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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Jobo Baldie on 6 April, 2012 at 13:56 said:
I did’nt. That was a quote from a guy on RTC claiming an impressive HMRC career pedigree.
I did work in the big building facing Hairmyres spending the taxes all over.
TIMABHOUY
I’m obviously in a minority here-from the looks of it,it is you,me and Estadio-but I enjoy your wee interdictions.
A wee smile when everyone else is getting agitated about the latest hot topic.
Maybe though you should consider a subtle change in approach.
I’m sure you can do a bit of work armed with the knowledge that it was King William III who originally founded the forerunners of HMRC.
But you knew that already,ya tease!
In a civilized world plumbing should never be exposed to such an intensity of interrogation from the evil workings of Sally’s turd saw…rumour has it he has cracked many a bowl with lowering of the anchor…but I’m not here to stoke up gossip on people toilet habits.
Here ends the scatology.
that better not be the new home top, its a mess.
no appeal whatsoever
!!Bada Bing!! on 6 April, 2012 at 14:08 said:
I certainly think they should be drawing attention amongst other Government Depts about “phoenexing” and making it much more difficult to do by reviewing the laws that allow it to happen as a further tax dodge.
The ability to add a premium tax on companies they believe are just using the rules to dodge. Basically if the business is selling the same product to the same customer base, no matter what it calls itself, its still not a new business so tax it higher.
Auld Neil Lennon heid on 6 April, 2012 at 13:53 said:
I knew you were the mhan, and you’re a true Celt … It’s been Bhoys like you that have exposed them all for what they really are….. THANK YOU ….. And GOD BLESS THE GOOD GHUYS
Auld Neil Lennon heid –
Ah yes, I see now and I remember you mentioning that other point before.
Right, the 3.00 gig is looming so see some of you later…
Jobo
Just watched Newsnight Scotland clip, truly frightening, I think the word which
jumped out at me was surreal. Let them die.
Where can I see Salmond’s letter?
Hail! Hail! Championees!
Mr winklepicker
Escuse my lack of detective work
but are you and estadio one of thems
Genuine question
Naive as I know it is. They should be closed down and the assets should be sold to clear the debts.
Yes, very naive! :-)
Burnley78 on 6 April, 2012 at 13:56 said:
There has to be something. But you have me wondering, The oldest profession.?
Cobblers? Did he get the brogues made?
Carpenters? a nice desk perhaps?
Tailors? A nice three piece?
Naw no sexy enough, but there’s sumfin no right. ;)
The CQN Coupon… ;)
Success Winnings £
AWATR 19/32 4.2
BT 13/24 -1.52
EN 17/33 -0.30
JOBO 12/30 -8.67
GL2 16/32 -1.3
PFAYR 12/26 -3.38
TTT 17/31 1.09
LB 14/32 -3.29
hail hail everyone
aw naw
thanks for the “THIRD OF A BILLION” post
correct !, as usual
Not read back yet.
Was it Traynor who was blaming Celtic for people losing their jobs
at Ibrox? In light of currant ( see what I did there ) revelations surley
he should be asked to explain himself! Surely!
T
McCoist is a continuing source of delight. He is now claiming he was aware of the £134 Million tally but it may be a lot less. Anyway, most clubs carry debt for one reason or another. Yes: but £134 million. Gies peace, Ally. Away an spin your nonsense to those who might believe you.
Good afternoon from an overcast Lochboisdale. Off out rambling this afternoon and a pre-pre-Easter dinner later on. I love Fridays!
Auld Neil Lennon heid
Are you saying that some penalties might be added to a Phoenix company? Are there such rules?HH.
Sparkleghirl @ 13.18
Thank you from Toronto.
TAL
celt55
Over the piece, Hooper has combined better with Sammi, although this season Stokes has made improvements to his game. However, the way players play together is very important, and I’d still go with Hooper to partner the big Greek – they have built up more of an understanding.
Forster will play and will do very well.
17 May 2011
The Queen laid a wreath at the Garden of Remembrance in Dublin to commemorate fallen Irish republicans, during a royal visit to Ireland.
tobagost
It was after he wrote that crap that he vanished. Well after Lenny skelped his bum for penning such garbage.
Does anyone know how to get in touch with Anthony Warrell Thomson.
Celtic Management team going down to visit Stan during the week.
Get well soon Stan
Sumdae posted summit abt Glencairn Glass being owed money from thems yesterday. It was to do with mollys going away gift. Ive searched but I cant find it. Could sumdae bring it 4ward for me? Ta
HaiL HaiL
Am I correct in thinking that even those making the most confident assertions on here that Rangers WILL go out of business still harbour doubts that such will be the case? That , SOMEHOW, they will squirm out of it because of the will of the Establishment? Also, is the sudden revelation of the £134 million debt BEFORE the results of the Tax Case are announced not a little suspicious? Commonly, Governments leak very bad figures then, when the real figures are released and are better than those leaked, that Government`s media poodles make everything seem much more positive.
Could this be the case with Rangers?
I cannot rid myself of the feeling that The Scottish Establishment simply won`t let them be treated as they should be treated.
JJ
Any Strabane bhoys on?
Mate looking for Celtic pub to watch game tomorrow. Cheers in advance
Timabhouy on 6 April, 2012 at 14:21 said:
Mr winklepicker
Escuse my lack of detective work
but are you and estadio one of thems
Genuine question
***************************************************************************
You’ve got me there.
Here just for you.
Estadio is one of them
Hail hail
Estadio
Kittoch on 6 April, 2012 at 14:44 said:
Does anyone know how to get in touch with Anthony Warrell Thomson.
c/o his local Polis Station :}
Good afternoon bhoys, ghirls and hun lurkers. On talk celtic forum there saying that Paradise could be renamed? I dont really have a problem with this, we will still call It paradise, CP or parkhead etc and It would give us more income, I’d imagine the naming rights would be worth a few quid every season. It says It would be a 10 year deal with Diageo Ireland. If our stadium was called Stein stadium or something along they lines I would feel different but It isn’t. At the end of the day we can change our stadium name, the huns cant so It’s an income stream we would have more than them even If they werent going tits up, infact someone commented Is this the road Celtic are going down for life without the animals?
Kittoch-what time you farming at?
The Fergus McCann Stadium.
kitalba on 6 April, 2012 at 13:03 said:
BIG-CUP-WINNERS
Celtic v Liverpool post Hillsbough, how many attended? Maybe somebody should let Mark know. I drove from London with some mates for that game.
Kit,
What was noticeable at the Celtic-Utd game was the relative age of the Celtic support that night. There were large numbers of kids; the club’s future is safe.
Just need to find the right environ to flourish in.
Super Swally could put a positive spin on the Black Death: “och aye, itz jist the Chicken pox, except, maybe…a wee bit worser.”
The Lehmann Brothers would never have went doon the swanny if Pie Heid had been on board.
How in hell did our support come to the conclusion that Shiels and Lomas are in clandestine cahoots with Neil Lennon ?
HH
Reading v (durty, durty) Leeds is dreadful. It would get football stopped. This is not a higher standerd than Dons v Hibs, no matter how it’s packaged.
Good Good Friday CQNers
Estadio on 6 April, 2012 at 14:51 said
Absolute comedy gold…………..Thanks for posting it. Don’t know why you felt you had to justify your good guy credentials though.
Hail Hail
A suitable few minutes for 3pm on Good Friday.
http://www.youtube.com/watch?v=Mwxga8udIio