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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547 Comments- Pages:
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kitalba
16:52 on 5 January, 2015
YES.
HH
Auldheid
16:43 on
5 January, 2015
On a certain level I can understand our clubs position. What I don’t get is the stance taken by the likes of D Utd and Aberdeen. A single round of European competition will get them as much as two home games against them. Plus their attendances are up, since they now have a genuine chance of a decent season. Why are they not shouting from the roof tops about this?
themaestro72. I agree but its the managers call he will rise or fall by it.H.H.
guernica
But I would say that if McGinn has the cajones to take is on at CP and Broonie with it…..then perhaps the kid would be still more galvanised with Broonie alongside him as his mentor and partner.
HH jamesgang
Timjim, you must be the only Tim in town there. I bought a Bedlington Terrier pup in Plean a couple of years ago and couldn’t believe the number of Sevco tops on show. The orange flags and butchers aprons hanging from the windows in the main street seemed ominous as well.
HH.
Stairheedrammy.There is at least one more a young guy called Alli hes a brave mhan he walks around Plean with his Celtic track suit on.H.H.
micktt
You???? The Barry Norman of CQN!!!!
It’s pfayr who worries me most!!!!
I think I now know why my knees are gubbed!!!!
Kitalba
I’m not putting my house on Aberdeen not winning the league. Only cos it’s a crappy Stewart Milne house that’s already cursed!!!
HH jamesgang
charliemac
16:42 on
5 January, 2015
I know – see my post at 16.52 – but I remain nervous
67ECW
joe filippis haircut, that’s true. Let’s hope he doesn’t fall because I remember last summer and there isn’t a lot of alternatives out there. H.H.
Calling all PC Literates!
After the 14:44 post on Page four, I received no more posts on that page. When page 5 was reached, I was able to view posts on that page but those on P4 were, and still are, missing.Any ideas? I have an Apple Mac Computer.
JJ
Stairheedrammy
Not the only one, but one of the few. Its twinned with Larky:0) In fact thats where most of them originate from. They came here for to work in the pits. Fallin and The Plean mostly huns Cowie mostly Tims.
jamesgang
16:58 on 5 January, 2015
micktt
You???? The Barry Norman of CQN!!!!
It’s pfayr who worries me most!!!!
I think I now know why my knees are gubbed!!!!
Kitalba
I’m not putting my house on Aberdeen not winning the league. Only cos it’s a crappy Stewart Milne house that’s already cursed!!!
HH jamesgang
₩₩₩₩₩₩₩₩₩₩₩₩₩₩₩₩₩
It’s my new year today, lazy day prior to, aff oot, to the pub. I shall pass on your fears tonight to the wee bull dug…
Hope all is well with ye all..!
HH
Auldheid and anyone else who is interested .
This is a copy of a response I received from Neil Doncaster regarding his same club statement .
Message from Neil Doncaster, SPFL Chief Executive
Dear ***
Thank you for your email of 2 January. I am happy to clarify the position under SPFL Rules, as you request.
The SPFL Rules (and the SPL Rules that preceded them) draw a distinction between a football club (“Club”) on the one hand, and the company that owns or controls the Club on the other hand. There is no suggestion that the Club is a legal entity or has a legal personality which is different from whatever is the legal entity or person which is the owner and operator of the Club.
This important distinction was acknowledged by Lord Nimmo Smith’s Independent Commission dealing with undisclosed payments to players and was fully reflected in the preliminary and final decisions of the Independent Commission. Lord Nimmo Smith is, as you may be aware, a former Senator of the College of Justice and a judge sitting in The Inner House of the Court of Session. He was supported on the Commission by two of the leading Sports Law QCs. An internet search will confirm each of the Commission members’ expertise and standing.
The concept of a football club being distinct from the company owning or controlling it is not a new concept in UK football, with the likes of Leeds United, Bristol City and Crystal Palace Football Clubs all having been owned or controlled by different companies over their lifetimes as a result of insolvency events. I have not heard it suggested that those historic football clubs are not the same ones that were formed in 1919, 1894 and 1905 respectively.
