Rangers: Topping a breathless day

Twitter timelines were abuzz this afternoon as announcement followed claim followed counter-claim.

The subject?

Have a guess.

You're right: Rangers.

And the continuing travails of the rickety finances at Ibrox.

A drawn out process? The Icelandic economy crashed and burned in less time.

What did we learn today?

That Paul Murray and his Blue Knights - if we can allow trivial nomenclature to distract us, that is a really crap name - were rumoured to have got hold of Craig Whyte's stake in the club.

That turned out to be nonsense. Whyte has no objections to selling to Murray's men. Or, perhaps, he has withdrawn his objections. But he's done nothing yet.

"Selling" might be the crucial word: Whyte believes he's in line for £30 million. He's determined to get it.

The Motherwell-born fantasillionaire might be ridiculed and reviled. But he's not gone anywhere. He will do walking away but probably not without a fight.

Brian Kennedy was back at the table. Then he'd left the table. Then he was maybe back at the table. I'm not sure if he's now got cold feet or a cold dinner.

Kennedy did take time out to warn against US bidders Club 9. He needn't have troubled himself said Club 9: they may or may not be part of an active consortium but they've denied that they are interested in taking control of the club.

Rangers had applied for the licence they need to compete in Europe next season. Now we're told that the administrators were barking up the wrong tree with any attempt to circumvent the rules which deny any club so fiscally addled access to continental competition. And they were told that last week.

So a lot was reported today. But not very much happened.

What we do know is that the creditors will be asked to vote this week. Not about the liquidation saving company voluntary arrangement (CVA). Rather they'll be voting to extend this current period of administration until deep into April and beyond.

Where are Ticketus in this mess? Embedded deep in Paul Murray's consortium of Blue Knights? Or creditors looking for the money they believe they are owed when another bidder takes over?

That's another unknown variable that punches you in the face when you try looking for quick answers in this befuddled web of monetary madness.

Liquidation, say the fans, remains the worst option. Apparently Craig Whyte agrees with that, although he does seem something of a company liquidator extraordinaire so we might take his opinion with a Grant Holt-sized pinch of salt.

But surely, given none of the bidders seem to either have or be willing to spend Sheikh Mansour amounts of cash, liquidation does indeed remain a very real option. Maybe a tactical option or maybe an unavoidable option but most definitely an option.

With the question of Whyte's £30 million remaining unanswered, with the big tax case decision still a blot on the future landscape, with a lot riding on where exactly on the campsite Ticketus are having a piddle, we can't rule out anything.

And none of the outcomes look like being quick or free of pain for Rangers.

Meanwhile it's reported that Ralph Topping, the often elusive chairman of the SPL, has sent a letter to club chairmen giving the non-Old Firm teams something of a slap on the wrists over their rumoured cries for insurrection of late.

Sponsorships are being threatened, argues Topping, with the current uncertainty.

He makes it clear that Rangers' administrators will vote with Celtic to shoot down any moves by the "rebel" ten to upset the status quo.

That will go down like a lead balloon in some boardrooms and among a large number of fans.

The administrators will, of course, vote in a way that best preserves Rangers' interests. That is their duty.

It will annoy people, however, that the SPL would appear to be taking the side of two clubs against the majority.

The SPL chairman is, and I paraphrase, saying:

"Look, Rangers are barred from Europe, they're at the centre of the country's most recent, most complex corporate balls-up, their very future remains uncertain, they might be found guilty of shafting the taxman for a decade or more, we're investigating them ourselves to see if they've been breaking our rules.

"But, come on, Dundee United, Hibs, Hearts, St Johnstone and the rest. Get back in your box and give Rangers the respect they deserve. Because it's you lot that are causing the current uncertainty."

That's going to stick in a lot of craws.

It does, however, confirm something important: if liquidation happens, the SPL - as personified by Topping and Neil Doncaster - will vote to preserve a "newco's" top flight status.

They can't imagine the SPL without Rangers. And they'll fight tooth and nail to keep them there.

I've long argued that would be the case and I know from the reaction to those arguments how deeply unpopular a move that would be.

If nothing else that means there remains the chance of us seeing a Scottish football rammy to end all rammies.

More days like this lie ahead. Breathless days where, ultimately, nothing really happens.

Stay tuned though: this story has drama aplenty still to play out.

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SPL Today: Rangers v Hearts

A good week for Rangers. A good week indeed.

Back in the driving seat in the SPL after Celtic's defeat to Inverness in midweek.

And now a takeover.

A takeover! Finally an end to the most complicated, drawn out transaction since Ivana Trump demanded joint custody of Donald's hair in their divorce settlement.

A statement from the board committee charged with scrutinising the deal suggests concerns remain over Craig Whyte's intentions and means.

