Social and economic pain for years of neglect

454

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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  1. Stefferano del Bhoyo (but you can call me Neil Lennon) on 6 April, 2012 at 16:40 said:

     

     

    Ah, it’ll be the same as with celtictaxcase – capital i instead of l?

     

     

    but then, how have I become subscribed to the new one…..?

     

     

    Confused

  2. Wonkyradar @ 11.43,

     

    Cogratulations on your efforts to be reverential, but IMHO using Jesus’s incomparable message, not to spread peace love but as a peg for a message of hate, is a bit incompatible.

  3. jock steins celtic

     

     

    Yes you are righ re april fool I am suret, but like the ‘phone in show opinions’ and santa clause….some folk really do think ‘stadium deals’ and mythical diageo tie connections, are for real ……

  4. thehuddlehound on

    Apologies if it’s been asked/answered already, but if the question of a CVA is put to the Creditors of RFC(IA) in an effort to keep the current company going, then the figures I have read (£134M debt, of which £93M due to HMRC) equate to HMRC being a Creditor to the tune of 69.4%, roughly, of the total debt.

     

    There was talk of a figure of 75%, by total owed, of the Creditors being required to block the CVA? Is that true, or am I getting mixed up somewhere? Does that mean that HMRC alone couldn’t block the CVA proposal, or as I say, am I mixing up different strands of the saga?

  5. Hoop hoop Hooray on

    The administrators need 75 % of the creditors to agree to a CVA. HMRC own 69 per cent of debt so could easily block it. In other words if HMRC dont agree there is no chance of a CVA.

  6. 67Heaven ... I am Neil Lennon..!!..Truth and Justice will always prevail on

    thehuddlehound on 6 April, 2012 at 16:56 said:

     

     

    HMRC can block it. 75 pc need to agree to it

     

     

    Folks, where’s the percent symbol on an iPad ?? …..LOL

  7. thehuddlehound on 6 April, 2012 at 16:56 said:

     

     

    You are Graham Spiers and I claim my 10€ ;)

     

     

    Spiers got muddled up on radio yesterday and said it needed 75% to block a CVA. He was wrong, (and admitted as such) – you need 75% to get it through, just 25 % will block it.

     

     

    (I realise that can’t be exactly right and there must be a ‘more than’ in there somewhere, but whether it’s more than 75% or more than 25% I’m not sure)

  8. thehuddlehound on

    Thanks, Hoop Hoop and 67Heaven. I was obviously looking at it the wrong way round. Good news!

  9. thehuddlehound

     

     

    serves you right for listening to britney last night.

     

     

    can’t believe 3 so called journalists managed to get themselves into such a fankle.

     

     

    75% need to agree to a CVA. so 25.1% can block it. HMRC have got hob-nailed boots on to stomp all over any CVA – bigger fish to fry – this is just the hor d’oeuvres

     

     

    Sanna

  10. thehuddlehound on

    sparkleghirl – sorry – i am not he. (In keeping with the Good Friday theme you might now come back and say ‘why, even your accent gives you away’ and then the cock will crow for the 3rd time! But really, i am not he.)

     

    Never even listen to the phone in, so never heard him make that mistake.

  11. Barnsley v West Ham on BBC1. Has there ever been a good Championship match on BBC?

     

    Maybe today.

  12. leftclicktic on

    Jude 2005

     

    Is this it.

     

    leftclicktic on 5 April, 2012 at 22:54 said:

     

    From RTC poster

     

    posted by a fella on TC

     

     

    http://www.glencairn.co.uk/news/davi…er-set-trophy/

     

     

    To mark the moving on of their captain David Weir, Rangers commissioned Glencairn Crystal to supplier a premium decanter set and blue glass trophy. Both the decanter set and blue glass trophy where engraved with Rangers’ crest and the signatures of his team mates.

     

    Glencairn would like to wish David Weir all the best in his future.

     

     

    Creditor list: Glencairn Crystal Studio Ltd – £354

  13. blantyretim on 6 April, 2012 at 17:20 said:

     

    bhoy67

     

    yip..espn

     

     

    Cheers BT

     

     

    Goin to the beamback at celtic park, was not sure, hope hoopy is in attendance to keep the kids amused.

     

     

    HH

     

     

    Mike

  14. Bhoy 67

     

     

    minis birthday so not sure if I should take her down…what lounge is it in?

  15. BT

     

     

    From Kerrydale street lounges right through north stand all lounges.

     

    roll on arrival, pie at half time and a pint or 4 throughout.

     

     

    went to the beamback for rangers game, they do it really well, one of my bhoys is in a wheelchair, staff were brill.

