1702 replies to this topic

[Laurie]

There have been a number of previous threads on this, but I thought a fresh one was required for this.

News filtering out that Rangers are definitely going into administration:

Quote

Rangers have lodged an intention to go into administration with the Court of Session.

The Ibrox club lodged the notice in Edinburgh at Monday lunchtime.

They now have five days in which to formally declare administrators have taken over the running of the club.

Solicitors lodged the papers with the Court of Session on behalf of the club's directors on Monday.

Rangers FC are currently awaiting the result of a £49m tax case with HM Revenue and Customs in relation to the club's use of the Employee Benefits Trust to pay players and staff.

The Court of Session confirmed to STV that papers confirming the intention to appoint administrators had been received.

[hoopz]

championeeeeeeees LOL

[Laurie]

I know the short term implications of this.

But what about long term, and what does this mean in regards to the tax case?

[hoopz]

http://news.stv.tv/s...administration/

[Laurie]

I'm still interested as to what this will mean long term.

Yes they will have 10 points deducted WHEN they officially enter administration, but that isn't a huge blow in the big picture as they'd still finish 2nd (in my view) and regardless of the deduction I don't think they'll win the league.

So what will happen to their 'assets', and crucially the amount of money owed to HMRC?

[craig]

Laurie, on 13 February 2012 - 03:15 PM, said:

I'm still interested as to what this will mean long term.

Yes they will have 10 points deducted WHEN they officially enter administration, but that isn't a huge blow in the big picture as they'd still finish 2nd (in my view) and regardless of the deduction I don't think they'll win the league.

So what will happen to their 'assets', and crucially the amount of money owed to HMRC?

I dont know Laurie and would be interested to hear what people think will happen

[sheeptastic]

craig, on 13 February 2012 - 03:17 PM, said:

I dont know Laurie and would be interested to hear what people think will happen

Quick, creditors, get down to Ibrox toute suite and grab what you can for collatoral while you can, I'm not sure what medal cabinets, old medals and trophies or a handful of Rangers merchandise would go for on ebay, but its got to be better than the 10p or so you will get in the pound once HMRC get their pound of flesh. Oh and while youre down at Ibrox see if you can snag a toaster, just in case Aberden FC still need one

[craig]

When would rangers need to come out of administration to be eligible for europe next season?

[hoopz]

craig, on 13 February 2012 - 03:34 PM, said:

When would rangers need to come out of administration to be eligible for europe next season?

i thought it was an automatic 3 year ban from europe?

[craig]

hoopz, on 13 February 2012 - 03:45 PM, said:

i thought it was an automatic 3 year ban from europe?

I dont know for certain at all.

[craig]

Surely there will have to be an official statement from Rangers at rangers.co.uk. Nothing there yet.

[sheeptastic]

craig, on 13 February 2012 - 03:50 PM, said:

Surely there will have to be an official statement from Rangers at rangers.co.uk. Nothing there yet.

are you sure of that?? they are hardly noted for coming forward with info on this subject, I will certainly not be holding my breath in anticipation of that event happening

[craig]

sheeptastic, on 13 February 2012 - 03:53 PM, said:

are you sure of that?? they are hardly noted for coming forward with info on this subject, I will certainly not be holding my breath in anticipation of that event happening

Mr Whyte has been a lot more forthcoming lately, so I would think that either he comes out with a statement, or we get a general Rangers statement.

[sheeptastic]

craig, on 13 February 2012 - 03:55 PM, said:

Mr Whyte has been a lot more forthcoming lately, so I would think that either he comes out with a statement, or we get a general Rangers statement.

If it is indeed true that Rangers are going into administration do you think HMRC will try and wind them up? can they even do that? Maybe HMRC could offer Mr Whyte a payment plan. he could then sell of his best players in summer or take out a loan for season ticket sales for future years 5-8, he 's been there before anyway

[Laurie]

Apparently as long as Rangers were out of administration by the Summer(assuming they DO go into administration) they'd be allowed to compete in Europe next season.

Maybe if they do go into admin then it's to try and get it out of the way before next season, getting the points deduction out of the way in a season that they look unlikely to win the title anyway, and giving them the chance to play in Europe (a potential revenue stream) next season.

Edited by Laurie, 13 February 2012 - 04:30 PM.

[borninfalkirk]

if they go in to administration they will have to sell most of the players that are on good money as they will have to reduce costs dramatically & quickly. Also the HMRC do not become a preferred debtor & would have to settle for 1p-10p in the pound which is terrible. HOW could they offer Daniel Cousin anything?????

[Goanjock]

I remember David Murray promising to only sell Rangers to a responsible custodian capable of taking the club forward.........I hadn't realised that meant someone capable of leading them in to administration even before the tax case........

[Laurie]

Goanjock, on 13 February 2012 - 04:30 PM, said:

I remember David Murray promising to only sell Rangers to a responsible custodian capable of taking the club forward.........I hadn't realised that meant someone capable of leading them in to administration even before the tax case........

Am I right in thinking there is meant to be a £10m shortfall each month at the moment, away from any tax issues??

Correction: YEARLY shortfall (thought that sounded a bit high )

Edited by Laurie, 13 February 2012 - 04:39 PM.

[sheeptastic]

borninfalkirk, on 13 February 2012 - 04:28 PM, said:

if they go in to administration they will have to sell most of the players that are on good money as they will have to reduce costs dramatically & quickly. Also the HMRC do not become a preferred debtor & would have to settle for 1p-10p in the pound which is terrible. HOW could they offer Daniel Cousin anything?????

I hope I'm wrong but you may well see Rangers offering players contracts after throwing a few players and employees on the scrap heap, Motherwell did this years ago, hope I'm wrong like I say. I thought HMRC were not treated like normal creditors and tended to get the bulk of their cash, remember they have tried to wind up several clubs in England for non paying of tax debts

[borninfalkirk]

fairly sure when its football clubs go into admistration the HMRC are behind all football debts, transfer fees, gate money (d utd cup game) and players debts all get first shout at the money, which is wrong, why should the country be done out of £49 mill (if they lose case) so rich footballers get paid.