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 Post subject: Rangers!
PostPosted: Tue Feb 14, 2012 12:23 pm 
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HMRC to ask court to put Rangers into administration
Rangers Rangers has filed for protection against its creditors
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Q&A: Rangers and administration
Dark cloud over Ibrox
Rangers makes administration move

HM Revenue and Customs (HMRC) is set to ask the Court of Session to put Rangers Football Club into administration.

The legal move counters the club's bid on Monday to file for protection against its creditors.

The papers served on behalf of Rangers directors would give the club 10 days to resolve its differences with HMRC.

However, the response from HMRC suggests it is seeking to take charge of events. The court hearing is set to take place on Tuesday morning.

If Rangers is placed in administration the club would suffer an immediate 10-point penalty from the Scottish Premier League.

Owner Craig Whyte confirmed on Monday that the club had filed legal papers at the Court of Session in Edinburgh to appoint administrators.
Tax dispute

It was thought that the club had 10 days to make a decision on whether to proceed, but the HMRC action may change the dynamic of the situation.

The two parties are at loggerheads over a disputed tax bill and penalties of up to £49m.

HMRC believes the Ibrox club owes the cash over its use of Employment Benefit Trusts (EBTs) to pay staff over a 10-year period.
Craig Whyte Craig Whyte is believed to believed to be Rangers' secured creditor

It alleges the Ibrox club did not administer the scheme properly and underpaid tax.

Rangers disputes this and has contested the claim in a first tier tax tribunal, which is due to report within weeks.

After the club signalled its intention to go into administration, owner Craig Whyte said the eventual tax liability facing Rangers could be as high as £75m - a sum it would be unable to pay.

He said the best outcome would be to reach a creditors agreement which would allow the club to continue trading.

Mr Whyte is believed to be a secured creditor of Rangers and could collapse the club if HMRC block a creditors agreement.

The chairman could opt to pursue the legal routes of receivership or pre-pack administration to avoid paying any tax liabilities.

These routes would involve Rangers' assets being transferred to a new company or companies and the old club - formed in 1873 - being left behind with the unpayable debts. It would, almost inevitably, be wound up.

In these cases, HMRC, as an unsecured creditor, would receive very little if anything.

The moves over administration from HMRC could be viewed as part of ongoing manoeuvres to exert some control over any insolvency process

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PostPosted: Tue Feb 14, 2012 1:28 pm 
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Shocking, but if they go it'll be the best news ever for Celtic. Can't believe a club the size of Rangers has these problems.


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PostPosted: Tue Feb 14, 2012 1:35 pm 
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Quote:
Rangers pledges sectarianism as usual
14-02-12
MURDEROUS chant enabler Rangers last night pledged financial meltdown will not interfere with all the hating.
Image
They could try waving this really, really hard
Going into administration could cost the Glasgow giants 10 points in the Scottish 'Premier' League, putting them within 25 points of everyone apart from Celtic, but the club urged fans to remain positive and continue thinking up new rhymes for 'Ratzinger'.

A spokesman said: "As long as there's a Rangers, there will always be one half of Glasgow wishing the other half dead. Everyone should carry on with their sectarian grudges and post-match domestic abuse as normal."

The club faces a potentially fatal £49m tax bill while season ticket sales have dropped since a ban on singing songs about being 'up to one's knees in Fenian blood'.

Now Rangers officials are to meet with UK Jihad 'tsar' Abu Qatada to discuss new ways of making religious hatred more revenue dynamic.
Ideas include blackmailing priests, Fuck the Pope Bingo and an iPhone app that can identify Catholics by measuring the width of their skulls.

Meanwhile, Celtic fans have set up a Rangers rescue fund after realising that without their Old Firm rivals their lives would be utterly hollow. Celtic fan Bill McKay said: "You've seen the football. No-one is coming here for the football."

The Rangers spokesman added: "It would be very easy to play the blame game, but the unavoidable truth is that the inland revenue is now a wholly-owned subsidiary of Opus Dei."

The club also pledged to continue buying carpet-baggers who couldn't hack it in a proper league and getting its arse handed to it in Europe by teams with names like Vlodzy Kravnaj.


:)

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PostPosted: Tue Feb 14, 2012 3:26 pm 
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Tresidentevil wrote:
Shocking, but if they go it'll be the best news ever for Celtic. Can't believe a club the size of Rangers has these problems.


LOL Winnie, I saw that earlier too.

Its on Par with Everton though isnt it? They only get CL by default! In the 1980's maybe it was different.

I was wondering if this has anything to do with Pro-independence?

"This is just the beginning, if you vote yes" :rolleyes:

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PostPosted: Tue Feb 14, 2012 4:08 pm 
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I'm sure Rangers fans hate the English too, they just hate the Irish more!


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PostPosted: Tue Feb 14, 2012 4:12 pm 
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Tresidentevil wrote:
Shocking, but if they go it'll be the best news ever for Celtic. Can't believe a club the size of Rangers has these problems.


