Glasgow Rangers gone into administration

champs lge football next year horray

The obvious signs were there to be seen when Murray sold it to Whyte for £1 . Businesses being sold like that come with heavy debts.

Catholics will rule Scotland now

But since the league is so lousy, Rangers will get second place and CL football

that wont happen imo...

HMCr seem to be sick of football clubs getting away with what other businesses do not.

if they play hardball .... and the signs so far are that they are..they will block any any VCA and force receivership.

spot on Doh

Hilarious broadcasting on Sky Sports News this morning with "journalist" Steve Curry implying Rangers were too big and too British to be allowed to fail!! With further twisted logic painting HMRC as some sort of bad guys in all of this for pursuing Rangers! Britain really is the infected anus from which gutter journalism spawned.

if they forced receivership falkirk the HMCR..as an unsecured crditor would recieve next to nothing.....but that is waht i mean by playing hardball and calling Whytes bluff.

has he really got the b alls to effectively...as the largest secured creditor......wind up such an old club with all the socail implications that go with it...

and take the cash and run......he would be a pariah!!!

Surely the best solution is for Rangers to be go out of business completely.

Then the supporters could change their allegiance and go along to Hampden and support Queens Park.

..he could funnel the assets to a new company falkirk but the debts of Ranger FC will remain the debts of Rangers FC and will obviously be unpayable (or more unpayable!!) if he funnels any remaining assets away.

in this instance thats that...Rangers FC will be wound up and its goodnight.

Mind you,with Rangers now getting 10 points deducted this makes Celtic winning the league a non achievement.

So it would appear to be a bad move for Celtic.winning a league with no competition,

75 million tax debt  or 10 point deduction

my brain hurts

well-done whyte

and if they do ...as you say...it is a disgrace.....morally bankrupt position

What's going on here is about as clear as pea soup. My guess is that the action is aimed at bullying HMRC into negotiating a much smaller settlement and wiping the slate clean, or if they won't, liquidating the company and HMRC ending up with even less with the assets over which Whyte holds security...like the ground.....being transferred into a new company.

For the current season, Celtic will win the title but it looked very like they were going to anyway. Despite their public lack of concern, the demise of Rangers as a competitive force in the longer term would be a disaster for them too, especially when the TV rights come up for renewal.

Pre pack now favourite...accountants and lawyers win as usual and poor old Fred who supplied the coffee machines gets fecked along with all the other unsecured creditors.

hhhhhhhhhhmmmmm  ...this guy seems to have had an ulterior motive all along then...

so...football clubs can basically pay no tax if they wish...time a receivership to coincide with when a ppoints deuction is meaningless cos they cant win anything anyway.....

play around with receivership law and start afresh.

what an utter disgrace.

.they knew what the guy was about when they sold to him..

Johnston chaired the independent board committee, created by Rangers to assess potential buyers of the club from Sir David Murray, who was keen to sell after more than 20 years at the helm and whose Murray International business empire was feeling the effects of the recession.

"We were somewhat entitled to the view that who carried the coffin to the graveyard, if you will, was going to be important with respect to how they might benefit from that scenario," Johnston told Sportsound.

"For whatever else he [Whyte] is, his expertise is in distressed companies and making them survive, or not survive, to his benefit. "We were entitled to take the view that administration would be on his agenda and that he would be the principal beneficiary of such a process.

"What I would say [to Whyte] is, 'what is it you missed in due diligence that would have indicated that you are in situation that you did not anticipate?'

Continue reading the main story
“For Mr Whyte to say we were not actively working on the long-term survivability of Rangers is a function of naivety
”

Alastair Johnston

Former Rangers chairman
"'And what is it that you have or have not done that may or may not have made a difference under your stewardship?'

"The bottom line is that he spent a vast amount of time studying this tax case, a lot more than he did on operating issues like cash flow.

"He had a wealth of advice on the tax case, so only he knows what his agenda was at that point in time."

Johnston was the club chairman when Whyte bought out Murray for £1 and cleared the £18m debt owed to Lloyds Bank.

baffling.

..too big to fail they will say....like RBS perhaps.

HMRC are going to make an example of Rangers big style.