Wednesday, February 15, 2012

Glasgow Rangers Football Club

It is a shame that Sir David Murray was so desperate to get rid of Rangers but you can see his point. Rangers had become a financial black hole with too many players, on huge wages, sitting about doing nothing and never likely to get a game, anyway, unless there was injury or flu. Some of these players were on six figure sums per week to turn up for training, play some golf and turn up on match day. A firm cannot keep paying these sums out for no product. The Star's light is going out and so to sell means a loss, every time!!
So in comes Mr Whyte who has a head office in Switzerland. It is a post office box and his mail goes from there to a lawyer's office for forwarding to Mr Whyte. He has been a director of over 20 companies, a of which either went bust or were closed down. They all left creditors holding the baby. He was eventually banned from holding a directorship for seven years. The BBC say that he broke this ruling which is an offence with a max of 2years in prison.
I posted, at the time of this takeover that Mr Whyte was a classic case, asset stripper, I have no doubt that is is the plan for Ibrox. Better to lose ten points at the end of a season than to start with a hurdle to get over, he will announce and the sheep will nod.  Better to go into Admin and lose the taxman's two bill's of  £49 and £9. Then Whyte, as preferential creditor, will own the ground, the training round and the name, all for a paltry £18 million which he more than likely borrowed!!

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