baggy89 Posted February 14, 2012 Share Posted February 14, 2012 With the suggestion that Administration happened now (rather than later) because Whyte would lose his preferred creditor status had HMRC won their Tax case. What's the likelihood that Whyte as a major creditor could force the Huns into liquidation, allowing someone to start-up "Glesga Huns Fitba Club" thus avoiding the HMRC case altogether? Or is that a bit too Moon landings, to be likely? Quote Link to comment Share on other sites More sharing options...
Penfold Posted February 14, 2012 Share Posted February 14, 2012 I don't see what would be in that for Whyte. Quote Link to comment Share on other sites More sharing options...
rocket_scientist Posted February 14, 2012 Share Posted February 14, 2012 With the suggestion that Administration happened now (rather than later) because Whyte would lose his preferred creditor status had HMRC won their Tax case. What's the likelihood that Whyte as a major creditor could force the Huns into liquidation, allowing someone to start-up "Glesga Huns Fitba Club" thus avoiding the HMRC case altogether? Or is that a bit too Moon landings, to be likely? I'm in Portugal just now and not close enough to this story and all the implications but how is Whyte a major creditor? He bought the club for a quid? Quote Link to comment Share on other sites More sharing options...
glasgow sheep Posted February 14, 2012 Share Posted February 14, 2012 I'm in Portugal just now and not close enough to this story and all the implications but how is Whyte a major creditor? He bought the club for a quid? Then paid off the debt, so I guess that was just a loan or something? Quote Link to comment Share on other sites More sharing options...
Kowalski Posted February 14, 2012 Share Posted February 14, 2012 Why's Whyte getting all the blame, its surely all Murray's fault? Quote Link to comment Share on other sites More sharing options...
BobbyBiscuit Posted February 14, 2012 Share Posted February 14, 2012 Rangers pledges sectarianism as usual 14-02-12 MURDEROUS chant enabler Rangers last night pledged financial meltdown will not interfere with all the hating. 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. full article here: http://www.thedailymash.co.uk/sport/sport-headlines/rangers-pledges-sectarianism-as-usual-201202144892/ Quote Link to comment Share on other sites More sharing options...
Tyrant Posted February 14, 2012 Share Posted February 14, 2012 Why's Whyte getting all the blame, its surely all Murray's fault? That's what I thought.. I guess the knuckle dragging hoards don't see the bigger picture. Whyte put the club into administration so it's all his fault. Quote Link to comment Share on other sites More sharing options...
baggy89 Posted February 14, 2012 Share Posted February 14, 2012 I'm in Portugal just now and not close enough to this story and all the implications but how is Whyte a major creditor? He bought the club for a quid? Not sure, just something I picked up from somewhere and can't find where now, I think the suggestion was; that was part of the deal in securing the club for a quid. Didn't really make any sense to me as I thought, according to UEFA, football debts had to be repaid first and I believe they owe money to at least Hearts, Sone Aluko and Dundee Utd. But... What would be stopping Whyte being the one creating the new Hun club? With his mother or similar buying Ibrox for a fraction of it's value and starting again without the threat of the HMRC case? I suppose it'll be said that he gambled on Europe and they failed but it seems incredibly short sighted not to have factored that into his business plan when he bought a club on the brink and haemorrhaging money 9 months ago, and lest we forget the guy is a chancer who seems to have always had an angle that worked in his past business dealings. Plenty of them about, for sure, but few who seem to have pulled it off so successfully over a sustained period of time. Quote Link to comment Share on other sites More sharing options...
Penfold Posted February 14, 2012 Share Posted February 14, 2012 If Whyte liquidates Rangers im pretty sure there's implications for him being involved with future businesses. There must also be regulations against Ibrox being sold at a fraction of it's value. The footballing debt paid first is an English FA rule and one HMRC are challenging there. - Although I think the SPL can step in and pay the clubs owed directly from money which would have went to Rangers for league position/tv etc. Quote Link to comment Share on other sites More sharing options...
Penfold Posted February 14, 2012 Share Posted February 14, 2012 One thing I hope the SPL clubs remember is that Rangers haven't just cheated the tax man out of money. They have cheated all other SPL teams out of prize money. Any time over the last decade+ a team has been knocked out of a cup by the huns, or missed out on a European spot, Rangers have cheated that club out of money. Hopefully the SPL chairmen see that appearences in cup finals/semis and more regular European competition far outweighs 4000 minks in their stadium once or twice a season. Fuck helping them in any way, especially if they come back as Rangers united (or more likely, Royal Rangers). Edit: Seems HMRC are suspicious of Whyte's motives. HM Revenue and Customs has lodged an application to put Rangers into administration. On Tuesday HMRC lodged the order with the Court of Session in Edinburgh calling for the court to appoint an administrator. The Court of Session confirmed to STV that the application is scheduled to be heard before a judge from midday on Tuesday. HMRC is due to make a statement on the steps of the court afterwards. The move comes after the Ibrox club had lodged its own notice of intent to appoint an administrator on Monday. The court will now have to decide whether the administrator should be appointed by Rangers or the tax authorities - with important implications for the future of the Glasgow-based club. Rangers are currently awaiting the result of a crucial tax case with HMRC, which owner Craig Whyte has confirmed could leave the club owing up to £75m. On Monday, Rangers lodged its own notice of intention to appoint an administrator. This meant that Rangers had ten working days before having to call in insolvency experts to take over the running of the club. Quote Link to comment Share on other sites More sharing options...
