This time last week I was expecting some major news out of Ibrox.
I had been told weeks before that the days 26th and 27th of October would be “historic for Rangers Football club.”
This source has been consistently correct with many RFC stories for me over the past few months.
Therefore I had no cause to doubt his information.
The one time I did so I had reason to rue my scepticism.
It was he who told me that Mr Whyte was very serious about buying Rangers.
I didn’t believe him.
That was the last time I made such a mistake.
When he told me of these important dates at the end of October I put it out on Twitter.
Those sufficiently interested can scroll back thru my tweets, but it must have been a month ago
As the month of October went on we kept in daily contact and he used terms like:
“They’re going into melt down. Situation rapidly deteriorating.”
The 28th of October arrived and there was not a peep that anything was happening.
I contacted another source.
This man is a senior corporate lawyer a staunch Rangers man and very “in” with people who had recently been around the Ibrox board room table.
He told me that lunchtime the following:
“There is a big pow wow going on at Ibrox right NOW! They are in a position were they are no longer able to trade.”
He stated this as an assertion.
He was utterly convincing.
I didn’t think he was lying.
I couldn’t stand this up, but I did put out the quote on twitter as a quote.
It kicked off a firestorm.
People believed that this was the end for Rangers that afternoon.
Of course I did not say this or anything like it, but people put their own spin on it.
When Rangers continued to trade there was some crowing in the succulent lamb wing of the mainstream media.
We learned yesterday that Rangers on the 26th October lodged paperwork with companies house indicating that they have moved “the whole assets of the company” assets to be in control of Close Leasing ltd.
http://rangerstaxcase.com/2011/11/02/borrow/
An excellent analysis follows here from the irrepressible “Rangers Tax Case” blogger.
http://rangerstaxcase.files.wordpress.com/2011/11/rangers-security-charge-change-11_11.pdf
What I try to bring to the readers of this site is newsworthy content that is the product of many hours of fact checking and good old journalistic “digging.”
At the end of it though you have to trust your sources.
Throughout the month of October I was confident that my primary source on this matter was correct.
His belief was based on excellent access to crucial data.
He consistently stated to me that Rangers were simply running out of money because they couldn’t access a credit line with a bank and the owner would not bankroll the operation.
All my secondary sources were saying very similar things. In the intelligence world what they were providing me would be described as “chatter.”
What my primary source was giving me was real gold dust.
We now know that Rangers FC have approached a company to access a line of highly expensive credit.
They’re on borrowed time on borrowed money and, of course the “Big Tax Case” is about to resume this month.
As I was preparing this piece I called him to tell him I was setting the record straight for him.
I said “fair play you were bang on the money!”
He gave a little chuckle.
My source has been vindicated and so, dear reader, have I.
james mac
hi phil,
I have a hypathetical question and would appreciate it if you can help.
What would happen if Glasgow Rangers went into administration and the administrator tried to sell there most valuable assets namely Nikica jelavic,Alan Mc Gregor and another couple of there best players to try and raise funds, and they subsequently refused any move offered to them.
Is it conceivable that the administrator could have a bunch of players that refused to move on to other clubs and that they could not afford to pay.
Would these players become free agents?
November 6, 2011 at 2:42 pm
Kevin
Having read quite a lot about this ongoing saga something surely doesn’t fit here?
Why would anyone, regardless of the interest rate charged, lend money to Rangers if it is unsecured?
If it is not secured against assets then they will just join an increasingly large queue of creditors who are unlikely to get even a fraction of what they are owed.
If it is secured against assets, what are they, as Rangers currently appear to own very little with the exception of their squad?
November 4, 2011 at 2:02 pm
Phil Mac Giolla Bhain
Kevin it IS secured against the “assets of the entire company.”
November 4, 2011 at 4:24 pm
JohnnyG
Phil, Why do you think Whyte bought Rangers in the first place? He has brought so many other companies down, i would have thought that he would have been able to see this coming! I must be missing something here. All we now is for John Greig to take them to court!!!
November 4, 2011 at 11:00 am
stevo
Phil the big taxcase resumes next week and will be finished by the end of next week ……tick tock…..
November 3, 2011 at 9:42 pm
dave
The ff brigade just cant admit to thereself’s how much in decline there cheating club are . The MSM have backed themselves into a corner they cant get out and the only true positive reporting on events at the piggery are from yourself and the RTC blog.
