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Football debts of Oldco, Newco and EBTs

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By on CQN BLOG & Comments

I see former Rangers player and EBT recipient, Nacho Novo, was speaking to the media over the weekend about the tax tsunami heading his way, which, apparently, has the potential to bankrupt him.

Over 50 players will be pursued for tax.  Each has a side contract, a condition of which is that in the event that tax is demanded from them in connection with their EBT payments, Rangers would pay up.  Under normal circumstances that would be the end of the story, Rangers, as it was, no longer exists to honour that commitment, but, as a condition of access to the SFA and Scottish Football League, Newco Rangers agreed to honour any football debts of Oldco.

The EBT recipients have been reluctant to rock the boat on the subject of their tax affairs, but that may be tested if the financial interests of former Oldco players and Newco diverge over this issue.

This is (another) one for the lawyers.

Given a choice, I would rather avoid playing a team on their first game with a new manager, as St Mirren will have on Friday when Celtic visit.  Oran Kearney joined the club last week after Alan Stubbs sacking, with Saints second bottom after a win and three defeats.

That win was achieved on the opening day of the season against Dundee, the only team below them, but they have scored once in four league and cup defeats since, conceding 12 in the process.  There is often a dead cat bounce when a new manager takes over.  You can expect bodies thrown into everything on Friday evening.

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  2. Matt Stewart on

    Of course if it wasn’t for the EBT ….MON would have got his wish and Nacho Novo would probably have joined Celtic!

     

     

    Just a thought.

     

     

    Hail Hail

     

     

    Matt

  3. Fool Time Whistle on

    The game is to imagine what might have happened if EBT’s had been rejected by Oldco the way Brian Quinn did at Celtic after the Juninho caper.

     

     

    My modest starter..

     

     

    Had Oldco NOT paid the “taxfree” money under the counter?

     

    But actually paid all salaries as taxable income to all employees?

     

    then..

     

     

    The principle creditor, HMRC, would not have been owed money and thus would not have pressed for Administration.

     

    The club would not been able to sign most of the players that benefitted from EBTs, certainly the non Scots players would not have been interested.

     

     

    We’d never have heard of Nacho Novo, except as a wee runt that washed up in Kirkcaldy one summer and then disappeared to Dundee.

     

     

    Whimsical CSC

  7. mike in toronto on

    BP…

     

     

    BMCUWP and I go way back, and are great pals. We are just having a bit of fun.

     

     

    Still waiting on the picture of the dugs!

     

     

    HH

     

     

    ON that note, I generally dont argue with posters on here, but I did have a bit of a falling out with SFTB on here recently, which I regret.

     

     

    SFTB, if you are reading, you seem like one of the good guys on here, and I am genuinely sorry for my part in our spat. I hope we can put it behind us, and move on.

  9. big packy 1 on

    MIKE knew that, but you and bobby falling out jeepers creepers.hh. on the subject of the pup should have picked him up last Saturday, now the breeder says this Saturday is more convenient. oh how I hate breeders.com,lol.

  15. thomthethim for Oscar OK on

    BIGBHOY on 10TH SEPTEMBER 2018 2:31 PM

     

     

    That is pretty much my reading of the situation.

     

     

    I also feel that HMRC left a loophole for them, by stating that they had no objection to football being played at Ibrox.

     

    They coupled this by permitting a phoenix company to fulfill this objective.

     

    I believe that this was in response to pleas by Salmond, Campbell and other politicians.

  16. KINGLUBO on

    Mike in Toronto

     

    Knowing your love of our canine friends, I recently had a dog. Out walking one day, I was asked what breed of dog I had. I said a coconut dog. I know a thing or two about dogs and I’ve neve heard of such a breed. How do you know it’s a coconut dog he said.

     

    I said, as I was walking past a pub recently two old guys were heard to say, Look at the coconut dug.

     

     

    Good one, eh

     

     

    KINGLuBO

  18. big packy 1 on

    couple of quiz questions, in which stadium did celtic lose the 2003 eufa cup final. against which team did celtic contest the 1970 euro cup final, who is Celtics all time scorer in Europe.

  19. bigbhoy on

    Back to Basics

     

     

    I had wondered that Regan was a fellow mason up to his knuckles with the fix. Him being a patsy makes better sense. He can get the blame for the lot. Him and Craigy boy.

     

     

    Celtic were too late by the time a complete unqualified former Rangers player was appointed. Celtic didn’t even know he was on the short list.

     

     

    The conspiracy had Presidents from Peat via McRae and Petrie all in the succession with Campbell Ogilvie as secretary and Smith and then Reagan as CEO.

