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Post by yeoldetangerine on Feb 13, 2012 17:31:38 GMT 1
Auntie Beeb reporting Rangers heading for administration, their lawyers have applied to court on behalf of the directors.
10 point deduction, looks like the title will be going to Celtic this time, then.
How can a club as big and predictably well supported as this go into admin? Does it have anything to do with the tax position, or is it all due to the alleged borrowings to fund the takeover.
Any light to shed, Prof Yeni?
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Post by yenilira on Feb 13, 2012 20:27:37 GMT 1
The taxman – HMRC - is chasing Rangers over, inter alia, employee benefit trust payments (EBTs) to players,which were in place before Whyte took over from Sir David Murray last May, a historic loophole which the authorities have subsequently closed. It also became a political issue over a year ago, with the Secretary of State for Scotland getting involved. If that case goes against them, estimates have put the potential bill as running to around £49million pounds. The consequences of Admin... www.dailyrecord.co.uk/football/spl/rangers/2012/02/13/rangers-in-administration-what-it-could-mean-for-the-club-86908-23747654/So it looks like a scenario of suffering in the short-term to ensure a better long-term future.
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Post by Tangerine Sherlock on Feb 13, 2012 20:48:07 GMT 1
I do believe the loop hole is still open in england and this is how so many players avoid paying high tax along with the clubs, must be a few english clubs shaking
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Post by roadchefourstands on Feb 13, 2012 21:12:07 GMT 1
Portsmouth are preparing the admin route again, should be in place before Friday.
This sinks as it is generally the small workers, the local companies that suffer the most through the admin procedure.
I do think this will be the end of Portsmouth,as £19m is a lot for someone to stake before they even start, AFC will rise from the ashes.
Rangers going bust is a nightmare, how can EooFA give Scotland a champions league place when there is no competition for it??
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Post by yenilira on Feb 13, 2012 21:43:31 GMT 1
They will still play on as Rangers FC
unlike Airdrie (United)
Gretna . . even
not forgetting the Jam Tarts are also in a similar precarious position.
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Post by yenilira on Feb 16, 2012 21:38:18 GMT 1
At least nobody can say we haven't given the Hoops a sporting chance of winning the SPL this season...
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Post by Tangerine Sherlock on Feb 16, 2012 21:51:38 GMT 1
or put a lot of local business in danger and allowed to back up bad debt and start again. Sorry but a club of that size should not get its self into a situation like this
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Post by shopkeeper on Feb 16, 2012 22:35:18 GMT 1
Its time some of these clubs actually folded sad as it would be for their fans reality has to hit home that football clubs are businesses that have to cover their overheads. So many clubs chase the dream by borrowing (or not paying the taxman) huge amounts of money in order to pay obscene wages to the players. As with any other business if the owner/owners are prepared to invest their money to chase the dream then fair enough as it will be their loss if it goes pear shaped. If what has been happening at many clubs happened in business the Directors would be struck off for knowingly trading while insolvent. As I said at the start I hope some clubs fold and it knocks some sence into football.
At least at Blackpool we know we will never be allowed to over reach ourselves due to Karl having control of the purse strings.
Rant over
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Post by Tangerine Sherlock on Feb 17, 2012 6:28:48 GMT 1
good rant lol. It seems that all the debts have been put into one company,a company within a company of the football club, while the said company has no assets on the actual footballing side, so it goes into administration and people and companies will be asked to accept the usual percentage of anything recovered. they can not even trace the 24 million advance they got from a ticket company on future ticket sales that went into and lets not beat about the bush here the ghost company. And before anyone says its a anti Scottish football rant or anything like its not.But this has to be stopped or clubs will just spend what they want run up massive debts then say well its a side company so they get put into administration wipe all the debts and carry on. The rumor is that the premiership has also 6 clubs that have done the same underhand thing, it needs sorting or how can we as a country have a go at step ladder and his crook friends if we are allowing this sort of corruption in our national game, people in glass house throwing stones and all that
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Post by yeoldetangerine on Feb 17, 2012 8:56:55 GMT 1
Hear, hear
I think the Government need to clear up ownership rules, this company and parent company situation is fundamentally wrong, allows the "owner" to let everyone else carry the loss, and carry on as usual. Southampton did it, but also remember, it is not just football, Farepak Christmas stuff did exactly the same, a foreign company I worked for transferred funds abroad and put the UK business into admin. many years ago.
It's all a game to the accountants and lawyers supporting owners, but we, the Tax payer, customer and supplier, lose.
I see Pompey have applied to go into Admin today as well, surely when a club goes into Admin twice in such a short time, it should be relegated, kicked out of the league or whatever.
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Post by Tangerine Sherlock on Feb 17, 2012 9:48:47 GMT 1
Pressure is on clubs now i think we might see a few fall this summer, Also if Murdoch closes the sun means the times will have to go as it is propped up by the sun so the share price will go down on news international which will then have a knock on effect with Sky TV.
So maybe Karl is bang on the mark and we could find little old pool being one of the most secure clubs in the land
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Post by yenilira on Feb 17, 2012 23:02:49 GMT 1
and now Milan (him of the court case with 'Arry) wants to come into Rangers.....
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Post by april13th1970 on Feb 18, 2012 10:17:55 GMT 1
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Post by yenilira on Feb 18, 2012 12:16:29 GMT 1
not forgetting the QP and the Bully Wee.......
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Post by yenilira on Feb 19, 2012 22:13:13 GMT 1
Ten points deducted, and still second!
Doesn't say much for The Steelmen, does it?
or Hearts, or Hibs...........
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