Rangers facing administration?

kagni

Haven't seen this mentioned on here.
Massive tax bill on the way to Ibrox.
Looks like they have been making offshore payments made to players over the last decade.

http://www.goal.com/en-gb/news/2559/rumours/2010/05/17/1928900/rangers-could-face-administration-after-being-hit-with-24m

Broxi_Bear_Eire

kagni wrote: »

Haven't seen this mentioned on here.
Massive tax bill on the way to Ibrox.
Looks like they have been making offshore payments made to players over the last decade.

http://www.goal.com/en-gb/news/2559/rumours/2010/05/17/1928900/rangers-could-face-administration-after-being-hit-with-24m

Rumours abound Rangers have already stated they will fight it through the courts

MuPpItJoCkEy

Just wondering but if Rangers did go into Administraion, would they still be able to play in the Champions League?

I'm just thinking of Portsmouths case regarding not being allowed into the Europa League because of their situation.

Mitch Connor

MuPpItJoCkEy wrote: »

Just wondering but if Rangers did go into Administraion, would they still be able to play in the Champions League?

I'm just thinking of Portsmouths case regarding not being allowed into the Europa League because of their situation.

You have pompeys case wrong as far as I know. They issue is that they did not apply for a Uefa licence by the deadline from what I read, as opposed to a blanket ban on teams in Admin.

Neil3030

Well it would be morally wrong for a team to effectively cheat its way into the CL. But nothing is official yet, obviously.

pistolpetes11

Mitch Connor wrote: »

You have pompeys case wrong as far as I know. They issue is that they did not apply for a Uefa licence by the deadline from what I read, as opposed to a blanket ban on teams in Admin.

They(Pompy) had not filed there accounts on time so could not apply for the UEFA license , I am open to correction on this

MuPpItJoCkEy

Mitch Connor wrote: »

You have pompeys case wrong as far as I know. They issue is that they did not apply for a Uefa licence by the deadline from what I read, as opposed to a blanket ban on teams in Admin.

Ah ok, wasn't sure what the full story is there.

bobbysands81

kagni wrote: »

Haven't seen this mentioned on here.
Massive tax bill on the way to Ibrox.
Looks like they have been making offshore payments made to players over the last decade.

http://www.goal.com/en-gb/news/2559/rumours/2010/05/17/1928900/rangers-could-face-administration-after-being-hit-with-24m

There seems to be some truth in it or Rangers would be screaming blue murder and threatening to sue all folks who run with the story as basically this puts a nail in the coffin of David Murray's attempts to sell the club. Not a hope of finding a buyer with this on the horizon.

RFC are saying that Murray International Holdings are the ones that are dealing with this and that it won't affect the club at all... time will tell I guess but such is the way of Murray and his web of companies many of them seem inter-connected in some way or another (for example see the underwriting of the last share issue by David Murray... or a closer look shows that it's MIH that underwrote the issue so that debt might have to be transferred back to RFC if there's a sale thus increasing the debt).

In the meantime the bank are due to get back to Murray to inform him how much of a budget they have for the year ahead... and that's NOT including any potential tax bill.

Some terrible times ahead for RFC fans!!!!!!!!!:D

karma_

As much as Celtic fans will get a kick out of this, surely it can't be good in the long run for them either. The SPL is boring enough as it is but take away one half of teh old firm and what else does it have to offer?

And what were Rangers thinking? Must have known there would be a day of reckoning.

leggo

pistolpetes11 wrote: »

They(Pompy) had not filed there accounts on time so could not apply for the UEFA license , I am open to correction on this

The reason for this, as far as I know, is because you can't apply for a UEFA licence if you're in administration. The accounts have to be in balance before you're granted it. So Rangers may be in trouble if this comes to pass...probably not this season, but the season after. This is a serious situation.

_blank_

bobbysands81 wrote: »

RFC are saying that Murray International Holdings are the ones that are dealing with this and that it won't affect the club at all...

I hate this defence that fans of clubs that have been operating outside the bounds of normalcy use.

"oh it wasn't us, it wasn't the club, it was the owners". Fúck off tbh, it's no defence.

Even worse when a club uses this excuse to walk away from debts, leaving not only the taxman, but other businesses out of pocket.

The FAI have accommodated more than one club with this course of action in recent years, and it's sickening. Those clubs are still operating under the same name.

Fact of the matter is this. If the club has operated in such a way as to cause themselves to get into debt, and that debt causes them to go out of business, then sorry, but goodbye. Don't pretend that some phoenix club is the same club that has the history.

