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Sergio Garcia

The Rangers soap opera goes on and on.

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Heartbeat

alas it would seem Rangers Cunning plan to sneak into the English league by taking over Portsmouth has been thwarted at the death :rolleyes:

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Jambo66

I was just having a think about this. Is the majority of Rangers current debt not owed to Whyte himself? This had made me wonder if he's been tipped off about the tax case and put the team in admin, which he said he would do, if Rangers were to lose the tax case.

 

Difficult to know since we're not getting to see their accounts for some reason :teehee:

 

I imagine it was current debt when owed to the bank, but it may not be now.

 

He won't have been tipped off about the tax case, although Rangers solicitors will have given advice about their prospects of success.

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The Real Maroonblood

Rankers.

:lol: :lol: :lol: :lol: :lol: :lol:

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ToadKiller Dog

Credit to Jim Whyte he has managed to avoid bursting into tears but you can see it in his eyes ,he will be found drunk in some alley come 4am this morning in his own wee i expect .

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Ron Burgundy

It's funny.

However had it been Celtic then it would have been hilarious.

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...a bit disco

CLUB STATEMENT

 

 

 

The Rangers Football Club plc has today announced it has filed a notice of intention to the Court of Session in Edinburgh to appoint administrators.

 

The Club will conduct its business as usual and will not be in administration until it decides whether to formally proceed with an application to appoint administrators.

 

Until such time, the Club will not face any sanction from the football authorities in terms of points deduction within the Scottish Premier League.

 

Sanctions such as a 10-point deduction will only apply if the Club proceeds with the appointment of administrators. It is expected to be 10 working days before a decision is made whether to appoint administrators.

 

Suppliers to Rangers Football Club and the Club's business partners and sponsors are currently being informed of today's announcement and arrangements between the Club, suppliers and creditors will continue as normal.

 

There will be no impact on season ticket holders and shareholders. Season tickets will continue to be valid for this season and any commitment to a season ticket for next season is secure.

 

The Club is continuing to have dialogue with HMRC in the hope that a formal insolvency procedure can be averted and has put forward pragmatic proposals.

 

The Club's owners believe there is no 'realistic or practical' alternative to this course of action in order to secure the long-term future of the Club.

 

Should administration take effect, the Club is proposing a Company Voluntary Arrangement (CVA). The Club wishes to seek the protection of a moratorium from HMRC action whilst a CVA proposal is made to creditors. The Club has put forward a CVA proposal to HMRC in which creditors would be paid and provision made for the legacy HMRC case, commonly known as the 'big tax' case.

 

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

 

The Club has engaged Duff and Phelps, a specialist restructuring practice to assist in finding a solution to the present position.

 

Should the Club proceed into administration, the appointed administrators will in all likelihood implement a cost-cutting programme and staffing levels will be reviewed across all departments of the Club's business.

 

Rangers chairman Craig Whyte said there is no 'realistic or practical' alternative to this course of action due to a combination of the Club's ongoing financial situation and the impending result of the HMRC first tier tax tribunal. The tribunal relates to a claim by HMRC for unpaid taxes over a period of several years dating back to 2001, which, if decided in favour of HMRC, could result in liabilities and penalties substantially more than the ?50 million reported which the Club would be unable to pay.

 

Further investment in the Club from any source 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: "It is extremely disappointing the Club's finds itself in this position but decisions have to be taken to safeguard the long-term survival and prosperity of the Club both on and off the field. The harsh reality is that this moment has been a long time coming for Rangers and its roots lie in decisions taken many years ago. If we do not take action now the consequences and the risks to the Club are too great.

 

"In addition to the HMRC issues, it has been abundantly clear to me the Club faces serious structural and financial issues which will continue unless they are addressed.

 

"There is no realistic or practical alternative to our approach as HMRC has made it plain to the Club that should we be successful in the forthcoming tax tribunal decision, they will 'appeal, appeal and appeal again' the decision. This would leave the Club facing years of uncertainty and also having to pay immediately a range of liabilities to HMRC. Even if the Club were to succeed in the tax tribunal, it would still face substantial liabilities. Zero liability will not happen.

 

"Whilst it appears that a consensual restructuring looks unlikely outside of a formal insolvency procedure, the above steps, if agreement cannot be reached with HMRC, will bring an end to the legacy threat of closure and will provide stability required to enable the required investment to be made into the future of the Club.

 

"I can, however, reassure Rangers supporters that the Club will continue and can emerge as a stronger and financially fitter organisation that will compete at the levels of competition our fans have come to expect.

 

"At this point I would ask all Rangers supporters to continue to show the tremendous support they have shown to the Club, Ally McCoist, his management team and the players."

