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King: Rangers teams did not reap benefits of tax scheme

By Staff Reporter

Published 13/11/2015

Rangers chairman Dave King
Rangers chairman Dave King

Dave King claims Rangers teams gained no advantage from the contentious tax schemes put in place during the first decade of the century - despite admitting some players would not have signed for the club under different financial arrangements.

The Rangers chairman, who was an Ibrox director during the period under scrutiny, argued that shareholders would still have funded expensive signings as he vowed to fight any attempts to strip the club of titles won in the 2000s.

The debate was reignited by Her Majesty's Revenue and Customs' appeal victory over Murray Group companies which used Employee Benefit Trusts, including the now liquidated oldco Rangers.

In a lengthy statement, King (pictured) said: "Irrespective of the final outcome of the tax appeal (which might take several more years) the football team had no advantage from any tax savings from the scheme put in place by the Murray Group. Throughout the period in question the shareholders were committed to providing funding to the club.

"The tax scheme may have reduced the need for shareholders to provide higher levels of funding so any advantage gained would have been to the company and its shareholders, not the team."

Belfast Telegraph

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