I trust the above is helpful.
Kind regards
Neil
I will of course be responding to Mr.Doncaster myself but thought his response deserved a wider audience.
weeminger. The Masonic tentacles stretch all over Scotland including both Dundee and Aberdeen. H.H.
I’m guessing the guy with the Celtic trackie in Plean is in training for his world championship heavyweight title fight!
Re Resolution 12:
This is the part I just can’t get my nut around, now a lot of this may be through the looking glass waffle but it is the way I see it and don’t understand.
Canamalar raises a resolution asking why the huns can cheat with impunity at the expense of every other football supporters in Scotland who still has a certifiable pulse.
Celtic don’t shoot down the resolution, they sort of park it, by park it I mean they don’t robustly get angry and ask for their dues, and our dues too, all of us who has ever sunk a quid into the game in Scotland, we’re due honesty and respect.
So a few shareholders in Celtic ask the Celtic PLC WTF is going on and Celtic PLC broadcast (a la BBC) calm down bhoys we are on the case, we’ll get it sorted. Maybe not this year, maybe not this century, but we’re on the case.
But rest in peace bhoys because those who jumped into Canamalar’s ethical crusade tell us that they are still on the case and things are moving forward.
Stop right there, you raised the rsolution, you took your valid concerns as shareholders to the PLC to get satisfaction.
It is for the PLC to take all legal actions required to protect the interests of its share holders, not the other way around.
The PLC has a caste in stone duty to protect the shareholders interests and if they don’t then hell and the law mend them.
In rhyming slang ,instead of the Currant Buns, what about the Phoenix Suns? Seems apt.
JJ
Nothing to suggest 4-3-1-2 isn’t our best formation.
::::::::::::::::::::::::::: Gordon ::::::::::::::::::::::::::
Ambrose : Denayer :: Van Dijk : Twardzik
::::::::::::::::::::::::::::: Bitton :::::::::::::::::::::::::::
::::::::: Brown :::::::::::::::::::::::: Johansen ::::
::::::::::::::::::::::::: Commons :::::::::::::::::::::::
:::::::::::::::::: Wakaso :: Guidetti :::::::::::::::::
See you all later for the 4-2-3-1 goal bonanza.
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.
“Hello Rangers, it`s The SPFL here, have you failed to pay your taxes?”
“No, we just put a second class stamp on the envelope by mistake”
“Oh, ok, that`s alright then”
MickTT:
I’m not putting my house on Celtic winning the league because I think the game in Scotland is bent, corrupted, farce, biased, hateful, petty and I can’t be bothered thinking of anything else.
Celtic will thrash the Ayrshire Huns.
Music fans, have a listen to The Hidden Cameras. Terrific orchestral pop.
Favourite song? Well of course it has to be Bhoys of melody.
kitalba
17:10 on
5 January, 2015
In which case the next step is for concerned shareholders to sue the club.
weeminger:
The PLC has a duty and obligation written in Law.
Stairheedrammy. He is a big big lad and he is one of these guys who hang off ropes on sky scrapers doing repair work.I dont think he has any fear .He has done some charity work for good Celtic causes. H.H.
Stairheedrammy
17:10 on
5 January, 2015
I’m guessing the guy with the Celtic trackie in Plean is in training for his world championship heavyweight title fight!
__________________________________________________________________
Naw he’s training to be a suicide bomber. His target the local pub The Billy
Micktt
Thanks for that summary. So the moral of the story is don’t enlist in the first place but if you do, just play dead!!
Here’s hoping for a better outcome tonight.
HH
fourgreenfields
17:08 on 5 January, 2015
Auldheid and anyone else who is interested .
This is a copy of a response I received from Neil Doncaster regarding his same club statement .
Message from Neil Doncaster, SPFL Chief Executive
Dear ***
Thank you for your email of 2 January. I am happy to clarify the position under SPFL Rules, as you request.