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hughesie27

Neil McCann on SSN now saying that he isn't surprised and that the champagne corks at Parkhead will be getting popped! :thumbsup:

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The Old Tolbooth

fRchs.gif

 

Outstanding! :rofl:

 

Can UEFA do anything to Scottish clubs in administration?If a club is playing in Europe, it needs a UEFA club licence. If a club goes into administration but has already been given permission to play, it will not lose its licence for the season.

Cheers mate :thumbsup:

 

I'm guessing that because they've already played in Europe this season then they can't play next season, unless you apply to play in Europe way before the end of the season of course and it's already been accepted, the reason I think this is because we had to let UEFA know which competition we were going to play in and always turned down the Intertwobob Cup, because if we'd accepted the invite to play in that comp then we couldn't play in the Europa League/UEFA Cup.

 

I bet those sneaky tossers have covered their arse for next season just like they sneaked in Daniel Cousin before filing for administration, because they know they can't do it afterwards, it shouldn't be allowed because they clearly knew their intentions.

Edited by johnmitchell

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ritchies75

RANGERS chairman Craig Whyte has made the following statement:

 

The Club announces today it has served notice of Intention to the Court of Session to appoint administrators.

 

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.

 

What is of paramount importance is the long-term security, survival and prosperity of this great football club. That is the job I knew I was taking on when I became majority shareholder in the Club and it is in the best interests of Rangers that it is completed before the end of this season.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.

 

It has meant turbulent times. We have gone from a Club mired in excess of ?20 million bank debt to a club which is trying 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. 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. As I have said before, Rangers costs approximately ?45 million per year to operate and commands around ?35 million in revenue. From the outset I have made it clear that I do not think it is in the best interests of Rangers to throw good money after bad. Against a backdrop of falling revenues, costs have to be cut significantly. Painful as though that may be, it is the future of clubs such as ours.

 

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.

 

We should not forget the tribunal relates to a claim by HMRC for unpaid taxes over a period of several years dating back to 2001 which, if decided in favour of HMRC, the Club would be unable to pay.

 

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.

 

The club has engaged Duff and Phelps, a specialist restructuring practice, to assist in finding a solution to the present position. 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.

 

An administration process will, regrettably, lead to a cost-cutting programme and the potential loss of jobs across the business. It gives no one any pleasure to consider that possibility, but it is one that is facing businesses in any walk of life.

 

There will, no doubt, be people - some of them who presided over the Club in past years - who will 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. 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.

 

As I said recently, these are tough times but I can reassure Rangers supporters that the Club will continue and can emerge as a stronger and financially fitter organisation that will compete at the levels of competition our fans have come to expect.

 

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.

 

http://www.rangers.co.uk/news/football-news/article/2609765

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Heartbeat

Neil Mcann Just said on SSN that Rangers are trying to do a deal wi HMRFC, honest

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Francis Albert

"Scotland needs a strong Rangers" - disappointing from Neil McCann, but we'll hear this repeatedly in the next few days and weeks.

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Charlie-Brown

Rangers lodge the petition or Rangers petition the lodge? :whistling:

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Borthers

Interesting stuff from the 'Motherwell billionaire', particularly on "substantially more than ?50m" and "still face liabilities even if RFC succeeds against HMRC".

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Chester™

It really does bring home how badly he ran Rangers. Year after year of overspending on players.

 

I wonder how much of his 'business empire' he actually still has. Are all his businesses run by Lloyds these days?

 

I dont think they are. In fact, he bought a couple of other companies as Lloyds came into Rangers.

 

Reading the club statement, I really think they've had word that HMRC have won the tax case.

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hughesie27

Rangers chairman Craig Whyte said there is no 'realistic or practical' alternative to this course of action due to a combination of the Club's ongoing financial situation and the impending result of the HMRC first tier tax tribunal. The tribunal relates to a claim by HMRC for unpaid taxes over a period of several years dating back to 2001, which, if decided in favour of HMRC, could result in liabilities and penalties substantially more than the ?50 million reported which the Club would be unable to pay.

 

:D

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Italian Lambretta

Interesting part says that if Rangers somehow win the Tax case, HMRC will appeal, appeal and appeal again until it goes in their favour.

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Francis Albert

So Whyte admits people will lose their jobs. I wonder if we can expect anything like the same level of outrage from the media (and the likes of Fraser Wishart) as was generated by Hearts paying people a few weeks late.

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jamboruss

If there is not a cracked crest in tomorrows papers there never will be.

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Borthers

So Whyte admits people will lose their jobs. I wonder if we can expect anything like the same level of outrage from the media (and the likes of Fraser Wishart) as was generated by Hearts paying people a few weeks late.

It's a layer of the story, but I think there's a more important top line: Rangers FC possibly going out of business is bigger news than players not getting paid.

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Radge21

Jim White looks like he is ready to burst oot greetin. :rolleyes:

He looks like a rabbit caught in the headlights.

