Quick Recap


Rangers’ administrators yesterday released a communication intended to clarify the club’s financial position for creditors. It is a well written document that clearly lays out Rangers’ recent financial history in a way that does not require any financial training. Yesterday’s posts, on here and across the internet, have covered most of the detail, so I will spare you a redundantly thorough analysis.

With Rangers’ debt level potentially as high as £134m (more likely in the £95-110m range), the only hope of the club avoiding liquidation is to convince more than 75% of the creditors (by value) to accept less than the face value of their debt through a CVA. Much less. If media reports are to be believed, The Blue Knights consortium have offered just £8-10m to keep Rangers alive through a CVA.  The administrators brushed over Craig Whyte’s claim to any of this money with just a casual nod to the minimum legal requirements: “the Joint Administrators will conduct an exercise to establish the validity of such security and the quantum of any monies which may be secured in this regard”. Yet Whyte claimed to Channel 4’s Alex Thomson that he is due £30m from any sale of assets. Another series of court dates looms.

In the meantime, assuming that £10m was distributed evenly among the creditors, if the final figure is, say £95m, then for every pound you are owed, you will receive 10.5p. Better than nothing? I am not sure. If Whyte’s claims are rejected, it is likely that a greater sum could be obtained in liquidation. (It has been reported that others have bid as high as £25m on the basis of an asset sale to a newco and the liquidation of The Rangers Football Club plc).

In short, it is hard to make sense of the claims that a CVA is still a viable option. In Duff & Phelps first legally binding communication, they elected to not repeat the intimations spread through the media by Rangers’ PR firm that HMRC was ready to do a deal that would save the day and that the Treasury had lent its support for such plan. Why did they miss such a golden opportunity to calm the fears of fans and other stakeholders? Is it possible that the same people who brought us Craig “billionaire” Whyte were not telling the truth? 

For all of the fascinating detail provided yesterday, the reality is still that Rangers’ most likely exit from the administration process is through an asset sale to a newco and with liquidation of the existing Rangers FC. The administrators have done a fine job of trying to put ‘lipstick on a pig’ by talking about hybrid liquidation and keeping ‘the business’ going while allowing the company to die. It is their job to maximise the money raised through this process and, despite widespread grumblings from all sides, they appear to be doing a reasonable job in difficult circumstances. (Though suspicion over their motives and every move is quite understandable). In the end, reality will have to hit and all of the spin in the world will not change Rangers’ trajectory).

With 4,000 EBT cases coming along in Rangers’ wake, HMRC will surely be hoping for an example to be set that encourages most of them to settle. Doing a deal with Rangers that accepts 10% of what is owed after allowing a decade of fiddling will do little to dissuade others from appealing their cases to the bitter end. The actual amounts received from the Rangers case will likely be immaterial to HMRC’s hopes for collecting on EBT users as a class.

On a lighter note, my Monday afternoon was rudely disrupted by tweets and texts telling me that this site was down. Initial investigations seemed to confirm my worst fears that we were the recipients of a Denial of Service (DoS) attack. For the princely sum of about £3,000, hackers can be persuaded to deploy a variety of tools designed to prevent anyone from accessing a web site. After a flurry of phone calls and emails to a number of experts in this field, it turned out that we were not a chapter in a spy-thriller after all. A mis-configured host server is apparently to blame. So no James Bond action here. Just a problem that was uncovered through boring geekery,

About rangerstaxcase
I have information on Rangers' tax case, and I will use this blog to provide the details of what Rangers FC have done, why it was illegal, and what the implications for what was (updated) one of the largest football clubs in Britain.

2,832 Responses to Quick Recap

  1. Brenda says:

    CraigWhyteCSC

    It wasn’t in Hampden it was on their supporters bus and carried to the stadium where it was confiscated!!

    You make good points about attendances etc maybe Scottish football doesn’t need the tax dodgers after all!!

  2. the good and the great says:

    arabest leave Brenda alone – you are a bigot and a troll. Your team is morally and financially corrupt – enjoy the 3rd division

  3. Brenda says:

    the good and the great says @ 6:02pm

    Thank you 🙂

  4. CraigWhyteCSC says:

    Brenda says:
    15/04/2012 at 6:06 pm
    0 0 Rate This
    CraigWhyteCSC

    It wasn’t in Hampden it was on their supporters bus and carried to the stadium where it was confiscated!!

    You make good points about attendances etc maybe Scottish football doesn’t need the tax dodgers after all!!

    ————————————————————————

    Fair enough, I’d only saw pictures of it and didn’t know the story. As you say sick individuals if that’s the case.

