General
Monday, 13 February 2012 19:13
By a Newsnet reporter
Old Firm giants Glasgow Rangers are facing the prospect of administration after papers were lodged at the court of session this afternoon.
The Ibrox club, who are currently in dispute with the inland revenue over unpaid tax bills, now have ten days in which to name the administrators.
The news comes as the club await the result of a dispute with HMRC that could result in a bill of nearly £50 million.
The move by lawyers acting on behalf of the club’s directors is being viewed by some as a way to provide some leverage with HMRC who will receive nothing if the club, formed in 1873, is wound up.
If administration is confirmed, the club face being deducted 10 points as a result of SPL rules. The situation could also see the club lose the right to compete in Europe and unable to buy new players.
A Scottish Premier League spokesman said that a 10-point deduction and a transfer Embargo would only be put in place when administration was confirmed.
The spokesman said “At this point in time Rangers are not in administration and we await developments. The instant that they are technically in administration there will be an automatic 10-point deduction and, perhaps of less relevance, an Embargo on player registrations.
“If administration is confirmed, as we have done previously, we would be looking to work with the administrators and would be looking for a very early meeting.”
The situation has already had an effect on other SPL clubs. Dundee United, who recently knocked the Ibrox club out of the Scottish Cup, are now facing the prospect of not receiving their share of the Ibrox gate receipts, estimated at around £100,000.
Current club owner, Craig White, has been the focus of media attention since he took over from former owner Sir David Murray last May.
Sir David, who once boasted “For every five pounds Celtic spend, we will spend ten,” sold the club to Mr Whyte last year for £1 after the HMRC dispute began and the club owed £18 million to Lloyds Banking Group.
Former Board members, who were removed after Mr Whyte took over, have criticised the new Chairman.
Last week the former Rangers chairman Alastair Johnston revealed he had asked the Government’s Insolvency Service to clarify “certain financial arrangements” relating to the takeover of the club.
The club is also currently in a dispute with BBC Scotland after a documentary was broadcast which cast doubt on the integrity of Mr Whyte who labelled it “a hatchet job”.
The documentary followed an apology by the BBC after video footage of club manager Ally McCoist was edited and gave the impression that he had a flippant attitude to sectarianism.
BBC Scotland has since taken a ‘keen interest’ in Mr Whyte, and last week claimed that he may have lied in court when giving evidence in a case involving a business dispute.
Rangers – The Finance Timeline
1988 David Murray buys a majority shareholding in the club for £6m from Lawrence Marlborough.
2001 Murray Park built at a cost of £14m.
2002 Murray quits as chairman but continues as owner.
2004 Murray returns as chairman and underwrites a £57m share issue after the club’s debts peaked at £72m.
26 August 2009 Alastair Johnston takes over from Murray as his chairman
24 October The club’s manager Walter Smith claims Lloyds Bank is controlling Rangers’ spending.
12 November Rangers’ annual report shows debts have risen to £31m
27 April 2010 Rangers confirm they are under investigation by Her Majesty’s Revenue and Customs
9 June The London-based property developer Andrew Ellis’ consortium announces to the Stock Exchange they are in “advanced negotiations” to buy a controlling interest in Rangers.
15 June Rangers announce Murray International Holdings (MIH) is no longer “actively marketing its controlling stake in the club for sale” after failing to receive a suitable offer.
22 September Rangers announce debt reduced from £31m to £27.1m.
18 November Craig Whyte confirms to the Stock Exchange he is considering making an offer for club
30 March Whyte and Lloyds reach agreement over the £18m debt repayment.
6 May Whyte announces his acquisition of Murray International Holdings’ 85.3% shareholding in Rangers for £1.
24 May Johnston and Paul Murray are removed from their roles as directors. The chief executive Martin Bain and director Donald McIntyre are suspended.
20 June Bain instructs his lawyers to open legal proceedings against Rangers. Four days later, Bain resigns.
13 September Bain succeeds in having £480,000 of the club’s assets frozen while pursuing a legal case.
10 October McIntyre resigns as finance director but remains as an employee of the club. Just over a week later, he has £300,000 of Rangers’ cash frozen pending a court case.
