01/04/2011 1 Comment
Rangers interim results have been pulled apart on 100 message boards this morning. So I will stick to the high level stuff.
Basically, Rangers directors are taking a ‘might as well get hung for a sheep as a lamb’ approach to the major dispute with HMRC. They have even thrown in a cheeky wee provision for another matter to try to signal their confidence in the main event over their use of EBTs. It is the corporate equivalent of some emaciated waif flailing his arms and yelling “‘mon then!” when confronted and over matched. It is going to be an interesting summer.
What is surprising is that despite wails about bank enforced cuts, Rangers’ operational management does not appear to know that times are supposed to be tough. Rangers are still spending like a sailor on shore leave. One wonders if any board members have learned the lessons of Murray’s lunatic extravagance of the early part of the last decade, or whether only bank enforced borrowing limits are keeping a lid on mismanagement. These results should have been much better.
Rangers have gotten through another accounting window without leveling with shareholders or their fans on the gravity of the situation facing them. With over 90% of Rangers’ shares being owned by MIH or directors, they probably realise that there are no shareholders with large enough stakes who are not fully implicated so the stakes are low.
It is supporter anger that will erupt if HMRC take a scalp in the tax case. Rangers supporters will be justified in feeling misled and exploited.