The SPFL Rules (and the SPL Rules that preceded them) draw a distinction between a football club (“Club”) on the one hand, and the company that owns or controls the Club on the other hand. There is no suggestion that the Club is a legal entity or has a legal personality which is different from whatever is the legal entity or person which is the owner and operator of the Club.
This important distinction was acknowledged by Lord Nimmo Smith’s Independent Commission dealing with undisclosed payments to players and was fully reflected in the preliminary and final decisions of the Independent Commission. Lord Nimmo Smith is, as you may be aware, a former Senator of the College of Justice and a judge sitting in The Inner House of the Court of Session. He was supported on the Commission by two of the leading Sports Law QCs. An internet search will confirm each of the Commission members’ expertise and standing.
The concept of a football club being distinct from the company owning or controlling it is not a new concept in UK football, with the likes of Leeds United, Bristol City and Crystal Palace Football Clubs all having been owned or controlled by different companies over their lifetimes as a result of insolvency events. I have not heard it suggested that those historic football clubs are not the same ones that were formed in 1919, 1894 and 1905 respectively.
I trust the above is helpful.
Kind regards
Neil
₩₩₩₩₩₩₩₩₩₩₩₩₩₩₩₩₩₩
Go get them bhoy……
HH
hhmmmmm , i dont think any of these were liquidated, where they ?
—————–
with the likes of Leeds United, Bristol City and Crystal Palace Football Clubs all having been owned or controlled by different companies over their lifetimes as a result of insolvency events. I have not heard it suggested that those historic football clubs are not the same ones that were formed in 1919, 1894 and 1905 respectively.
John Guidetti says he’ll take you!
That’s it confirmed in writing that Donkey boy is even thicker than he looks, HTF did he ever get a job running our game ?
Tallybhoy
16:44
Just managed to get a ticket for the game tonight.
My last visit to Rugby Park was the 6-0 game in April 2012 when we clinched the title. A fantastic day.
Same again tonight?!
That’s the omen i was looking for -))))………………………….20 Euro’s on 0-3 @ 13/2.
kitalba
17:12 on 5 January, 2015
MickTT:
I’m not putting my house on Celtic winning the league because I think the game in Scotland is bent, corrupted, farce, biased, hateful, petty and I can’t be bothered thinking of anything else.
₩₩₩₩₩₩₩₩₩₩₩₩₩₩₩₩₩
Kitalba, neither am I, it was jamesgang that was doing that, I couldn’t, I own one but am no in it…. long story..
HH
micktt
Cheers mate .
saint stivs
That’s my understanding too and something I’ll be pointing out to Mr.Doncaster in my response .
starry plough
Totally agree , so why are the clubs putting up with him ?
Looking forward to the game, even if i’m a bit nervy. Although, we usually play better away from home.
This latest nod and a wink from Doncaster regarding sevco late payment to HMRC is beyond farce if true.
Just make the rules up as we go along and tough if you don’t like it.
saint stivs
17:17 on 5 January, 2015
hhmmmmm , i dont think any of these were liquidated, where they ?
—————–
with the likes of Leeds United, Bristol City and Crystal Palace Football Clubs all having been owned or controlled by different companies over their lifetimes as a result of insolvency events. I have not heard it suggested that those historic football clubs are not the same ones that were formed in 1919, 1894 and 1905 respectively.
₩₩₩₩₩₩₩₩₩₩₩₩₩₩₩₩₩
That was my first thought, carefully chosen words, insolvency events…!
I’ve not had a reply yet…?
HH
Saints Stivs
“dylan mcgeoch is a better player than the blue eyed bhoy mcgregor.
if dylan had got the same number of games allowed, he would have proved this.”
I thought Dylan had more talent too but the stats do not seem to offer us much comfort.
Dylan had 20 appearances for Celtic and scored twice.
Callum has 27 appearances and has scored 5 times.
It is only his goal return that gives any credence to his continued selection because he has not been doing himself justice on the pitch, whether he is better, the same, or a poorer player than Dylan.
Micktt
Enjoy tonight.
And be assured you do suitably scare me you big hunk of Ayrshire Tim!!!
HH jamesgang