Walter Smith has launched an astonishing attack on Lloyds Bank and claimed that they are ‘dictating the policy overall’ and ‘we are well and truly in the hands of the bank’.
The outburst from the Ibrox manager is totally at odds with claims from American based Chairman Al Johnston and Chief Executive Martin Bain who have gone out of their way at various times to state that the club is run independent of Lloyds.
Smith made similar claims in October 2009 and was quickly put right by Lloyds and Rangers who issued a website statement contradicting their manager.
Asked about the prospects of signing anyone during the transfer window the Rangers boss replied: “We can’t afford to bring in a loan player or anything like that.”
If the bank are dictating signing policy they were certainly generous to the Rangers boss last summer.
As well as splashing out £4m for Nikita Jelavic from Rapid Vienna and a similar commitment on wages Smith was able to go shopping in the English Premiership- the most expensive market in football.
Former England star James Beattie was signed from Stoke for £1.5m while a similar amount was paid to Manchester City in a loan fee and wages to sign Vladmir Weiss for a season.
Weiss, Beattie and Jelavic have scored five SPL goals for Rangers this season- one more than Paddy McCourt.
After losing to Celtic the pressure is on Smith with the cheque book solution no longer an option.
Reports that ‘billionaire’ Craig Whyte is about to buy the club and start splashing the cash clearly haven’t impressed the veteran Rangers manager.
In a rant certain to upset the Lloyds Group who are propping up the beleaguered Murray empire the Rangers boss wasn’t shy to blame the clubs’ bankers for his problems.
“You feel as though the whole situation is a bit unfair from the football side of things,” Smith said. “We do need a bit of help.
“It becomes a concern when you have to keep asking the same group of players to keep on delivering. That’s when you need a wee bit of help.
“Unfortunately, we are not going to get that help. We can’t afford to bring in a loan player or anything like that.
“That’s the situation we’re in and we know we’re in it. It’s an unfortunate one for our club but the bank are dictating the policy overall.
“Whether we think it’s fair or not it doesn’t really matter because we are not getting any kind of reaction any time we ask about it. So therefore we are well and truly in the hands of the bank.
“Of course the ironic aspect, not just for Rangers but for everybody, is that the banks are telling us what we can and can’t do. Maybe someone should have done that with them a long time before they started.”
The delicate relationship between Rangers and Lloyds is bound to be strained by Smith’s public criticism of the company who are keeping Rangers and the Murray group afloat.
Lloyds inherited the Rangers account when they merged with HBOS who had been excessively generous with Murray when it came to spending.
In 2007 and 2008 Smith was able to spend generously bringing Steven Whittaker, Steven Naysmith, Lee McCulloch, Andrius Velicka, Kyle Lafferty, Jean Claude Darcheville, Kenny Miller, Pedro Mendes, Maurice Edu, Carlos Cuellar,Steve Davis, Daniel Cousin and Kyle Lafferty to Rangers for almost £30m.
That expenditure and a soaring wage bill have contributed greatly to Rangers recent domestic success and to the financial troubles of the club.
Reports that Smith could move for David Goodwillie or Erik Huseklepp have been dismissed by the Rangers boss who seems to be in the dark about current transfer policy.
“If a player was sold it’s not guaranteed that we would get all the money,” Smith explained. “If we transferred a player we might not get all the money and we have been told that.
“If someone left it would give us the opportunity to bring someone in on a similar wage. But transfer-wise we’ve been told there’s no certainty we would get the money.
“If we don’t lose a player we won’t be bringing anyone else in, if a club offered a sum of money for one of our players then we wouldn’t have the decision to make.
“I don’t think selling is a necessary aspect of what we need to do. It might have been different had we not had the Champions League money.
“In fact, I have no doubt that would be the case. But the choice and the decision will not be ours.”
Smith will step down as Rangers manager at the end of the season with Ally McCoist expected to move into the hot seat.
As well as their problems with Lloyds Rangers face an action from HMRC which could result in a fine of over £20m for offshore payments made to players over a five year period.
Coming to Video Celts over the weekend, a revealing insight to Artur Boruc’s life and times at Celtic.
Video of Celtic target Erik Huseklepp
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Are there any updates on the tax bill or the takeover?