BobbyBiscuit Posted February 14, 2012 Share Posted February 14, 2012 One thing I hope the SPL clubs remember is that Rangers haven't just cheated the tax man out of money. They have cheated all other SPL teams out of prize money. Any time over the last decade+ a team has been knocked out of a cup by the huns, or missed out on a European spot, Rangers have cheated that club out of money. Hopefully the SPL chairmen see that appearences in cup finals/semis and more regular European competition far outweighs 4000 minks in their stadium once or twice a season. Fuck helping them in any way, especially if they come back as Rangers united (or more likely, Royal Rangers). Good point, surely Mizer will have a graph up soon showing exactly how much we've missed out on over the last decade.... If they come back they'll surely just come back as Rangers FC, as opposed to Glasgow Rangers FC? Quote Link to comment Share on other sites More sharing options...
Tyrant Posted February 14, 2012 Share Posted February 14, 2012 I fancy being debt free too. SO I'm going to change my name a bit. Means my Dad can get near the £2k I owe him. Quote Link to comment Share on other sites More sharing options...
baggy89 Posted February 14, 2012 Share Posted February 14, 2012 If Whyte liquidates Rangers im pretty sure there's implications for him being involved with future businesses. I'm sure with only 9 months as a Director it will be hard for any of the following to be pinned solely on Whyte 1)Failure to submit annual accounts to Companies House on time 2)Failure to submit annual returns to Companies House on time 3)Excessive salaries or drawings when the company was plainly insolvent 4)Trading on when he or she knew the company was insolvent (trading whilst knowingly insolvent) 5)Continuing to take credit when there was "no reasonable prospect" of creditors being paid. 6)Misrepresentation of the facts about the company 7)Failure to respond or comply with a liquidator's requests There must also be regulations against Ibrox being sold at a fraction of it's value. That will depend on what interested parties are prepared to pay. The administrators will try to get as much as possible for it but buyers will be conscious of the implications of a large mortgage on a Stadium to any future football club. The footballing debt paid first is an English FA rule and one HMRC are challenging there. - Although I think the SPL can step in and pay the clubs owed directly from money which would have went to Rangers for league position/tv etc. Fair enough. Quote Link to comment Share on other sites More sharing options...
BobbyBiscuit Posted February 14, 2012 Share Posted February 14, 2012 HMRC have applied to the Court to have Rangers put into administration, they obviously want their own administrator in there. Looks like they've called Whyte's bluff on this one. Quote Link to comment Share on other sites More sharing options...
BigAl Posted February 14, 2012 Share Posted February 14, 2012 As Bobby states above, HMRC move to take control of matters http://www.bbc.co.uk/news/uk-scotland-glasgow-west-17026172 Quote Link to comment Share on other sites More sharing options...
glasgow sheep Posted February 14, 2012 Share Posted February 14, 2012 One thing I hope the SPL clubs remember is that Rangers haven't just cheated the tax man out of money. They have cheated all other SPL teams out of prize money. See Dundee FC, Motherwell FC and Livingston FC. Quote Link to comment Share on other sites More sharing options...
Kowalski Posted February 14, 2012 Share Posted February 14, 2012 As Bobby states above, HMRC move to take control of matters http://www.bbc.co.uk/news/uk-scotland-glasgow-west-17026172 Excellent. The HMRC don't want to be shafted and rightly so. This is worse news for the huns Quote Link to comment Share on other sites More sharing options...
