Rangers administrators reveal potential buyers
Friday 17 February 2012
The administrators running Rangers admitted yesterday to "concerns" at the way the club has been run since Craig Whyte took over last May. Although employee wages have been taxed at source as normal in that time, no PAYE or VAT has been paid to Her Majesty's Revenue and Customs, and David Whitehouse, of Duff and Phelps, said this was "not common practice".
Whitehouse and his co-administrator, Paul Clark, are investigating the club's finances, but stressed that Rangers had been forced to appoint them because it was loss-making, and that £9m of unpaid taxes had been used to fund running costs.
Despite the financial problems, the two men have been contacted by a number of parties about the prospect of buying the club, despite Rangers facing a potential separate tax bill of around £50m. They also stressed that they believe that Rangers will not be forced out of business.
"We have had several expressions of interest and these will be examined," Clark said. "We are hopeful that a Company Voluntary Agreement can be achieved. In layman's terms, we believe it is possible to achieve a solution – subject to the agreement of creditors. We don't think that liquidation is likely."
The administrators addressed the playing staff yesterday morning, and although redundancies are "not inevitable", an employee review will take place. No decisions will be made until next week, but the manager, Ally McCoist, will be consulted on any changes to the playing squad.
Latest in Sport
Chelsea vs Tottenham combined XI: Hugo Lloris or Thibaut Courtois? Willian or Christian Eriksen? Who makes the final cut?
Chelsea vs Tottenham: Eden Hazard exclusive interview - All is rosy in the garden of Eden
Arsenal vs Monaco: Theo Walcott 'involved in spat' with fans after Champions League defeat
Carl Frampton vs Chris Avalos; Tyson Fury vs Christian Hammer; Dmitry Chudinov vs Chris Eubank Jr - boxing on TV this weekend
Robbie Savage avoids driving ban - because he would get 'accosted' too much if he had to use public transport
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 PornHub turns masturbation into energy in bid to save the planet
- 5 Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East