Sunny Belfast Hi 24 °C | Lo 11°C

Rangers in crisis over £9m tax bill

Tuesday, 14 February 2012

Rangers FC owner Craig Whyte leaves Ibrox Stadium in Glasgow after the club lodged legal papers to enter administration

Rangers FC owner Craig Whyte leaves Ibrox Stadium in Glasgow after the club lodged legal papers to enter administration

Scottish football giant Rangers has gone into administration over an unpaid tax bill of £9 million - accrued since Craig Whyte's takeover.

The Ibrox club appointed its preferred administrators this afternoon, a day after it signalled its intention to do so.

Joint administrators Paul Clark and David Whitehouse, of Duff and Phelps, were brought in by Rangers.

The move, one of the most dramatic in the club's 140-year history, triggered an automatic 10-point deduction by the Scottish Premier League.

The Glasgow-based club appointed Duff and Phelps after a petition was lodged by HMRC at the Court of Session in Edinburgh to have one appointed for them.

The Clydesdale Bank Premier League champions, who have fallen 14 points behind leaders Celtic as a result of the decision, are also awaiting the verdict of a tax tribunal which could cost them £75 million.

Duff and Phelps, which describes itself as a financial advisory and investment banking firm, said in a statement: "The appointment follows a petition for administration presented to the Court of Session in Edinburgh today by HMRC following the non-payment of circa £9 million PAYE and VAT following the takeover of the club in May 2011."

Paul Clark, partner at Duff and Phelps, said: "HMRC have been working closely with the club in recent months to achieve a solution to the club's difficulties. However, this has not been possible due to ongoing losses and increased tax liabilities that cannot be sustained.

"We are working together with management and its major creditors including HMRC to achieve a solution to the financial problems which will ensure the ongoing survival of the business, which is of paramount importance to all concerned."

The move initially raised questions over Rangers' next SPL game, against Kilmarnock at Ibrox on Saturday, as Strathclyde Police sought assurances they would be paid for policing the event. The force later confirmed talks had been held and the game was being planned as usual.

Amanda Knox is voted one of the world's sexiest women

Amanda Knox

Kim Kardashian shines at Cannes

Cannes

Mummy porn: Does it hit the spot?

Mummy porn

Horst Faas: Pics that changed history

Horst Faas

FHM's Sexiest Women 2012

Tulisa FHM's Sexiest Women 2012

NiteLife: The Roost, Granny's, Bert's

Had a big night out? Click here to send your pics

Old School Pics: Alex Higgins

Old School

To launch gallery click image or select school below

Methodist College, Campbell College, Grosvenor,
Bangor Grammar, Dunlambert, St Augustine's,
St Dominic's, Royal Academy, Ballymena Academy

In Pictures: Rio Carnival 2012

In Pictures: Rio Carnival 2012

Gallery: Awesome images of Titanic

Gallery: Awesome images of Titanic

In Pictures: The Oscars 2012

In Pictures: The Oscars 2012

In Pictures: Frank Carson's best jokes

In Pictures: Frank Carson's best jokes

In Pictures: Lingerie Super Bowl 2012

In Pictures: Lingerie Super Bowl 2012

The World's 10 Top Bikini Bodies

The World's 12 top Bikini Bodies

The World's 10 Sexiest Women

The World's 10 Sexiest Women

Reader Pics: Ulster Beauty Spots

beauty spot

Click here to launch Beauty Spots gallery

View one of our other popular Readers' Galleries

Winter Pictures One Summer's Day

Posters from the Troubles era

Posters from the Troubles era

The Troubles: Northern Ireland's First Minister and Deputy First Minister

You know you're from Belfast when . .

In Pictures: You know you're from Belfast when...

Belfast-isms: 'Yous should click here - it's class like'

Belfast Telegraph Quizzes

Exams

Just Born: Readers' Baby Pictures

Just Born: Readers' Baby Pictures

To send Us Your Baby snaps just Click here

Just Wed: Readers' Wedding Pictures

Just Born: Readers' Wedding Pictures

To send Us Your Wedding snaps just Click here

Latest Comments

Belfast Telegraph Home Delivery