  5. Trimm Trab says:

    Scottish refs are incompetant – however they are for all teams but its proven the bigger teams over a season get more decisions. The difference with Celtic is the manager has got involved and has helped perpetrait this myth that the refs are out to get Celtic – which is utter garbage as the rest of us suffer these stupid decisions on a weekly basis.

    I was walking away from Hampden furious over the ref not awarding a free kick over a challenge that lead to hibs winning goal (I have been told today it probably wasnt a free kick) and my mate about the ref giving Hibs everything especailly in the 1st half. However on our way back to the car we ended up walking near some Hibs fans who were all complaining the ref never gave them anything during the game…..it made me chuckle – wonder if they were at the same game?

    Its the same most weeks – both sets of fans think the ref had it in for them. That appears to be the way football fans think – we ignore the decisions that have gone for us but only focus on the ones against us.

    Celtic however have taken this to a rather disturbing level with Lennon trying actively to put pressure on the refs – either in an attempt to deflect critisim of him/his tactics or to make the next ref think twice on making a Celtic decision – a good old Sir Alex trick – however you need to be cute about these type of thinks and Lennon is far from that. His latest twitter comments are quite embarrasing and someone higher up should pull him aside and have a word with him. He makes himself and Celtic look paraniod and bad losers.

    Sorry for the Off Topic post.

  6. Arabest says:

    tgtg….how wrong can you be! I am from Dundee, follow Dundee United and grew up in a family full of Celtic supporters, and loath bigotry in all its forms. Your post speaks volumes for your grubby binary world view.

    Brenda can look after herself, don’t be so sexist.

    Some of the posts on this blog are right up there with what is written on FF…only from the other side. The constant insinuation that Scottish football contains an ‘institutionally bias’ against Glasgow Celtic, holds no water whatever when the record books display glory soaked decades…and when Celtic lose a game its always corrupt officials, it get weary for the rest of us!

  7. Private Land says:

    I think one of the major points to take out of the game today was not just the competitiveness, or the healthy attendance, but the fact that it had a real sense of occasion about it- something that has been absent (from my Celtic-skewed perspective) in non-OF finals in the last couple of decades.
    In all senses of the word, it was a BIG game, but the MSM will tell you these don’t exist without Rangers.
    Curiously, I remember a new year game (it was actually my birthday) at Tynecastle a few years back. After about fifteen minutes, Hearts were leading 2-0. At half time, I had a conversation with two members of the MSM. One opined, “you just don’t get an atmosphere like that anywhere else in Scotland do you?” I largely agreed with him. The same guy has been writing in his paper that Scottish football would be like a wake without Rangers.

    Go figure – as they say.

  8. the good and the great says:

    arabest how lovely – my home town – any arab I know/knew is lovely, infact the royal arch where the owner frequented was a great guy and debated alot on scottish footy……….what can I say?

  9. tenerifetim says:

    he good and the great says:
    15/04/2012 at 6:08 pm
    Hopefully on another Planet in another Universe! ( Copyright P. Lawwell)

  10. Arabest says:

    tgtg, I would love to discuss the loveliness of Arabs, but fear that would be just too far off topic. 😉

  11. the good and the great says:

    tenerifetim – lol

  12. the good and the great says:

    arabest have you ever known any celtic supporter to be abusive to you be it in the clepington, the ambassador or whites – I dont?

  13. nipples says:

    Cranium – are you that feckin stupid you can’t work out that reading is a voluntary activity?

    I find your posts utter w@nk.

    So guess what I do?

    I don’t read them.

    Now f**k off.

    (edited for swearing)

  14. Thornlyboy says:

    Steady the Buffs, here! Don’t want to know about your taste in music, pubs, personalities, even fitba’ per se.
    We need to know the implications of RFC’s financial plight (is that a strong-enough word?) on the rest of Scottish football (or what’s left of it post-(S)DM). Everything else is fluff.
    If there’s nothing to say, say nothing. We’ll need to wait on events, dear boy, events…
    And they will happen.

  15. Ianc says:

    Meanwhile:
    Monday court beckons on the wee missing millions from the CB account. Yes?
    Whos left contending? Any guesses how long this will take?

  16. Mark says:

    thanks Brenda, nevermind the numpties eh?

    Am I understanding you right about a banner glorfiying Stilians illness? really? oh my god!

    No god reference should be taken as a slur against any catholic, protestant, jew, muslim, buddism, seikh, scientologist or rap artist Biggie Smalls (RIP) other pop deities Lionel Messi (in my opinion the one true god) is the god to whom I refer….and Kenny Dalglish sitting at his right hand….

