The Rangers Saga and Fallout Thread

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McMav said:
Statement from Green RE HMRC Interesting bit underlined.

HMRC to chase Whyte and Murray???
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Would expect criminal prosecutions now once the police have got through all the documentation.

Wonder where the asset sale will lead to with the talk of HMRC wanting their own liquidators appointed or Dave King going after his £20m?
 
Duff and duffer statement

DUFF AND PHELPS, administrators of Rangers Football Club, issued the following statement today.

Paul Clark, joint administrator, said today: "We have been informed by HMRC they will not support the proposal for a Company Voluntary Arrangement at the meeting of creditors on Thursday, June 14.

"As a result of this decision, the Sale and Purchase Agreement in place with the consortium led by Charles Green will take effect and Rangers Football Club will continue within a new company structure.

"The reasons HMRC have given to us for their decision to vote against the proposal are as follows. HMRC has cited its general policy of not agreeing to a CVA where there is strong evidence of non-compliance by a company with its tax liabilities.

"HMRC had agreed to consider a CVA proposal along with all other options in the case of Rangers but having taken into consideration the extent of funds which will be made available to creditors through the CVA option, they have decided that it is not acceptable given The Rangers Football Club plc's level of indebtedness to HMRC.

"It has also been made clear to us that other offers tendered for the Club, which took the form of a CVA, would have been treated in the same way and that the rejection is not a reflection of the Green consortium bid.

"HMRC has taken the view that the public interest will be better served with the liquidation of The Rangers Football Club plc as a corporate entity. The Club will continue to operate as it has always done but within a new company structure.

"HMRC consider that the decision will enable a liquidator to instigate a wider investigation into all of the financial affairs and management of the Club in recent years and to bring to task those they believe are responsible for its collapse.

"Furthermore, HMRC believes there will be an enhanced recovery of funds for creditors by pursuing those individuals who they believe are responsible.

"The consequence of the rejection of a CVA outcome is that sanctions will be applied to the Club by UEFA and that the Club will not be able to participate in Europe for three years and the new company will need the consent of the other SPL clubs to the transfer of the share in the SPL, in order for Rangers to continue playing in the SPL.

"As we have always stated, administrators have a primary objective to ensure the survival of the company and in this case, this would have been achieved through a CVA. It was with HMRC's approval, that a proposal was placed before creditors for consideration.

"However, it is the commercial view that the level offered within the CVA was not enough to merit departure from their normal policy of seeking a detailed investigation via a liquidator.
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Criminal cases for some people imo Murray and Whyte at top of the list.
 
So looks like the HMRC liquidators will be investigating the club's finances for fraud etc?

"Furthermore, HMRC believes there will be an enhanced recovery of funds for creditors by pursuing those individuals who they believe are responsible.
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Would that just be Murray and Whyte or include the players as well?
 
McMav said:
Think most likely Murray / Whyte other directors most likely

Div 3 here we come.
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I think deep down we all knew this was always going to be the outcome.

I fully back the actions of HMRC and understand exactly why they chose to reject it. If they accepted it, Whyte and Murray would have gotten away with their actions and a signal would have been sent out to every business in the UK that this is the way to make millions tax free.

I hope they both have as uncomfortable a few months as we, the fans, have as they wait for that knock on the door.

It`s over now and all the worrying stops, so that is at least some sort of perverse relief.

Rangers will rise once more, of that there is absolutely no doubt, and i`m sure this new militant and "awake" Rangers support will not sleep walk in to another mess like this.
 
McMav said:
Think most likely Murray / Whyte other directors most likely

Div 3 here we come.
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There is no direct route to Division 3 though, thats the problem.

It would be a good solution though, its what the Rangers fans want (or the ones Ive heard from), its what fans of other clubs want, it would reinvigorate football's lower leagues and bring money to clubs who would get reasonable gates against Rangers, there would be people wanting to show these games as Rangers make their way through the leagues so it brings possible tv deals for the lower divisions for the first time.
 
McRod said:
I think deep down we all knew this was always going to be the outcome.

I fully back the actions of HMRC and understand exactly why they chose to reject it. If they accepted it, Whyte and Murray would have gotten away with their actions and a signal would have been sent out to every business in the UK that this is the way to make millions tax free.

I hope they both have as uncomfortable a few months as we, the fans, have as they wait for that knock on the door.

It`s over now and all the worrying stops, so that is at least some sort of perverse relief.

Rangers will rise once more, of that there is absolutely no doubt, and i`m sure this new militant and "awake" Rangers support will not sleep walk in to another mess like this.
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The fans need to sort it out and band together for the newco, forget Green and his cronies who will attempt to extort as much money as possible out of it, you need guys in place with the clubs interest in heart, not what they can get out of it.

The Blue Knights should be coming back into this now, whether they are the best solution or not, they at least have Rangers interest at heart which no other bidder has.
 
Nauggie said:
Newco will be voted back into the SPL but there will be changes demanded that will effect the old firm to benefit of other teams.
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I think this is the most likely route. This now forces the Hands of the Chairmen of other clubs to see if its money or sport that pushes them.

Rangers fans will accept Div 3 if unrealistic punishments are put in place.

It however maes sense. As by the time we get back the the SPL there wont be much of an SPL quality wise left IMO. Standards are already very low across the board I can only see this dropping further with less money available.
 
I dont know if Newco will be voted back in now, the tide has turned with Rangers contesting the transfer ban, we have had a few chairman come out and suggest that Newco will not get in.
 
McMav said:
I think this is the most likely route. This now forces the Hands of the Chairmen of other clubs to see if its money or sport that pushes them.

Rangers fans will accept Div 3 if unrealistic punishments are put in place.

It however maes sense. As by the time we get back the the SPL there wont be much of an SPL quality wise left IMO. Standards are already very low across the board I can only see this dropping further with less money available.
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There is nothing to suggest there will be less money available, sky have not made their position clear.
 
I thought Rangers were out of Europe for three years regardless after not having their accounts in for this year?

The newco also needs to be able to field a team come the new season, given the uncertainty who will sign?
 
I have asked this before to no avail but how can Green buy assets reputedly worth up to £115 million for only £5.5? Surely this is why HMRC want to appoint their own liquidator? To get the best price possible and to have a clearly independant investigation into the whole sorry mess.
Well, that and the fact they clearly don't trust DnP as far as they can throw them.

Also, wasn't Whyte charging vat and paye while he was in charge and not passing it on to HMRC? Sounds like clear cut fraud to me. Where did those millions go? A secret account in Monaco???
 
chameleon said:
I have asked this before to no avail but how can Green buy assets reputedly worth up to £115 million for only £5.5? Surely this is why HMRC want to appoint their own liquidator? To get the best price possible and to have a clearly independant investigation into the whole sorry mess.
Well, that and the fact they clearly don't trust DnP as far as they can throw them.

Also, wasn't Whyte charging vat and paye while he was in charge and not passing it on to HMRC? Sounds like clear cut fraud to me. Where did those millions go? A secret account in Monaco???
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From HMRC twitter feed.

HM Revenue & Customs‏@HMRCgovuk

#Rangers liquidation gives best chance to protect taxpayers and allows sale of club to a new company, ensuring football continues at Ibrox.

They think they will get more from chasing former directors.
 
Metalface Mark said:
Just for a year. The big thing about them moaning about no europe for 3 years is ridiculous as it stands they dont have a club.
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Had a look at the FFP regs and it's definitely 3 previou years of accounts required

Edit: Article 59 - with no accounts for 2011 they need accounts for 2012, 2013 and 2014 before they could qualify for the 2015 season.
 
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