Rangers sold for £1

[Frogga]

http://news.bbc.co.uk/sport1/hi/football/13292829.stm

Craig Whyte completes his takeover of the club.

[HibsMax]

He paid too much IMO.

[Cocaine&Caviar]

As much as i dislike the club and the large % of their supporters, you have to imagine this will signal positive things ahead for them, as hes agreed to wipe out their £27m debt, and has said he'll allow £5m on average every summer for signings, with a balooned budget in the coming summer.

If Celtic, in a far stronger financial position this season, with a much superior squad cant get the title, itll be even harder for them next season.

Already a lot of talk of Goodwillie being the first in the door, he would form a pretty terrifying sight to SPL defences when partnered by Jelavic, who has really pushed on the second half of the season.

[PaulSmith]

Do you think they are convinced?

Statement by the Independent Board of The Rangers Football Club plc 6 May 2011

Further to today’s statement from Wavetower Limited (“the acquirer”), the Independent Board Committee of The Rangers Football Club plc (“the Club”), comprising Alastair Johnston, Martin Bain, John Greig, John McClelland and Donald McIntyre, (”IBC”) would like to make the following statement:

In recent weeks the IBC has been engaged with the acquirer and has secured an enhanced financial commitment from Wavetower for future investment into the Club. The decision on the sale and purchase of the majority shareholding in the Club firmly and ultimately rests between Murray MHL Limited (“MHL”) and Lloyds Banking Group (“LBG”).

Although the IBC has no power to block the transaction, following its enquiries, the IBC and Wavetower have differing views on the future revenue generation and cash requirements of the Club and the IBC is concerned about a lack of clarity on how future cash requirements would be met, particularly any liability arising from the outstanding HMRC case.

Wavetower is purchasing MHL’s 85% shareholding in the Club for £1 and the Club’s indebtedness with LBG is to be assigned to Wavetower. This share transaction would ordinarily trigger a requirement on Wavetower under Rule 9 of The Takeover Code for a mandatory offer to be made to the other shareholders.

Given this transaction structure and following discussions with the Takeover Panel, the IBC considers there to be no purpose in the acquirer making such an offer to acquire all other shareholdings at effectively nil value per share.

Accordingly the IBC has agreed that the offer period for the Club will now end. In agreeing that no offer should be made to all shareholders the IBC has insisted that the acquirer issues a document to all shareholders setting out the full terms of the transaction, comprehensive details on the acquirer and the sources of its funding and giving firm commitments to agreed future investment in the Club.

The IBC is committed to ensure that the transaction and future investment and funding proposals should be transparent to all teh shareholders and supporters of the Club.

[Sergey]

He paid too much IMO.

:agree:

Probably values Hearts at about 20p

[Hibs Class]

Who cares? This isnt the end of this story. The huns have enough skeletons in their cupboard that there are still twists and turns to come.

[iwasthere1972]

Who cares? This isnt the end of this story. The huns have enough skeletons in their cupboard that there are still twists and turns to come.

:agree: The Rangers board members are revolting.

[bighairyfaeleith]

:agree: The Rangers board members are revolting.

Thats always been true though!

[leither17]

I would be wanting change

[leither17]

I would be wanting change

[Pete]

Good luck to the "Motherwell born" teddy bear.

Any normal investment wouldn't involve toxic assets but he's buying into the dream of 50,000 of them.

In fact I'd like to take back the "good luck". I hope Rangers as a football club die on their erse and are crushed by anyone who plays them this or next season.

[Bostonhibby]

If I had known I would probably have offered £1.50 to gazump this guy, would have moved the club to Westminster or Belfast and turned the ground into a garden centre.

[greenginger]

It has been generally reported on TV that Whyte's Company Liberty Capital who will be the ulimate owners of Rangers have "assets under management of over £1 billion."

Just took a look on Companies House Web-site and the only Liberty Capital PLC listed is a dormant company !

There must be some mistake :greengrin Where's Caversham Green ?

[Hibernia Na Eir]

as one peg leg leaves, a kiddy fiddler arrives....

[Hibernia Na Eir]

Good luck to the "Motherwell born" teddy bear.

Any normal investment wouldn't involve toxic assets but he's buying into the dream of 50,000 of them.

In fact I'd like to take back the "good luck". I hope Rangers as a football club die on their erse and are crushed by anyone who plays them this or next season.

you might offend some folk on this board with that talk!

[Andy74]

It has been generally reported on TV that Whyte's Company Liberty Capital who will be the ulimate owners of Rangers have "assets under management of over £1 billion."

Just took a look on Companies House Web-site and the only Liberty Capital PLC listed is a dormant company !

There must be some mistake :greengrin Where's Caversham Green ?

Assets under management aren't theirs.

[blueisthecolour]

you might offend some folk on this board with that talk!

correct:top marks:sauzee:

[Holmesdale Hibs]

I would be wanting change

I'd rather have some shower gel from the 99p store and a penny sweet.

[number9dream]

I would be very worried if a guy who makes his living as an asset-stripper bought Hibs for a quid...

[greenginger]

It has been generally reported on TV that Whyte's Company Liberty Capital who will be the ulimate owners of Rangers have "assets under management of over £1 billion."

Just took a look on Companies House Web-site and the only Liberty Capital PLC listed is a dormant company !

There must be some mistake :greengrin Where's Caversham Green ?


I see from the Sundays' Whyte has moved the tax base of Liberty Capital to Switzerland that explains why the British company is dormant.

Should be handy for Dignatas when the HMRC bill gets delivered. :greengrin