April 2011 - Rangers have ~£30m club debt and a big tax investigation hanging over them that could potentially result in a bill of £49m. (Big tax bill)
May 2011 - Craig Whyte buys the club for £1 by promising a cash injection of £26m.
Feb 2012 - It is revealed that since Craig Whyte took over the club it hasn't paid any tax or VAT. The cost is £9m. (This isn't the 'wee' tax case many people think it is. This is just a tax bill).
Feb 2012 - The club is put into Administration. Apparently despite an initial £26m cash injection, revenue for 9 months and the £6m sale of their top scorer... there isn't actually any money available. They did pay off an £18m debt to Lloyds Bank though.
Feb 2012 - It is revealed that the £26m Craig Whyte initially invested wasn't actually his money. He had entered into a deal with Ticketus whereby they front the cash and in return get 3 years worth of Rangers season ticket revenue.
April 2012 - The administrators release the following document. It puts club debt at £55m before the big and the small tax case. It also puts the big tax case at £75m and the small at £4m.
£14million of that £55million is the £9m tax from February, so they continued not paying tax. The 'wee' tax case is revealed to be another ongoing investigation at dodgy dealings (Sorry 'scheme participation') in regards to the transfers of Tore Andre Flo and Ronald De Boer.
So Rangers owed about £105million when David Murray sold them. Apply Craig Whyte's magical business fingers, plus his £26m investment and you get? £134million debt just one short year later.
Now for some 'fun' facts.
1.) Craig Whyte's company has a secured floating charge on its Rangers assets, which is the 85% controlling stake in the club. This means that he is guaranteed his money first in the event of the sale of those assets. Not only that, he is guaranteed market value. So if those 85% shares are worth £10m but the Administrators only managed to sell them for £8m, the club has to make up the difference.
This means that Craig Whyte managed to get Rangers to buy themselves with £26m debt. He threw one measly pound on top and he'll walk away with £10m (Or whatever the market value of 85% of Rangers shares is). He can choose to not take the money of course but I really don't think the slimey ****er is the type to do that.
2.) Some of the debt revealed in the Duff & Phelps document is hilarious, If you set aside the fact they are loving over local small business for petty cash.
The best one is £350 owed to a 'Glencairn Crystal' company based out of East Kilbride. When David Weir was leaving the club the players all chipped in some money to buy him an engraved crystal decanter, this is where the club got it. Except they didn't pay for it. Also, since all this has been revealed the supporters have been paying the little debts where they can. Yep, you guessed it, the paid this one.