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Glasgow Rangers going into administration

cheshiregreen

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Feb 17, 2004
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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?
 

Quinny

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Jul 15, 2006
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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?
 
Feb 23, 2008
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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?
 

stewthenoo

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BBC website reporting Glasgow Rangers filing in Edinburgh courts to appoint administrator. Sorry, can't do linky thing!
 

cheshiregreen

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Yes chunky, its HMRC North of the Border too.

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.
 
Z

ZZZZ TiwddleToesSWP

Guest
I've just seen that, shocking but maybe it's good for Scottish football
 
C

charlee

Guest
A ten point deduction would still leave them 2nd, showing how poo 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
 
C

charlee

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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
 
Z

ZZZZ TiwddleToesSWP

Guest
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. fudge you timbo!"