Belfast Telegraph

Saturday 25 October 2014

We'll tackle taxman, vow Rangers

Rangers owner Craig Whyte insists he is doing everything in his power to prevent the club from going into administration.

The Scottish champions are involved in two separate disputes with HM Revenue and Customs, relating to payments made before Whyte took over Sir David Murray's shareholding in May.

The larger of those cases could leave Rangers facing an estimated tax bill of £49m.

Whyte has always maintained he is confident of winning the case but did address the issue of administration in an interview with STV.

He said: "It's certainly not something that we want to see happen and we are actively doing all we can to avoid it."

He ruled out the possibility of Rangers going under, adding: "There is no chance of Rangers going out of business, no chance whatsoever."

If Rangers do succeed with the dispute, Whyte has vowed to write off the club's £18m debt, which is currently on the books of his holding company.

He said: "It's not going to be converted to equity which would dilute the other shareholders of Rangers.

"We've got 26,000 shareholders who are very important to us, they are all fans of the club, and I want to make sure they are not diluted in any way.

"The debt is effectively going to be written off. I own a fantastic asset and a business that, once it has been restructured, I think is going to be very valuable."

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