When Craig Whyte bought Rangers FC for a £1 last May he confided to an aide that the interest in him by the media would “blow over in a day or two.”
What puzzled Rangers watchers was how could someone borrow £18million to pay of Lloyds banking group for a company that was worth less that than and with potential liabilities of £50 million and still expect to make money?
Now we may have a clearer view.
Maybe he didn’t borrow the money, but the Rangers season ticket holders have, in effect, borrowed the cash.
If that is true then he truly has bought Rangers for one pound!
We know that the bank were very keen on the deal as they wanted out of Rangers ASAP.
If I can remind you this was the time of banners with “Donald Muir the enemy within” and message board campaigns to close accounts at Lloyds.
In the law of unintended consequences the more beligerent among the Rangers support created an extreme urgency within the senior personnel of Lloyds banking group to get the hell out of Dodge.
We know from Alistair Johnston that the bank threatened to stop Rangers credit line if they didn’t agree to the Whyte takeover.
Now, of course, Rangers have no credit line from any bank.
My sources tell me that there was similar pressure applied to Sir David Murray as the bank also effectively controlled Rangers parent company Murray International Holdings (MIH).
The bank got their £18 million by the corporate equivalent of a Payday loan.
The campaign against Lloyds by Rangers supporters effectively created the conditions where the club was delivered into the hands of someone without the cash to bankroll the operation.
People in the Rangers watching fraternity scratched their craniums when they tried to work out Craig Whyte’s “angle” for buying the club.
How could he make money out of Rangers?
What if he actually did buy Rangers for only a quid?
He immediately and perfectly legally could pay himself Martin Bain’s salary.
He is, after all, carrying out much of Bain’s functions.
So right away he’s on £310,000 per annum for a mere one spot.
Given it is his company then he could write up the bonus criteria for the job he was doing again all perfectly legal.
I’m not saying any of this happened, but given the fact that the club might only have cost him a pound then anything he got by way of earnings or remuneration seems a smart move.
However Mr Whyte doesn’t seem to have processed the emotional as well as he has the financial.
What seemed on paper like a no risk no lose deal has seen him stumble into a shit storm of dignity.
Perhaps Mr Whyte just didn’t get the extent to which many thousands of unstable people invest their fragile emotional wellbeing in Rangers Football Club.
The only way out is to enter a Witless Protection Programme and relocate to a nice country, somewhere pleasant that doesn’t have any bears.