In full: Craig Whyte’s open letter to Rangers supporters

AS THE transfer of Nikica Jelavic to Everton plays out, Craig Whyte, chairman of Rangers, has written an open letter to the club’s supporters, denying claims made in the Daily Record newspaper and commenting on the transfer of the Croatian international.

To all Rangers supporters,

I write to you today to address a number of key issues facing the Club.

First, I would like to address specifically the latest attempt to undermine Rangers in today’s Daily Record which devotes five pages to trashing our efforts to get this Club back on a sensible financial footing.

In the most lurid terms, the Record accuses the Club’s management and, specifically me, of using supporters’ money to help fund the buy-out of Rangers. Not true.

The Club is accused of not paying £5million in VAT. Not true.

I can categorically assure supporters that when I launched a takeover bid for the Club it was funded entirely from one of my companies and that was demonstrated clearly to the satisfaction of the previous owner, Lloyds Banking Group and professional advisers.

What is true is that Rangers, like many other clubs, has a financing arrangement in place with a company called Ticketus which enables the Club to receive revenue from a portion of season ticket sales in advance.

There is nothing unusual or untoward in this arrangement which was put in place at the Club long before my takeover last year and was used by the previous management. For members of that regime to criticise the use of a scheme they put in place is, frankly, outrageous.

This is a perfectly straightforward way of raising working capital for the Club. Money from season ticket sales goes directly to the Club and is used for the Club’s operations and that remains the case. In effect, all this financing arrangement does is release the revenue to the Club earlier.

The Daily Record’s approach to this story sought to distort and dramatise the matter. I for one will not be reading or buying the Daily Record again and I’m sure many other Rangers fans will share my disgust at yet another smear on this football club.

It was, predictably, fuelled by accusations of former board members of the Club. I simply ask Rangers fans what these men did for Rangers in the Club’s hour of need? They were all talk and no action and presided over the Club as it careered to the brink of financial collapse.

The overarching issue that affects Rangers financially is the HMRC tax tribunal, which has been hanging over the Club for many years and long before I became chairman. As I have said many times before, the sooner that is resolved the better.

In terms of the playing squad, you may know the Club has agreed a fee with Everton for the transfer of Nikica Jelavic. We wish the player well and thank him for his contribution to Rangers.

The reality of Jelavic’s departure is two-fold. One, the player wanted to leave and there is no point in trying to keep a player who no longer wants to be at Ibrox. Two, the Club is simply not in a financial position to turn down offers for players which give the Club a good return on its original investment.

Investment in the playing squad has been a thorny issue since I took over the Club in May and is the source of endless debate, much of it ill-informed. I want to set the record straight.

In the summer transfer window last year we conducted 14 different pieces of transfer business, more than any other club in Scotland. This included new signings and improvement to existing contracts with key players, increasing the players’ wage bill significantly. We now have a first team squad of 30 which includes 18 full internationalists.

Admittedly, there were transfer targets we did not secure but that is not uncommon. As chairman, I have supported Ally McCoist in his choice of targets and will continue to do so. The timing of Jelavic’s departure so late in this window is far from ideal and efforts to improve the squad will continue until the transfer window closes.

That said, we must be realistic. Media coverage of the transfer window has bordered on the hysterical. As it stands at the moment Rangers has operating costs of approximately £45 million a year and revenues of around £35million - not including revenue from possible Champions’ League and Europa League participation.

As we know, European money cannot be taken for granted and it doesn’t take much to work out that without it there is a big financial hole to fill every year - regardless of who owns the Club.

I’ve said many times that in Scottish football we have to move on from this mindset that you have to keep spending more and more money - that’s what got this Club into financial trouble before. We have to live within our means, continue to develop talent and spend wisely.

These are challenging financial times for Rangers - as they are for many other businesses. What I can say to you as a Rangers fan is that everything I will do as chairman will be in the interests of the Club and I thank you for your continued support.

Craig Whyte, Chairman

http://www.scotsman.com/sport/football/european/in_full_craig_whyte_s_open_letter_to_rangers_supporters_1_2088070

The guy is an out and out charlatan, it's important to remember he isn't the cause of all of Rangers ill's but he wanted to be a savior so the buck falls at his feet, his denials are tedious

I can see Rangers FC being liquadated, it's not nice to say but from my point of view it's a likely outcome now

He certainly is Gaffer. He mentions he did 14 different pieces of transfer business but doesn't mention they were mostly Poopie and some were that bad that they are being loaned back to the clubs they came from. It's an open letter full of crap, i don't know why he bothered with it.

Hopefully they'll do a Livingston, Dundee or Gretna

I'd never 'hope' anyone does a Gretna, it's all very well wanting your rivals to get pumped and see them struggle but I'd never wish football fans to lose their club, that mind-set is bitter and twisted

I think in terms of Rangers, you are permitted to think like that.

You have to admit it would be funny to see them get a 25 point deduction or demotion to Div 3.

the-gaffer wrote:I'd never 'hope' anyone does a Gretna, it's all very well wanting your rivals to get pumped and see them struggle but I'd never wish football fans to lose their club, that mind-set is bitter and twisted

I hope they go bust. Rangers fans said the same when Celtic had their troubles during the 90's so it's fair game.

Two wrongs don't make a right, people are free to 'hope' for what they want, me though as a Celtic fan who goes week in week out, half the fun in being successful is knowing you've been better than Rangers, I love Old Firm games, nothing else like them for raw emotion, no better feeling than coming out on top, all of that gone it'll just be going through the motions year after year, no thanks

The league is bad enough without having old firm games, Sky wouldn't be interested.

@Gaffer I see your point mate but I don't care they dug this hole for themselves by spending money they never had since the days of Souness. You never heard any Rangers fans asking where the money was coming from then so they are getting what they deserve imo.

The problem I would have if I was a Rangers fan is Whyte isn't saying much and when he does talk he tells the fans nothing new and at times lies. I get the feeling he is no Fergus McCann maybe more of a Romanov.

I heard on Talksport today, Daryl King of the some Glasgow rag was saying that Rangers are 99% certain to go into administration given the level of their debts, with liquidation an outside possibility, administration under SPL rules carries an automatic 10 point deduction, not much of a punishment really when the league is already sliding away from them, their top player has left and what remains getting pumped by Dundee United yesterday. In effect they don't have much to play for anyway, so 10 points isn't really hurting them.

When you consider that fewer fans are turning out, so less money coming in, and no European gate money for the foreseeable future, it's not looking good for Shooter McGavin and Fat Ally.

Daryl King works for the Scotsman I think he used to work for the Evening Times and is usually very reliable when it comes to things to do with Rangers he has very good connections within the club.

I'd be delighted if he is correct then.