20 October Whyte instructs his lawyers to begin legal proceedings against the BBC over allegations made against him in a documentary, having previously withdrawn all co-operation with the broadcaster. The BBC says it stands by its investigation.
30 November Rangers’ annual financial figures show net debt has been halved to around £14m. The club also confirm Whyte had previously been disqualified as a company directory for seven years from 2000.
9 December Rangers agree an undisclosed out-of-court settlement with McIntyre.
9 January 2012 Rangers’ shares are suspended from trading on the Plus Stock Exchange for failure to submit audited accounts.
18 January A three-day tax tribunal closes in Edinburgh.
13 February Rangers lodge their intention to go into administration at the Court of Session in Edinburgh.
Comments
2012-02-13 19:41
2012-02-13 20:15
2012-02-13 20:57
He has been Chairman for less than 2 years and I doubt anyone would be able to turn around Ranger’s finances in that short a time.
2012-02-13 21:06
2012-02-13 23:51
Dundee United may lose their £100 000 payment from the cup game.
Eh? There was 17,000 at the game. Utd get a 50/50 split of the gate receipts after all match related costs have been deducted. £100,000?! How much was it to get in?
2012-02-14 01:08
2012-02-14 17:08
It’s a lot of big weans running around chasing a ball. How that is more important than the meltdown of Glasgow Council, is hard to figure. There is usually about 20 minutes reserved for sport in the middle of the programme, surely that’s enough.
I agree !
The Herald had the first five pages devoted to Rangers and not a mention of what is happening with Glasgow council. The BBC is suffering from the same disease”. I wonder is the “we will pretend it is not happening and maybe it will go away” attitude one of the rules governing the Scottish media ?
2012-02-14 04:16
2012-02-13 19:42
I suppose it does deflect people’s attention from the fiasco taking place with Glasgow’s labour council.
2012-02-13 20:22
2012-02-13 23:54
Fair and balanced? I don’t think so.
2012-02-14 17:29
Front page of the Herald AND the next four pages were all devoted to the story about Rangers.
Jeez !
2012-02-13 19:45
2012-02-13 20:00
Nothing at all to do with the vainglorious payment of lunatic wages to everyone else’s cast offs … while fiddling the PAYE to ‘afford the crazy wage bill’. This is not a problem of Craig Whyte, it is a problem of the previous decade of living outside their financial means lead by Labour’s favourite pal – Sir Murray Mint.
I forsee a ‘Rangers 2012 Ltd’ arising from the ashes, where Sir Murray Mint will buy the Ibrox and the training ground from the administrator for an undisclosed sum and the SFA turning a blind eye to it all … because ‘Scottish Football needs Rangers’.
2012-02-13 20:32
2012-02-13 19:49
I have this image of Ally McCoist, in a cardboard box marked ‘manager’, at the entrance to the John Grieg Stand, handing out P45’s to the overpaid footballers they have on their books on behalf of the administrators. 😀
2012-02-14 00:00
maybe the ‘Gers’ will ground share at Firhill. 😀
It’s only fair, they let us ground share Ibrox in season 1908/09.
2012-02-13 19:50
I’ve got into the habit of watching STV Scottish News at 6.00, then switching to the Beeb at 6.30 for their version.
The weather reports are usually reporting the same – there is often little else.
2012-02-13 20:49
2012-02-13 19:50
2012-02-13 20:08
They should still have asked Lamont sbout it, mind, while they had her there and speaking in vaguely coherent sentences.
2012-02-13 20:24
They did the same with the tragic death of Whitney Housten. Tragic though it was does it really have to be recycled ad infinitum …..
2012-02-13 19:54
2012-02-13 19:56
On a lighter note, when we do get rid of BBC Scotland….. I will fight tooth and nail to keep Cat Cubie on the air! 😉
2012-02-13 20:10
2012-02-13 20:24
2012-02-14 17:13
Wooow! it was tongue and cheek!
Yup.
But who’s tongue and who’s cheek ?
2012-02-13 20:54
…
…
…
a nice smile and a catching giggle
2012-02-13 20:24
Get rid of that failed opera singer to.
2012-02-13 20:37
2012-02-14 07:47
Gie’s John Kettley ony dae..