    Euan Norris has given ranger 5 penalties in two matches this season. it is a little like giving the refs whistle to superdupercheekychappypieeatinmachineallymccoist

  17. learnt so much says:

    Cranium didnt you read abrahamstoast,s post .if not do yourselve a favour and look it up.Im sure some 1 will post it up for you.. Better too keep quiet than talk chit was the jist of it .

  18. metanight says:

    Guys what am I even reading? Seriously? This blog is about the Rangers Tax Case. Please remain on-topic and take these ‘utterances’ to Facebook or whatever. At the very least stop feeding obvious trolls………….

  19. Auldheid says:

    Arabest says:

    15/04/2012 at 4:03 pm

    Slightly off topic, but I wonder if the Hearts supporting First Minister contacted the Refs’ Association before the game – he is prone to sticking his nose into Football matters after all..;-D
    ————————————————————————————————————————-

    If he did, it was clearly counter productive…….the ref gave Celtic clearly offside goal
    ———————
    At decison making time it was no more “clearly” offside than it was “clearly a penalty for DELIBERATE hand ball.

    Subsequent replays confirm nothing was clear enough to cancel each decision out which is the basis of your argument. On the offside replay you could see why the referee got it wrong, just as you can on the penatly, given the deliberate hand ball rule that required a penalty to be given. There was nothing deliberate to see and now we understand the ref never saw enough to inform his decision.

    It is a greart pity that in two Cup games referees have made decisons that affected the result. I would rather Hearts won with a clear undisputable goal rather than have these debates but when it happens twice in two big cup games you start to wonder what is the reason.

    Is it something Lennon has said?

  20. Ianc says:

    Mondays case please. Legals to the fore. Please.

  21. Hoopy 7 says:

    Laws are in place and meant to be observed. So if you evade tax you are penalised.
    The Laws of Soccer dictate that if an opponent DELIBERATELY handles the ball it is a free kick or a penalty if it occurs inside the box.

    There is no provision to award a free kick or penalty if it is accidental. Black handled deliberately, the rules were not applied and no free kick was awarded. The ball ACCIDENTALY struck Ledleys upper arm and the laws were not applied.

    Will the laws of the Scottish Football Association be applied to Rangers when they go into liquidation?

    Let us hope so and that we get some integrity back into the game, because it was sadly lacking today. The BTC verdict cannot come soon enough for me.

  22. Auldheid says:

    Trimm Trab says:

    15/04/2012 at 6:15 pm

    It was the cry of paranoia that stopped proper investigation into our game. I think the manager is owed an explanation and the referee observers views should be made known.

    Pity the referee observer comes from the same side of the organisation as supplies the referees, presumably reporting to the same boss. Now if it were not so perhaps managers would be less likely to vent their feelings in public if they believed they actually had recourse to an independent source to look at the decision?

    The absence of that recourse and the subsequent jumping from high on the offending manager by those who are unanswerable in a bout of self protection is what needs to be addressed and that is not paranoia, it is the application of common sense and natural justice.

    I hope Celtic take the latter route to enforce common sense rules on the SFA in the same way they caused the unfair disciplinary process to be changed.

    When I hear the charge of paranoia I wonder what is it they fear to look at and why”

  23. Deelited says:

    Can we please leave this blog for RTC. I am a Dundee fan if I wanted banter or anything like I would be on a fans forum.

  24. richard cranium says:

    ok chaps .
    enough.
    see ye at the wake.
    regards to BRTH, Paul, Corsica and many,many others….
    for a while ( Jul – Feb), this was truly a place to be well informed.
    Well done RTC.

    MSM are well into this now…..pull the plug.

  25. v says:

    Oops, sorry, I seem to have ended up at the daily record comments page by mistake

  26. The Unkown Wanderer says:

    I have strange feeling the FTT will announce its findings tommorow

  27. Brenda says:

    Hoopy 7 @ 7:35pm

    Well said, but it will all be Lennon’s fault!! Will this ref be given a slap on the wrist or a pat on the the back? I fear it will be the latter 😦

  28. resinlabdog says:

    Wow: World has turned upside down.
    Graham Spiers talking utter sense. RTC Comments page full of in articulate pish!
    Hmmmm…..Wondering… Have we just run up against some hitherto undicovered yet fundamental law of mutual exclusivity?

    Nevermind. Normal service will be resumed shortly. (C’mon Graham… say something really stupid, so we can test this out properly!)