Why is he only reading out Emails from Rangers fans

who support the club.

Give us an unbiased view please Sky sports

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Francis Albert

It really does bring home how badly he ran Rangers. Year after year of overspending on players.

 

I wonder how much of his 'business empire' he actually still has. Are all his businesses run by Lloyds these days?

 

... funded by the taxpayer it seems

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ritchies75

Basically Craig Whyte is saying to HMRC settle with us now or risk getting nothing when we go in to administration- Big game of poker coming up.

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Pistol1874

As a taxpayer who is hounded for every penny of Income Tax I am due, I sincerely hope HMRC are consistent and push for every penny of tax Rangers have not paid, with crippling interest on top.

Anything less than that would be wholly unacceptable.

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John McClure

jim whyte is really struggling, gonna be tears i think :rofl:

 

that other **** paterson outside ibrox was struglling too

 

Get it up ye!! :rofl:

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Radge21

So Whyte admits people will lose their jobs. I wonder if we can expect anything like the same level of outrage from the media (and the likes of Fraser Wishart) as was generated by Hearts paying people a few weeks late.

 

 

Yes come on Fraser a statement from you as well please. :angry:

Why no emergency meeting by the GFA/SPL.

If you cant pay players, or cant pay her majesties tax whats the difference.

Rangers don't seem to be acting in the utmost faith.

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Francis Albert

It's a layer of the story, but I think there's a more important top line: Rangers FC possibly going out of business is bigger news than players not getting paid.

 

Agreed but surely we'll at least hear from Wishart about his fears for his members.

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Rudy T

RANGERS chairman Craig Whyte has made the following statement:

 

The Club announces today it has served notice of Intention to the Court of Session to appoint administrators.

 

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.

 

What is of paramount importance is the long-term security, survival and prosperity of this great football club. That is the job I knew I was taking on when I became majority shareholder in the Club and it is in the best interests of Rangers that it is completed before the end of this season.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.

 

It has meant turbulent times. We have gone from a Club mired in excess of ?20 million bank debt to a club which is trying 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. 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. As I have said before, Rangers costs approximately ?45 million per year to operate and commands around ?35 million in revenue. From the outset I have made it clear that I do not think it is in the best interests of Rangers to throw good money after bad. Against a backdrop of falling revenues, costs have to be cut significantly. Painful as though that may be, it is the future of clubs such as ours.

 

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.

 

We should not forget the tribunal relates to a claim by HMRC for unpaid taxes over a period of several years dating back to 2001 which, if decided in favour of HMRC, the Club would be unable to pay.

 

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.

 

The club has engaged Duff and Phelps, a specialist restructuring practice, to assist in finding a solution to the present position. 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.

 

An administration process will, regrettably, lead to a cost-cutting programme and the potential loss of jobs across the business. It gives no one any pleasure to consider that possibility, but it is one that is facing businesses in any walk of life.

 

There will, no doubt, be people - some of them who presided over the Club in past years - who will 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. 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.

 

As I said recently, these are tough times but I can reassure Rangers supporters that the Club will continue and can emerge as a stronger and financially fitter organisation that will compete at the levels of competition our fans have come to expect.

 

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.

 

http://www.rangers.co.uk/news/football-news/article/2609765

 

 

Just out of interest where has all Rangers cash gone ? He bought the club through one of his companies and cleared the debt, he's sold the season tickets to the tune of ?24m and flogged a few players - so where is the cash?

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John McClure

As a taxpayer who is hounded for every penny of Income Tax I am due, I sincerely hope HMRC are consistent and push for every penny of tax Rangers have not paid, with crippling interest on top.

Anything less than that would be wholly unacceptable.

 

AMEN!!! i hope they are relentless in their pursuit of the cash no bargains, no x amount in the pound, get the entire amount, THE ENTIRE AMOUNT

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Skivingatwork

Interesting part says that if Rangers somehow win the Tax case, HMRC will appeal, appeal and appeal again until it goes in their favour.

 

Yep, No Surrender on the part of the Taxman :ninja:

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Coco

... funded by the taxpayer it seems

 

Does seem that they are preparing for losing that case from reading the statement.

 

Who were the players in 2001? Was that when the De Boers were at the club? Grandiose signings way out of line with the reality of Scottish football.

 

It might be that only St Johnstone of the bigger clubs in Scotland have actually been run within their means in the past 20 years!

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J.C 7

Love the bit of the statement that says even if they win the hmrc case they'll still be due substantial liabilities.

 

That case will run and run and get appealed to the death (possibly of rangers) :D

 

Of course all of us mini huns are deeply upset at todays developments. Aye right!!!!!!!

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John McClure

Just out of interest where has all Rangers cash gone ? He bought the club through one of his companies and cleared the debt, he's sold the season tickets to the tune of ?24m and flogged a few players - so where is the cash?