(and so is Michael Fish)
Is that a different Kettley Fish? Ouch!
2012-02-13 20:01
2012-02-13 20:07
“Stein” “Deans” “Souness” “Dalglish” “Johnstone” (twice Willie and Jimmy) “Baxter”
2012-02-13 21:05
2012-02-13 20:59
2012-02-13 20:13
2012-02-13 20:32
2012-02-13 20:15
2012-02-13 20:16
2012-02-13 20:20
2012-02-14 17:16
It will certainly shake a shibboleth or two (to nick a phrase from Donald)
I don’t think you are allowed to shake your shibboleths in public.
(I believe it is a reserved matter)
2012-02-13 20:21
As a kid I supported Rangers and still occasionally peak at the results but no more than that so naturally I wouldn’t wish this upon them.
However, should the club disappear then the hate the old firm perpetuates will struggle to survive which would be a good thing especially if we start afresh as a nation in the coming years.
The sad fact is that the natural football rivalry that appears in every major city has in the Old Firm’s case kept alive religious bigotry which in this day and age is shameful.
It does look like Whyte will leave with more assets than he had before he came. Read into that what you will.
2012-02-13 21:26
2012-02-13 20:22
2012-02-13 20:28
Football teams are important to many, many people. That their teams can be brought low by financial mismanagement and overweening ambition to conquer the world is a pretty good metaphor for how the different peoples of these islands have been let down so badly by the governments of the UK.
2012-02-13 20:41
May the social being of comrades gather together and play the greatest game too ever grace the field of humanity. “Socialist Sport” they think it’s all over?
I hope it’s redefining it’s roots!!!!!!
2012-02-13 21:11
2012-02-14 17:19
Nah! The sad thing is that there are teams the length and breadth of Scotland in the toils. The football administration lost the plot many years ago. In this case the rot starts at the top and works its way down.
Yup. I was a Third Lanark supporter.
I gave up watching football after they folded.
2012-02-14 17:25
Quoting Auld Bob:
Nah! The sad thing is that there are teams the length and breadth of Scotland in the toils. The football administration lost the plot many years ago. In this case the rot starts at the top and works its way down.
Yup. I was a Third Lanark supporter.
I gave up watching football after they folded.
YEP, another great club brought down by an incompetent boardroom…cmon ra HIHI
2012-02-13 22:19
It does seem that Glasgow is having tough time of it right now, the council in meltdown and one of the old firm in this position but maybe just maybe it will make some people consider an alternative reality..
2012-02-13 20:37
2012-02-13 20:47
I would therefore suggest it would be no bad thing for Glasgow if Rangers disappeared off the face of the planet. In fact I’m sure there are dozens of wives and girlfriends who are keeping their fingers crossed that this is exactly what will happen.
Every cloud etc.
2012-02-13 20:54
2012-02-13 21:01
The bastion of west coast Unionism is on the brink of meltdown. Is this a portent of the demise of the Union akin to the ravens deserting the Tower of London or the barbery apes deserting the Rock of Gibraltar?
Would ye believe it? Watch this space.
2012-02-13 21:16
If Rangers go so will Scottish football.
Here’s a later real character entertaining
in an other-way, Jinky would have said, there’s no Celtic without Rangers.
www.youtube.com/…/
2012-02-13 21:24
Although I’m a Hearts man, wee Jinky was one of my all time favourites. I’ll never forget being at Hampden Park along with 137,499 others watching the wee man destroy the great Leeds United in the European Cup semi-final 1970.
2012-02-13 21:28
2012-02-13 21:03
Rangers are under investigation for alleged tax avoidance of millions of pounds, and revelations about Craig Whyte were published long before the BBC’s investigation.
Glasgow CC is an important story, but as someone has already pointed out, all talk is about Rangers going into administration.
Or are some people unable to accept that the BBC has actually been carrying out what it is supposed to – investigate and report.
There is plenty of time to deal with what has happened to the Glasgow Labour group.
2012-02-13 21:13
Why the BBC bashing?
I think it’s the sheer quantity of Ranger’s bashing stories that have been coming out of BBC Scotland. If Craig Whyte had looked sideways at an old lady, they would have run with it as the lead story.