"Oh yeah, we won the league in 199x, so we'll take that bit of history, but our failure to pay debts, that wasn't actually the club, it was the owners, so we'll just blot that bit out." is wrong on so many levels as to be ridiculous.

bobbysands81

bobbysands81 wrote: »

Some terrible times ahead for RFC fans!!!!!!!!!:D

Would it not be bad for Celtic too?

sprinkles

Terrible time ahead indeed for the SPL, not just Rangers. Hate to see a club with so much tradition go belly up but in fairness what were the owners thinking? There has to be a cap brought in with stricter financial restrictions enforced on clubs to stop this happening. It seems that far too often clubs are over spending hoping to achieve league position or European football that will bring financial reward but all the time forgetting what would happen if the gamble doesn't pay off.

ps: Did 'Arry Redknapp manage Rangers recently?

invinciblePRSTV

Well i never, to think that a club that once dropped 12m on Tore Andre Flo is in financial turmoil. Didn't see that one coming.

Broxi_Bear_Eire

Des wrote: »

I hate this defence that fans of clubs that have been operating outside the bounds of normalcy use.

"oh it wasn't us, it wasn't the club, it was the owners". Fúck off tbh, it's no defence.

Even worse when a club uses this excuse to walk away from debts, leaving not only the taxman, but other businesses out of pocket.

The FAI have accommodated more than one club with this course of action in recent years, and it's sickening. Those clubs are still operating under the same name.

Fact of the matter is this. If the club has operated in such a way as to cause themselves to get into debt, and that debt causes them to go out of business, then sorry, but goodbye. Don't pretend that some phoenix club is the same club that has the history.

"Oh yeah, we won the league in 199x, so we'll take that bit of history, but our failure to pay debts, that wasn't actually the club, it was the owners, so we'll just blot that bit out." is wrong on so many levels as to be ridiculous.

You really need to get your facts right before going down this route if it is correct that MIH is responsible I won't be surprised Murray has a record of moving Rangers properties and assets into MIH holdings and if he went down this road its down to Murray and MIH not the club

bobbysands81

rarnes1 wrote: »

Would it not be bad for Celtic too?

To a certain extent it probably would be.

Actually, it definitely would.

ctrl-alt-delete

Well not for the first time with a club and not for the last,

The **** has hit the fans.

Dempsey

For every £5 Celtic spend, we will spend £10.

Rangers arent the only club paying players in this manner, if HMRC make the tax bill stick with them then they will surely be able to penalize everyone thats tried this 'employee payment scheme'. I dont know the clubs that do it but it has been common practice for the big ones where image rights are involved.

Very hard to see anyone wanting to buy the club

Large Debt
Possible Tax Bill
Retail Contract - Rangers closed their own shops and sold JJB the only licence
Catering & Hospitality Contract - MIH Subsidiary runs it
Murray Park - MIH has the mortgage on it.

How deep is the rabbit hole....

Looks like Lloyds are picking up where Murray left off when it comes to asset stripping. The only assets left for them to strip is the players/employee contracts at this stage and they are doing a right job on those!

Its no wonder that there isnt anyone seriously looking to buy the club. Murray/MIH would actually have to pay out money (e.g. guarantor the HMRC tax bill) to get someone to buy it!

The thing is, the SPL are afraid to rock their boat because if Rangers arent competitive (a la Leeds) in the SPL then the TV deal will be even ****tier than what happened after Setanta went to the wall and then all the SPL clubs bar Celtic will be in trouble with the banks over debt repayments, most are barely on top of their commitments as it as.

Celtic would suffer as fans stayed away in numbers over the past few seasons when the league wasnt competitive, the recession + this very poor season has revealed the true amount of glory hunters within the Celtic support. (They still think they are hardcore though:pac:)

The ripple effect if Rangers get penalised here has the potential to go through the SPL and through several big clubs in the EPL if the HMRC get their way.

Trust the Daily Record to put positive spin on whats happening at RFC

http://www.dailyrecord.co.uk/football/spl/rangers/2010/05/17/rangers-sign-former-manchester-city-teenager-andrew-mitchell-86908-22265814/

RANGERS continued to plan for the future after completing the signing of former Manchester City youngster Andrew Mitchell.

LOL

Many many more silly articles like that one. Anyone remember the type of articles they were printing when Celtic nearly went to the wall. Their typewriters rusted over from all the drool :pac: