It is scarcely credible that directors of newco Rangers have failed to maintain National Insurance (and, I presume, PAYE) obligations to HMRC. The arrival of a seven day winding-up notice from HRMC last week brings serious consequences for the listed company, who have now required three short-term loans for over the last two months.
This payment is due on the same date every month, it will not be subject to dispute and failure to maintain payments brings the club into dispute with the SPFL, who six weeks ago deducted fellow Championship club, Livingston, five points and fined them £10k, for non-compliance of the league’s tax and reporting rules, which Neil Doncaster said were “an integral part of maintaining a fair league competition”.
The club already have an outstanding charge from the SFA over their failure to stick to a written agreement over the shareholding of Newcastle United owner Mike Ashley. A five point penalty would bring them within three points of fifth-placed Falkirk, who are outside the play-off spots but have won six of their last seven games, pay their bills and will not be subject to a player fire-sale this month.
While newco are clearly short of cash their outlook is not as bleak as it may appear. They have assets they should be able to sell quickly in order to raise cash, specifically players, Murray Park and Ibrox. Rangers went into administration as their liabilities were considerably higher than the value of liquid assets, this is not the case with newco, whose liquid assets will be worth considerably more than immediate liabilities.
In short, an administrator will be able to sell players, Murray Park, Ibrox, or all three, and pay all creditors, so there is no reason the directors should not do so themselves.
There are a couple of observations worth noting:
I’ve never known a company to get to the stage of receiving a 7 day winding-up notice from HMRC which didn’t have many more stressed creditors.
National Insurance and PAYE for wages pad up to 30 November are due at HMRC on Wednesday 7 January. It’s unclear if the £500k loan from Sandy Easdale is sufficient to cover this payment.
Lots likely to happen over the coming weeks but keen an eye on the financial fundamentals: it will take tens of millions of pounds to keep this club afloat over the next few years, even on a very limited football budget.
No one has explained a scenario under which this club is viable. This story only ends one way.
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No FFP whayhey
Messi
Ronaldo fabregas Bale
shwienstiger matic
izzy vvd Ambrose lustig
Gordon
Sorted, over to you unseen hand
250k fine
750k payroll
500k hmrc
AGM 12 days ago
Mc Leod sale already secured against Easdales. I read earlier in the week against Ashley.
Why are the SFA talking to Ashley ? And not the biggest shareholders ? Dual ownership ? Lol
HH
The Sarver deal is dependent on the name change to The Phoenix Suns of William.
squire danaher
13:37 on 5 January, 2015
—
Sorry mate not sure what you mean ?
Bourne
Nice
CelticOldNews:
Celtic make a point on Byrne’s night Rangers lucky not to lose more than equaliser
5 Jan 1995
Rangers 1, Celtic 1.
ANOTHER step towards a seventh successive premier division championship was taken by Rangers last night, but other than that, the Ibrox side had little about which to celebrate. Much was expected of them and, frankly, they failed to deliver while Celtic, patched up and fresh-faced in various positions, stole the show in the second half.
With a shade more good fortune, Tommy Burns’ side would have scored more than once, but while a second goal would have given them three points, it might also have taken the shine off Paul Byrne’s second-half strike which was quite stunning. The Irishman, who scored in his last first team appearance, also against Rangers at Hampden back in October, equalised the goal scored in the first half by Ian Ferguson — his first of the season — who probably believed his team-mates would go and secure maximum points. But Celtic had other ideas. They resumed with greater zest and skill, and as the second half progressed they grew in confidence.
It was only in the closing minutes of the match that Rangers, who had too many players out of sync, came back into the match, but by then their supporters had started to drift away, bemoaning the performance. The fans had anticipated a comfortable win because of Celtic’s youthful look which was forced because of their injury problems. One Rangers fan in the back of the main stand couldn’t stand the pressure, and in his anxiety to shout at his team, he let go of his teeth. His wallies ended up about three rows in front. Celtic’s fans held on to their teeth and their credibility, and were, in fact, the happier of the two sets of supporters. They had probably arrived at Ibrox expecting another defeat, but left for home much more confident about what Burns is trying to achieve.
However, Ferguson’s goal was the only notable event of the first half in which Brian Laudrup played only on the fringes. It was as though he kept looking in and deciding against taking part in what he saw going on. Rangers will have to do without him in the next couple of matches while he is on international duty with Denmark, and Walter Smith can only hope Mark Hateley and Ally McCoist regain fitness quickly.
Celtic’s problems were evident as they lined up with Stuart Gray in a defence which also had Tommy Boyd in the centre. Mike Galloway, who had not featured in the first team for a month, was at right full back.
Also Byrne was in, and the tiny figure of Brian McLaughlin was there, but could barely be seen on Celtic’s left flank. Even though they were unfamiliar in appearance, Celtic didn’t waste any time in introducing themselves to Rangers, and in particular Gordon Durie and David Robertson. First Brian O’Neil clattered into Durie and was fortunate to escape punishment, and then Galloway body-checked Robertson, who was trying a wall pass with Pieter Huistra.Galloway was booked and a minute later, O’Neil selected another target, this time Charlie Miller, and left him on the ground. The Celtic player was cautioned, but he and his defensive colleagues had made it clear they would not be passed easily.
However, Laudrup demonstrated he can pass defenders almost as though he has a divine right to do so, and after he had skipped away from Galloway, he tried to chip Pat Bonner from an acute angle. The ball sailed narrowly wide, perhaps a reminder that the Dane is, after all, a mortal. Laudrup should have found the net in 25 minutes, though, after Durie’s pass had been deflected by O’Neil, but he slid the ball wide of Bonner’s right-hand post. The keeper was exposed again in 38 minutes when McCall’s high ball dropped just inside Celtic’s box, and Miller managed to jab out a leg and touch the ball on. Gray seemed to hesitate as the ball flew to the right of Bonner’s goal, but Ferguson was alert and his shot was low and true.
A silence fell over Celtic’s supporters, and just before half time when McLaughlin hit his shot from the edge of Rangers’ penalty area over the bar and high into the Copeland Road stand, their hearts sank. The Ibrox regulars were in full voice, anticipating their team would go for the jugular in the second half. Miller, who had taken a heavy knock in the first half, didn’t re-appear after the break and Rangers resumed with Ian Durrant in midfield, yet another example of their strength in depth.
Still, it was Celtic who made the running with Phil O’Donnell, a surprising inclusion in their side since he had been labouring because of injury, being denied only by the speed of Robertson, who managed to block a shot after the Celtic player had run through a sparsely populated Rangers defence. A few minutes later O’Donnell tried again, this time with a header, but the ball carried too far and dropped on to the roof of Colin Scott’s net.
Celtic were growing in confidence and pinning Rangers in their own territory where they were behaving in a most erratic manner, with the ball being swiped at wildly. It was inevitable that Celtic would take advantage, and they did in 59 minutes. John Collins collected the ball on Celtic’s left and saw Byrne arriving at speed towards the far post. Collins’ ball was delivered with stunning accuracy, and Byrne’s finishing shot from just inside the box was equally brilliant.
The goal gave them even greater belief, and Celtic began to dominate the match, getting to most balls first, leaving Rangers’ players lunging at spaces. Celtic’s midfield players were enjoying the freedom but just when it looked as though they would engineer a second breakthrough, Laudrup burst forward. The Dane caught Celtic’s defence short and picked out Durie running to his left. The ball was played perfectly, but Durie shot straight at Bonner. At the other end Andy Walker had a go but knocked the ball into the side netting. In the closing minutes Rangers almost stole the points when Laudrup weaved his way into the box, but Bonner denied him and also Durrant, who tried to score from the rebound.
(James Traynor, The Glasgow Herald)
Managers Interview
Tommy Burns
‘It has been a humbling experience for all of us to watch Tony over the past nine months. His has been a story of courage and dedication to his wife. I’ve never met anyone like him. He’s an incredible man.” (On Tony Mowbray, whose wife had died 3 days earlier)
‘We didn’t play well in the first half, and I can’t explain why we did much better in the second,”
”We told the midfield players at half time to take more control of the game and we told the wee fellah (Brian McLaughlin) on the left to come in and do more than play on the fringes.”
”These boys had to find out what playing in Old Firm games is all about, and I thought they did very well. These players are saying, ‘we are in the team and we are here to stay for more than one or two games.’ They are making it hard to be left out.” (On Brian McLaughlin and Stuart Gray)
”However, it was only a draw and we have had too many of those already. We need firepower like Rangers who will be able to call on players like Hateley and McCoist.”
”he tends to do well against Rangers.” (On his decision to pick Paul Byrne ahead of Chris Hay)
Paul Byrne
”I enjoy playing against Rangers. Maybe it’s the crowd, I don’t really know, but it brings out the best in me.”
Teams
RANGERS : Scott, McCall, Robertson, Gough, McLaren, Boli, Huistra, I. Ferguson, Durie, Miller, Laudrup.
Substitutes — Brown, Durrant, Thomson.
Scorers : Ferguson (38)
CELTIC : Bonner, Boyd, Gray, O’Neil, Galloway, O’Donnell, Byrne, McStay, McLaughlin, Walker, Collins.
Substitutes — Nicholas, Hay, Marshall.
Scorers : Byrne (59)
Referee — J McCluskey (Stewarton)
Attendance : 45,794
(thumbsup)
If Sarver does buy them will he change their name to the Govan Suns of William?
The SPFl are looking for answers from The Rangers – wonder what deadline they have given them to reply? And the threat of a registration ban is meaningless – they are a selling club not a buying one.
I hear some Newcastle supporters are looking to bring the FA in England into the Ashely dual ownership issue.
Is it true that Britvic, the owners of Robinsons Orange Squash have agreed to sponsor Sevco next year should they successfully dilute the shares again?
An Tearmann
13:31 on
5 January, 2015
Bawsman
I picked the post up from twitter, and viewed on public forum.i too am banned :-) so will join you on the hun step
:-)
HH hny
================================
Cheers mate………………Do you know what you were banned for?………Yes or no will suffice, I genuinly have no idea why I was banned.
philvisreturns
Did the Ibrox banjo player ever get paid I wonder??
HNY
proudbhoy
Alternatively what we can do is buy middle of the road foreign players, give them little game time and then loan them out.
Our previous strategy is not working. Doesn;t matter how good a player is if he is injured all the time and hardly plays a game.
Just my opinion. I would have a huge clear out of injured players. Regularly pulling muscles and getting knocks is no good.
LB
keith jackson@tedermeatballs
SPFL satisfied Rangers are NOT guilty of breach of rule E20 on defaulting on NI payments. Curiouser and curiouser.
Or will his NBA team be known as the Phoenix Huns?
Proudbhoy
We will not deliberately attempt to improve our product through the purchasing of new players in the current Hun-less environment
Everything Celtic FC/PLC does and has done over past 5 years is and has been dictated by the absence of a Hun entity in the top league and the potential (return) introduction of such an entity in due course.
We will not substantially improve product to outstay Aberdeen. We will take our chance that what we have is good enough.
Signing 3x £4m players will not fill Celtic Park for SPFL games. So we won’t as it is not worth the risk.
Sports PR of the year says
@tedermeatballs: SPFL satisfied Rangers are NOT guilty of breach of rule E20 on defaulting on NI payments. Curiouser and curiouser.
Pheersy,
should that not be Doncaster is satisfied, since he seems to speak for the SPFL?
I got banned from KDS after advising them to buy some Tena Lady when they were crying and stumbling towards the fainting couch over Lee Griffiths’ karaoke. ( ͡° ͜ʖ ͡°)
(thumbsup)
I’ve suddenly sussed out what’s happening.
There are going to be so many twists and turns in their saga that each and every single person involved or viewing from afar will use up every single brain cell available to them in a feeble attempt to remember what’s happened and to who and at what time. What loans were made and why. Until every soul with a past passing interest in this story will just wander around in a brain addled torpor, drooling and struggling to remember their first name…
Just wait…
U
Armageddon …………………………………………………
DUNDEE UNITED RECORD £1.2M PROFIT FOR 2014
January 5, 2015
Dundee United’s Annual Accounts for the period to June 2014 reveal a net profit of £1.218m for the year, an increase of some £900k on the prior year and the fourth time the Club has reported a profit in the last five years. This represents a significant improvement when compared to the previous 12 years, a period when the Club recorded only one profitable year.
This year’s figures include an exceptional gain relating to the exit of banking arrangements with the Bank of Scotland. Two player transfers were transacted subsequent to the end of the financial year and the profits arising from these sales will be recognised in the financial statements for the year to June 2015, ensuring a further profit in that period.
The profit for 2014 was underpinned by a 3% increase in revenues to £5.6m, reflecting improvements in league placing and Scottish Cup income, both of which helped to counter the loss of European participation and the commercial benefits of the Dundee derby matches evident in the prior year figures.
Before the application of exceptional items, the accounts reveal that the Club made a gross profit of £991k (2013: £817k) and an operating loss of £114k (2013: £100k) after administrative and other expenses. Interest payments were reduced from £174k to £110k while wages increased to £3.5m from £3.3m, largely due to improved performance payments. As a result of the latter, the wages to turnover ratio increased slightly to 63% from 61%.
Chairman Stephen Thompson said, “While pleased to report significant profitability again, the Directors recognise that this most recent financial performance was made possible by the arrangements put in place to buy out the bank debt.
“Looking ahead, we expect to record a further profit in the current year as a result of effective player trading, which is an integral part of our strategy to identify, develop and manage young players and provide them with the best opportunities to succeed within the Club and the football sector generally. This aims to achieve footballing success for Dundee United and the opportunity for players to improve and, where appropriate, enhance their earnings elsewhere.
“While this mutually beneficial strategy has resulted in a significant increase in trading income and contributes greatly to profitability going forward, we must also ensure that operating costs are kept under strict control. However, we must also strike a balance between managing costs and delivering a team capable of competing at the highest level in Scottish football and in these respects we consider the period to June 2014 a success”.
The Club is currently re-investing a significant part of the profit made in the year to the redevelopment of its Gussie Park community facilities opposite Tannadice. The key feature of this will be a new full size FIFA 2* rated 3G synthetic pitch which will form the centre piece for the Club’s Academy coaching and its wider community activity. It is expected that the new facility will be open in March 2015.