The idiots will be spewing when this comes to frutition , a demise of a once bigoted institution and fan base that we can all have a toast to , the sooner the better and we can party like never before .
No ibrox , murry park or silverware , the creditor will take them all and about time too. The cheating s,c,u,m deserve the most severe punishment
November 3, 2011 at 10:58 am
garry kerr
Why would a corporate lawyer and a staunch Rangers man furnish you with info? I ask again.
November 3, 2011 at 2:41 pm
Phil Mac Giolla Bhain
People have their own agendas and approach journalists for all manner of reasons.
Safe to say this gentleman is no admirer of the current regime at Ibrox.
November 3, 2011 at 7:02 pm
Jim
Well done phil. I for one accept the veracity of your tales and chuckle at the instability of yourndecriers
November 3, 2011 at 10:47 am
cardiffbhoy
William – why do you come on here ? surely if all Phil is doing is provide a comfort blanket for us daft timmies you would be better off trawling Follow Follow for the honest and accurate reporting of the issues facing your club.
Hail Hail, in Lennon we trust too.
November 3, 2011 at 8:49 am
waco
can remember tweeting you at the time about them running on empty ,someone else’s words not mine ,
Ive said before both yourself CQN and RTC are making life extremely difficult for the huns to hide their dirty linen from public gaze and they don’t like it ,they went way out on a limb to prove you wrong and from what Ive read they could have damaged their long term survival just to save face ,lol
November 3, 2011 at 8:43 am
Tony Cassidy
loving your hard work and honesty, Phil
journalism at it’s finest
a credit to your trade
thankyou !
November 3, 2011 at 1:08 am
colin
So how long now will we have to wait, will Rangers be gone for christmas along with Hearts?
November 3, 2011 at 12:41 am
cfc1888 (@cfc18881)
great work phil keep it up, is the tax case next week?
November 3, 2011 at 12:41 am
Steven doyle
I follow twitter to watch rangers go down the shitter
November 3, 2011 at 12:39 am
william
umm, I dont think ill loose any sleep over this one. Try and come up with something better next time Phil. Celtic are 12 points behind Rangers at Halloween with a manager who is clueless and players who have lost the will to play. If your going to try and provide a comfort blanket for the Celtic fans who come on here then you will need to come up with something a lot better. Sweet dreams
In Lennon we trust
November 3, 2011 at 12:37 am
Cosmic Truth
William, in the words of Michael Winner, calm down dear.
The problem for Rangers supporters is, thanks to the laptop loyal selling their souls to David Murray, you don’t get honest, accurate, reporting on Rangers affairs.
That’s why when people like Phil furnish you with accurate information on what’s going on at Ibrox, you lash out at them, Rangers supporters are less used to criticism than supporters of most other teams.
As for what’s gong on at Celtic Park, why would Phil write about that? It’s been comprehensively covered in the Scottish media. Rangers matters, on the other hand, have been largely ignored by the Scottish media.
That’s why Phil, and the guy at RTC, have so many people reading their work.
November 4, 2011 at 9:31 am
Martin
William,
12 points behind with a game in hand at home to dunfermline. So realistically 9 points with three OF games to go and your team has been lucky on the injury and suspension front. naismith is your only casualty so far wait until the likes of Jelavic or Davis have a spell on the treatment table then lets see what your team is made of.
How many competition have we been eliminatesd from? That’s right a big fat zero (a bit like your manager) – and Sally has been put out three competitions before the end of September.
Fair enough you’ve built up a lead against a side which has been decimated by injury..
Nothing is won in October remember that….
celtic will claw back those points without a points deduction once we get our team and some confidence back.
November 4, 2011 at 3:49 pm
Lourens
Well done Phil.. i guess some people will be eating humble-pie at the moment..
Ofcourse there are plenty ‘peepil’ still in denial..
keep digging my friend!
November 3, 2011 at 12:34 am
Andybhoy
I didn’t doubt you for a second phil,the whole situation is liquid and anything can happen at any second.
Tick toc
November 3, 2011 at 12:32 am
Bryan
I think we’ll all be vindicated Phil. Thanks
November 3, 2011 at 12:30 am