 

he cleared the debt with the season ticket money. it appears he hasnt put any cash in. he appears he has no cash to put in to match running costs

 

it is glorious viewing

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Dusk_Till_Dawn

Basically Craig Whyte is saying to HMRC settle with us now or risk getting nothing when we go in to administration- Big game of poker coming up.

 

Not really. If he thinks HMRC are going to start cutting deals with him, he's got another thing coming. The revenue will play hell now

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Borthers

Agreed but surely we'll at least hear from Wishart about his fears for his members.

I would hope so. I still think players and other creditors were too quickly forgotten when Motherwell almost went under.

 

Depends who calls Wishart, and at what point his input will be needed.

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mahgrassyshoes

As a taxpayer who is hounded for every penny of Income Tax I am due, I sincerely hope HMRC are consistent and push for every penny of tax Rangers have not paid, with crippling interest on top.

Anything less than that would be wholly unacceptable.

 

 

The problem for Rangers is that HMRC might see getting nothing from them as a necessary evil to set a precedence for tackling some of the bigger clubs in England that may have used these EBT's.

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Lovecraft

"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."

 

Very interesting.

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Francis Albert

Basically Craig Whyte is saying to HMRC settle with us now or risk getting nothing when we go in to administration- Big game of poker coming up.

 

You need a few chips to play poker.

 

It seems clear from the statement it is not just about the tax case.

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DavieG

As a taxpayer who is hounded for every penny of Income Tax I am due, I sincerely hope HMRC are consistent and push for every penny of tax Rangers have not paid, with crippling interest on top.

Anything less than that would be wholly unacceptable.

I wonder if they do the same to us you will feel that way? If we don't get the Wallace money we could be next.

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Currahee!

AMEN!!! i hope they are relentless in their pursuit of the cash no bargains, no x amount in the pound, get the entire amount, THE ENTIRE AMOUNT

 

I was told HMRC are annoyed with big football clubs getting out of paying and are looking for a scapegoat to say to the rest enough is enough.

 

Are Rangers the scapegoat their looking for?

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troonmaroon

So, he's playing hardball with HMRC - take some money now or get none if we go down this route. HMRC will stick to guns as outcome of case more important than cash (other fish to fry down south if they win case). They come out in effect debt free. Shame wouldn't work for us!

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Rudy T

he cleared the debt with the season ticket money. it appears he hasnt put any cash in. he appears he has no cash to put in to match running costs

 

it is glorious viewing

 

Has he admitted that now - I thought he'd said he didn't?

 

Anyway - tonight is the night for the real radio phone in - it'll be epic, the tears will flow as each bluenose comes on crying into their shell suit!!

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alwaysthereinspirit

Very disapointed to see a thread on here not concerning our own team has 9 pages.

If its not up to 25 by the end of the work day I'll be going into an apoplectic rage.:whistling:

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John McClure

I was told HMRC are annoyed with big football clubs getting out of paying and are looking for a scapegoat to say to the rest enough is enough.

 

Are Rangers the scapegoat their looking for?

 

i think so too. i think they are looking to set a historical precedent to fall back on when taking on some of the epl teams. i really hope they do, and i genuinly think they are going to

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indianajones

Will broken Rangers crests now be displayed throughout the weege mafia papers tomorrow? I doubt it. This is pleasing news!

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John McClure

Has he admitted that now - I thought he'd said he didn't?

 

Anyway - tonight is the night for the real radio phone in - it'll be epic, the tears will flow as each bluenose comes on crying into their shell suit!!

 

craig whytes a total crook

 

oh yes, the phone in will be great listening tonight!!!

 

 

:verysmug:

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Lovecraft

craig whytes a total crook

 

oh yes, the phone in will be great listening tonight!!!

 

 

:verysmug:

 

 

What time is it on?

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Victorian

i literally shat myself when i head the 'A' word being discussed on the radio. i thought they were talking about hearts. my panic became delight when i checked the internet... only for me to remember about the wallace money. :vrface:

 

isn't it just like the thing? a truly magnificent event such as this having a potentially horrendous implication for us at the same time.

 

what a thoroughly disgusting man craig whyte is. what a truly disgusting club they are.

 

i wonder how much emphasis the lee wallace money will have on reporting when we're unable to pay the wages... or a tax bill. not much.

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John McClure

What time is it on?

 

i think its 8 o`clock, not 100% sure though. i used to listen to it but havent listened for AGES!! defo listening tonight

 

does anyone know if you can listen online??

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mahgrassyshoes

Very disapointed to see a thread on here not concerning our own team has 9 pages.

If its not up to 25 by the end of the work day I'll be going into an apoplectic rage.:whistling:

 

 

But it does affect our club. Don't you know all clubs in Scotland will die if Rangers cease to exist?! :rolleyes:

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