Good report that from Stv. Contains some actual journalism
Everything Celtic FC/PLC does and has done over past 5 years is and has been dictated by the POTENTIAL AND ACTUAL absence of a Hun entity in the top league and the potential (return) introduction of such an entity in due course
starry plough – Did the Ibrox banjo player ever get paid I wonder??
He’s on gardening leave. (thumbsup)
Work beckons.
Apologies to Yeats, here’s my sevco haiku:
Baleful gorilla
Clad in bowler hat and tie
Slouches t’ward Ibrox
Just when I start to think the reincarnation is getting it together and their fans start to get a bit cocky again, bang get down hun.
This truly is
THE GIFT THAT KEEPS ON GIVING.
Ayrshire is Green and White
kitalba
13:32 on 5 January, 2015
Another Hun thread.
I thought they were dead.
But maybe the huns are right, maybe we do have an obsession with them, maybe we do hate more than we love.
This has got to be the most macabre celebration of a wake for the living that ever was.
————————————————–
I know, I know. We’re not supposed to care about an extinct football club.
But it sure brightens up the first day back in the salt mine with the worried well of Glasgow’s south side. And that’s a big ask!!
#smilebackonmyface CSC
HH
livibhoy
13:48 on 5 January, 2015
—
Ur spot on.. current stragety isnt working but wasting money in scotland or in scandanavia doesn’t make a difference to me.
Id be happy to take a couple of million for matthews if we can.. but replace with a hearts player doesn’t fill me with confidence.
Game at weekend was my first time seeing allan and I was impressed but I just cant see how he would improve us in europe.. dylan played last 20mins and he looked excellent but I still don’t think he has future at celtic sadly.
Allan doesnt look like right winger to me either.. playmaker role is perfect for him but with commons getting so little time and mcgregor always shoved out wide it seems ronnie doesnt have much time for playmakers.
Info needed
Sorry as no doubt been posted a lot recently but otherwise occupied
over last couple of weeks so need verified.
Home ticket scheme for me and the youngest but I have
been asked to purchase another couple tkts for Milan game.
Was told after 7th Jan Season tkt holders could get another pair
if still available
IS this correct.and the 7th being the date ?
Thaks in advance first day back in work since 19Th Dec so might not
be able to look in until much later.
squire danaher
–
Thanks for that.. iv given up trying to guess what the board are playing at .
Empty seats usually rings a bell.. not with our board it seems.
Latest team sheet news…………………………wee Jamesie
Allan is good at the level he is at. Dylan did more in the last 20 than Allan did in the whole match.
SMSM tends to talk up players from Embra…….See Thompson, Caldwell, Pressley and Broonie as exhibits………prosecution rests.
*The Scottish Professional Football League is satisfied Rangers have not breached rules over claims they have fallen behind on National Insurance payments.
STV understands the league were unaware of a potential winding-up order being issued by HM Revenue and Customs to the club.
SPFL rules require clubs to declare if they are more than 28 days behind on paying tax, within two days of a default occurring.
However it is understood that following conversations between Rangers and the league, the SPFL is satisfied a “default event” has not occurred.
HM Revenue and Customs declined to comment on the matter. Rangers were unavailable for comment at the time of publication
Ah,so we are back to the old”In house”inquiry.Ask The Hun if they have done anything that could get them fined or points deducted.”No”.”OK,thats fine”
Why not ask HMRC what the problem was?.
Should be used to it,but it gets right on my wick.
Bawsman
Allan had good first half.. his free kicks etc were poor 2nd half.
Dylan was excellant.. dylan will be an spl player but not with celtic sadly. Had high hopes for him.
In saying that id rather have dylan in our squad than derk..tonev or berget.
Brian McNally @McNallyMirror
Fastest investigation in history as SPFL clears Rangers of NI default. So why did HMRC threaten winding-up order? Answer please Mr Doncaster
RhebelRhebel @RhebelRhebel
Nice to hear that the @spfl have accepted @PinsentMasons outcome from their investigation into Sevco non payment of NI.
@ScottishFA
Just win Celtic
Smash the killie mob :))))))
Sweep Sweep was the sound from the 6th floor in Hampden
“Hello hello Sandy, Its Cambell here”
KDC
I see your point but….
If full-backs were only allowed to defend,we would have lost in Lisbon.
One scored. The other had the assist.
Info on the Inter tickets from official site;
Season Ticket holders will have the opporunity to purchase additional tickets at the general sale price on Wednesday, 7th January Subject to availability, tickets will go on general sale on Thursday, 8th January. General sale prices are from £35 Adults, from £25 concessions and from £20 for Under 13.
Why not ask HMRC what the problem was?.
HMRC cannot divulge information to a 3rd party ‘Fact’.