SPL - Rangers consigned to liquidation

Tue, 12 Jun 21:38:00 2012

Rangers have been consigned to liquidation after Her Majesty's Revenue and Customs decided to reject an offer from Charles Green's consortium.

Rangers - 0

The decision means Green's Company Voluntary Arrangement (CVA) will fail to achieve the 75% backing needed from creditors.

Green will now push ahead with plans to buy the club's assets for £5.5million in the coming days with both HMRC and Ticketus, the other major creditors, not expected to challenge the newco purchase deal he has struck with administrators Duff and Phelps. But there is no guarantee the new entity will be able to play in the Clydesdale Bank Premier League.

SPL clubs would themselves decide on any application to acquire the club's share and could impose sanctions.

Dundee United chairman Stephen Thompson last week doubted whether Rangers would have enough support and some fans have been rallying their clubs to reject any proposal, although commercial interests could outweigh any principled stand, especially with no confirmation that television deals will continue without Rangers.

A 'newco' Rangers would not be allowed to play in Europe for three years and Green faces the prospect of losing players.

HMRC, whom Rangers are listed as owing more than £21million, believe their decision allows them to pursue individuals in the courts. The tax authority forced Rangers into administration in February over millions of pounds of unpaid tax under Craig Whyte and could also pursue former owner Sir David Murray over a tax case, which could result in a £75million bill.

A statement from the tax authority read: "A liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company's financial affairs in recent years.

"A CVA would restrict the scope of such action. Liquidation will enable a sale of the football assets to be made to a new company, thereby ensuring that football will continue at Ibrox. It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA. Rangers can make a fresh start."

While it is understood that HMRC and Ticketus are not of a mind to intervene in the sale process, Rangers director Dave King has reiterated his intention to challenge Green. King claims Whyte previously promised him first refusal on his 85% shareholding and has vowed to take his challenge to court.

PA Sport

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  1. Linda at this precise time Rangers are still SPL­ members.

    From Margaret M, on Fri 15 Jun 19:39
  2. Why is it an institution with assest of more than­ 100,000,000 be sold for 5,500,000 surely anyone with a­ slight abiity with numbers can see a flaw. Due to the­ dihonesty the whole place should be broken up brick by­ brick and sold at some car boot sale somewhere and­ every penny should be seeked for all the innocent small­ buisnesses that have lost from big rich men who keep­ getting richer by my reckoning mr green will invest 5.5­ in a buisness worth multi times over so again the rich­ man gets richer!!!!!!!!!!!!!!! WHY?

    From JAMES, on Thu 14 Jun 19:05
  3. 605 Our time came previously and we learned from it.­ Your lot went ahead regardless hence your club's­ demise.

    From Father _Dougal, on Thu 14 Jun 14:45
  4. SEANON....ur easy pleased son....a fink you'll be­ going with the wife/burd...shoppn.mare often on a­ SAT....you'll have spent better days a the dentist­ than watching that DROSS.....the old saying if your­ daft enuf WE'LL TAKE UR CASH....jist as big BOBO­ done....shrew cookie that guy....:):):)

    From , on Thu 14 Jun 9:14
  5. scotsman94 i think you are wrong. By rangers being put­ out of the SPL this leaves the league more competitive.­ There are 2 euro spots available and since they are no­ longer being tahen by the 2 main teams one spot is­ available. this means other teams in the SPL have­ something to play for and push for. this can only mean­ better footbal more competitive football. the knock on­ effect is fans being more intrested in seeing their­ teams push for that free spot and attending matches to­ support their team and increased revenue for all teams­ as its no longer celtic rangers play ground but an open­ league where its not about the colour of your flag that­ will see you on the top of the SPL but the football­ played!

    From seanon, on Thu 14 Jun 8:56
  6. Seems fair that its the queen pullin the plug on this­ cheatin rancid scummy outfit

    From Hoopy, on Wed 13 Jun 18:38
  7. its about time one of these loss making football clubs­ was forced out of business. Why should they be­ subsidised by we taxpayers? Lets have Portsmouth out­ next, how much has it cost the taxpayer to keep them­ alive?

    From SIMON MARRIOTT, on Wed 13 Jun 16:52
  8. best fans laugh while you can your turn will come.

    From Tom, on Wed 13 Jun 16:37
  9. If Rangers go down to division Three through their own­ choice or by the SPL rejecting them, Sky and ESPN will­ cancel their contracts with the SPL because nobody will­ want to watch a league in which one team wins every­ year. Also the majority of people only watch a SPL game­ if it's an Old Firm match. Without no Old Firm for­ minimum of three years nobody is going to bother to­ watch. The death of Rangers is the first step in the­ death of Scottish football. FACT.

