Rangers Newco

[Ameritoon]

Worse case scenario, how does the SPL exist with only Celtic?

[TaylorJ_01]

The other clubs in the league will also miss the gate receipts from Rangers away support.

[AlanSkÃrare]

That new lad Celik is supposedly quite decent, maybe the Swedes on here can shed some light on him?

 

Limited. Probably good enough for Scotland though. Goalscoring winger without much ability from what I've seen.

[midds]

So ho much do they owe the taxman then?

[TaylorJ_01]

So ho much do they owe the taxman then?

 

pure hunners

[ross magoo]

So ho much do they owe the taxman then?

 

£75m.

[midds]

So ho much do they owe the taxman then?

 

£75m.

 

Fuck off!

 

You are joking aren't you?

 

 

[Dokko]

So ho much do they owe the taxman then?

 

A Torres.

[ross magoo]

So ho much do they owe the taxman then?

 

£75m.

 

f*** off!

 

You are joking aren't you?

 

 

 

Straight from the horses mouth, that's the figure Craig Whyte quoted in his SSN interview earlier.

[TaylorJ_01]

Abramovich should buy them. Solidify the 'blues brothers' pish that seems to be popular.

[midds]

So ho much do they owe the taxman then?

 

£75m.

 

f*** off!

 

You are joking aren't you?

 

 

 

Straight from the horses mouth, that's the figure Craig Whyte quoted in his SSN interview earlier.

 

Champion.

 

They're fucked. Totally.

[Optimistic Nut]

So ho much do they owe the taxman then?

 

£75m.

 

f*** off!

 

You are joking aren't you?

 

 

 

Straight from the horses mouth, that's the figure Craig Whyte quoted in his SSN interview earlier.

 

Champion.

 

They're f***ed. Totally.

 

The term "royally fucked" couldn't have been any more convenient in this instance.

[Dokko]

 

Rangers Football Club has confirmed it has filed legal papers at the Court of Session to appoint administrators.

 

The club said it would continue with "business as usual" until it decided whether to take that step.

 

Rangers now has 10 days to make a decision. In the meantime, it said there would be "no impact on season ticket holders and shareholders".

 

The move comes while Rangers awaits a tax tribunal decision over a disputed bill, plus penalties, totalling £49m.

 

 

Craig Whyte bought the club last year from Sir David Murray

The club said in a statement, however, that if the tribunal decided in favour of HM Revenue and Customs (HMRC), it "could result in liabilities and penalties substantially more than the £50m reported which the club would be unable to pay".

 

He was later reported as saying this could reach up to £75m.

 

Craig Whyte, who bought the club from former owner Sir David Murray last year, said recently that administration was an option if the club lost the tax case.

 

'Protect the club'

 

The case relates to the use of employment benefit trusts (EBTs) to pay players and other staff.

 

It is thought that HMRC believe the club misused the scheme and avoided paying significant sums in tax.

 

In a statement released on Monday, Mr Whyte said the moves towards administration had been made to protect the club.

 

He said: "Since I took over the majority shareholding of the club in May last year, it was clear to me the club was facing massive financial challenges both in terms of its ongoing financial structure and performance and the potential consequences of the HMRC first tier tax tribunal.

 

"I have taken the decision that the most practical way to safeguard the long-term future of the club is to go through a formal restructuring process. It may still be possible to avert this but that is not the most likely way forward.

 

"What is of paramount importance is the long-term security, survival and prosperity of this great football club."

 

Mr Whyte said it was "in the best interests of Rangers" that his ongoing restructuring of the club was "completed before the end of this season".

 

He said this had "meant turbulent times" as the club sought to "stand on its own feet, earning more than it spends".

 

"From my early days as chairman I saw that administration was a very real option to enable the club to address these challenges and make a fresh start," he said.

 

'Great institution'

 

"Frankly, the case for administration in pure financial terms was compelling but I was acutely aware that such a great institution as Rangers could not be viewed exclusively in financial and business terms.

 

"The fact is that Rangers' ongoing financial position and the HMRC first tier tribunal are inextricably linked."

 

The Rangers chairman stated again that the club was running a £10m annual deficit and it was in the best interests of the club to cut costs significantly.

 

He continued: "There is no realistic or practical alternative to our approach because HMRC has made it plain to the club that should we be successful in the forthcoming tax tribunal decision they will appeal the decision.

