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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£134 million debt and riseing
God bless her majesty
s, revenue & customs
Re. Newsnight Scotland.
Are we watching what (who) I think we’re watching?
Morning…
Read the letters last week, think it was Saturday morning someone posted a link up sorry i cant remember who. I said a the time they were stomach turning love letters that i believe go beyond the norm.
Regarding government handouts….
The wife works for a charity organisation in the north of Glasgow. They have had funding cuts this year that may cause redundancies or the full project to close.
A project that the local people depend on and would be lost without it.
At the time of these cuts Celtic and rangers were awarded £60,000 each.
A fraction of this amount would keep this project a or similiar going for a full year.
Sometimes the priorities of the Scot Parl don’t seem to fit in with the very people who voted for them in the first place.
Re The Guinness rumour……
the monies mentioned seem fanciful, and straight out of a foolish April 1 spoof.
I wouldn’t have a clue about this type of thing but surely if any company seeks this sort of tie-up they fundamentally want a return on their investment thru an uptake in sales…..or an entre into a particular market.
Don’t see what they stand to gain from it – anyway don’t they position themselves more in the “ragbee” market?
And their product pales in comparison to that stout of champions –
“MR Beamish”
Beamish abu!
HH
bourne
looks like George just destroyed the ‘Ragers triangle!’
Trying to be all reverential since its Good Friday: watching the King of Kings ( naw, no the wan aboot Larsson).
Blessed are you who are poor, for yours is the Kingdom of Heaven.
Blessed are the meek, for they shall inherit the Earth.
Blessed are those who hunger & thirst after righteousness, for you shall be filled.
Blessed are those who are merciful, for they shall obtain mercy.
Blessed are those who are mourners, for they shall be comforted.
Blessed are those who are pure of heart, for the shall see God.
Blessed are those who are the peacemakers, for you shall be called the Children of God.
Blessed are those who are persecuted for righteousness sake, for yours is the Kingdom of Heaven.
“Give us a sign from heaven”… Celtic will win the Big One in 67…
The Kingdom of God is within you.
Even now after two thousand years and he is still the radical of all radicals…and yet the Bomb crazy, gun worshipping, gallow minded Mammonites of America’s Christian far Right takes him as one of their own…totally mental.
Roy C
nicely done
This Guinness stuff…..did they not have an employment policy along the same lines as the huns ?
Only asking like….
Can Rangers see out the rest of the season?
Income and Expenditure figures from D&P since RFC entered administration show a shortfall of £2.6m with money in the bank of £931,800
These very quick calcs are based on income and expenses from games only and as they have had 6 games (3 home, 3 away) since Admin, it makes a comparison that bit easier.
Overall from games (and some other trading), income was £1,020,234
Expenses directly attributable to games comes to £1,008,076
That leaves £12,158 (plus £900k in bank) to cover everything else including wages (inc. PAYE/NI etc) and all other expenses.
Unlikely in my opinion unless they can secure some additional capital from somewhere pretty quickly.
Mort
“I see dead football clubs”
…and sock puppets.
MoonbeamsWD 08:24
Yes.
EN
lorbobo on 6 April, 2012 at 10:55 said:
I had boak-mouth reading the love letters between salmon , baldy and Myth.
===============
What have you got against those that are follicly challenged? You are a disgrace picking on a much maligned minority. My indignation knows no bounds, many of my friends have beautifully shaven heads and they and their community have worked tirelessly to integrate into Scottish society. Even in 2012 people like you still cling to narrow minded, clichéd views on people with a differing coiffure, albeit a comb over. Imagine the outrage in Scotland had you uttered a gingerist comment yet the establishment turn a blind eye to taunts of ‘slap heid’, ‘chrome dome’ and you baldy fec*er. Comments like your have no place on CQN. You and your ilk are not Celts – you are a Hun.
Just thought I’d jump on the band wagon of being outraged at everything!
:-)
HirsuteofheidCFC
The ole Guinnesss Story
via KDS
Steinreignsupreme I’m sure any Hun with a brain would be mad to believe he is innocent. They all are well aware but for some strange reason they don’t want to put him under the bus. What I was really trying to get at is Murray must answer to the football authorities and be dealt with accordingly. Will it happen I wonder!
Wonkyradar,
The top KoK’s 6-2 moment.
First Class!
…and the Nobel Prize for Journalism goes to Paul B for highlighting social injustices. Cue round of applause! :-)
But seriously, great stuff again Paul.
I am astounded that our Worst Meenster can find the time between creating jobs and legislation (cough) etc… to compose that sycophantic dross.
PL gets dogs abuse from many but when we see what we are really up against then I think he has done a difficult job well. IMO.
HH
AoW
PS. If you need some ice cream to go with your jelly then you could do worse than Nardini’s on Byres Road. Bring your piggy bank tho because it cost me £4 for two cones! But it was amazing.
Odious creep of a man and – I’m told on very good authority – a bit of a sleazebag towards the fairer sex. All of this positioning as the ubiquitous ‘Father of The Nation’ is vomit-inducing. He’s a reviled rival to Gideon and Call me Dave in the political race to the bottom. Speaks volumes that he’s so cosy with der hun. This correspondence provides further confirmation, as if it were needed, about what we’re up against re this corrupt and corrupting establishment club.
bankiebhoy1 on 6 April, 2012 at 11:37 said:
1 billion viewers on commonwealth ceremony
reference to the stadium for 2 weeks to audiences of 300/ 400 million people
ongoing exposure for next ten years with audiences for other sports i.e. the new builds across the road etc…, European games
given that back drop i dont think one could question its potential, i just dont think we have enough drive to get the job done
That Sermon on the Mount jive is a fecking Tour de Force…you could live a lifetime and still no absorb all its depth and nuances…
…is there any real grounds for the “Guinness Rumour”?
