Rangers to enter administration

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I feel sorry for Rangers, but lets be honest here if the fans never demanded the big names like Dick Advocate, Flo, Klos, Gio,Numan and their is probably a lot more, they would not be in this state, Sorry Rangers fans you brought it on your self!!
 
You feel sorry for Rangers !!!, look at all these tainted title they've won with players they couldn't afford, the only people you should feel sorry for is Celtic , we've balanced the books despite losing the league but look at the millions of champions league money we've been denied by Rangers cheating , hopefully the sfa will make them null and void tomorrow morning , away for some jelly and ice cream
 
harryhood67 said:
You feel sorry for Rangers !!!, look at all these tainted title they've won with players they couldn't afford, the only people you should feel sorry for is Celtic , we've balanced the books despite losing the league but look at the millions of champions league money we've been denied by Rangers cheating , hopefully the sfa will make them null and void tomorrow morning , away for some jelly and ice cream
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I take it if Celtic win the league this year it will be tainted?
 
How would it be tainted Celtic run a tight ship and abide with the rules Rangers havn't , least we are back to saying we're the only team to do 9 in a row , Celtic was legal , Rangers illegal , good riddance to your disgusting football club , you blame the media now for telling the truth It was the media playing on Murray lies for 20 years that got you in this hole , I hope you never get out of it
 
Going to be interesting to see how worse SPL/ Scottish football becomes if Rangers go under.

Celtic winning everything, even less people will be interested in Scottish football, less money, big dip in Euro Coefficients, less teams able to qualify for Europe, Celtic getting knocked out of CL qualifiers time and time again.

Yep SPL football looks nice and rosy without Rangers <laugh>

Rangers get what they deserve if they go under mind, shame it's not Celtic.
 
Why would champions league football interest a Newcastle fan ??? A club that hasn't won a trophy for over 40 years , you still play Loverkrands who was washed up 5 years ago in Scottish football. It shows how poor the epl this year if your in the top 6
 
Jonnyaiston said:
Going to be interesting to see how worse SPL/ Scottish football becomes if Rangers go under.

Celtic winning everything, even less people will be interested in Scottish football, less money, big dip in Euro Coefficients, less teams able to qualify for Europe, Celtic getting knocked out of CL qualifiers time and time again.

Yep SPL football looks nice and rosy without Rangers <laugh>

Rangers get what they deserve if they go under mind, shame it's not Celtic.
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What are you talking about? Don't you realise that Celtic will actually flourish if Rangers cease to exist <doh>

There is a reason why sponsors insist on both teams being part of a deal <ok>
 
Craig Whyte statement:

The Club announces today it has served notice of Intention to the Court of Session to appoint administrators.

Since I took over the majority shareholding of the Club in May last year, it was clear to me the Club was facing massive financial challenges both in terms of its ongoing financial structure and performance and the potential consequences of the HMRC first tier tax tribunal.

I have taken the decision that the most practical way to safeguard the long term future of the Club is to go through a formal restructuring process. It may still be possible to avert this but that is not the most likely way forward.

What is of paramount importance is the long-term security, survival and prosperity of this great football club. That is the job I knew I was taking on when I became majority shareholder in the Club and it is in the best interests of Rangers that it is completed before the end of this season.

It has meant turbulent times. We have gone from a Club mired in excess of £20 million bank debt to a club which is trying to stand on its own feet, earning more than it spends.

From my early days as chairman I saw that administration was a very real option to enable the Club to address these challenges and make a fresh start. Frankly, the case for administration in pure financial terms was compelling but I was acutely aware that such a great institution as Rangers could not be viewed exclusively in financial and business terms.

The fact is that Rangers ongoing financial position and the HMRC first tier tribunal are inextricably linked. As I have said before, Rangers costs approximately £45 million per year to operate and commands around £35 million in revenue. From the outset I have made it clear that I do not think it is in the best interests of Rangers to throw good money after bad. Against a backdrop of falling revenues, costs have to be cut significantly. Painful as though that may be, it is the future of clubs such as ours.

