What will you do if new Rangers are allowed straight into SPL?  

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Just seen Gazza outside Ibrox. He was carrying a fishing rod, 6 cans of lager and a fish supper....it must be serious right enough!!

He'd probably get a game! Not possible to be worse than that "Mervan"

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Fair play to the BBC for exposing that ugly wee *** bassa, first time in my life I'm no moaning at having to pay my TV licence. You should check out the bitter and twisted **** on the Rangers Media forum, some think the tax case is a Papal plot to finish them off !

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The BBC have reported the "possibility" that Craig Whyte committed perjury in a December 2011 court case between one of his companies and a roofing company [ the pursuer ]

Oh dear oh dear oh dear. Proves how screwed up the legal and justice systems are in this country if guys like Whyte aren't behind bars. Conversely he lives in a castle. Sickening state of affairs.

He'll walk away from rangers with his pockets bulging with cash, without a care.

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Oh dear oh dear oh dear. Proves how screwed up the legal and justice systems are in this country if guys like Whyte aren't behind bars. Conversely he lives in a castle. Sickening state of affairs.

He'll walk away from rangers with his pockets bulging with cash, without a care.

Yes he will but this has been on the main radio news on a few stations. This isn't some small story.

He could go to prison for this. He may have bulging pockets but will need that cash to not become someone's bitch in jail.

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I've been following this for the last 6 months via rangerstaxcase.com, which, up until recently when the mainstream press finally got interested in the story was purely business based, and reporting hard facts: So far they have:

- There are 2 tax cases. One has been appealed (the small tax case) at around 2.5million. HMRC currently have a 'hold' on the cash. There is a 2nd tax case (the big case) where the tribunal just finished a few weeks ago. A decision is expected within a month or so. HMRC are claiming 35million in back taxes, along with circa 14 million in penalties. All in all, thats just over 50million owed to HMRC.

- Most experts agree the tribunal will find against Rangers and the tax will become due and payable immediately (regardless of whether they appeal or not)

- at this point Rangers would be insolvent.

- Whyte holds a floating charge over Rangers assets. Therefore, if he puts the company into administration, he gets first dibs on any assets (Stadium, training ground etc)

- For the club to come out of administration it needs to secure a CVA (Creditors voluntary agreement) to pay a % of its debts.

- Its debts are currently to 1) Whyte - circa 25m that was used to pay off Lloyds TSB at the takeover and 2) circa 50m to HMRC.

- 75% of the creditors must agree. As you can see, HMRC would have to agree to take less money. They don't do this. They would wind up the business instead. If Whyte agreed to a CVA he would be signing away money that he would get back from the floating charge anyway, so why would he do that?

- on top of this, Whyte has mortgaged 4 years worth of season tickets and 2 years worth of catering receipts at Ibrox (The Ticketus deal, which Daily Record reported last week). So even if rangers came out of administration, they would have next to no cash flow for 4 years.

- If Whyte put the company into liquidation he would walk away with his floating charge back. (eg, 25 million better off). The company would be dissolved and Rangers would cease to exist.

- If a 'new rangers' was allowed to stay in the SPL, then the HMRC would go after the new company for the back taxes, as it would essentially be the same company. (there is case law to support this) They would therefore still be 50m in debt.

- If Rangers went into admin today, due to their debts to Whyte's companies, the tax bill would become due straight away and it would be upto an administrator to take HMRC to court if they didnt agree with it. Meanwhile, the company would need to fund its running expenses which would be next to impossible without fresh income.

- The only way for Rangers to survive after Admin would be for the tax case to be won, AND for Whyte to accept a CVA on their behalf.

Rangers are well and truly up the creek without a paddle.

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well, as of right now, it would cost them around 75m to clear the debts.

Whyte would have no interest in selling, as he has security over Ibrox, and the taxman will want his money immediately.

75m is a LOT of money just to throw away to save a club. It would make far more sense to wait until they went under, do an Airdrie Utd and buy a smaller club in say the 1st division (aka Clydebank), and lease back (or buy off Whyte for 25million) Ibrox under a new name - Say Rangers 2012. They'd be back in the Premier League within 1 year and back fighting with Celtic shortly thereafter. It would also cost a hell of a lot less than paying off the debts they currently have.

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well, as of right now, it would cost them around 75m to clear the debts.

Whyte would have no interest in selling, as he has security over Ibrox, and the taxman will want his money immediately.

75m is a LOT of money just to throw away to save a club. It would make far more sense to wait until they went under, do an Airdrie Utd and buy a smaller club in say the 1st division (aka Clydebank), and lease back (or buy off Whyte for 25million) Ibrox under a new name - Say Rangers 2012. They'd be back in the Premier League within 1 year and back fighting with Celtic shortly thereafter. It would also cost a hell of a lot less than paying off the debts they currently have.

You are assuming the information you have off a website is correct. But then again if it is on an internet it must be true.

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I've been following this for the last 6 months via rangerstaxcase.com, which, up until recently when the mainstream press finally got interested in the story was purely business based, and reporting hard facts: So far they have:

- There are 2 tax cases. One has been appealed (the small tax case) at around 2.5million. HMRC currently have a 'hold' on the cash. There is a 2nd tax case (the big case) where the tribunal just finished a few weeks ago. A decision is expected within a month or so. HMRC are claiming 35million in back taxes, along with circa 14 million in penalties. All in all, thats just over 50million owed to HMRC.

- Most experts agree the tribunal will find against Rangers and the tax will become due and payable immediately (regardless of whether they appeal or not)

- at this point Rangers would be insolvent.

- Whyte holds a floating charge over Rangers assets. Therefore, if he puts the company into administration, he gets first dibs on any assets (Stadium, training ground etc)

- For the club to come out of administration it needs to secure a CVA (Creditors voluntary agreement) to pay a % of its debts.

- Its debts are currently to 1) Whyte - circa 25m that was used to pay off Lloyds TSB at the takeover and 2) circa 50m to HMRC.

- 75% of the creditors must agree. As you can see, HMRC would have to agree to take less money. They don't do this. They would wind up the business instead. If Whyte agreed to a CVA he would be signing away money that he would get back from the floating charge anyway, so why would he do that?

- on top of this, Whyte has mortgaged 4 years worth of season tickets and 2 years worth of catering receipts at Ibrox (The Ticketus deal, which Daily Record reported last week). So even if rangers came out of administration, they would have next to no cash flow for 4 years.

- If Whyte put the company into liquidation he would walk away with his floating charge back. (eg, 25 million better off). The company would be dissolved and Rangers would cease to exist.

- If a 'new rangers' was allowed to stay in the SPL, then the HMRC would go after the new company for the back taxes, as it would essentially be the same company. (there is case law to support this) They would therefore still be 50m in debt.

- If Rangers went into admin today, due to their debts to Whyte's companies, the tax bill would become due straight away and it would be upto an administrator to take HMRC to court if they didnt agree with it. Meanwhile, the company would need to fund its running expenses which would be next to impossible without fresh income.

- The only way for Rangers to survive after Admin would be for the tax case to be won, AND for Whyte to accept a CVA on their behalf.

Rangers are well and truly up the creek without a paddle.

If there was a " Really phucking like this " button om WAP, I would be pressing it now..:D

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