 

"This would leave the club facing years of uncertainty and also having to pay immediately a range of liabilities to HMRC which will be due whatever the overall result of the tax tribunal.

 

"In blunt terms, if we waited until the outcome of the tax tribunal, the risk of Rangers being faced with an unacceptable financial burden and years of uncertainty is too great."

 

Mr Whyte said the tax case related to "a claim by HMRC for unpaid taxes over a period of several years dating back to 2001" which Rangers would be unable to pay if the tribunal went against the club.

 

He said Rangers' immediate future now lay in the hands of HMRC.

 

The chairman said: "If HMRC were to agree, even at this late stage, a manageable agreement with the club, then a formal insolvency procedure could yet be averted. It goes without saying that would be our preferred outcome.

 

"If not, further investment in the club would be impossible as the threat of winding up by HMRC cannot be removed.

 

"The Rangers FC Group, the majority shareholder in the club, is prepared to provide further funding for the club on the basis the funding is ring-fenced from the legacy HMRC issue."

 

Mr Whyte said Rangers had engaged a specialist restructuring practice, Duff and Phelps, to assist in finding a solution to the present position.

 

He added: "As a result of that advice, it has been decided to seek the protection of a moratorium from HMRC action whilst a Company Voluntary Arrangement (CVA) proposal is made to creditors.

 

"This, if approved by creditors within a month, would minimise any points deduction and allow the club to participate in European football.

 

"In short, if the club proceeds into administration then it will have to emerge from that process, with the agreement of creditors, within a month or so in order to be able to play in Europe next season."

 

'Financially fitter'

 

Mr Whyte said administration would "regrettably lead to a cost-cutting programme and the potential loss of jobs across the business".

 

He said former directors may "contend that the steps we are announcing today are unnecessary".

 

"All I would say to these people is that if they want to step up to the plate and invest money in Rangers to avoid a restructuring of the business, then I would be most willing to talk to them," he said.

 

"In the past unfortunately, there were people who not only failed to prevent Rangers being engulfed by our current problems but chose not to invest their money to help put it right."

 

 

Rangers faces a 10-point penalty if it formally enters administration

Mr Whyte said Rangers could "emerge as a stronger and financially fitter organisation" from this process.

 

He statement concluded: "As chairman of the club, every action I take will be in the interests of Rangers and there are many people working at the club who are dedicated to making Rangers a success.

 

"I would like to thank supporters for their great commitment to Rangers. This great football club can recover from the situation in which it now finds itself and be the force in football that the fans deserve."

 

Mr Whyte is understood to be the club's main secured creditor via a floating charge over its assets.

 

This would allow him to pursue other avenues such as receivership or pre-pack administration to satisfy the debts which the club owes him if a CVA cannot be secured.

 

These would involve transferring Rangers assets out to another company or companies to satisfy outstanding debts to the floating charge holder and leaving the club behind with the debt.

 

In such scenarios, it would be likely that Rangers FC - formed in 1873 - would be formally wound up.

 

[Interpolic]

They were reading out emails on SSN and one of them said something along the lines of "It'll be fine, just get the tax written off and move on".  Erm...

[Fenham Mag]

http://i.imgur.com/eFSWC.png

 

[Dave]

I still don't understand how administration is allowed. Someone else always just starts it again with a slightly different name. What happens to the debts?

[JJ7]

Good enough for them. Horrible bigotted club! Mind, Celtic and Motherwell are no better. The whole leagues fueled on hatred. Feel sorry for some of the normal clubs.

Motherwell?

 

I've been to plenty games and never experienced bigotry.

Ive been to one as we were in Glasgow before a flight to Zante. Went to stadium, asked a steward where the ticket office was and was told it was a sell out so go home. Think the English accents did it. Went to the actual ticket office and bought 10 tickets for us. When we got into the ground we were forced from our seats, probably being suspected of being English Rangers fans. Was hardly worth arguing when the fans around us weren't in the slightest bit arsed. Never had anything like it in England going to any game as a neutral. Loads of bigotry was being spouted all game. Might have been because they were playing one of the old firm and brought out the local idiots though.

[Guest gggg]

I still don't understand how administration is allowed. Someone else always just starts it again with a slightly different name. What happens to the debts?

 

Some of it gets paid off. The alternative is none of it does.

[TaylorJ_01]

Good enough for them. Horrible bigotted club! Mind, Celtic and Motherwell are no better. The whole leagues fueled on hatred. Feel sorry for some of the normal clubs.

Motherwell?

