Looking for a buyer
Albion Rovers manager Paul Martin is suing prospective Rangers owner Craig Whyte for £90,000!
‘Billionaire’ Whyte is reported to have flown back to London yesterday after talks in Glasgow with Al Johnston, Rangers’ US based chairman.
According to a report in the Sunday Mail, Tixway- a firm whose directors are Whyte and his wife Kim- have been served with a writ from Glasgow Sheriff Court for failing to make payments to One Stop Roofing which is owned by Martin and co-director Robert Jenkins.
It is reported that two payments have been made for building materials delivered in June 2009 with Glasgow-based McRoberts Solicitors serving the writ against Tixway in a bid to recover the remaining cash.
According to the Sunday Mail a source claimed: “Martin and Jenkins have tried to get Whyte round the table and sort everything out but it’s proved to be impossible.
“They are surprised a man who’s buying a football club like Rangers for millions of pounds is not prepared to pay a £90,000 bill.”
This case throws further confusion on the repeated claims that 39-year-old Whyte is a billionaire.
The success stories of Tom Farmer, Tom Hunter, Ann Gloag and Brian Souter are fairly well known throughout Scotland but the mysterious Whyte appears to have amassed a fortune second only to Hunter without any recognition.
It is almost universally reported that a deal has been agreed in principal for Whyte to take over Rangers with ‘only’ the due diligence process to be completed.
In any business deal due diligence is critical- you find out exactly what you are buying.
A £33m purchase of a business that contains the assets of Ibrox and Murray Park is substantially different to one where Lloyds TSB retain those assets against the wider debts of the Murray Group.
Buying a business that may be about to become liable for a tax bill ranging from £20-50m will also have a significant effect on the deal.
With little known about Whyte and with Rangers director Dave King holding the key to any deal it seems like Sir David Murray is set to outlast Walter Smith at Ibrox.
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As you said a few weeks ago Joe , a simple google search would tell you all you need to know about this “billionare” .
Not a lot as I remember, maybe just another ploy by the establishment to keep the lid on things down Govan way. Seemingly their are quite a few disgruntled “bears” down govan way . m
Most certainly Neil Lennon and Celtic should be taken to task over this !!!
No offence Joe , but so what ,we have enough on our own plate ,as an old hand i am really into lets all laugh at Ranker’s , but i think i will wait until Neil gets all his young Celtic side playing well and winning trophies then i will laugh at Rankers affair’s.