  29. Arabest says:

    the good and the great says:
    15/04/2012 at 6:50 pm
    3 0 Rate This
    arabest have you ever known any celtic supporter to be abusive to you be it in the clepington, the ambassador or whites – I dont?

    ——————————————————————————————————————-

    I have no idea where you are going with this? Do you want me to say CFC are the good guys in the white hats always fighting the good fight?

    Many in my family and among my closest friends are Celtic fans and people who I love and respect in many ways….but I also know some moronic swivel eyed loons who see masonic plots behind every parking ticket, they too constitute part of the Celtic support. I don’t happen to believe that the football team you support automatically places you in a homogeneous group that is either perfect or otherwise, that level of tribalism is dangerous at best and downright buffoonery at worst.

    (Apologies if I have missed something here?)

  30. liveinhope says:

    Stats
    Here are the latest results as of 13:33, Sunday 15th April 2012

    This page will be updated at least twice daily.

    ——————————————————————————–

    There have been a total of 11040 responses.

    If Rangers are liquidated and reformed as a Newco, should they be allowed immediate re-entry into the SPL?
    No (10563) – 95.68%

    Yes (477) – 4.32%

    In the event of a Rangers Newco being allowed immediate re-entry how, as a supporter of another SPL/SFL club would you respond?
    I would continue to attend SPL fixtures as normal (1270) – 11.50%

    I would NOT attend any SPL fixtures at all (5892) – 53.37%

    I would continue to attend SPL fixtures but boycott any fixtures involving the Rangers Newco (3516) – 31.85%

    I support an SFL team so don’t attend any SPL fixtures (362) – 3.28%

    Do you back the SPL’s Financial Fair Play Proposals?
    Yes (4023) – 36.44%

    No (7017) – 63.56%

    ——————————————————————————–
    .Any questions? Email info@splsurvey.co.uk | Privacy Policy

  31. Brian Mac Aodha says:

    Strange how something worth while like RTC becomes reduced to the babble of the playground by one or two posters who insist on using UPPER CASE to shout their infantile views and a array of exclamation marks!!! to emphasise their lack of understanding of the basic rules of punctuation. It’s rapidly become as tiresome as reading the Daily Record or as boring as a Radio Clyde’s phone in.. Don’t you guys (and gals) have a Facebook account where you can indulge your immature prattling?
    I think I’ll put my jacket on and go out for a while.

  32. resinlabdog says:

    Ianc says:
    15/04/2012 at 7:05 pm

    I’ll take the Rangers shares I won at 3:1 on D&D procrastinating on the preferred bidder, and place it on all the money being given back to the pension fund from which it was stole – sorry – my lawyer tells me I mean – ‘held in trust pending a possible investment’- originally.

    Question is will this leave RFC with cash to keep trading to the end of the season or were the
    Duffers counting on that to see them through May and the closed season?

    Obviously all i need to do to find out is check the accounts that they published as part of the SFA licencing process… right?

    I am guessing that the reason they wanted an early sale (they brought the process forward remember!) and $1million down is because they wanted someones pocket to pick after they realised the CB money wasn’t there’s to squander.

    My bet is first (and only) likely looking numpty to show the duffers a mill gets preferred bidder status.
    Probably be the Blue knights with RFF cash…. since the other bidders will be more circumspect – asking searching questions (like ‘wtf am I buying?’) by virtue of the fact that they are ‘using own money’. BK will be sticking to the finest traditions of RFC and using other peoples (like disgruntled RFC(IA) fans) I reckon.

  33. selboy says:

    If rangers lose the BTC and go out the game I dont Think it would be to bad for Scottish football as all rangers fans will go to games and support who ever plays Celtic as they seem to dislike Celtic more than they love rangers .

    One bell of a hearts party in benidorm tonight . Only thing is they are all in rangers tops singing about Celtic’s loss.

  34. Fatbhoyslim says:

    Dear gawd, the blog is dire at the minute. I have enjoyed this informative site for many months, and only ever post if I require clarification on some of the excellent and revealing stuff that has came to light.
    But please, can someone send out the ‘bat signal’ to RTC, to bring the blog back on track, and in some way lock the blogs postings down to the ‘in the know regulars’whom I so looked forward to reading.
    If you feel the need to participate in run of the mill football discussions, please go elsewhere.

  35. CMC says:

    I’ve noticed in the past few days some posters complaining about the level of debate on here and how it has be lowered to the point of your run of the mill football messageboard.

    They are somewhat correct in what they say.

    However, there are 2 things that strike me

    1. Posters on here are fans of one club or another and when there’s little or no new info to analyse, the debate will always become tribal.