 

I've been to plenty games and never experienced bigotry.

Ive been to one as we were in Glasgow before a flight to Zante. Went to stadium, asked a steward where the ticket office was and was told it was a sell out so go home. Think the English accents did it. Went to the actual ticket office and bought 10 tickets for us. When we got into the ground we were forced from our seats, probably being suspected of being English Rangers fans. Was hardly worth arguing when the fans around us weren't in the slightest bit arsed. Never had anything like it in England going to any game as a neutral. Loads of bigotry was being spouted all game. Might have been because they were playing one of the old firm and brought out the local idiots though.

 

Sorry to hear about that mate. You should (maybe late now mind) send them an email. The stand I'm ocassionally in is pretty tame, you may have been sat near the 'ultras' () who assemble in the corner beside the away fans and are pretty horrific. Games against the old firm always bring out the idiots though.

[David Icke - Son of God]

They were reading out emails on SSN and one of them said something along the lines of "It'll be fine, just get the tax written off and move on".  Erm...

 

It's alright, there's currently a petition doing the rounds asking HMRC to wipe off the debt

 

They could be quite seriously fucked. £75 million is an absolutely staggering amount (staggering considering it was £50 million at lunch time today according to Rangers. Not like Craig Whyte to fudge the figures, like ) and HMRC are determined to use them as a test case to scare English clubs because the football creditors rule doesn't apply in Scotland. Rangers FC are either going to continue to exist in their current form, albeit bound by massive financial constraints which will see them struggle near the foot of the SPL for a decade or so, or they will be liquidated and a phoenix club will take up the mantle of RFC. The latter would be interesting, especially as the SFA would probably want to drop them straight back in the SPL but they couldn't possibly justify that considering what they've done to Livingston etc.

 

One thing that hasn't been mentioned (and the reason why it may not have been is that it's fanciful, but bear with me) is the prospect of any 'Gers phoenix club potentially entering the English lower league system. Obviously there are a variety of barriers in the way of such a move and I don't think there's any chance of it happening but I thought it would've been mooted.

[ikri]

Written off.

 

Tis the public limited way.

 

Edit: Administrators will try and get as much out of any assets to pay creditors (HMRC being the priority), firstly.

 

Are the rules different in Scotland?  In England "footballing" creditors are the priority and HMRC have to fight for the money with the rest of the normal creditors, it's why Portsmouth escaped liquidation since they were able to pay pennies in the pound for their major debts.

[David Icke - Son of God]

Written off.

 

Tis the public limited way.

 

Edit: Administrators will try and get as much out of any assets to pay creditors (HMRC being the priority), firstly.

 

Are the rules different in Scotland?  In England "footballing" creditors are the priority and HMRC have to fight for the money with the rest of the normal creditors, it's why Portsmouth escaped liquidation since they were able to pay pennies in the pound for their major debts.

 

The football creditors rule doesn't apply in Scotland.

[Interpolic]

Surely it's immensely unfair on other clubs if such massive amounts are written off or heavily discounted?

 

If it's tax then you'd think the other Scottish clubs would be asking for theirs back as well.

[magpie418]

Grey clouds over Castle Grayskull

[JJ7]

Good enough for them. Horrible bigotted club! Mind, Celtic and Motherwell are no better. The whole leagues fueled on hatred. Feel sorry for some of the normal clubs.

Motherwell?

 

I've been to plenty games and never experienced bigotry.

Ive been to one as we were in Glasgow before a flight to Zante. Went to stadium, asked a steward where the ticket office was and was told it was a sell out so go home. Think the English accents did it. Went to the actual ticket office and bought 10 tickets for us. When we got into the ground we were forced from our seats, probably being suspected of being English Rangers fans. Was hardly worth arguing when the fans around us weren't in the slightest bit arsed. Never had anything like it in England going to any game as a neutral. Loads of bigotry was being spouted all game. Might have been because they were playing one of the old firm and brought out the local idiots though.

 

Sorry to hear about that mate. You should (maybe late now mind) send them an email. The stand I'm ocassionally in is pretty tame, you may have been sat near the 'ultras' () who assemble in the corner beside the away fans and are pretty horrific. Games against the old firm always bring out the idiots though.

Aye, got an apology from the SPL as we complained to them and Motherwell. Didn't get anything from Motherwell though. Wasn't so much the behaviour of the fans we complained about, more the fact that we couldn't sit in our seats and the treatment from club officials just because of our accent really.