    From Martin Whiteford, on Wed 13 Jun 16:15
  10. Comment hidden due to its low rating. Show

    HYSTERICAL...@bestflans....the BIG PILLAR OF­ SOCIETY...ARE U REALLY????????haaahaahaahaaa....must be­ brilliant being PURE...wit a guy!!!!!!!!!!..:):):):)

    From , on Wed 13 Jun 16:15
  11. Here... wits with big WANDRAM talkin aboot gone to­ EPL....surely NO....efter him talking aboot playing in­ the ELITE of the champions league wae the clatty­ pats......haahaahaa....must have been oot in night on­ the tiles ...when he blurted oot THAT....Common sense­ prevails son...get ur ass doon tae ENGLAND..don't­ waste ur time..you know the­ score.DDRRREEEAAAMEEERRRRSSS..haahaa:):):)

    From , on Wed 13 Jun 16:13
  12. Comment hidden due to its low rating. Show

    HMRC need the money to pay their inflated salaries and­ pensions. sod the rest of us football fans

    From ellwood, on Wed 13 Jun 15:53
  13. Newco = new-club.

    From AL AN, on Wed 13 Jun 15:48
  14. looks like they are guilty of misfeasance and­ nonfeasance Now. Dont ask me, I had to look it up!. ­ Fekkin mob are a shambles.

    From Joey, on Wed 13 Jun 15:34
  15. The fact that Rangers could have the deciding vote to­ get themselfs back into the SPL is a total JOKE. No­ worrys lads we will just vote ourselfs back in.If you­ apply to become a member of the SPL i would think that­ means you are not already a member and cant have a­ vote So if Rangers have a vote i would think they­ already are a member of SPL and so why the vote

    From LINDA, on Wed 13 Jun 15:03
  16. Why are they allowed to sell the assets for £5.5­ million. First team squad approx £20million, ibrox £40­ -£50 million, murray park £10 - £20 million. This would­ clear a lot of the debt and allow them to start again.­ Or am i missing something????????

    From I, on Wed 13 Jun 15:00
  17. Comment hidden due to its low rating. Show

    listen to all the tims out in force to slag the super­ gers,get of your laptops,i hear tesco is giving away­ free bars of soap and black and white tvs,get yourselfs­ down there.YOUR SORTED. NO SURRENDER!!!!!!!!!!!!!!!!

    From Viper, on Wed 13 Jun 14:30
  18. It seems most football fans are blind to the fact their­ favourite club is now First AND FOREMOST A BUSINESS­ !!!!!! Businesses go wrong every day ! Man U. Man City.­ Newcastle, Chelsea, Barca, Real Madrid etc !!! they are­ all serious businesess underneath the Clubs shirts you­ better belive it ! Stop living in dream land and old­ sentiment,what do you think may have happened to­ Chelsea if they hadnt won the E.Cup ??? What will­ happen if Man. City win nothing next year? The­ business owners will drop the club when they stop­ winning. People forget, Rangers also built a new­ stadium and a new training ground , the money was not­ all Robbed or stolen, who were the accountants and­ auditers at Ibrox over the last 10-years ? who is­ looking into their commpentancy ? I have never heard­ the SPL or the SFA complain about the money they­ received from Rangers over the last 20-years ? Who­ buys and invests money in the footballers that may­ represent the Scottish National Squad ? howmany Rangers­ & Celtic players have been in the Scotland Squad in­ the last 30-years ?????? SFA and the SPL contribute­ ZERO ! infact worse than that just look at the Scottish­ game THIRD RATE at best ! At least Rangers brought some­ great teams to Scotland over the years so we could see­ top class players, everything has a price !

    From Scotty., on Wed 13 Jun 14:26
  19. lol there might be a few freebies for a few 3rd­ division clubs from the rangers squad since they will­ have to use their kids in the 3rd division ho ho ho ho

    From Eddie Hitler, on Wed 13 Jun 14:24
  20. the spl will survive with the scrungers liquidation and­ that's that really, the srungers shouldn't have­ gotten up to their eyeballs in debt then should­ they....btw i have ran out of hankeys because of all­ the crying i have been doing over them NOT­ bahahahahahahaha

    From Eddie Hitler, on Wed 13 Jun 14:14
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