After protracted takeover negotiations, the club was bought by Scottish businessman Craig Whyte on 6 May 2011 for £1.The reason for such a small fee was because of Rangers' outstanding debt of around £22 million, of which £18million was subsequently cleared, owed to the clubs bankers Lloyds as well as several debt cases which, if successfully prosecuted, could total over £55 million. It is possible that Rangers will be made insolvent if they lose the biggest debt case against Her Majesty's Revenue and Customs, which is for £49 million. On 13 February 2012 Rangers filed legal papers at the Court of Session giving notice of their intention to appoint administrators. The following day HMRC made a bid to be allowed to appoint the administrators, but this was unsuccessful, and they withdrew the petition.Rangers officially entered administration on 14 February 2012, after appointing London-based financial advisers Duff and Phelps as administrators. The administrators estimated that total debts, as of 6th April 2012, could be as much as £134m.
Our debt came about due to the Glazers taking out loans to buy the club. It has nothing to do with spending on players, you donut.
Listen John Smith, our club is valued at over 1 billion pounds, the owners recently turned down an offer for over that. I think even the scottish and scouse people on here understand that a sale of our club makes huge profits after any debt is cleared
You are, you are a celtic fan are they not celtic rangers>? Hard to tell which is which in your league, it's a bit ****e isnt it. All I know is that the biggest club in scotland is not yours
Epic fail. They were put into administration for missing payments, but that doesn't affect their total debt. You can be put into administration for missing a payment of £1 or £1 billion, it has no impact on the total level that the club owed. Next attempt at a comeback please
No fail. They were put into debt by HMRC under Craig Whyte for not paying £9m in tax and VAT. The Big Tax Case hasn't even been announced yet so how can anyone know what the total debt is? It's just a guesstimate.