    2. Those that are doing the complaining have never been at the forefront of analysing any news that’s pertinent to this blog’s purpose.

    Personally, I tend to save my football posts for football messageboards, but i’d never decry those on this blog who dabble in talking shop on a slow news day and yet, when a meaty bit of news comes out of Ibrox, gives an informed or opinionated take on what’s going on.

    Alas, like the pundits on phone ins, even those uneducated in the world of tax,finance and insolvency (like myself) can make very good points now and again and if that means this blog descending into football tribalism when the news is slow, it’s really not a big deal in the grand scheme of things as this blog will still remain the most informed and that’s all that really matters when trying to disect the truth from the spin. .

  36. scapa says:

    Interesting analysis from Dave Hillier of Strathclyde, not sure I agree with some of his assumptions, but, thought provoking nonetheless

    /large

  37. yojimbo56 says:

    Good evening folks!…erm, I’ll come back another night eh!

  38. Ianc says:

    resinlabdog says:
    15/04/2012 at 8:25 pm

    MM yes a possible. Are they truly betting on having that money? Personally I would not. Any of more of a racier view?

  39. Brenda says:

    Brian Mac Aodha @ 8:25pm

    Enjoy your walk, your post was really informative!!!!!!! 🙂 🙂 🙂 🙂 🙂

  40. justshatered says:

    Some one told me that there is a creditors meeting, regard RFC(IA), sometime this week.
    Does anyone have info on this.
    Thought I’d try to get us back on topic.

  41. tigertim says:

    So good to see Craig Beattie changed the game today.
    This would be the Craig Beattie that St Mirren couldn’t afford to sign, while Hearts sign him while consistently paying the rest of the squad late.
    Tainted cup in Jambos win it!

  42. Brenda says:

    justshatered @ 8:51 pm

    I read something that fri 13 April was the deadline for calling a ‘physical’ creditors meeting by d & p but since they have ignored every other deadline and seemingly every other administration rule who knows?

  43. Brenda says:

    tigertim @ 8:58pm

    Hearts players due to be paid tomorrow? I wonder?

  44. tigertim says:

    Brenda,
    Unlike Dundee Utd in the Scottish Cup when they came to Glasgow, I expect Hearts to be paid their share of the money.

  45. OnandOnandOnand says:

    Ianc

    I don’t think there’s an actual hearing in the London High Court case re the CB money. It’s not listed

    http://www.justice.gov.uk/courts/court-lists/list-chancery-judges

    My understanding is that the 16th was the date fixed for amended claims to be lodged for anyone claiming an interest to the £3.6m and further procedure will follow. As this is no longer an expedited case, will take months to come to a hearing.

  46. Brenda says:

    tigertim

    🙂

  47. OnandOnandOnand says:

    Brenda

    If a creditor or creditors representing (I think) 10% of creditors entitled to vote request that an actual meeting be held, rather than by post, then the deadline for submitting such a request was 7 days after notice of the proposals was made. Not sure if that deadline was Thursday or Friday last week

  48. Brenda says:

    Onandx3
    That sounds familiar but legal and financial stuff getting too much for me now. I just want BTC result to hang them high and for them to be dealt with according to the law and the rules of Scottish football…….no special treatment because they are the ‘peepil’.

  49. OnandOnandOnand says:

    Brenda,

    You might not have long to wait.

    If creditors don’t pass the administrators proposals, hard to see how D & P could do anything other than liquidate. The administrators will have to report the vote after Friday. If they have had a response now which suggests they may lose, I suggest D & P will do a quick sale this week.

  50. Wuggy says:

    Who says Scottish football is on it’s knees and dying? This season we will have 3 different teams winning the 3 major domestic hohours. Next season without RFC(IA) in the SPL we should also see a more competitive league. Also as RFC(IA) will be either in div3 or still involved in court action, they wont be in a position to mount a challenge in the cup compititions so probably we will see cup finales where teams outwith glasgow will have a chance of wimming a cup.
    This can only be positive for our game and the supporters of those teams outwith Glasgow.

    I was at the semi finale of the Emerate Junior Cup today between Bonnyrigg Rose and Auckenleck Talbot, finished 1-1, second leg next saturday. Their were over 1000 fans at the game, some still queing to get in after 15mins of the start. Ref gave a dodgy penalty to Talbot and just goes to show that inept refering goes throughout our game and isn’t restricted to the grade 1 officials.

    Haven’t seen the highlights of todays other game at hampden but from what I hear Celtic didn’t take their chances and allowed the ref the opportunity to influence the game. No doutb next season they will be consistent in making honest mistakes in big games involving Celtic.

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