Chapter 4: ‘My Deal’
“As soon as Craig met with representatives from Octopus and the Ticketus model of using future season ticket sales to fund investments, seemed reasonably familiar to him.
In the past he had used invoices – borrowing money against the sales ledger – to buy companies.
Initially, Octopus agreed to Craig’s request to £10 million. Craig believed he could raise another £10 million from Rangers’ bank Lloyds. When he concluded it would better to remove the bank, Octopus agreed a further request to provide £20 million.
Craig, here, explains why, on paper, the Ticketus model wasn’t as controversial as would later be made out. As fund managers, Octopus was duty bound to find ways to give investors returns on their money. The firm seemed relaxed about staking its investment on the future of a football club, with a loyal fanbase and guaranteed income for years to come.
However, they did ask for a personal guarantee from Craig to the tune of £27.5 million (funds advanced plus Ticketus’ profit margin), his net worth at the time. Again, Craig explains his thinking behind the deal and the model used to finance it. As long as there was a team called Rangers playing at Ibrox their investments were secure.
As the deal progressed, Craig’s enthusiasm grew. He took over the reins from Andrew Ellis telling him: ‘This is my deal.’
A meeting with David Murray was arranged at his home in the south of France in autumn 2010. Craig found in Murray a man desperately keen to progress a deal and someone not remotely interested in where the money was coming from.
As is normal in such negotiations, the source of funds was not disclosed. Neither was the scale of Rangers debts. Craig’s enthusiasm grew as the prospect of running the club edged closer to becoming a reality. Control of Rangers seemed within his grasp. However, he had no idea what was waiting for him around the corner.”
I have remitted the first batch of the executive summaries, with a second batch to follow through the UK night tomorrow. Many of my readers will wake to some truly astounding revelations. I will not be publishing any more full chapter précis.
There are a number of takeaways from the enclosed text in bold italics typeface. It seems apparent that Octopus loaned Whyte £20m with season books as collateral. The fee for such an arrangement was £7.5m. As soon as Whyte paid off The Bank Of Scotland, he only had one million and change to play with. He did not have sufficient funds to pay off the £2.8m overdue payable a.k.a. The Wee Tax Case. As of May 6th 2011 when the deal was signed there was no possibility of paying HMRC the quantum that they had demanded, a sum that had crystallised on 21st March 2011.
Stewart Regan lied to protect Rod Petrie and the odious Andrew Dickson who asserted that Rangers UEFA licence application was tickety-boo. Dickson knew otherwise. One wonders how Regan, Petrie and Dickson will wriggle free from this revelation.
Note how a meeting took place chez Murray in The South of France in the Autumn of 2010. “Craig found in Murray a man desperately keen to progress a deal and someone not remotely interested in where the money was coming from.”
One can but conclude that Sir David Murray is not only guilty of bribery, but he is a lying bastard to boot. He was not duped. He did not give a flying fuck who bought Rangers. All he cared about was clearing the bank debt and getting his crooked hands on the lion’s share of MIM.
Alistair Johnston provided Sir Bribe & Lie with a private investigator’s report which revealed that Whyte was a ‘fuyant‘ and had no discernible means. Whyte’s apartment in Monaco was rented. Murray claimed that the bank were pointing a gun to his head. He was lying. The stick, £18m and change in a debt ocean of £700m, did not move him. He was drawn like a moth to the flame of a 50% share in Murray International Metals. The price was £18m and change, paid by Whyte.
Craig Whyte revealed that as soon as the deal was signed, Sir Bribe & Lie called Murray Foote, the editor of The Daily Record, with the glad tidings. He dictated a prepared statement, a valedictory. Whyte could not quite believe that even at this moment SB&L was shaping the narrative. Murray took the guise of munificent benefactor passing the mantle to a young Turk. The prosaic fact that Whyte did not have a pot to piss in was the least of SB&L’s concerns. With £1m and change and no income from season tickets, the clock was ticking on Rangers. The Blue Room was booby-trapped. There was a pregnant pause before the bomb went off just over 9 months later.
The following extract from the Red Flags executive summary is instructive:
“Shortly before the deal concluded, details emerged that showed the Murray group had hidden vital information from Craig’s lawyers in the ‘data room’ of disclosures. Craig’s team found out about several liabilities, such as the ‘small tax case’ of £2.8 million that needed to be paid. They then found out that Ibrox Stadium wouldn’t be allowed to open for the next season unless a new public address system was installed and the catering facilities were upgraded, costs that were estimated at £1.7 million. Craig was aware of a potential issue with a liability known as the ‘big tax case’. However Murray’s team downplayed the seriousness of the case, suggesting it might only mean a tax payment of between £2-5 million. Craig now accepts his team vastly underestimated not only the quantum of what might become due but also the pressure that was going to be put on by that information becoming publicly available.
Ordinarily, such revelations would be red flags to delay proceedings or ask to analyse matters more closely. However, Craig felt under increasing pressure to complete the deal. In all his business experience he had never encountered such a deal where the seller was the party piling on the pressure.”
Note how Sir Bribe & Lie, the so-called duped innocent, was happy to transgress company law by not disclosing liabilities in the data room. Then there is the forked tongue down play of the EBT fallout. Is there no end to this man’s mendacity?
Sir Bribe & Lie was happy to sell for £1 as he knew he was punting a pig with lipstick. He also knew that Whyte had no means to pay his initial selling price and also pay off the bank.
Whyte thought he was buying a modest enterprise, however:
“One stalwart told Craig it was his job to maintain the ‘smoke and mirrors’ illusion that Rangers was a big time football club. The reality was that, compared to other businesses Craig had taken over, it was a reasonably small business. An impression had to be created otherwise for the fans.”
The WATP supremacists needed a myth to wrap their orange sashes around. As one can see from the lower part of the Record front page, they revert to bombs and bullets when presented with a hate figure. They need someone to hate. Ninety minutes is a long time to go wading in Fenian blood. I am now at the top of their list. It’s gone to DEFKLAN 2 on social media.
Some of The People just cannot handle the truth. Would they prefer a bedtime story from Sir Bribe & Lie?