2012-02-13 21:13
To give over almost all of the small amount of time the BBC allots to the Scottish news of the day to 8mins is a disgrace We are not all even remotely interested in the shenanigings of a football club
2012-02-13 21:23
2012-02-13 21:47
2012-02-14 00:08
2012-02-13 21:25
2012-02-13 22:37
The sad truth is that both Old Firm teams decided long ago that their fans cannot accept defeat and to come second to their city rivals… At all and any costs!!!
I see it in the same terms as the housing bubble.
The greed of the Old Firm has been destroying Scottish Football for decades. If we had witnessed many different teams enjoying periods of success over the last 20 years, rather than just two teams (and both from the same city), then Scottish Football would be immeasurably better than the poor product it is at present….. and it’s only going to degradate further from what I can see.
The Old Firms gluttony at the trough of Scottish Football will result in a bubble burst, which just like the bankers, will be no fault but their own!
2012-02-13 23:43
There’s also more money and supporters of the Glasgow teams.. Although I agree that I would rather more teams doing well rather than a two horse race your argument of it being the teams own fault for being too competitive is pretty silly. It’s more down to the TV coverage amongst other things.
2012-02-14 00:15
Come on now.. Sport is about competition and winning.. You think the old firm should let other teams win every now and again to make it fair?
They don’t have to let other people win, but they could take a slightly more relaxed approach to occasionally not winning that means they don’t end up going into administration because they’ve had to fiddle their taxes to pay the stupid wages of mediocre players.
2012-02-14 01:08
Such a short memory you have D_A_N…. Celtic were only 24 hours away from administration only 18 years ago in 1994, when Fergus McCann jumped in at the eleventh hour to save their skins!
talkceltic.net/…/…
thecelticwiki.com/…/…
2012-02-13 23:51
2012-02-14 01:43
Though I also understand that lots of folk over there also think that it means that it applies to the whole of the Earth!
2012-02-14 02:18
Aye, and the Yanks have got a flamin’ monopoly on that World Series an-aw! *;0)
Toronto Bluejays 92 and 93.
2012-02-13 22:47
Only fair Aberdeen are awarded those titles!
2012-02-13 22:58
…and yes, I do see the hypocrisy between my last two posts… but hey, thats fitty eh? *;0)
2012-02-13 23:17
‘Progress’ made in referendum talks, says Alex Salmond
independent.co.uk/…/…
“ Alex Salmond said “modest progress” has been made in talks with the Scottish Secretary about the independence referendum.
The Scottish First Minister discussed how a vote could be staged when he met Michael Moore in Edinburgh this morning.
Afterwards, Mr Salmond said there were still two key issues of disagreement between his Scottish National Party (SNP) administration and Westminster. “
2012-02-13 23:27
2012-02-14 00:01
2012-02-14 00:18
2012-02-14 17:35
Can you see the Cathkin Braes windmills from Ibrox?
Eh ?
There are no windmills on Cathkin Braes.
2012-02-14 01:35
2012-02-14 00:49
2012-02-14 02:32
2012-02-14 02:56
2012-02-14 12:01
2012-02-14 08:39
Thank goodness for the Highland League and reality football.
2012-02-14 08:53
Glasgow Labour – ……………
2012-02-14 08:56
Who will be the first unionist to tell the First Eck that it is his responsibility to save Glasgow Rangers?
The BBC are desperately waiting to interview them.
2012-02-14 09:55
Good to see so many fellow Aberdeen supporters on here!
Well, Pittodrie gets SO full at weekends that there just HAS to be an overspill SOMEWHERE ;}
Personally, I think that Rangers and Celtic should both be immediately relegated and that any teams from (picking a city purely at random)Edinburg h on (picking a figure purely at random) 19 Points should be Immediately awarded the place in the Fifteenth Qualifying round of the Champion’s League next season.
You’ll never guess what the subject is on Call Kay with an E (not featuring I note with interest the Fragrant Kirsty “Cut me and I bleed Union Flag” Wark this morning….)
