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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NEILMCCALLUMLENNON on 6 April, 2012 at 11:47:
The football authorities can’t do anything to David Murray. They can’t do anything to Craig Whyte and he is the current owner of Rangers. Deciding he is not a fit and proper person to run a football club is about the limits of their powers.
What they can do, and will eventually have to do as the evidence piles up, is strip the Huns of all their tainted trophies.
Timabhouy
that’s my point, as the political leader for the Scottish people he should be condemning not praising such behaviour.
Take your point on winning trophies etc but that’s also been shown to be ‘tainted’. The two players involved in the winning goal that day haven’t been paid for.
As weegreenman says time for a retraction but I wouldn’t hold my breath.
Scotland`s Shame indeed
Salmond/Fraser et al …embrace , assist and cosset this disgraceful institution
shame on the media , shame on the politicians , shame on the establishment
shame shame shame
Great news :-)
Well done Glasgow
Hail hail
Estadio
steph,
sounds like you know a bit about this hi-falutin’ stuff……
It’s the big figures that catch the eye….don’t doubt the potential but wouldn’t over-estimate it either.
Hope it happens mind.
(I’ll even drink to that, as long as it’s Beamish!)
HH.
roy croppie
Tainted agreed,
a retraction from our shrek lookalike
leader, im not holding my breath either
jock steins celtic on 6 April, 2012 at 11:51:
“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.”
It’s gone well beyond the point of worrying about some trophies being scratched from their history.
The Huns are set for oblivion – and they know Murray is the cause of their downfall. They are not all as stupid as we think.
Is Alex Salmond’s ‘brother’ the MIB tomorrow ?
Sports Bars…..
Hmmmmm.
Easy to do badly.
Difficult to get right.
Had Cw adopted a Pat As You Go policy during his stewardship, they would have been gone by Christmas.
All he has done is to have kept them in the game.
They should be honouring him, not condemning him.
Then again, what do they know about honour!
BSR
Whyte is a convenient fall guy
he is responsible for about a quarter of their debt
yet he is vilified whlist the main villans of the piece ..Minty/Bain/Johnston et al continue to feted
wonkyradar on 6 April, 2012 at 11:43 said:
You missed, Blessed are the cheese makers! (Stop picking your nose…i wasn;t picking it, i was scratching it!)
Right, taxi back to lurkdom……….
Sorry I canny do the link-thing but, Hately in DR today saying something about…”no other club would get, 50,000 fans to a charity game!”
Does he forget that….there was an, ‘Auld-F###’ game held for charity, @ ibrokes not so long ago and, 50,000 where there also, if I remember right, it was £10 to get in but….only £1 went to charity ?
Could anyone clarify this ?
Hail Hail
pgtips
which vacant sites are you referring too? most of the vacant sites in glasgow are owned privately, land banked in many cases. ra coocil can do very little about these no matter who is running it, as you will find out shortly.
mon the hoops. mon the party. mon the wake.
hh
PFayr
and their preferred bidder will probably come from the old board who caused all this mess. However he’s a ‘good guy’ according to the hacks. Shameful.
Bankiebhoy
Don’t knock it. Whyte has bollix of steel to have done what he’s done.
Human nature should play its part here. The more the hun hordes villify and denounce him, the greater the likelihood that Craigey bhoy will stand firm for his 30 million.
Mort,
The £2.6m loss excludes administrators fees of £1.2m, so its even bleaker than you thought.
David Murray is the messiah. Moonbeams of light will fall on Rangers.
Craig Whyte is the saviour. He will sort out all the problems.
Paul Murray is the man. Everything will be alright when he takes over.
PatternOfWishfulThinking CSC
Roy Croppie-Wee chick-Do the BBC actually pay him?
Yes,we do.Never explained anything properly in his life,a gibbering wreck.
A few stupid hurting huns ‘crying’ on alextomo’s twitter page just now.
Its soooo good knowing how much they are hurting at this moment, some of these huns haven’t slept in weeks.
Happy days.
Steinreignedsupreme
Not sure about the oblivion part. You think the Huns under a Newco won’t mention anything Rangers achieved ?
I’m still clinging to the hope a Newco won’t get off the ground because if it does I’m not sure if we’ll notice any difference.
http://www.youtube.com/watch?v=awwev5cNVaA
Winning the league at Tannadice.
Seems so long ago. Watch Neil at 1.15s, love him.
!!Bada Bing!!
I’m beyond anger with him now. Really makes it up as he goes along and it can be entertaining listening to his tortured thoughts however this is no journalist. He keeps using an analogy of selling his house with several bidders involved; dear God it must be in some nick!
roy croppie on 6 April, 2012 at 12:03 said:
I’ve lost track of what has and has not been paid on the wee tax case.
My understanding was CW paid £500K last May (probably using Ticketus money to allow the SFA to rubber stamp the UEFA license).