And we must also remember that Rangers, the most successful domestic side in world football, were sold for a solitary pound. A quid. Cheaper than a half time pie.

But the deal is done. Maybe now the supporters are left with known unknowns. It's probably preferable to unknown unknowns.

So David Murray is consigned to history. A trophy laden era that ended in the acrimony of a financial stramash.

The future, whatever it holds, belongs to Craig Whyte.

And the present is still very much in Walter Smith's possession.

I wrote last week that all Rangers could do was keep winning and keep hoping. Now all they have to do is keep winning and the title, in many ways an unlikely title, will be theirs.

Can they do it?

As I said on Thursday, both Rangers and Celtic are capable of further hiccups in their remaining three games.

Playing the day before Celtic, Rangers can lay down a marker. Slip up and they'll give up their advantage.

Three games then, three barriers on the obstacle course that is the title race.

And Hearts are first up.

I've felt since the final whistle blew in Inverness on Wednesday - and felt for no tangible reason, just a hunch - that if Rangers win today then they'll hold on to the title.

It won't be easy. A dip in form means Hearts have taken longer than expected to officially confirm third place.

That could make them more dangerous.

Certainly they can cause Rangers problems and they'll want to do just that. The "other" clubs take great delight in lobbing stinkbombs at Old Firm title aspirations, relish it like the Celtic nations enjoy halting England's procession to a Six Nations Grand Slam.

It's true that Hearts don't enjoy the same parity with the Old Firm in Glasgow as they often do at Tynecastle.

And Rangers were impressive in a second half dismantling of Motherwell last weekend.

A tough game today but one I can see Rangers coming through unscathed.

A home win and a step closer to that first title on Craig Whyte's watch.

Taxing times at Ibrox

I wonder how flat that championship champagne is now.

Rangers continue to lurch from embarrassment to humiliation off the field as their financial problems grow. And grow. And grow.

Here's a round-up of some of the latest news. But remember folks, we can't be too cocky, whatever the problems they still won the SPL by a country mile. What does that make the rest of us?

Abyss

The club fears the fine, combined with interest of £12m and possible additional penalties, could reach up to £54m.

Combined with its existing debt of about £30m – which it is under pressure from Lloyds Banking Group to repay – this could leave Rangers owing almost £80m.

An Ibrox source described the situation as "desperate", and said: "We're already struggling to pay £30m we owe the bank. Another £50m could tip us in to the abyss of administration. (The Scotsman)

Grim

Arsenal received a demand for more than £11million in 2005 after it emerged payments were being made to players in offshore trusts. The difference between the Gunners and Rangers is the English side could afford to pay.

I do not understand how this has come as a surprise to Rangers, but, if the worst case scenario comes true, they will have major problems. The champions are already £30million in debt, their management team is out of contract and leading players are being sold or are moving on.

Add in a whopping big tax bill and the interested parties considering making an offer for the club are likely to head for the hills. It’s a grim time indeed for the supporters. (Mark McGhee, Press And Journal)

Funds

The Ibrox hierarchy met with the money men a week ago to establish what funds would be available to strengthen the playing squad.

It is believed the bank have again tried to impose cuts to the wage bill, with a total sum of £5million allocated to Walter Smith for wages and transfer fees, but this was resisted by chairman Alastair Johnston and chief executive Martin Bain.

They are acutely aware that Smith needs financial backing with just 14 outfield players, and two goalkeepers, currently signed up for next term.

Should Lloyds refuse to budge and continue to rule Rangers with an iron fist, then Smith may decide to walk away.

He knows he’ll lose Danny Wilson in a £2.5m switch to Liverpool, while Madjid Bougherra – who is believed to have seen a possible move to Hamburg collapse after they sacked boss Bruno Labbadia – is also expected to leave.

Smith wants to keep Nacho Novo, Kris Boyd, David Weir and Kirk Broadfoot, but knows that there will be little left to play with under the current plan. (Evening Times)

Owner

Alastair Johnston, the Rangers chairman, last night criticised the style and substance of Andrew Ellis’s attempted purchase of the Ibrox club, describing it as “way too prolonged” to prove of any use to the club’s board of directors.

Johnston also expressed dissatisfaction at Ellis’s lack of contact with him. The Ibrox chairman has attempted twice to hold a meeting with the London-based developer about his intentions, to no avail.

Johnston was speaking after returning to his International Management Group base in Cleveland, Ohio, having spent the past six days in Scotland trying to resolve the Rangers ownership question.

On that issue there is not good news. “I don’t see any imminent resolution of a new owner for Rangers, so I believe we are going to have to plan and budget on a ‘no change in ownership’ basis going into next season,” he said. (The Times)

Conclusion

So no money, a playing budget under threat, no clarity in the position of the manager and a takeover bid that's going nowhere. Happy holidays.