Rangers into administration

[TightEnd]

Rangers have filed court papers signalling their intention to go into administration.

STV can exclusively reveal the Ibrox club lodged the notice at the Court of Session in Edinburgh at lunchtime on Monday.

It is understood the papers are the first step in any formal administration process. They now have ten days in which to declare administrators have taken over the running of the Glasgow-based club.

This period allows the company to speak to creditors to see if they reach an agreement. If they enter administration the Scottish Premier League champions would automatically be docked ten points.

Rangers FC are currently awaiting the result of a £49m tax case with HM Revenue and Customs in relation to the club's use of an Employee Benefits Trust to pay players and staff. It is thought the decision to lodge court papers means the result of this tax case is likely to be known imminently.

The Court of Session confirmed to STV that papers signalling the intention to appoint administrators had been received from the club's solicitors acting on behalf of their directors.

[TightEnd]

thread posted with my eyes open

Back in the old days, it would have been an invitation for flaming etc on here as passions run high when it comes to Rangers and their rivals

Lets debate this sensibly. If not, I'll live and learn and delete the thread

[Eso Kral]

Betfair currently price SPL   1.07 Celtic and 12.0 Rangers!!

[henrik777]

I guess they want the 10 point penalty this year and not next.

Penalty is automatic upon entering administration. I wonder if the bookies have adjusted the price of Celtic to win the league which is now surely almost no price at all.

Sandy

[pleno1]

gtfo!!!!

[TheChipPrince]

Cliffs to background of Rangers debt problems?

Do Celtic & Rangers make money through TV in Scotland to cover wages etc?  (Are they above breakeven season by season excluding debt problems)

[outragous76]

well they wont go away thats for sure

But it pretty much  shows that scottish football is going to be on a par with latvian football from here on in

[henrik777]

http://www.celticquicknews.co.uk/?p=7781&utm_source=rss&utm_medium=rss&utm_campaign=celtic-interim-results-steady-despite-hard-times&utm_source=twitterfeed&utm_medium=twitter

Celtic interim results: steady despite hard times
 
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Despite entry into the group stages of the Europa League, Celtic’s income to the six months to 31 December 2011 increased by only £0.88m to £29.27m on the corresponding period the previous year, reflecting a fall in income from pre-season tours and a drop in merchandise sales of £454k.

Despite playing one more home game than during the last six months of 2010, income from football and stadium operations dropped £224k.

Operating expenses increased by £867k to £28.388m, reflecting inflationary pressures and the cost of Europa League participation while net bank debt dropped in the year by £2.0m to £7.05m.  The club made a profit before tax of £177k.

Considering this was a period of difficult economic times and came on the heels of a loss of the league title and poor results on the field until the last seven weeks of the year, these are solid financial results.  The club continues to live within its means while chipping away at legacy debt.  Failure to gain entry into the group stage of the Europa League would have put further downward pressure on income but, conversely, future participation in the Champions League would transform finances.

It is important that the club regains the SPL title which would give it an excellent chance of reaching the Champions League group stage, making it a more attractive pre-season tournament proposition while boosting merchandise sales.

Around this time of the year we normally benchmark Celtic’s financial results with those from Rangers. The Ibrox club failed to submit their accounts for the 12 months to 30 June 2011 by the required date, prompting the Plus Exchange to suspend trading in their shares, so there appears to be little chance Rangers will submit even their usual eight line interims.

Sandy

[Ironside]

if they can clear the debts in administration it will be huge boost to them, even with 10pts deducted they will still get 2nd spot and a qualifying spot for ECL
they wont be restricted in transfer market and will have funds to spend that would otherwise be going on debt repayment/intrest
rangers will be bigger than every after adminstration
but HMRC are invovled and might want rangers wond up this would be devasting to a large percentage of scotland
but could be great for scotish football to make it more competitive in the long run and get a decent  league structure in place

[outragous76]

Celtic really don't want rangers to disappear!

Outside of rivalries, if rangers disappear, the revenue in Scottish football would disappear and other big clubs (as we know them) too

[Boba Fett]

Not 100% sure but they have registered intent to go into administration but not actually went in yet. We are subject to a court case which could see us fined £50m+ for unpaid tax so I think the ruling is expected this week and if we lose we will insta go into admin

[Woodsey]

They should just liquidate the whole of Scottish footy and be done with it to put the whole country out of their misery 

[Ironside]

They should just liquidate the whole of ENGLANDSHIRE and be done with it to put the whole country out of their misery 

FYP

[Ironside]

They should just liquidate the whole of ENGLANDSHIRE and be done with it to put the whole country out of their misery

FYP

FMFYP

[henrik777]

They should just liquidate the whole of Scottish footy and be done with it to put the whole country out of their misery 

It won't be long before the premiership is rocked again

#simplythebust

Sandy