To give £134m context, it is approximately £3,600 for each Rangers season ticket holder. £18m of the debt is overdue to HMRC with another £75m due the taxpayer subject to the First Tier Tribunal, that’s £93m worth of schools, medicine, operations, social care, policing and roads. Or Help for Heroes, if you prefer.
This overspend is equal to the value of seven years season ticket income, acquired over 12 years. How on earth could this football club be so indulgent? The old board, including the Murray twins, Bain and No Surrender Johnston are responsible for the overwhelming majority of the debt. Whyte is responsible for the Ticketus debt but he paid money owed to Lloyds Banking Group, so even his portion of responsibility is partially offset.
Duff and Phelps gave an incorrect figure of £1.063m due to Football Creditors, which is the sum due to Scottish clubs, the SFA, SPL and SFL. Curiously they excluded £2.117m due to English and European football clubs, all eight of whom are due more money than seven out of the eight Scottish football organisations.
Football creditors are actually due £3.184m. It may be that Duff and Phelps are trying to differentiate between football creditors who have a say in how the company exits administration (either way) and those who cannot. If I was one of the English or European clubs this would alarm me. There is no ‘Football Creditor’ rule in Scotland as there is in England, obliging clubs to pay all football debts so this distinction seems arbitrary.
The creditors list is a sorry tale of humanity. Dozens of small businesses with staff and suppliers of their own, many from the Glasgow area. When a bad debtor of this size runs away from their liabilities the cost is real. I know one small business on the list, they deserve better, to borrow a phrase.
It was fascinating to read First Minister Alex Salmond’s fawning correspondence with Rangers yesterday, including his view that the 2011 ‘Billy Boys’ League Cup final was “a great showcase for Scottish football”. It would be interesting to know if he has asked any of his correspondents to explain their actions in the light of the social and economic consequences of their actions.
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454 Comments- Pages:
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podium
first of the day!
hmmmm
retiring now!
One more sleep to go !
HH
regeneration agencies are closing down and funding is being withdrawn by the Scottish government and these cheats are stealing from the people who really need it…..
Celtic good, Rangers bad. The end.
Let them rot in hell!
I notice how grudged their attitude is towards us being given the league title. Maybe they could meet in Tesco’s car park and give it to Lenny in a brown paper bag so no-one can see.
Hail hail
KINGLuBO
Auld Heid
Can you provide a link for the Newsnight piece that us guys abroad can see?
PS – Love your posts – and the wee joke on RTC.
Paul
Just threw up a little reading those sycophantic letters from Scotland’s First Minister.
Glad to see public money is not being wasted in Scotland.
Mort
Good morning CQN on this Holy Day.
Auld neil leoon heid –
I hope you don’t mind me reposting your link from the last thread. I’ve just watched and I too wouldencourage everyone to take 9m 30s of their precious time to do the same.
Jobo
Auld Neil Lennon heid on 6 April, 2012 at 10:03 said:
Anyone with access to BBC IPlayer this is the link to last nights Newsnight. It asks lots of relevant questions on Rangers situation. A must view imo.
http://www.bbc.co.uk/iplayer/episode/b01fm5k6/Newsnight_Scotland_05_04_2012/
PAUL67 et al.
Salmond is a disgrace of a man,a disgrace of a politician,and a disgrace to the post first held by Donald Dewar.
I’ve never liked the toad-it goes back to watching him deal with difficult interviews by talking over the questions and ignoring any difficult ones.
You will never change him,but you CAN vote him out.
PLEASE DO SO!
Anyone else trying to get tickets for der Rangers game online?
I think my timeline of when i can get into the box office has moved about 3mm since 9.55am – I only have to wait for it to move another 14cm and I’m in.
The Murray twins made me lol.
Excellent Paul, just excellent
.
Sammi for POTY.
Nuff Said..
Summa
Halfway to the front door
For anyone following me on Twitter receiving spam or bad stuff my account was hacked and Twitter have now sorted the problem.
Sorry for the inconvenience.
Paul67
These letters from Alex Salmond say nothing.
Nothing more than getting a christmas card.
For instance I recall the Rangers chairman sent a congratulations letter to Bob Kelly when we won in Lisbon.
I am sure Martin Bain and Peter Lawwell will have exchanged Christmas cards over the years, not that there is anything bad about that, they know each other, why shouldn’t they send each other cards if they know and are friends.
Hardly a news story.
I am a traditionalist fish on a Friday man but I will have to think again now that Red Herring costs £75,0000,000
‘What problems come with having such a young team’ .. ‘none really, just acne’
Neil Lennon
If they had anything about them at all the first priority of fans and owners would be to make sure every penny is paid back .
Unfortunately all l am hearing is how they can avoid there debt, keep their history and move on.
Oh and an apology would not be a bad place to start.
How many teams and fans have been cheated by these spivs ? Buying players they could not afford?Winning titles they should not have. All the time the msm were lapping it up. Not to mention the insufferable fans.