2012-02-14 10:19
2012-02-14 11:29
2012-02-14 17:04
Just a wee note of caution to some of the posters on this subject. Whatever your feelings on this, remember that Rangers have a massive fan base in Scotland and we all know that these are the people who we are meant to be trying to convince of the merits of independence. If I was undecided about it and stumbled across this I think it would perhaps alienate me from our cause. Also remember that to some families, Ibrox is also a place of rememberance to myself and others who lost family at one of the two disasters to happen there. So as much as we know Rangers have been badly mismanaged, please have some respect for the people who go and touch a name on the john Grieg statue on a Saturday as a poignant reminder of the past. Thank you.
well said Alex, as a scot first and a celtic fan second I find it churlish in the least that some of my fellow glaswegians greet this news with unbridled glee. For pity’s sake FORGET your tribal loyalties and try and empathise with felow scots who are now staring redundancy in the face. Ok it seems this club has been poorly managed at boardroom level for a number of years but the wee wummin in the canteen, laundry…whatever dont deserve to have their genuine fears trampled on by inconsiderate comments on here or anywhere else.
And while i’m on the subject of old firm rivalry, as a shareholder at parkhead I would be ashamed if ANY employee of my club tried to comment on events at Ibrox. Bluntly speaking its none of OUR business.
2012-02-14 11:33
Rangers are often detested in the East coast sorry to say that to any Rangers supporters here, but it is the carrying of a Union flag which brings down a red mist in the North and east of Scotland.
The auld firm, one English team and one Irish team, wtf!
2012-02-14 12:22
Is this just because local teams have a deficit in the silverware department?
2012-02-14 14:23
2012-02-14 17:39
Jings, we should start our own NNS Aberdeen it is the carrying of a Union flag which brings down a red mist in the North and east of Scotland. The auld firm, one English team and one Irish team, wtf!
True. I could never understand the union jack/Irish flag bit.
2012-02-14 12:10
2012-02-14 13:01
I regret the inevitable loss of jobs for those working in and around the stadium on match days. I regret the inevitable disappearance of honest principled opposition (where have we heard that before?) to Celtic. I acknowledge that in the long run, there will be negative consequences for all of Scottish football. But if if it only plays a small part in helping to rid Scotland of the cancer of Protestant superiority, and misplaced triumphalism and bigotry then it will all be worthwhile.
In short seeing seeing greeting, torn-faced Union flag bedecked numpties bemoaning their fate makes me happy, as it should any progressive thinking Scot. Now once this mob are gone, can we get on with getting rid of separate schools and finish the job?
2012-02-14 13:23
Absolutely ! Should be on the agenda Today, Now, never mind CTGD
2012-02-14 15:02
But if if it only plays a small part in helping to rid Scotland of the cancer of Protestant superiority, and misplaced triumphalism and bigotry then it will all be worthwhile.
Combined with
Quote:
In short seeing seeing greeting, torn-faced Union flag bedecked numpties bemoaning their fate makes me happy, as it should any progressive thinking Scot.
Complaining about bigotry and superiority while having an attitude of bigotry and superiority, wonderful, is this what becomes of this site when football is discussed here.
Im not a Rangers fan but I know a few who are just ordinary people supporting a team and I find these comments quite offensive.
2012-02-14 15:24
I quite agree and am surprised that the derogatory remark was not moderated.
I am not a Rangers supporter but sympathise with the position that the managers of the Club have placed them.
Also, I know that more than a few are sympathetic to the cause of Scottish Independence.
It was also unhelpful for the Celtic management to make self centred remarks on their rivals plight.
2012-02-14 16:00
But some people need to take a good look at themselves. They look at the team and thats all they see yet dont look as far as seeing the effect that might have on local business, local people and I just despair.
2012-02-14 16:10
2012-02-14 16:16
John
ps. I think that Scottish football can survive this. As a Partick thistle supporter, I know what it’s like to have your club go close to the edge. But it has ben on the cards. Rangers (and Hearts) fans have been living in LaLa land for a while….
2012-02-17 15:09
Whilst having no sympathy with investors whose primary motive is usually pure greed I hate to see the wide boys getting of scot free or as we say in these parts “failling with the full hand” and laughing all the way to the bank.
Another example of poor regulation by the Westminster government.