I think we all sometimes underestimate the worldwide prestige and media sway Celtic have. Particularly with the ever expanding connectivity of the Global Village…
if the Huns attach blame to David Murray then they have to admit that everything won under his ownership is tainted. far easier to heap the blame on Whyte.
RobertTressell on 6 April, 2012 at 11:08 said:
I hear the renaming of CP rumour is bollocks!
I hope Lawwell & co are doing some fancy footwork with the rebel 10 to ensure Hun misery is compounded when they reemerge after liquidation.
Hun fans saying all he right things… Sounds like Newco Hun will be a shadow of existing tax dodging bar stewards.
Auld Neil Lennon heid on 6 April, 2012 at 11:51 said:
RobertTressell on 6 April, 2012 at 11:08 said:
I hear the renaming of CP rumour is bollocks!
—————————————————————-
The Bollocks Stadium??? Who is the sponsor? :-)
The scottish govt writes to
every team that wins a trophy /
leauge championship
congratulating that team .
jock steins celtic
very good point. He will be their fall guy but he is the tip of the ice-berg, Murray is the man responsible despite what we hear and read.
Good day to all on this Good Friday,
Great article Paul67 and this is the first time I have been able to read the reply to LS under freedom of information act. It makes for fascinating reading and no doubt will not be published anywhere else in the world of mainstream media. I am also thankful to read it because it tells you a great deal about what is omitted and not substantially answering the questions asked. The reason given for not answering is that it is not in the public’s interest !
Oh dear, it will be interesting how the first minister will re-address these matters with the rest of the nation of Scotland and balance up his request to have greater control over tax raising responsibilities and the need to lead on social justice.
I then watched last nights BBC Newsnight, even under terms of treating this simply as a business matter, it does look like liquidation will follow sooner or later, possibly with the applicant being the largest creditor and possibly after the CVA is put in place.
Thankfully there is football to keep me sane, and as well as looking forward to the game tomorrow against the Kilmarnock bunnets I thought Barcas display during the week was where we want to be, oh to dream…..unrealistic not sure, but what a model to aspire to !
Take care
Hail Hail
Timabhouy
They shouldn’t congratulate a club for a ‘showpiece event’ when their fans continually sang sectarian and racist songs. Unless that is the fabric of a Scottish society they want.
roy
You want to try to tell that to Chic Young !!!!
The Bollix Stadium…
Sponsored by Testo!
roy croppie on 6 April, 2012 at 11:58 said:
Totally agree. A retraction would have went a long way.
jock steins celtic
wee Chic is beyond help as his blue heaven crashes around him. He tried to ‘spin’ the other night that the wee Tax Case had been dealt with or ‘settled’. Unfortunately for him all that’s been ‘settled’ is the amount due and the appeal from Whyte has been withdrawn. Do the BBC actually pay him?
Timabhouy on 6 April, 2012 at 11:56 said:
The scottish govt writes to
every team that wins a trophy /
leauge championship
congratulating that team .
……………………………………….
Do they?
Then one would expect the obligatory letter to be brief and to the point.
This goes far further than that.
Runs down Johnny Foreigner referees in Europe.
Praises the bile, bigoted, racist singing and chanting, as good atmosphere!
Sings the praises of Walter for operating under financial constraints that were in fact non-existent by the club who were swindling the tax-man and others at the time.
The claim that Salmond’s representations to HMRC on Rangers’ behalf must be kept secret as their disclosure would threaten the relationship between Holyrood and Westminster must be challenged.
Contact your Westminster MP and ask them to raise the question of the propriety of Salmond’s interference in the tax-collecting system that pays for sick-kids and soldiers.
Stephbhoy:
Like the sound of Celtic Park Sports bars…the rest of it sounds commendable…but the pub part sounds like ma part of the triangle!
Big Nan on 6 April, 2012 at 12:03 said:
———————–
BN – I’m sure that Timabhouy has been `outed’ before. Best to ignore!
HH
AoW
Roy croppie
He congratulates all football
teams for winning the sporting
competion, the fans singing
is another matter, i agree that
type of singing should have
been lambasted by the scots
govt
From someone that knows nothing about business or finance, but a fair bit about injustice we haven’t entered the end game, quite yet.
Neil Lennon will lift the title he so richly deserves, whether it’s tomorrow or not, he built a young Celtic side that has overcame every obstacle placed in our way to allow Celtic to thrive and prosper.
We have one more fakeover to suffer, and the “Gers are Saved” propaganda campaign will be in full swing next week, there will then be a lull before, the announcement of the tribunal decision from HMRC.
When they are liquidated, we’ll have a summer of rule bending to get them into the
SPL, all Craig Whyte did was transfer the debt from Lloyds elsewhere, you don’t need to be an accountant to understand the Rangers scandal.
Happy Good Friday to the Celtic Family all over the world.
theres a movie on telly just now “king of kings”……….sadly not about henrik
however it is about a guy gettin hammered wi’ tax
boom boom!
hat on