     

     

    Celtic have finally caught up and Peter Lawwell was behind the most reason appointment of Maxwell and the Board being taken over by the modernisers. His interview with Tom English and his “good people” comments. Whether we try to block Petrie becoming President may be more about McGinn issue than the fact he is of the “move on” faction.

     

     

    It has been suggested that the blazer faction and the modernisers had done a deal in that the blazers got the Scotland Manager they wanted and the modernisers got their man in Maxwell.

     

     

    Whether Maxwell is any good remains to be seen as his handling of the abuse issues was poor and the recent compliance officer stuff where Sevco players can do no wrong looks horrible

  21. Auldheid on

    Purely in the interest of helping out Nacho and his fellow tax compatriots I suggested this on SFM yesterday

     

     

    On the matter of players on the HMRC ebt hit list and ability/responsibility to pay;

     

     

    Rather than pursue a club in the process of liquidation where their bills wont be paid in anything like full just to “prove” its the same club, is there not a more rewarding (for them) approach in a class action against Sir David Murray?

     

     

    Evidence is in three batches:

     

     

    1. The deliberate decision to not disclose ebt side letters to the SFA that was raised in testimony to the FTT. If Rangers had no doubts about their effect on the lawfulness of using ebts to pay players, then why conceal them from the football authorities? If Rangers were certain of lawfulness of ebts as they were using them then side letters would be unnecessary. Should that have sent a signal to the players who have to share the blame, did they know the SFA were not being told, or is that solely the fault of Rangers under the direction of Sir David Murray?

     

     

    2. From April 2005 there is evidence that Rangers were aware that the existence of side letters might invite tax demands from HMRC, so they decided to keep their existence secret. Do any players signed after April 2005 have a case they were knowingly being sold a pup?

     

     

    3. From 25 April 2008 by which time Rangers had a full list of determinations of tax owed by players signed with ebts on the desk at Ibrox, do any players signed on ebts thereafter have a case that they were knowingly being sold a pup?

     

     

    If I were Better Call Saul, Id be doing the rounds to build a case.

  22. ziggydoc1 on

    !!BADA BING!! on 10TH SEPTEMBER 2018 5:16 PM

     

    Olympic Stadium and San Siro?

     

    ———-

     

    Don’t you hate it when you don’t read the question properly :)

     

     

    Feyenoord and Larsson (I think).

  25. ziggydoc1 on

    AULDHEID on 10TH SEPTEMBER 2018 5:22 PM

     

     

    …is there not a more rewarding (for them) approach in a class action against Sir David Murray?

     

    __________

     

    Great idea.

  26. glendalystonsils on

    BOURNESOUPRECIPE on 10TH SEPTEMBER 2018 4:16 PM

     

    Hoping nobody gave Gabi Agbonlahor BR’s moby number?

     

     

    Spotted at Lennoxtown along with Dion Dublin and Carlton Cole……..

  30. Pogmathonyahun aka Laird of the Smiles on

    Greetings from Harrogate, where there is no minimum pricing on a unit of alcohol and the price of bottled beer is still more expensive in the ASDA here than the Elgin ASDA.

     

    Harrogate has the first Wetherspoon’s, The Winter Gardens, where I’ve seen bouncers on the door. One of them even checked out my footwear on Thursday night. Imagine being refused entry to a ‘Spoons because you were wearing trainers ?

     

    I received some mixed news from my wife last week when she told me our planned trip to Darjeeling had to be cancelled due to her needing to see a podiatry specialist, I asked what was afoot but she just ignored me. This now means that I am booked up to go to Leipzig ??? ???????

     

     

    Talking of the wife, she just told me that she was going to smack me across the head with the neck of her guitar.

     

    I said “I’ll take that as a fret.”

     

     

    She’s got previous:

     

     

    She was in court charged with beating her first husband to death with his guitar.

     

    “First offender?”, asked the judge.

     

    “Well, first a Gibson then a Fender”, she replied.

  34. Pogmathonyahun aka Laird of the Smiles on

    GENE on 10TH SEPTEMBER 2018 5:47 PM

     

    Pog

     

    It’s an impressive spoons – bar must be 100 feet long – problem is getting served

     

    ——————————————————————————————————————-

     

    Correct – cracking bar and problem getting served, but I solved that. I was in it 4 nights on the trot. On night 2 I downloaded the Wetherspoon’s App on my phone – sit at the table, give table number, order what you want, pay on phone and Bob’s your mother’s live-in lover. Simples

  38. ziggydoc1 on

    !!BADA BING!! on 10TH SEPTEMBER 2018 5:36 PM

     

    Ziggy- in recovery mode after a weekend on the swally in the Algarve…

     

    —————

     

    One of my favourite places. Be there soon

  40. scullybhoy on

    I had taped the Ballymurphy Massacre and watched it last night – don’t mind admitting that I shed a few tears – such an awful injustice.

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