I don’t know what to believe about the figures involved in the tax bill, but it appears stopping any takeover and leaving poor old Walter outside of the life to which he had become accustomed in happier transfer windows. Still, he enjoyed the credit, he can enjoy the crippling monthly repayments.
Hail, hail.
The takeover from ‘billionaire’ Craig Whyte is another moonbeam.
The tax issue could be very serious, HMRC don’t take action on a whim and win much more than they lose.
When I heard this cardigun rant, I had to laugh at Dignified old shame fc.
That monster Lloyds bank eh ?, How dare they spend a £ener for every £iver the Hoops spend eh ?
The sir minty fella failed to inform Ra Peepil of Govan way, that what he actually meant was –
For every £5 quid Integrity FC (Celtic) spend, The dishonest Fc (Huns) will spend roughly £2.88 and the good old honest tax payers will foot the rest, Mmmmm ?
Financial doping at full steam here, some of there 50 stars, cups and European adventures all came from dishonesty.
Before this season kicked off, there was similar rant from Brother Sally & brother cardigun, pressurising the bank.
The bank, after probably a few winks, a few dodgy handshakes, then up pops Jellyvic, scooter heed Weiss and the Pie Man Beatie. Mmmmm ?
A lot of folk think HMRC will hammer the shame fc, I wouldn’t hold my breath hoping for that.
It would be ironic though if it did happen eh ? The Loyal queens eleven go behind her back and try and dishonestly short change her ?? Hypocritical eh?, and the queen sends her HMRC henchmen in to strip their assets.
That would be a come true carlsberg moment, how could they ever look us in the eye again ?
For all Celtic FC’s boards faults, they’re honest and above reproach and can walk tall, knowing we are a club of real integrity,well maybe not taxi man lord Reid. Lol, the old rascal.
They the shame I believe will get money to spend January, maybe not as much as they’d like, but I think they will sell a few players and get a percentage of it to buy or loan.
At the end of the day it’s the banks aim to get all there monies back, and they will know if shame fc don’t get a crack at Champs league next season, it’s curtains for the huns.
For me this season I believe if the hoops win the title, it’s the beginning of a long run of In A ROW’s, can’t see how the Huns can financialy cope.
Sally next season with a squad full of youths and busted flushes, the futures bright the futures Green and White, and the panic has set in for them.
Forever Celtic
SeltikBhoy67
Hail Hail
10 in A RoW ??
Maybe Lloyds would be interested in buying the 9iar and of course the last two leagues they paid for!
Quote of the day yesterday from a hun, ‘ran*ers should get rid of the banks, they’re only holding us back’!!!!!
Absolutely no understanding whatsoever, you couldn’t make it up!!
It was my understanding (little as it may be) of the law, that if you borrow money from the bank in the full knowledge that you don’t have the resources to pay the loan back, which actually, to all intents and purposes, means you had no intention of paying it back in the first place, it’s a criminal offence.
It’s called fraud.
I’m sure there are also similar laws concerning Tax avoidance and failure to pay.
I think there are more than referees reports that need scrutinising down at Corrupt FC!
Max,
On that bile filled follow Follow site, they also coming out with ridiculous nonsense that Lloyds must be full of Fenian taigs.
They are clutching at straws, they don’t understand the rules the rest of us have to abide by, they have been getting there own way for that long now,Its hard for them to comprehend Honesty, integrity and Fair play.
The mentality Hitler had regarding the jews, is similar to there own hun mentality.
They think the world revolves around them, and everyone should fall into line to suit there sectarian hun hate filled superiority agenda.
What goes around A comes around as the old saying a goes, Life is a merry go around.
They are really hurting big time right now,(BIG TIME) The old cardigun can’t pick up the check book anymore in times of hardship.
And it is killing them slowly and painfully.
The Laptop loyal are struggling to portray them in a good light now ,It’s clutching at straws time for them I say with a chesire cat style grin.
You just have to look at the coughing article to see the depths of despair they are in, gutter journalism at it’s finest.
Chemical Ali would have been proud of that Spin and deflection tactic.
And Just like Leckie, The whole world was Laughing at Chemical Ali aswell.
“Let The People Sing ”
SeltikBhoy67
Hail Hail