There are not words powerful enough to describe today’s news. The English language is insufficient and I have no Greek or Latin. Rangers Football Club have today asked the Court of Session to appoint an administrator, unable to service their creditors. The freight train of their tax tribunal has yet to hit, these events relate exclusively to how the club has operated in other areas.
Scottish Premier League rules state that clubs are deducted 10 points on going into administration, which will give Celtic a 14 point lead at the top of the table once in effect.
This is a day we have predicted will come for over three years. It has been inevitable for that long. Now the really interesting events will happen.
We don’t need no stinkin’ Rangers.
Up the Celts!
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Ah We’re back to share the joy and merriment.
The wife has promised GREEN JELLO for dinner. (Nothing else just Jello. Jam is known as jelly here)
I can see the refs going on strike over this.
blog broke again. man and 20 mins to phone ins and samaritin phone in.
KLV
Paul67
Sincere thanks for all that you’ve done mate.
Sorry if this has been posted, but Rangers have confirmed the tax bill is substantially more than £50m.
http://news.stv.tv/scotland/west-central/297387-rangers-to-go-into-administration/
bournesouprecipe says:
13 February, 2012 at 17:07
Simply the bust
————
i thought that was going to be oor christina there.
you see her on the bafta’s
(british administration for the ashamed special)
serious Question
When te debt is wiped..can we buy them?
Doc don’t apologise over that news!
Health Warning: Reading the following may cause sore sides, wide grins and internal liquids to spill down your legs.
Official RFC statement
The Rangers Football Club plc has today announced it has filed a notice of intention to the Court of Session in Edinburgh to appoint administrators.
The Club will conduct its business as usual and will not be in administration until it decides whether to formally proceed with an application to appoint administrators.
Until such time, the Club will not face any sanction from the football authorities in terms of points deduction within the Scottish Premier League.
Sanctions such as a 10-point deduction will only apply if the Club proceeds with the appointment of administrators. It is expected to be 10 working days before a decision is made whether to appoint administrators.
Suppliers to Rangers Football Club and the Club’s business partners and sponsors are currently being informed of today’s announcement and arrangements between the Club, suppliers and creditors will continue as normal.
There will be no impact on season ticket holders and shareholders. Season tickets will continue to be valid for this season and any commitment to a season ticket for next season is secure.
The Club is continuing to have dialogue with HMRC in the hope that a formal insolvency procedure can be averted and has put forward pragmatic proposals.
The Club’s owners believe there is no ‘realistic or practical’ alternative to this course of action in order to secure the long-term future of the Club.
Should administration take effect, the Club is proposing a Company Voluntary Arrangement (CVA). The Club wishes to seek the protection of a moratorium from HMRC action whilst a CVA proposal is made to creditors. The Club has put forward a CVA proposal to HMRC in which creditors would be paid and provision made for the legacy HMRC case, commonly known as the ‘big tax’ case.
This, if approved by creditors within a month, would minimise any points deduction and enable the club to participate in European football next season.
The Club has engaged Duff and Phelps, a specialist restructuring practice to assist in finding a solution to the present position.
Should the Club proceed into administration, the appointed administrators will in all likelihood implement a cost-cutting programme and staffing levels will be reviewed across all departments of the Club’s business.
Rangers chairman Craig Whyte said there is no ‘realistic or practical’ alternative to this course of action due to a combination of the Club’s ongoing financial situation and the impending result of the HMRC first tier tax tribunal. The tribunal relates to a claim by HMRC for unpaid taxes over a period of several years dating back to 2001, which, if decided in favour of HMRC, could result in liabilities and penalties substantially more than the £50 million reported which the Club would be unable to pay.
Further investment in the Club from any source would be impossible as the threat of winding up by HMRC cannot be removed. The Rangers FC Group, the majority shareholder in the Club, is prepared to provide further funding for the Club on the basis the funding is ring-fenced from the legacy HMRC issue.
Mr Whyte said: “It is extremely disappointing the Club’s finds itself in this position but decisions have to be taken to safeguard the long-term survival and prosperity of the Club both on and off the field. The harsh reality is that this moment has been a long time coming for Rangers and its roots lie in decisions taken many years ago. If we do not take action now the consequences and the risks to the Club are too great.
“In addition to the HMRC issues, it has been abundantly clear to me the Club faces serious structural and financial issues which will continue unless they are addressed.
“There is no realistic or practical alternative to our approach as HMRC has made it plain to the Club that should we be successful in the forthcoming tax tribunal decision, they will ‘appeal, appeal and appeal again’ the decision. This would leave the Club facing years of uncertainty and also having to pay immediately a range of liabilities to HMRC. Even if the Club were to succeed in the tax tribunal, it would still face substantial liabilities. Zero liability will not happen.
“Whilst it appears that a consensual restructuring looks unlikely outside of a formal insolvency procedure, the above steps, if agreement cannot be reached with HMRC, will bring an end to the legacy threat of closure and will provide stability required to enable the required investment to be made into the future of the Club.
“I can, however, reassure Rangers supporters that the Club will continue and can emerge as a stronger and financially fitter organisation that will compete at the levels of competition our fans have come to expect.
“At this point I would ask all Rangers supporters to continue to show the tremendous support they have shown to the Club, Ally McCoist, his management team and the players.”
Cava opened, cigar lit
We’re gonnie need a bigger cqn
Imagine there’s no Rangers
it’s easy if you try
No Snow Whyte
to help them.
They don’t get owt from SKY
Imagine all the people
On their knees to pray
Imagine there’s no Rangers
it isn’t hard to do. Nothing to
kill or die for And no religion too
Imagine ” We are the Peepo”
Never sung again.