Now they think they should waltz straight into the spl, If they do the game is finished for me, Rugby and Golf for me.
Breathtaking.
Mtt
In financial terms it is theft. And those who promote a CVA are supporting that theft. They are saying, in effect, just let us just pay back a fraction of the debts and then go on as before.
In football terms it is cheating. Financial doping to use the new phrase. Buying and paying players you cannot afford in order to gain an advantage.
Yet we are still told that they are a special case and must be parachuted into the top league despite all of the rules and all of the sporting and moral arguments against.
Treat them fairly. Treat them by the rules of football land the law of the land.
Good morning to all the CQN community,
Thinking of the grave state of a certain club, and considering what might be appropriate to assist their fans in mellowing the pain…. what better than some music ?
The Foo Fighters (“fighting Foo for a better world”) album Echoes, Silence, Patience & Grace is just about perfect
From “The Pretender” (step forward Mr. Whyte)
to “Long Road to Ruin”
or “Erase/Replace”
But my own personal favourite, one which could be sung to any number of their Management team, or indeed sung by their fans, to their fans……
I give you….. Let it Die
http://www.youtube.com/watch?v=LdnHyjZ9yWs
Happy Easter :-)
“I told you once that I thought that taking an under-resourced side to a European final in 2008 was one of the finest examples of management that I have ever seen -a true test of ability.”
Under resourced. What a joke. This was a team who cost £17m in transfer fees and some were paid by the way of EBTs costing the taxpayer even more money. Money we now know they could not afford.
Hope someone replies to Alex Salmond asking him to explain this remark.
Mort
Could the Rangers loyal fans not all pay £1.00 to save their club. That would cover the £134million required, the MSM in Scotland reported that at least that many fans went to Manchester and behaved.
Then take out a Civil Action against Murray and his meddlers to recover their investment.
Save face and actually be the people. Strange want
Stupid Huns Hehehe
Dear God Almighty!….I just read the correspondence between Salmond & Rankers…it’s enough to make you sick!
Absolutely disgusting mutual orifice kissing…
Bobby Murdoch’s curled up winkelpickers
Do you live in Glasgow?
Look outside your window, if you see a derelict site, it’ll likely be because the Labour controlled Glasgow City Council has held onto land it should have sold and/or developed on years ago.
For 40 years, the collegelands site was an eyesore and a blight about 30 yards from a G1 postcode. It has only recently been built and aye, its okay, but to wait for 40 years for that, you should ask yourself, was it worth it?
Personally I am glad to see anything built on it, but it should’ve been done 40 years ago.
Labour run council have left sites like that lying dead for years, these should be brought into use even if they don’t bring the maximum expected revenue stream.
Oh and another thing
The SNP have only been the biggest party in Scotland for 5 years, does that mean Rangers tax crimes only began 5 years ago and they were saintly for the previous 135 years.
Give me a break!
Mort, I know what you mean.
BOBBY MURDOCH’S CURLED-UP, galling letters. Now we know how those wins were ‘achieved’, what will Salmond say?
CelticAgents, thanks.
pggtips2, I don’t remember any alleged disgrace about Celtic fans over Lisbon, so why should congratulations not be sent? Salmond and his justice minister both certified that game as a great showpiece for Scottish football. It was far from this.
Anyone with access to BBC IPlayer this is the link to last nights Newsnight. It asks lots of relevant questions on Rangers situation. A must view imo.
http://www.bbc.co.uk/iplayer/episode/b01fm5k6/Newsnight_Scotland_05_04_2012/
(Seventy Seven. If I come across a link in my travels I’ll post it)
Jobo Baldie on 6 April, 2012 at 10:19 said: (and Old Neil Lennon Heid)
Very informative interview, thanks for posting it.
Salmond is a joke.
Not paying your taxes = under resourced
Sectarian songs = a great showcase for Scotland
And that’s just the ones they are allowing us to see. Hiding the rest because they might damage relations with the UK government? What absolute nonsense.
The simple truth is that Salmond doesn’t want whatever he said to HMRC to be on the record.
A First Minister who supports tax dodging.
Larrybhoy on 6 April, 2012 at 10:28 said:
>>>!!!<<<
oh yes!
Holy Smoke!! £135 million? That’s them down the tubes then! :)
The sooner HMRC puts this disgrace of a club out of its misery the better.
Not before we demand our £40k though!
Celtic v the old huns .
SOLD OUT.
I actually feel quite uneasy after reading the correspondance between Salmond and Smith, Bain.
Sycophantic doesn’t even begin to describe it. Really quite nauseating and alarming.
Paul67 on 6 April, 2012 at 10:32 said:
Mort, I know what you mean.
BOBBY MURDOCH’S CURLED-UP, galling letters. Now we know how those wins were ‘achieved’, what will Salmond say?
=========================
Why dont we ask him?
Paul, your ad for ESPN is stretching the blog on my iPhone. Please use the link creator :-)
SffS