Rangers football club were forced into administration on February 14 after the club failed to pay millions of pounds of tax following the takeover of Craig Whyte last year. Here is a look at what the club owes:
- Whyte failed to pay a tax liability of around £4million resulting from payments made to Ronald de Boer and Tore Andre Flo.
- Rangers could also face an additional tax bill of up to £75million over their use of Employee Benefit Trust payments to players and staff between 2001 and 2010.
- The CVA document showed Rangers owe more than £55million to unsecured creditors with investment firm Ticketus accounting for almost half of that total. The London-based firm, who plan to pursue Whyte for the money, had been due to hold a board meeting today to discuss their approach to the CVA.
- Rangers also owe money to several football clubs, including Hearts, who have yet to receive £800,000 of the transfer fee agreed when Lee Wallace moved to Ibrox last summer.
Charles Green - who is leading a consortium that will buy Rangers - has promised that the club will keep their name and remain at Ibrox Stadium, after it was announced the club is likely to be forced into liquidation. He told the club's website:
The solemn promise I can make to Rangers fans today is that this Club will continue as Rangers Football Club and will continue to play at Ibrox Stadium.
We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL.
I, along with my investors who believe that Rangers can have a bright future, will fight tooth and nail to ensure the Club recovers from this catastrophic phase in its proud history.
The fans deserve better and we will work tirelessly to realise their ambitions.
Rangers FC will effectively be forced out of Europe for three years after facing the inevitable prospect of liquidation. A statement issued by the club's administrators said:
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.
– Duff and Phelps, administrators of Rangers Football Club
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.