No it wouldn't. Celtic will enjoy being above Rangers but losing your main rivals entirely would have more downside than up - particularly considering the state of some of the other Scottish clubs. I know from experience that most right-minded Hartlepool fans don't want Darlington to go under and actually hope Darlo will improve enough that they might reignite the rivalry properly.

Rangers going would destroy Celtic's biggest rivalry and there'd be little competition in Scotland. A big team going into administration has been a long time coming as an awful lot of clubs are mismanaged and it's reflective of the state of the game. The leagues and FAs of both England and Scotland are taking harder stances on teams going into administration and that is absolutely the correct course of action. Of course it doesn't actually affect Rangers' league position - they've dropped from clear second to clear second.


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PostPosted: Tue Feb 14, 2012 4:37 pm 
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without rangers scottish football is even more properly fucked than before.

celtic need rangers to fuel the old firm rivalry

scottish clubs need the revenue 5,000 pissed rangers fans bring twice a year.

no rangers is bad news for all concerned

i'm not that arsed tbf though

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PostPosted: Tue Feb 14, 2012 8:44 pm 
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Rangers....lol

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PostPosted: Wed Feb 15, 2012 1:17 pm 
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Call me cynical if you must but is there any possibility that this was all premeditated between Murray and Whyte?

Whyte "buys" the club for a quid then acts as fall guy to get the debt written off then Murray walks back in as the saviour?

(Probably libellous btw so don't agree with me)


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PostPosted: Wed Feb 15, 2012 1:20 pm 
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A very good chance, and the benefits are multiple. When a company enters in to Administration it is quite normal for large chunks of debt/s to be written off. Even in the case of tax from HMRC.

Also, as a nice little bi-product, there is no such thing as bad media and they are enjoying plenty of that.

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PostPosted: Wed Feb 15, 2012 1:28 pm 
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Further to that, I think it is bad for football for league clubs of any size to go under. It's good for no one, particularly in a place like SPL where 2 teams dominate.

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PostPosted: Wed Feb 15, 2012 1:29 pm 
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What has 4 legs and more money than Glasgow Rangers? Harry Redknapp's dog…………!

Rangers fans are reminded that the season ticket renewals for season 2017-2018 are due to be paid by 5pm tomorrow night……….!

Rangers are set to re-open the, 'Buy a brick at Ibrox' scheme. Only this time you can take it home with you!

Could you help to save Glasgow Rangers Football Club….?
By donating just £1 per calendar month you could be helping a Rangers player be fed, clothed and washed. Please donate now!

This appeal is on behalf of the Help A Hun Association or HAHA for short……..!!


Following Rangers 2 - nil defeat to Dundee Utd the SFA have announced that Rangers will actually be awarded a 3-2 victory.
This is due to a deal made by Craig Whyte that allows Rangers goals from their next 4 Scottish Cup ties to be used today instead!!

Rangers have just announced that they Sold 30,000 fans during the January transfer window…….!!

WATP…..?
Where Are The People?

A Dundee Utd fan arrived in Govan.
He asked an old lady for directions to Ibrox and she told him to follow the crowd..............!
He ended up at the Braehead Shopping Centre!

Sir Alex Ferguson was a guest of Craig Whyte's at Ibrox last weekend.
In the hospitality lounge after the game, Ally McCoist asked Sir Alex,
How d'you think the current Rangers team would fare against the Gothenburg Greats of 1983…..!
Sir Alex replies……I think it'd be a close run thing, maybe a draw….!!
Ally walks away feeling very pleased with himself, when Sir Alex shouts across the room, "Mind you, they haven't trained in 20 years….!"

With growing speculation over his position at Ibrox,
Ally McCoist is considering a better paying job with Sky.
A spokesman for Ally said he may consider the offer, even though he has never put up a satellite dish before…..!

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 Post subject:
PostPosted: Wed Feb 15, 2012 1:29 pm 
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Danny's Studs wrote:
A very good chance, and the benefits are multiple. When a company enters in to Administration it is quite normal for large chunks of debt/s to be written off. Even in the case of tax from HMRC.

Also, as a nice little bi-product, there is no such thing as bad media and they are enjoying plenty of that.


They'll have to arrange a CVA if they want to avoid paying the debt in full - I can't remember the percentage of the creditors that need to agree to the percentage paid, but if HMRC are one of the larger creditors (which they seem to be), Rangers will struggle not to have to pay off the tax debt in full. The problem with the Murray/Whyte conspiracy theory is that the latter now has no real control over the future of the club. The administrator will be under no obligation to sell to Murray and I can see the proposed sale of Rangers attracting quite a few interested parties. Unlike most clubs that go into administration, Rangers have a large following and therefore present a more obvious financial opportunity.


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PostPosted: Wed Feb 15, 2012 1:30 pm 
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Cloudy O'Rabia wrote:
Call me cynical if you must but is there any possibility that this was all premeditated between Murray and Whyte?

Whyte "buys" the club for a quid then acts as fall guy to get the debt written off then Murray walks back in as the saviour?

(Probably libellous btw so don't agree with me)


It's Paul Murray that's talking about saving them isn't it?


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PostPosted: Wed Feb 15, 2012 1:35 pm 
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DarloBlue wrote:
They'll have to arrange a CVA if they want to avoid paying the debt in full - I can't remember the percentage of the creditors that need to agree to the percentage paid, but if HMRC are one of the larger creditors (which they seem to be), Rangers will struggle not to have to pay off the tax debt in full. The problem with the Murray/Whyte conspiracy theory is that the latter now has no real control over the future of the club. [color="Red"]The administrator[/color] will be under no obligation to sell to Murray and I can see the proposed sale of Rangers attracting quite a few interested parties. Unlike most clubs that go into administration, Rangers have a large following and therefore present a more obvious financial opportunity.


Who was hurriedly appointed by Whyte when HMRC threatened to appoint one themselves.

We shall see I guess.


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PostPosted: Wed Feb 15, 2012 2:08 pm 
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Hmmmm, Take a 10 point hit, giving the tittle to Celtic effectively.

Rangers fans will claim it doesnt count anyway.

Club writes off some of its debt and still plays in the CL next season after paying the rest and coming out of administration again!

Sounds logical.

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PostPosted: Wed Feb 15, 2012 3:05 pm 
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Scotland won't keep their 2 CL places much longer, it goes and up and down with the UEFA rankings, they usually only have 1 CL place.

Hearts and Rangers both had issues within the past few years, Hearts were hardly a threat but they'd come 3rd lots. Leaves Celtic clearly the top Scottish club, they'd adore that. I couldn't care less what the 'fans' think. I'm talking about the club. To suggest Celtic only exist because they thrive on hating Rangers is applying the views of a minority of fans to the whole, which is wrong. Not all Celtic fans are football hooligans.

Virtually 100% secure CL place every year? League title every year? Who'd say no to that?


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PostPosted: Wed Feb 15, 2012 3:31 pm 
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Tresidentevil wrote:
Scotland won't keep their 2 CL places much longer, it goes and up and down with the UEFA rankings, they usually only have 1 CL place.

Hearts and Rangers both had issues within the past few years, Hearts were hardly a threat but they'd come 3rd lots. Leaves Celtic clearly the top Scottish club, they'd adore that. I couldn't care less what the 'fans' think. I'm talking about the club. To suggest Celtic only exist because they thrive on hating Rangers is applying the views of a minority of fans to the whole, which is wrong. Not all Celtic fans are football hooligans.

Virtually 100% secure CL place every year? League title every year? Who'd say no to that?


Spanish league only has two clubs with chance of winning. The problem is that it makes the league dull and people lose interest in it. Less money and support means the gap becomes bigger.

It would kill the scottish league, and Celtic would push even harder to join the prem (or a super league), only way they would survive.

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PostPosted: Wed Feb 15, 2012 4:07 pm 
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i don't think any celtic fans are hooligans outside of the old firm derby. didn't they win 'best away fans' recently after their jaunt in the europa?

rangers fans are scum mind. as can be seen after their little jaunt in the europa.

both clubs can fuck off mind. tin pot teams in a tin pot league.

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PostPosted: Wed Feb 15, 2012 4:18 pm 
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Tresidentevil wrote:
Scotland won't keep their 2 CL places much longer, it goes and up and down with the UEFA rankings, they usually only have 1 CL place.

Hearts and Rangers both had issues within the past few years, Hearts were hardly a threat but they'd come 3rd lots. Leaves Celtic clearly the top Scottish club, they'd adore that. I couldn't care less what the 'fans' think. I'm talking about the club. To suggest Celtic only exist because they thrive on hating Rangers is applying the views of a minority of fans to the whole, which is wrong. Not all Celtic fans are football hooligans.

Virtually 100% secure CL place every year? League title every year? Who'd say no to that?


It's the 'hooligans' who would be dancing on the street should Rangers go under (which they won't). The majority of fans would recognise the importance of competition. Regardless - even if Rangers went under (which they won't) - I would imagine the 'phoenix' club that rose in its place would start at in the Scottish Third Division at worst (seeing as nobody gets relegated from that division anyway). The new Rangers would get promoted in each of the ensuing three seasons and be competitive with Celtic within half a decade.

Cloudy O'Rabia wrote:
Who was hurriedly appointed by Whyte when HMRC threatened to appoint one themselves.

We shall see I guess.


True. I'm pretty sure administrators are legally bound to have no personal interests with their clients though. My experiences with Darlington's numerous administrations is that they're generally pretty keen to do everything by the book. That may not be the case in this instance though.

Barna Azul wrote:
Hmmmm, Take a 10 point hit, giving the tittle to Celtic effectively.

Rangers fans will claim it doesnt count anyway.

Club writes off some of its debt and still plays in the CL next season after paying the rest and coming out of administration again!

Sounds logical.


If Rangers are still in administration, I'd think they won't be allowed in Europe next season - I seem to recall Portsmouth having issues when they reached the final of the FA Cup t'other year.


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