The bill was for £2.4M leaving a balance of £1.9 to be paid plus penalties taking it back up to around £4M (have you an exact figure?)
The £1.9M was not paid by August when SOs called and HMRC had this sum frozen for ove ten weeks that took the collection point into December.
In Sep/Oct Rangers put in an appeal but it seemed to be against the core amount as well as the penalty element.
What I lost track of was did the amount “frozen” ever get paid to HMRC in December or thereabouts? I am assuming that since it was ring fenced and pre Admin that it was. If so the full core amount £500K plus £1.9M totalling £2.4M was paid but the balance of the penalty around £1.6 to £2M is still due.
Have you or anyone any references to clarify what of the wtc is still due and its nature (interest/penalty etc)?
Tomorrow’s the day we get our flag back :o)
What a great day it will be for Lenny (especially) and the Bhoys!
On the other hand, it’s really hard to fathom the optimism in the Scottish chipwrappers this morning:
‘Light at end of tunnel’ despite £134m debt !!!???!!!
And poor CW is still getting the blame for it all !!!
Dodgy Dave is still dressed in shining armour like a true knight of the realm.
One of the things that annoyed me most yesterday as I looked through the list of creditors was the money still owed to Rapid and Hearts for Jelavic and Wallace.
Jelavic?
Last year his goals undoubtably helped them to take the title. In the first half of this season he helped them set the pace, until thankfully Lenny managed to turn it around.
Wallace?
This is the guy that was involved in the three major flashpoints in their recent “win” against us. The Cha red card, the offside second goal and he actually scored the
“winning” goal.
Neither Jelavic or Wallace have been paid for –> RFC(IA) in a microcosm.
agent craig
get my email addy from paul67 and send me project details. no promises but i will take a look.
blantyretim
you are welcome to email me too
hh
hamiltontim on 6 April, 2012 at 12:29 said:
Bankiebhoy
Don’t knock it. Whyte has bollix of steel to have done what he’s done.
Human nature should play its part here. The more the hun hordes villify and denounce him, the greater the likelihood that Craigey bhoy will stand firm for his 30 million.
======================
Supporters are as fickle as the next result and if CW holds the keys to Ibrox and Newco is the only way to hold on to the Rangers “legacy” then the support will not be long in coming round.
Then the results will be pish and they will denounce him again :)
The Guinness Stadium Sponsor- an April Fool?
I feel duped.
Auld Neil Lennon heid
I didn’t think it had been paid as CW appealed it however the admins have withdrawn that as they thought there was no chance of winning it. (Got this from RTC)
Going by their report yesterday D&P have ‘settled’ on the figure of £4m that looks as if it is still to be paid.
KevJungle – “Lennon’s Lion’s Champions!” :o) on 6 April, 2012 at 12:25 said:
kev there was 55,000 of The Faithful at a real charity match in August 2011.
The venue was Celtic park.
The Salmond letters wid gie ye the boak!!!
Reminds me of the JIm White interview with Brian Laudrup ” Brian, how come you’re so good? fawn fawn fawn”
The Diageo Ireland sponsorship would be excellent. I’ve often thought about Guinness as our shirt sponsor. An all black away strip with a gold Irish Harp would look like the mutt’s nuts!
Starryhope
Before the cock crows two times the Fish Man will flatter and fawn upon der Hun three times…and so it will pass.
from the BBC
PSNI officers suspended in racist and sectarian text messages inquiry
http://www.bbc.co.uk/news/uk-northern-ireland-17637450
sixtaeseven: No NewCo in SPL and it’s Non-Negotiable! on 6 April, 2012 at 12:38 said:
I’ll tell you what is beginning not to wash with me and it is the legend (in spy terms) that the laptop loyal sucked up to SDM to get access to the best stories.
Well SDM is not there to give that access and still he is being protected. Is that not just a bit strange or does he attract a kind of loylaty that reflects the highest in human nature or does SDM know where brown envelopes are buried?
Where’s Traynor btw?
I didn’t know this:
” Also, in England players cannot be made redundant (wage deferrals are more common), and the administrators are an English firm.”
from the herald article on the admins.
The exchange of letter between Salmond and the hun
erchie licking nonsense
Salmond ..auld fat heid i have never had any inclination to vote for you or your party of convenaters(sic …my granny)
My wee granny was right about your mob
Wonder if Lennie gets a letter from the reptile
PF – feted???
surely….fetid… would be more appropriate.
;)
HT/ Auldheid
Aye.
Whytey, aka Patsy McSmokescreen will get paid.
to coin a phrase “No one likes him and he doesn’t care.”
…..all the way back to the Monegasque obscurity from whence he came.
If Craigy bhoys yam bag is made a Steel then I’d like to be there when a daft hun kicks him in hiz bronze acorns…aaahhh!