’m happy to say. What are you going to do now? – How about Veritas? (look it up!)

  4. Pat McCarthy says:

    oops typo 1970’s

  5. Midlothian_Celt says:

    duggie73 says:
    26/02/2012 at 4:34 am
    ———————————————
    Lenny talks a lot of sense about Hateley’s (almost-cetainly ghosted) article.

    However, as I have posted before, I wish he would simply ignore any such questions about Rangers – or about any ex-Ranger who writes manure about Celtic’s alleged position on Rangers disintigration.

    If any comment is required let it come from Lawell or a Celtic spokesperson.

    Lenny – you’re doing a magnificent job motivating the players as we move forward in the three domestic competitions. Please stick to the knitting and don’t allow yourself to be drawn into commenting on failing businesses elesewhere. Rise above it Neil – you have more class and dignity than “they’ll” ever know.

    Doesn’t stop the Celtic support (and others!) chipping-in — Hateley, sir, you are a grade-A cock!

  6. Lucculent Sam says:

    Johnboy says: 26/02/2012 at 2:34 am

    The scanned letter from the Sun on Sunday confirms that the EBT recommendations came from “the Board of Rangers Football Club”.
    Of which Campbell Ogilvie is a member.

    Er, no. The scanned letter may well be genuine and I believe it is. However it fails any reasonable standard of proof. Anyone could have written that. It’s not on club notepaper. It’s not dated. It’s not signed. And the missing signature’s not from an officer of the club.

    Despite this, it is reasonable to assume Murdoch’s rag will be very sure of its source: probably a fringe player or his agent. The Dirty Digger’s “news” outlets have to be particularly careful about that sort of thing at the moment.

    There’s no way of knowing if Campbell Ogilvie was a board member at the time or not because the letter, if genuine, is not dated.

  7. Hugh McEwan says:

    However if someone has spoken to it, and particularly under oath, that makes it an entirely different kettle of bananas.

  8. longtimelurker says:

    duggie73 says:
    26/02/2012 at 12:32 am
    4 3 Rate This
    Your burd’s a tranny

    _______________________________________________________________

    Have I missed something here, Whyte’s burd is a Transvesite?

    Tell me your joking Duggie 🙂

  9. Lord Wobbly says:

    pssst LTL…. over here —>

  10. Lucculent Sam says:

    Olaf Thom (@Olaf_Thom) says: 26/02/2012 at 1:40 am

    HMRC launched a winding up order on us {Falkirk FC} for 200K last year (2 months without a game due to weather) , YET they ALLOWED Rangers to build up a 8m – 11m debt in unpaid tax for this season alone and did not lift a finger until Whyte himself announced he was going to put Rangers into administration. Why is this?

    Olaf, I answered a similar question to yours a few days ago. Though it was about Hearts.

    If a company makes a habit of not paying its taxes on time, this annoys HMRC because they know the company is taking the piss. The firm can afford to pay but chooses to delay payment for as long as possible. HMRC’s standard procedure in these cases is to get a winding-up order to force payment. This usually produces the required tax and persuades the company to behave itself in future.

    I sympathise that Falkirk would had nasty cash-flow and credit problems because of the weather. However the company should have made provision to pay its taxes when the bills were due, just like everyone else, and there’s no excuse for not doing that. If the club had no cash and couldn’t extend its overdraft, the directors would have had to find the money themselves to ensure the company wasn’t trading while insolvent.

    The situation with Rangers is a bit more complex. HMRC wants two things. The first is a definitive ruling on the use of EBTs to avoid tax. The second is someone’s head on a stick, ideally a very high profile tax dodger. So HMRC doesn’t want to pull the plug on Rangers just yet. They’ll do that for maximum effect when the time is right.

    If HMRC applied for a winding-up order for the back PAYE/NI/VAT, that would mean immediate liquidation for Rangers. HMRC forced the club into administration when Whyte realised the game was up. The object of that was to get control of the club away from him and to give Rangers some time to sort out its finances. Which is ultimately not going to happen of course. HMRC needs the company to remain alive until the EBT tribunal comes through and then have Rangers killed if the club can’t pay. [It’s a bit like keeping a brain-dead patient on life support long enough to harvest the organs for transplants.] If Whyte was still in charge and the club wasn’t in administration, some other creditor could have applied for a winding-up order and brought Rangers down before the EBT ruling comes through.

    A ruling on EBTs will allow HMRC to go after the other companies who have used these to dodge tax. Those companies will then be aware what’s happened to Rangers – the stink from its festering corpse will be hard to ignore – and pay what’s owed. The amount of money that’s due from them will be much, much more than the £50-70M HMRC will never see from Rangers.

  11. Peter says:

    I don’t wish to annoy anyone with rumours and please ignore this if it annoys you.
    I have just heard the announcement of liquidation is to be announced 4.45 28/2.

  12. Noname says:

    Peter – my guess is 29/2. At that point they move onto another pay period and can’t afford to build up any more liabilities.

  13. duggie73 says:

    Midloathian Celt
    The Hateley article mis-represented Lennon’s comments.
    He has the right of reply.
    It’s disappointingly dumb of the rival paper to the original offender to choose to frame his response in a haze of bvllshit.
    I appreciate that you hold the opinion that he should just keep quiet while being lied about, that’s your own view, and just like your arsehole, you’re entitled to it.

  14. Midlothian_Celt says:

    duggie73 says:
    26/02/2012 at 6:10 p
    ———————————–

    Thanks for your response – and clever miss-spelling of my username! Sooo clever. 😉

    Well judging by the ratings on my post you would appear to be somewhat in the minority!

    Listen up – I have huge admiration for Neil Lennon and I appreciate he is an intelligent man – well capable of holding his own with the media hacks. The fact remains, however, that the press pack are deperately trying to engineer stories that will give them tomorrow’s headline.

    Hateley is a twat who, for a few quid, will allow any article to appear under his byline. His criticism of Lenny did not, in my opinion, merit a response. If however, Celtic felt it did warrant same then Peter Lawell – or preferably “a Celtic spokesperson” – should have delivered it.

    Neil should be 100% focussed on his job – one which he is doing magnificently – and should demonstrate the dignity and gravitas we know he has by rising above the deluded rantings of the has-been Hateley.

    Any attempts by a cynical media to divert Celtic’s focus from matters on the park and away from Rangers’ tribulations should, I believe, be resisted.

    Do stop by again! 🙂

%d bloggers like this: