Rangers FC to go into administration

[nifan]

Equaliser in injury time was a foul on keeper. Nothing changes, they'll be back in SPL in 3 years cos reffing in SFA is just as biased as in SPL

Do you really think so? Dont see a lot wrong with it
http://www.youtube.com/watch?v=xjFyDlySTrc

[rodney trotter]

Equaliser in injury time was a foul on keeper. Nothing changes, they'll be back in SPL in 3 years cos reffing in SFA is just as biased as in SPL

It's all about the money i suppose.

Good start, a draw away to the might of Peterhead.

There has to be a few higher profile players at Rangers with giddy feet, Jez it's the Scottish 3rd Division, it cannot be good for their international standing as footballers and their value. If they stay it would be like being in football limo for three years. And three years is a long time in a footballers career.

Nah there is very little from last seasons squad still there. All the big name international players are gone, Davis, Lafferty, Naismith, Whittaker,Aluko..

Bocanegra is still there and Lee Wallace, hopefully they will be gone soon too,. May they remain in Div3.

[ONeill]

Equaliser in injury time was a foul on keeper. Nothing changes, they'll be back in SPL in 3 years cos reffing in SFA is just as biased as in SPL

Do you really think so? Dont see a lot wrong with it
http://www.youtube.com/watch?v=xjFyDlySTrc

Great commentary. Sounded like a boy coming out of Dormans any night of the week.

[Dougal Maguire]

Just back from holidays in Spain. Lots of Brits/OWC folk there, not a Rangers top to be seen. But there was an interesting sign outside a pub which read Sky Sports Here. Saturday 11 August - 1.45 Peterhead v Rangers, 8.00 Real Madrid V Celtic. Says it all doesn't it

[red hander]

Equaliser in injury time was a foul on keeper. Nothing changes, they'll be back in SPL in 3 years cos reffing in SFA is just as biased as in SPL

Do you really think so? Dont see a lot wrong with it
http://www.youtube.com/watch?v=xjFyDlySTrc

Having viewed it again a few times, you're right. Would be annoyed if it was Celtic and it had been disallowed. Still think they'll be back soon enough, maybe even next year if some of the rumours about a revamped SPL with two divisions are true

[All of a Sludden]

Former Rangers Football Club wins Big Tax Case appeal

The former Rangers Football Club was placed into administration in February
Continue reading the main story
Rangers in crisis

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Whyte makes Ticketus deal claims
Old Rangers set for liquidation
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The former Rangers Football Club has won an appeal against a tax bill over its use of Employee Benefit Trusts.

The club, which is now in liquidation, used the scheme from 2001 to 2010 to make £47.65m in payments to players and staff in the form of tax-free loans.

HM Revenue and Customs (HMRC) had challenged the payments, arguing that they were illegal.

Rangers disputed the bill and a First Tier Tax Tribunal (FTT) has ruled the payments were loans that can be repaid.

The decision was welcomed by Murray International Holdings, who were majority shareholders of the old club until Craig Whyte's takeover in May 2011.

However, HMRC said it was considering an appeal.

In its ruling - which was endorsed by two judges, with one dissenting - the FTT said the lengthy appeal had been heard over 29 days.

Split decision
"At a late stage in its deliberations it became clear that the tribunal would be unable to issue a unanimous decision. It is conscious of and regrets the consequent delay," it said.

Continue reading the main story
"
Start Quote

We are pleased with the judgement which leaves minimal tax liability and overwhelmingly supports the views collectively and consistently held by our advisers, legal counsel and MIH itself"

MIH
"The majority view reflects the argument that the controversial monies received by the employees were not paid to them as their absolute entitlement.

"The legal effect of the trust/loan structure is sufficient to preclude this. Thus the payments are loans, not earnings, and so are recoverable from the employee or his estate.

The dissenting opinion came from Dr Heidi Poon, who concluded that the money received by the employees through the trust constituted earnings for income tax purposes.

The tribunal agreed to a request to anonymise the published form of the decision.

In a statement, Murray International Holdings said: "We are satisfied that the tax tribunal has now published its widely awaited decision and note the contents thereof.

"We are pleased with the judgement which leaves minimal tax liability and overwhelmingly supports the views collectively and consistently held by our advisers, legal counsel and MIH itself.

'Ill-informed debate'
"This has been an exceptionally long, difficult and expensive process involving not just the tax tribunal but also significant efforts to resolve the matter with senior HMRC officials on a commercially sensible basis for all parties.

"We will therefore review the detailed content of the decision with our advisers and legal counsel to ascertain what action, if any, is now required by MIH."

Continue reading the main story
"
Start Quote

We are disappointed that we have lost this stage of the court process and we are considering an appeal"

HMRC
The MIH spokesman said that while the company had "respected the privacy" of the tribunal proceedings, "a substantial quantity of confidential information" about the case had made its way into the public domain stimulating "often ill-informed debate".

The statement continued: "This has been wholly inappropriate and outwith the fundamental principles of natural justice.

"We therefore formally request that the relevant authorities investigate how these sensitive details have been released so widely.

"We have instructed our lawyers to retrospectively review online and printed publications relating to the case to identify whether legal redress is either appropriate or necessary."

A spokesman for HMRC said: "We are disappointed that we have lost this stage of the court process and we are considering an appeal.

"The decision was not unanimous and the diligence of HMRC investigators was acknowledged by the whole tribunal.

Continue reading the main story
Rangers crisis explained

Rangers went into administration owing up to £134m to unsecured creditors.
As a result its registrations with the Scottish FA and Scottish Premier League were terminated.
Charles Green led a consortium which bought Rangers' assets for £5.5m.
The former Sheffield United chief executive reformed Rangers as a new company.
The 'newco' did not get the required votes for re-admittance to the SPL and started life in Scottish Division Three.
"HMRC is committed to tackling avoidance and it is right that we challenge the type of avoidance seen in this case."

Old Rangers was under the control of Sir David Murray when it began using EBTs.

He sold the club for £1 to Scottish businessman Craig Whyte in 2011, while the tax liability was in dispute.

The FTT, before three judges, concluded in January, one month before the old Rangers, now under the control of Mr Whyte, was forced into administration by HM Revenue and Customs (HMRC) over non-payment of tax totalling about £14m.

HMRC subsequently rejected proposals for a creditors agreement that would have allowed the old club to continue.

Administrators Duff and Phelps then negotiated a sale of assets to a consortium led by Charles Green for £5.5m.

He has since formed a new club, now playing in the Scottish Football League Third Division.

http://www.bbc.co.uk/news/uk-scotland-glasgow-west-20414804

[deiseach]

Here we go again!

Rangers in talks to borrow £1.5m to aid running of club

Rangers have confirmed that they are holding discussions with two major shareholders for a loan of £1.5m to aid the running of the club.

In a Stock Exchange statement, the club said terms have not been finalised.

Earlier this month, chief executive Graham Wallace refuted "ill-informed and inaccurate" claims that the club was on the brink of insolvency.

The club reported a £14m operating loss for the 13 months to June after £22m was raised in a share issue in 2012.

BBC Scotland has learned the discussions are taking place with Laxey Partners and the Easdale brothers James and Sandy. The latter two hold positions on the boards of The Rangers Football Club Limited and its parent company The Rangers International Football Club PLC.

At December's Annual General Meeting, Wallace said the club faces "a significant number of challenges" but had a "platform of stability" to make progress.

In January, manager Ally McCoist signed off on a cut to his wages of about 50%, which he had agreed to in October, but players rejected a proposal of pay cuts of 15% until summer 2015.

Speculation has mounted in recent months that the club is running out of working capital and would have difficulty meeting February's staff wages.

The Scottish League One outfit received calls from concerned supporters and shareholders following online discussions regarding an impending insolvency event.

The concerns prompted a response from Wallace refuting the claims and insisting the club was continuing to rebuild.

A club statement read: "The club wishes to make clear that these allegations are totally inaccurate and that the chief executive and board of directors are fully focussed on the restructuring and rebuilding of Rangers Football Club as previously announced.

"The club has decided to make this statement as unchallenged, ill-informed and inaccurate comments are damaging to the reputation of Rangers Football Club."

Rangers have been examining various means of raising short-term capital over the past few weeks.

The company's annual report stated it had access to an unsecured facility of £2.5m, though it remains unclear whether that has been used.

An additional complication is the ongoing dispute over the ownership of Sevco 5088, which is a subsidiary of The Rangers International Football Club PLC.

The former Rangers owner Craig Whyte is contesting that with the former chief executive Charles Green.

This legal battle and Whyte's claim that Green reneged on a deal that would have meant Whyte had an ongoing financial interest in Rangers was mentioned in Rangers' annual report as a "contingent liability".

Although Rangers are confident Whyte's claims are groundless, this unquantifiable component could hamper attempts to secure external finance.

[seafoid]

Here we go again!

Rangers in talks to borrow £1.5m to aid running of club

Rangers have confirmed that they are holding discussions with two major shareholders for a loan of £1.5m to aid the running of the club.

In a Stock Exchange statement, the club said terms have not been finalised.

Earlier this month, chief executive Graham Wallace refuted "ill-informed and inaccurate" claims that the club was on the brink of insolvency.

The club reported a £14m operating loss for the 13 months to June after £22m was raised in a share issue in 2012.