There is no realistic or practical alternative to our approach because HMRC has made it plain to the Club that should we be successful in the forthcoming tax tribunal decision they will appeal the decision. This would leave the Club facing years of uncertainty and also having to pay immediately a range of liabilities to HMRC which will be due whatever the overall result of the tax tribunal. In blunt terms, if we waited until the outcome of the tax tribunal, the risk of Rangers being faced with an unacceptable financial burden and years of uncertainty is too great.

We should not forget the tribunal relates to a claim by HMRC for unpaid taxes over a period of several years dating back to 2001 which, if decided in favour of HMRC, the Club would be unable to pay.

If HMRC were to agree, even at this late stage, a manageable agreement with the Club, then a formal insolvency procedure could yet be averted. It goes without saying that would be our preferred outcome.

If not, further investment in the Club would be impossible as the threat of winding up by HMRC cannot be removed. The Rangers FC Group, the majority shareholder in the Club, is prepared to provide further funding for the Club on the basis the funding is ring-fenced from the legacy HMRC issue.

The club has engaged Duff and Phelps, a specialist restructuring practice, to assist in finding a solution to the present position. As a result of that advice, it has been decided to seek the protection of a moratorium from HMRC action whilst a Company Voluntary Arrangement (CVA) proposal is made to creditors.

This, if approved by creditors within a month, would minimise any points deduction and allow the club to participate in European football. In short, if the Club proceeds into administration then it will have to emerge from that process, with the agreement of creditors, within a month or so in order to be able to play in Europe next season.

An administration process will, regrettably, lead to a cost-cutting programme and the potential loss of jobs across the business. It gives no one any pleasure to consider that possibility, but it is one that is facing businesses in any walk of life.

There will, no doubt, be people - some of them who presided over the Club in past years - who will contend that the steps we are announcing today are unnecessary. All I would say to these people is that if they want to step up to the plate and invest money in Rangers to avoid a restructuring of the business, then I would be most willing to talk to them. In the past unfortunately, there were people who not only failed to prevent Rangers being engulfed by our current problems but chose not to invest their money to help put it right.

As I said recently, these are tough times but I can reassure Rangers supporters that the Club will continue and can emerge as a stronger and financially fitter organisation that will compete at the levels of competition our fans have come to expect.

As chairman of the Club, every action I take will be in the interests of Rangers and there are many people working at the Club who are dedicated to making Rangers a success.

I would like to thank supporters for their great commitment to Rangers. This great football club can recover from the situation in which it now finds itself and be the force in football that the fans deserve.
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harryhood67 said:
Why would champions league football interest a Newcastle fan ??? A club that hasn't won a trophy for over 40 years , you still play Loverkrands who was washed up 5 years ago in Scottish football. It shows how poor the epl this year if your in the top 6
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Why wouldn't it, there is a slim possibility of getting it this year. Celtic/Rangers have it incredibly easy qualifying for the CL qualifying stages almost every year, and still **** it up more often then not when there. 2013&#8211;14 only one Scottish team will get a CL spot. Looks bad for SPL when they are worse then the top leagues in: Romania, Belgium, Denmark, Cyprus.

Lovenkrands has played 8 game this season and only started 2, in all competitions. Not exactly a first team player.
 
Magic Laudrup 11 said:
There is a reason why sponsors insist on both teams being part of a deal <ok>
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The reason a company sponsors both Celtic and Rangers is so both set of supporters continue buying their product...

If Tennents sponsored only one of the "old firm" then there would be a number of rival supporters that would boycott it!!
 
Wow, such hatred for RFC, who woulda thought?

The SPL is all yours now timmy. No competition for ye's in a one horse race. Enjoy. <ok>
 
Pud said:
The reason a company sponsors both Celtic and Rangers is so both set of supporters continue buying their product...

If Tennents sponsored only one of the "old firm" then there would be a number of rival supporters that would boycott it!!
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<McEwansMuir>'
 
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