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 Post subject: Glasgow Rangers going into administration
PostPosted: Mon Feb 13, 2012 3:12 pm 
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Rangers are to go into administration after lodging the notice in Edinburgh at Monday lunchtime.

It is understood Gers have five days in which to formally declare administrators have taken over the running of the club.

The Scottish Premier League champions are facing an uncertain future as they await the verdict of a tax tribunal.

The famous Ibrox club could face a bill in the region of £49million should they lose their dispute with HM Revenue & Customs (HMRC).



Wonder what impact this will have on Scottish football?


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 Post subject: Re: Glasgow Rangers going into administration
PostPosted: Mon Feb 13, 2012 3:29 pm 
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Location: Kenton, Devon
When Rangers get a 10 point penalty, they'll still be 2nd in the table, 9 points ahead of Motherwell. They'd probably finish second anyway this season so ... how exactly is this a punishment for them?

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 Post subject: Re: Glasgow Rangers going into administration
PostPosted: Mon Feb 13, 2012 3:45 pm 

Joined: Sat Feb 23, 2008 8:19 pm
if they survive.

does the hmrc still operate in scotland or is it a different agency? if so, this would be the biggy theyve been after?


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 Post subject: Another football club in administration?
PostPosted: Mon Feb 13, 2012 3:47 pm 
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BBC website reporting Glasgow Rangers filing in Edinburgh courts to appoint administrator. Sorry, can't do linky thing!


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 Post subject: Re: Another football club in administration?
PostPosted: Mon Feb 13, 2012 3:51 pm 
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Pompey probably to follow today or tomorrow too.

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 Post subject: Re: Glasgow Rangers going into administration
PostPosted: Mon Feb 13, 2012 3:52 pm 
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Yes chunky, its HMRC North of the Border too.

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If the club is formally put into administration it faces an immediate 10-point penalty from the Scottish Premier League.

Tax case

That would place the Ibrox club 14 points behind first-placed Celtic in the race for the championship.

Craig Whyte bought the club last year from Sir David Murray It is understood the papers relating to administration were lodged by Rangers' lawyers on behalf of directors.

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.

BBC Scotland's business and economy editor, Douglas Fraser, said the legal moves on Monday surrounding administration would give the club "a few days for negotiations with HM Revenue and Customs (HMRC)".

The revenue could stand to lose out on any tax due if Mr Whyte chooses to collapse the company.

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.

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.


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 Post subject: Re: Another football club in administration?
PostPosted: Mon Feb 13, 2012 3:52 pm 

Joined: Thu Feb 09, 2012 9:22 am
I've just seen that, shocking but maybe it's good for Scottish football


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 Post subject: Re: Another football club in administration?
PostPosted: Mon Feb 13, 2012 3:56 pm 
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ecfc01 wrote:
I've just seen that, shocking but maybe it's good for Scottish football


How? (As my Indian neighbour keeps saying to me).


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 Post subject: Re: Another football club in administration?
PostPosted: Mon Feb 13, 2012 4:02 pm 
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Location: Plymouth
A ten point deduction would still leave them 2nd, showing how sh1t the scottish league is! Essentially they would still be in Champions League next season!

Dundee got -25 points i think Rangers should get that too, but i guess that was SFL Not SPL for the dundee case


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 Post subject: Re: Glasgow Rangers going into administration
PostPosted: Mon Feb 13, 2012 4:07 pm 

Joined: Sat Feb 23, 2008 8:19 pm
thanks, i promise not to post while talking to the kids and mrs again. :-)

its in the op too...


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 Post subject: Re: Glasgow Rangers going into administration
PostPosted: Mon Feb 13, 2012 4:08 pm 
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A ten point deduction would still leave them 2nd, showing how cack the scottish league is! Essentially they would still be in Champions League next season!

Dundee got -25 points i think Rangers should get that too, but i guess that was SFL Not SPL for the dundee case


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 Post subject: Re: Glasgow Rangers going into administration
PostPosted: Mon Feb 13, 2012 4:13 pm 

Joined: Sat Feb 23, 2008 8:19 pm
by the look if it a ten point deduction is the least of their worries


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 Post subject: Re: Glasgow Rangers going into administration
PostPosted: Mon Feb 13, 2012 4:15 pm 

Joined: Thu Feb 09, 2012 9:22 am
Former Rangers chairman Sir David Murray famously once said "For every fiver Celtic spend, Rangers will spend a tenner".

Today Rangers entered administration and new chairman Craig Whyte issued a statement revising this policy by saying "For every fiver Celtic spent, Rangers borrowed a tenner and will repay a pound. [Bad Language Removed by Site Admin] you timbo!"


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