Rangers in the shit
- Thread starter scottymac
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In a nutshell:
[video=youtube]http://youtu.be/YKVajqOmtEY[/video]
[video=youtube]http://youtu.be/YKVajqOmtEY[/video]
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They have beaten Pompey to it.
Still in suspense down here.
Still in suspense down here.
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I thought it was the Court of Session 
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Are they really that far down the river?, at only 45M in the red, most down here are hoping Abramovich will step up to steady the boat, cant see it though.
Didn't really believe all the dire talk regarding this from our close London Rangers partners in crime.
Didn't really believe all the dire talk regarding this from our close London Rangers partners in crime.
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RB73 said:
At (potentially) £75 million in historic unpaid tax & VAT, £9 million owing on this years tax & VAT, a running loss of £10 million per annum... TV money in Scotland is about £16m per year (for the whole league - so lets assume Rangers & Celtic get the lot split equally...) - yeah, they're quite some way "doon the watta".
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hunnymonster said:
Bloody Hell, is that why Rangers and Celtic were banging on the door to join the Premiership a little while ago.
A club with a huge following as well, have they stated at how far back those historic payments go. Got to hand it to the VAT inspectors though, guaranteed not to use vaseline when they bend you over.
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RB73 said:
No, that was media spin & speculation (did I get that right Scotty? - there was never any suggestion of the Old Firm banging on the door to be let in to the English Premier League... none at all, you must have imagined it RB. To think they have the gall to suggest the Scots drink to excess
)RB73 said:
2001 - when they conceived a "tax efficient" "Employee Benefit Trust" offshore hoping to pay a load of cash through it and avoid PAYE...
Some of the Scottish Football Blogs on the BBC cover the crisis quite well - even though the authors all have their own agendas... http://www.bbc.co.uk/blogs/jimspence/ (don't hold it against him that he's a diminutive ginger vegetarian from Dundee... he can't help that)
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The tax man catches up with everyone eventually.
In these days of austerity and cutbacks its good to see them chasing the tax evading scumbag millionaires and the clubs that they own.
If they can't pay any deal that is agreed upon and there is a write down of the outstanding amount then they should be made to suffer the consequences.
It makes you wonder just how much of an advantage this unpaid tax over the years has given them?
In these days of austerity and cutbacks its good to see them chasing the tax evading scumbag millionaires and the clubs that they own.
If they can't pay any deal that is agreed upon and there is a write down of the outstanding amount then they should be made to suffer the consequences.
It makes you wonder just how much of an advantage this unpaid tax over the years has given them?
- Thread Starter
- #10
RB73 said:
I wish the 2 of them had gone down to England as the way Scottish football has been the last few years at least the league without them would be more exciting.
RB in the middle to late 70's and the early 80's the so called huge following were about 6000-7000 at Ibrox.
Can you imagine the likes of us getting away without paying our tax no so why should they.
Can still see them getting through this as the West Coast media are saying Scottish Football will not survive without one of the arse cheeks of the Old Firm.
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scottymac said:
I used "Huge" the same way i would have described United or Liverpool in that only 20/25% of their supporters are in England. The fact that whenever you bump into a Jock down here its ever only Rangers or the other one, must be 100-150 LR's that hold tickets down here and still travel up for Rangers. Bloody good day out the couple of times Ive been dragged along.
Cant knock the 6000-7000 in the 70's to 80's as i still preferd the atmosphere at the Bridge when we were shit. (still are if your in Red).
As for joining the Premiership, those seemed to be very in depth talks from top to bottom and feasibility studies covering all of the angles to be little more than a tap on the door. Even if everyone afterwards declared it would never have happened.
Still could be worse, they could have Torres.:icon_rolleyes:
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Decent article in The Herald this morning devoid of emotion or gloating:
The three options to make or break club
Greig Cameron
Deputy Business Editor
ADMINISTRATORS last night began the job of restructuring Rangers Football Club.
David Whitehouse and Paul Clark, of Duff and Phelps, who have been appointed co-administrators, will spend time trying to understand the finances of the club and getting to grips with what needs to be done next.
The pair are experienced insolvency professionals with dozens of years of experience and are expected to be neutral figures in the process.
Ken Pattullo, Scottish managing partner at insolvency firm Begbies Traynor, said: "An administrator has to be independent and is ultimately answerable to the court."
Creditors do have the ability to challenge actions of the administrators and in severe cases can ask for the removal of the person or persons appointed.
Following an appointment an administrator will typically take a period of time to familiarise themselves with the financial status of the business.
They are then faced with three main options.
The first is to try to restructure the company, which is Craig Whyte's preferred option as it would preserve Rangers as a going concern.
A Company Voluntary Arrangement (CVA), where creditors agree to accept a portion of what is owed to them over a period of time, appears unlikely to work given HMRC is the biggest unsecured creditor. However, the administrator would make the choice on whether to pursue a CVA.
Once that intention is announced they have to allow at least 14 days before the meeting with creditors would go ahead.
The second option is to try to find a buyer for the business.
This could be in the form of a transfer to a new company or persuading an individual or corporation to provide investment so the business can come out of administration.
With Rangers still facing a possible £49 million bill from HMRC, on top of the £9m announced yesterday, any buyer will need to have deep pockets.
The third scenario is for the administrators to decide there is no way to continue trading the business and to put it into liquidation.
A liquidator would then be appointed to sell off all the assets at the best prices possible in order to then redistribute the money to creditors.