BobbyBiscuit Posted February 14, 2012 Share Posted February 14, 2012 Rangers' demise might not be such a bad thing The club's slide into administration could help rid Scottish football of ritualised bigotry and intergenerational hatred Mike Small guardian.co.uk, Tuesday 14 February 2012 11.00 Rangers are a quintessentially British institution. This is the Queen's XI. Their fans sing Rule Britannia and God Save the Queen – but they are in deep trouble, and may well fold completely before it's time to launch the Jubilee barge. Football writer and Rangers fan Graham Spiers has called this the club's "bitter harvest", and railed against the club's inability to cope with its own sectarian songsheet, which has been the source of grief and resentment for years. But this is a story about financial stupidity more than cultural insolvency. The emerging collapse of Rangers football club is an allegory for a different game that's not so beautiful anymore, where we can't run failed institutions just because it's what we've always done. Rangers may go bust owing the tax man almost £50m. How did this happen? After the loyalty she has been shown over the years, how can Her Majesty allow her Revenue & Customs to behave in this manner? The reality dawning on the Scottish sports press and supporters of Rangers FC (two groups that are not always entirely distinct) is that the Scottish champions are perilously close to administration and, potentially, liquidation. Rangers chairman Craig Whyte (himself currently under investigation by the government's intelligence and enforcement directorate for his acquisition of the Ibrox club) said there is no "realistic or practical" alternative to getting ready for administration. The problem relates to a claim by HMRC for unpaid taxes over a period of several years dating back to 2001, which could result in massive liabilities. The collapse of such a footballing giant after decades of mismanagement tells us a story not just about football as a bloated dysfunctional cultural spectacle, but of feral businessmen, media collusion, and a society witnessing key institutions collapse and teeter while desperately denying that such a thing is happening. As bitter reality dawns, other certain truths are clung to amid the wreckage. Two of these stand out. One is that Craig Whyte is a shrewd guardian with a secret plan. Rumours swirl that Graeme Souness waits in the wings like a moustachioed Sauron. A Blue Knight to replace Craig Whyte. The second is that Rangers will emerge from the ordeal stronger, and, er, leaner. Establishment voices mutter confidently of the club's fanbase and that the ""club will never die". Such macho posturing is a default setting from the club's supporters (who numbered 17,822 at the recent home defeat to Dundee United), but the full extent of the club's debts are unknown. Closely tied to this belief that RFC will re-emerge is the notion (repeated like a mantra on all broadcast frequencies) that "the Scottish Premiere League without Rangers is unthinkable", and "Scottish football couldn't survive without the Old Firm". But this idea was quashed by Celtic's chief executive Peter Lawwell only this week, when he stated plainly that his club "don't need Rangers" to flourish financially. Lawwell said the eventuality of their Old Firm rivals going bust "would have no material effect on Celtic". The idea that the two clubs are mutually dependent persists only because the idea of Rangers and Celtic is so deeply embedded not just in Scottish culture, but also in Scottish press circulation. The Old Firm flog papers. But, in reality, the idea that splitting the Old Firm would be a travesty for Scottish football is upheld only by people who have vested interests in our (already) hopelessly failing game. Scotland's Sky TV deal is already pitiful, and BBC Scotland's coverage is reduced to a poorly produced highlights package. Michael Grant of the Herald wrote: "Celtic and Scottish football could live without Rangers but, boy, it would be as dull as dishwater." For the absent-minded and unobservant, Scottish football has been in dire terminal decline for some time now. The idea that it would be worse in a league that would immediately present more opportunities for success is patently absurd. It's the sort of logic that could only be expressed by members of a closed group. Life After Rangers Football (Larf) would mean for every other club a chance that the thousands who migrate towards Ibrox from towns across Scotland every other Saturday might show an interest in their local team. They would have realistic hope of winning trophies. But the positive reality of a Scottish game without Rangers is not primarily about a sport rid of a substantial element of ritualised bigotry and sustained intergenerational hatred, but the prospect of top-quality football being played by young Scotsmen in an atmosphere of optimism. That's something worth aspiring to. The mainstream press have been fatally blindsided on the impending crisis at Ibrox despite excellent blog coverage. But let's not blame the clubbable journos. The real culprits are the management and board of the club who piled profligacy upon spending spree, from Dick Advocaat's dubious £12m Tore Andre Flo to David Murray's gigantic vanity project. But who'd blame them? Our culture lauds these dodgy geezers. Murray, the club's previous owner, was quoted as saying: "For every £5 Celtic spends I'll spend £10." That doesn't seem so clever now. Quote Link to comment Share on other sites More sharing options...
BobbyBiscuit Posted February 14, 2012 Share Posted February 14, 2012 What says it all for the vermin is that outside Ibrox last night there were less people there in anger than when Maurice Johnston signed for them. Quote Link to comment Share on other sites More sharing options...
Tyrant Posted February 14, 2012 Share Posted February 14, 2012 Has anyone asked Sone is he's got a spare £75m kicking about? Quote Link to comment Share on other sites More sharing options...
Superstar Tradesman Posted February 14, 2012 Share Posted February 14, 2012 What says it all for the vermin is that outside Ibrox last night there were less people there in anger than when Maurice Johnston signed for them. Not easy for Scotland's gloryhunters from Perth, Sterling, Aberdeen, Inverness, etc to make the trip there on a week night. Quote Link to comment Share on other sites More sharing options...
Tyrant Posted February 14, 2012 Share Posted February 14, 2012 Ullapool, Thurso and Wick too. Quote Link to comment Share on other sites More sharing options...
baggy89 Posted February 14, 2012 Share Posted February 14, 2012 Has anyone asked Sone is he's got a spare £75m kicking about? It would be really quite funny and contain more than hint of karmic retribution if he was one of the players let go by the administrators with only a small percentage of his contract paid up. Quote Link to comment Share on other sites More sharing options...
Tyrant Posted February 14, 2012 Share Posted February 14, 2012 It would be really quite funny and contain more than hint of karmic retribution if he was one of the players let go by the administrators with only a small percentage of his contract paid up. I'd laugh! Quote Link to comment Share on other sites More sharing options...
mizer Posted February 14, 2012 Author Share Posted February 14, 2012 It seems as if HMRC were about to place Rangers into administration yesterday and Whyte and co got wind of it and submitted a 5 day administration order to give the time to be in charge of administration. HMRC are in court arguing that they should be put into administration today on their terms. Judge to decide. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.