Football debts of Oldco, Newco and EBTs

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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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  1. I thought the game v Fiorentina was our record Euro crowd at CP. Speaking to a Killie fan last week. He went to many Celtic Euro games and is a great admirer of Celtic in that era.

     

    We really were a top Euro side. Celtic fans had some swagger then. John Greig met Stevie Chalmers in a shop and asked why he didnt play v them the previous Saturday. “Oh, they just keep me for the big games now.”

  2. saltires en sevilla on

    No wonder this great blog is struggling.

     

     

    Some of the chat last nite was simply awful.

     

     

    Seriously poor show and some posters should be ashamed of their contributions.

     

     

    The general mood was downright nasty verging on racist.

     

     

    There have been a few low points in the last 10 years but last night descended into a shameful mess.

     

     

    I’m genuinely surprised so few regular contributors had an issue with it!

  3. i'vehadtochangemymind on

    St Mirren v Celtic on a Friday nigth – doesn’t have a good ring to it : could be mulumbu time

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