Mr Pattullo said: "If a CVA cannot be agreed by the creditors then it is difficult to see any other alternative than liquidation."
For the moment, the players and other staff at Rangers, 256 full-time and 45 part-time employees according to audited accounts to the end of June 2010, will continue to be employed by the club. However, the administrators will be looking to cut costs.
Alison Gow, a partner at law firm Semple Fraser who specialises in employment law, said: "An administration is perceived to result in a better outcome than a liquidation, but ultimately football clubs are no different to any other business."
He said: "If they go through an administration process they either come out of the other side or they go into liquidation.
"The administrator goes in to assess how the business goes forward and that does often lead to redundancies.
"The administrator may decide they just don't need the same number of people to run the business but for football clubs one of the main assets is the playing staff. The administrator has to balance what will achieve the best outcome for the business, but I think it is unlikely that will happen without some casualties."
Any employees losing their jobs may only be entitled to statutory redundancy payments.
Ms Gow said: "If employees are made redundant they would be offered a package. It is a statutory requirement that the implications of redundancy are listed so that would typically be in a letter setting out what a redundancy payment would be.
"At the playing staff level of contract the statutory redundancy payment may not be all that attractive as it is a basic level of payment which bears little relation to a salary."
If a buyer was found, any staff contracts would transfer over through Transfer of Undertakings (Protection of Employment) regulations.
However, if the club was to be liquidated contracts of employment would be terminated, leaving players free to walk away.
Ms Gow added: "If the company goes into liquidation that does pretty much bring everything to an end. The contracts are terminated by virtue of liquidation."
The three options to make or break club
Greig Cameron
Deputy Business Editor
ADMINISTRATORS last night began the job of restructuring Rangers Football Club.
David Whitehouse and Paul Clark, of Duff and Phelps, who have been appointed co-administrators, will spend time trying to understand the finances of the club and getting to grips with what needs to be done next.
The pair are experienced insolvency professionals with dozens of years of experience and are expected to be neutral figures in the process.
Ken Pattullo, Scottish managing partner at insolvency firm Begbies Traynor, said: "An administrator has to be independent and is ultimately answerable to the court."
Creditors do have the ability to challenge actions of the administrators and in severe cases can ask for the removal of the person or persons appointed.
Following an appointment an administrator will typically take a period of time to familiarise themselves with the financial status of the business.
They are then faced with three main options.
The first is to try to restructure the company, which is Craig Whyte's preferred option as it would preserve Rangers as a going concern.
A Company Voluntary Arrangement (CVA), where creditors agree to accept a portion of what is owed to them over a period of time, appears unlikely to work given HMRC is the biggest unsecured creditor. However, the administrator would make the choice on whether to pursue a CVA.
Once that intention is announced they have to allow at least 14 days before the meeting with creditors would go ahead.
The second option is to try to find a buyer for the business.
This could be in the form of a transfer to a new company or persuading an individual or corporation to provide investment so the business can come out of administration.
With Rangers still facing a possible £49 million bill from HMRC, on top of the £9m announced yesterday, any buyer will need to have deep pockets.
The third scenario is for the administrators to decide there is no way to continue trading the business and to put it into liquidation.
A liquidator would then be appointed to sell off all the assets at the best prices possible in order to then redistribute the money to creditors.
Mr Pattullo said: "If a CVA cannot be agreed by the creditors then it is difficult to see any other alternative than liquidation."
For the moment, the players and other staff at Rangers, 256 full-time and 45 part-time employees according to audited accounts to the end of June 2010, will continue to be employed by the club. However, the administrators will be looking to cut costs.
Alison Gow, a partner at law firm Semple Fraser who specialises in employment law, said: "An administration is perceived to result in a better outcome than a liquidation, but ultimately football clubs are no different to any other business."
He said: "If they go through an administration process they either come out of the other side or they go into liquidation.
"The administrator goes in to assess how the business goes forward and that does often lead to redundancies.
"The administrator may decide they just don't need the same number of people to run the business but for football clubs one of the main assets is the playing staff. The administrator has to balance what will achieve the best outcome for the business, but I think it is unlikely that will happen without some casualties."
Any employees losing their jobs may only be entitled to statutory redundancy payments.
Ms Gow said: "If employees are made redundant they would be offered a package. It is a statutory requirement that the implications of redundancy are listed so that would typically be in a letter setting out what a redundancy payment would be.
"At the playing staff level of contract the statutory redundancy payment may not be all that attractive as it is a basic level of payment which bears little relation to a salary."
If a buyer was found, any staff contracts would transfer over through Transfer of Undertakings (Protection of Employment) regulations.
However, if the club was to be liquidated contracts of employment would be terminated, leaving players free to walk away.
Ms Gow added: "If the company goes into liquidation that does pretty much bring everything to an end. The contracts are terminated by virtue of liquidation."
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Is there anyone near the Caley Thistle stadium in Inverness? Apparently some wag has added "Maybe, Maybe not" to the upcoming fixture board for Feb. 26th....
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Alan Sugar did say it's only a matter of time before the balloon pops on football, it's comming to them all eventually, they have introduced a wage cap in Wales for the four proffessional Rugby regions, only thing is you will lose your better players to richer clubs that can't be helped, I did watch the program on football with Alan Sugar, and it did look a complete load of bollocks how proffessional football was run, totally unlike any real buisness or company.
Jamie.
Jamie.