You may say I’m a dreamer
But I’m not the only one
I hope someday you’ll join us
In the world where there’ll be no Rangers
Lennon
Starting to get brain freeze from the ice cream now. I didnae know that rangers dying would be so painful.
Paul67 and Andrew,
It’s much appreciated guys thanks very much!
what the ‘ell was Willie McKay ( he of superagent fame) thinkin about when advising his client
If i was cousin i would definetly be on the phone to him right now with a view to
“wits the backup plan Willie?” or “wits the way oot of this Willie ya duffer ?”
No wonder he said he has waived his fee to make this deal happen, he knew he wasnt getting paid anyway
With apologies to Mr Lennon (John of that ilk)
Imgine there’s no Rangers
I wonder if you can,
No Peepul Cryin
No Surrender too
Imagine all the people
living life in peace
Yohoo Hooo
You may say I’m a dreamer
But I’m not the only one
I hope some day you will join me
And the Celts are champions
does Daniel Cousin get a singing OFF fee?
BBC Jim Spence………………..Rangers still owe Hearts £1million for Lee Wallace
I have read CW’s statement – what utter twaddle he continues to peddle. He says that Rankers could not continue in their present format/structure with the existing debt exclusing the HMRC debt. How can that be? Did he not take weeks to complete the due diligence procedures? As for doing a deal with HMRC – why would they given that the current position is that they cannot exist financially even without the tax debt?
Perhaps it is the cynic in me. However, while I am so happy that they will go into administration, I cannot help smelling a rat – does anyone else think that CW has known this would happen from the outset? And separately, if they were/are in such a perilous financial state, why on earth would Ticketus forward any cash? That’s a Kamikaze act standing the club’s apparently inevitable spiral downwards to administration.
There’s more to this than meets the eye….
Think I’ll be getting the Christmas tree oot of its box the night.
Just a practical point here. Rangers were in possession of the League trophy. Will the SPL be able to go and get it back sharpish before Whytey heads down to one of those Silver and Gold for cash places?
And I am serious.
One would assume the League Cup trophy is back in League hands – they had plenty of time to collect it with them going out at the first hurdle.
Paul 67
Just, thank you!
And Phil Mac, and RTC.
Think you guys should do a cover of ‘Hate To Say I Told You So’ by The Hives.
Perfect song for this very occasion!
Bournesouprecipe
Pinkie to pinkie…….
Paul67
Well done Paul67, Phil & RTC the beacons of the new media. Hang your heads in shame old Scottish Media you were dragged kicking and screaming into exposing the reality in this case. You will in future have to earn the trust of the public and that will require a clear out of those who actively fought against the truth coming out.
That’s what happens when you muck about with your Cousin!
This is the day
This is the day
This is the day that the Lord has made
That the Lord has made
We wil rejoice
We will rejoice
And be glad in it
This is the day that the Lord has made
We will rejoice and be glad in it…
The Honest Mistake loves being first says:
13 February, 2012 at 17:47
Pace yourself buddy.
The key is to take a mouthful of jelly between each spoon of ice cream!
RobertTressell says:
13 February, 2012 at 17:49
Cup Convertors ? :0)
pigalle
bit wart of listening to the phone ins, the “panel” will no doubt bore us with how this news is bad for scottish football and not just admin fc. Do you know the best thing about this is its just the beginning! Ibrox in march (if they still exist) is going to be some party.
Rejoice!
Very interesting Q&A on Administration on Official Rangers Website.
I luv HMRC
“There is no realistic or practical alternative to our approach as HMRC has made it plain to the club that should we be successful in the forthcoming tax tribunal decision, they will ‘appeal, appeal and appeal again’ the decision. This would leave the club facing years of uncertainty and also having to pay immediately a range of liabilities to HMRC. Even if the club were to succeed in the tax tribunal, it would still face substantial liabilities. Zero liability will not happen.
Thank you Lizzy Windsor – cheers doll :-) :-) :-) :-)
Doc is Neil Lennon says:
13 February, 2012 at 17:44
Sorry if this has been posted, but Rangers have confirmed the tax bill is substantially more than £50m.
http://news.stv.tv/scotland/west-central/297387-rangers-to-go-into-administration/
……………………………………………………………
Steeeaaaddy! It says “could be significantly more than £50m”.
Die Zeit zum flohlocken ist endlich gekommen!
I havnt missed a days work to illness in 25 years or so of my working life.
I might just be pulling a sickie tomorrow,
my jaw is actually sore allready with manical grins.
TheOriginalSadiesBhoy says:
13 February, 2012 at 17:51
Doc is Neil Lennon says:
13 February, 2012 at 17:44
Sorry if this has been posted, but Rangers have confirmed the tax bill is substantially more than £50m.
http://news.stv.tv/scotland/west-central/297387-rangers-to-go-into-administration/
……………………………………………………………
Steeeaaaddy! It says “could be significantly more than £50m”.
————————
You say tomato i say THEY ARE FECKED
Right, some questions:
1. Why is Whyte doing this NOW? I thought the Jellyfish money would keep them ticking over until the Tax Case was resolved and he could claim to be innocent.
2. What is the next step in the process?
3. I read his statement. He mentions the possibility of being out of Admin within a month (stop laughing at the back there) and them being allowed to play in europe and ‘minimising’ the points deduction? Is this possible (I suspect it is yet more Craigy Whyte in the rhyming slang sense)
4. Talk of an Orcish Consortia planning to start a Newco ahead of the Shyster Whyte. Possible obviously. But where do they play? What happens to the Asbestosbrox?
5. How much more can we enjoy all of this?
DAMN YOU RANGERS…for making break my vow
not to have a drink on Monday’s.
the met office have announced that as its a clear night you may see 5 stars disappearing over ibrox….