BBC Scotland has learned the discussions are taking place with Laxey Partners and the Easdale brothers James and Sandy. The latter two hold positions on the boards of The Rangers Football Club Limited and its parent company The Rangers International Football Club PLC.

At December's Annual General Meeting, Wallace said the club faces "a significant number of challenges" but had a "platform of stability" to make progress.

In January, manager Ally McCoist signed off on a cut to his wages of about 50%, which he had agreed to in October, but players rejected a proposal of pay cuts of 15% until summer 2015.

Speculation has mounted in recent months that the club is running out of working capital and would have difficulty meeting February's staff wages.

The Scottish League One outfit received calls from concerned supporters and shareholders following online discussions regarding an impending insolvency event.

The concerns prompted a response from Wallace refuting the claims and insisting the club was continuing to rebuild.

A club statement read: "The club wishes to make clear that these allegations are totally inaccurate and that the chief executive and board of directors are fully focussed on the restructuring and rebuilding of Rangers Football Club as previously announced.

"The club has decided to make this statement as unchallenged, ill-informed and inaccurate comments are damaging to the reputation of Rangers Football Club."

Rangers have been examining various means of raising short-term capital over the past few weeks.

The company's annual report stated it had access to an unsecured facility of £2.5m, though it remains unclear whether that has been used.

An additional complication is the ongoing dispute over the ownership of Sevco 5088, which is a subsidiary of The Rangers International Football Club PLC.

The former Rangers owner Craig Whyte is contesting that with the former chief executive Charles Green.

This legal battle and Whyte's claim that Green reneged on a deal that would have meant Whyte had an ongoing financial interest in Rangers was mentioned in Rangers' annual report as a "contingent liability".

Although Rangers are confident Whyte's claims are groundless, this unquantifiable component could hamper attempts to secure external finance.

It is a very hard time to be a Loyalist with Rangers on the edge and Scotland threatening to leave the UK

[T Fearon]

As a die hard Celtic fan, even I admire the 40,000 plus Rangers fans who continue to attend home games, through their club is in disarray for a number of years with no sign of getting better. Surely the point is coming where they'll say enough is enough

FFS How can the basics of high wages for low productivity etc not be understood, by anyone at Accountin Technician level never mind Financial Directors?

[clarshack]

As a die hard Celtic fan, even I admire the 40,000 plus Rangers fans who continue to attend home games, through their club is in disarray for a number of years with no sign of getting better. Surely the point is coming where they'll say enough is enough

FFS How can the basics of high wages for low productivity etc not be understood, by anyone at Accountin Technician level never mind Financial Directors?

isn't jon daly on something like 5K a week to play in the 3rd tier of scottish football 

[illdecide]

Rangers are currently losing just over £1 million a month, even paying players £5k a week does not measure up. The hierarchy of that club are the ones fleecing it out by the roots. FFS super Sally was on stupid money (can't remember the exact amount but it was something like £600,000 to £800.000 salary). He agreed a pay cut and they still didn't take it of him for months until it was brought out in the media....

I know a few season ticket holders at Govan and they have both told me they'll not be renewing after this year

[From the Bunker]

It's gas, Rangers are 5 (out of 12) games away from Automatic promotion. And they are already are in a definite promotion playoff place with 12 games to go! Why does a club need to win a league so emphatically. Realistically this league probably needs a lesser player on lesser wages that would be lesser cost to the club? I know such a 'Big' club needs to be back in the top tier of it's Domestic game as soon as it can, but they are going to be back financially where they started when they get there.

[under the bar]

It's gas, Rangers are 5 (out of 12) games away from Automatic promotion. And they are already are in a definite promotion playoff place with 12 games to go! Why does a club need to win a league so emphatically. Realistically this league probably needs a lesser player on lesser wages that would be lesser cost to the club? I know such a 'Big' club needs to be back in the top tier of it's Domestic game as soon as it can, but they are going to be back financially where they started when they get there.

I disagree.  For Rangers to get back where they belong they need to buy at least 10 more top-dollar ageing players with a enticement that their current club wages are guaranteed forever.  As a big club they shouldn't worry about small things like current revenue, just put the purchase price on the long finger.  For heaves sake they've millions of supporters in Scotland and OWC!  How can they fail as the chosen people?

[reddgnhand]

How can a club get back to where they belong when they have never played in the top tier. The current  club that plays at Ibrox is a new club. The previous club that played at Ibrox was liquidated.

[BennyCake]

How can a club get back to where they belong when they have never played in the top tier. The current  club that plays at Ibrox is a new club. The previous club that played at Ibrox was liquidated.

So basically they are no different to a US franchise team.

By the way, what is the official name Rangers go by now? 'I can't believe it's not Rangers', 'Rangers Light' or what?