     

     

    you should go

     

     

    HH

     

     

    Mike

  16. Monaghan1900 on

    67Heaven … I am Neil Lennon..!!..Truth and Justice will always prevail on 6 April, 2012 at 17:05 said:

     

     

    Folks, where’s the percent symbol on an iPad ??

     

     

    Tap the ?123 key, then tap the += key for more options.

  17. Steinreignedsupreme on

    Rangers – We Don’t Do Walking Away

     

     

    HMRC – We Don’t Grant Miracles

  18. notthebus on 6 April, 2012 at 17:24 said:

     

     

     

     

     

    I hope the club are keeping an eye on the fox . Dont think he,s the dumpling people make him out to be .

     

     

    jimtim..

  19. Just in and have been catching up on the latest RTC post.

     

    Apologies if this has allready been posted.

     

    From JJ

     

     

    Jim Delahvnt on Clyde at lunch time saying he was just off the phone to Whyte. Most revealing thing for me was Whyte claiming he had offered HMRC £2.5 million a year to pay off the debt “no matter how long it took”. Unsurprisingly, he was told to do one.

     

     

    I deal with HMRC on behalf of some high net worth clients. It goes against their published policy to do deals with anyone who has indulged in tactics such as failing to remit PAYE or misuse EBTs. Anyone who says different has no experience of real life and taxes.

     

     

    If HMRC did not follow their own policy, (they will) EVERY other defaulter would simply do the same and the Public Exchequer would suffer to a massive extent. The biggest load of absolute rubbish (and there have been plenty of choices!) was the statementask few weeks ago that the Treasury had “sanctioned” a deal. In the first place, the Treasury cannot interfere in such cases, and in the second place, it is beyond parody that they would OK a penny in the pounds deal when so many other EBT cases are to proceed to a Tribunal.

     

     

    But then what do I know? Only 20 years with HMRC, a two year secondment to the Treasury, followed by 10 years with one of the largest accountancy firms in the UK.

     

     

    HH

  20. Normally I would consider the following axiom: silence is the only effective answer to a fool.

     

     

    But considering INVERCELT is accusing me of promoting HATE then I may not let the remark lie. But before I do:

     

     

    Is there anyone on the CQN forum who can tell me if INVERCELT is just a wind up merchant trying to get a rise out of me?

  21. Let’s hope that Cameron ‘Cammy’ Bell does not have one of those MOTM days again tomorrow and hasn’t denied us three times by the time the cock crows twice.

     

     

    Apologies to the Gospel+ and I”m eating fish today as well…honestly. :-)

     

     

    PS We’ll have more than three shots on goal though, won’t we?

  22. My Dear,Dear Sparkleghirl@13:18..

     

     

    Thank-you for posting the link to Newsnight Scotland on Youtube..

     

     

    Idly scrolling down your list of Youtube favourites,I noticed a link to a programme on Fox News,hosted by The Maist Perspicacious Glenn Beck..

     

     

    On further investigation,this Intrepid Gumshoe found that it linked to a whole library of ‘subversive offerings’ from T.M.P.Glenn Beck….

     

     

    How Very Dare You..!!!!

     

     

    Any mention of Gl*nn B*ck/F*x N*ws Ist Verboten Und CQN..

     

     

    Even as we speak,I can imagine a horde of screaming unwashed lefties beating a path to the door of your Iberian Idyll,malice on their tiny minds….

     

     

    Collie advises keeping your moat well filled and your Dobbermans hungry for the next week or two…

     

     

    Yer Pal,who thinks yer Swellegant..

     

     

    Still Laughin’…

  23. Burnley78

     

     

    Thanks for reminding me to listen to Keevins on Clyde tonight.

     

     

    Almost forgot :)

  24. Once upon a time many years ago there was some interest from Guinness in sponsoring Celtic using the Harp brand. Back in the 80s, our next door neighbour, the sales manager in Scotland for Guinness and hospitality box sponsor at CP, was adamant of this. Those were the days before Diageo and the massive growth through acquiring other international brands.

     

    Nowadays who knows if there is any value in such a link up.

     

    Personally I’d rather see no sponsor on our jersey than use it to promote alcohol, especially for the measly fee that Tennents pay.

     

    Maybe DD should stick Sandy Lane on our tops. He’d only need a few bookings to recoup his costs.

  25. The Singing Detective on 6 April, 2012 at 17:39 said:

     

    My Dear,Dear Sparkleghirl@13:18..

     

     

    Sorry to disappoint you, but those won’t be my favourites. They will be the favourites either the person who posted the video or the tweeter who tweeted the link :)

  26. Cathedral View on

    I have it on very good authority that stadium naming negotiations are indeed going ahead but not with Diageo.

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