Claymores Posted May 21, 2012 Share Posted May 21, 2012 (edited) Nice article to keep us all smiling/sniggering in anticipation!!!!: Big tax case has been forgotten. It's about to return with interestRemember those straightforward, uncomplicated days when the Rangers story seemed to be all about "the big tax case"? HMRC had descended on Rangers like the hounds of hell, chasing them for tens of millions of taxes allegedly due for a decade of hosing money at players via Employee Benefit Trusts. It all seemed so black-and-white back then: Rangers win the case, everything hunky-dory; Rangers lose the case, they hurtle towards the abyss. It turned out that there wasn't any need to wait: they were in administration long before the verdict. The tailspin of deceit under Craig Whyte has been enough to bring Rangers to the brink of collapse and incredibly dilute the significance of what happens with the big tax case. Even yesterday, we had Dave King, the club's second largest shareholder, claiming he has a verbal agreement to buy Whyte's shares, as if that even matters. Yet, the sideshow has only diluted not removed the issue. Those who dismiss the eventual outcome as a comparative red herring overlook a significant point. Even if it is no longer central to determining how the club emerges from its financial chaos, a negative ruling would have an enormously damaging and scarring effect on an already beleaguered club. To recap: this slow, laborious, labyrinthine, complex and tediously dull investigation is close to a verdict. HMRC accused Rangers of massive tax underpayments on money given to employees between 2000/01 and 2009/10. Rangers appealed against the bill and the case has trundled on through First Tier Tax Tribunal hearings in October 2010, April, May and November 2011, and January this year. The disputed underpayment is around £24m but Rangers' liabilities could be far, far higher. "The total amount determined as due by HMRC in respect of this case is in the region of £75m, including interest and penalties," said administrators Duff & Phelps in their report to creditors on April 5. Or to put it another way, as former chairman Alastair Johnston did 14 months ago: "There's a 10,000lb gorilla in the room and you don't know what its appetite is." The tribunal will decide whether or not to uphold Rangers' appeal and, therefore, the extent of tax, interest and penalties to be paid. Speculation on the amounts, and on HMRC's willingness to "do deals" on the interest and penalties, varies. Once the decision is reached, a judge signs it and the outcome is released to the parties within five days (and to others within the next 10 days). According to HM Courts and Tribunals Service website, decisions "can typically be about one or two months after the last day of hearing". Not this time. The last evidence on Rangers was heard on January 18, so that's now four months and counting. When is it due? No-one knows. It's been coming "any day now" for weeks. The argument that the big tax case has lost much of its relevance centres on the point that Rangers can only pay what they can pay. If Charles Green's consortium has only £8.5m for the creditors' pot then the tax bill may as well be £1bn because HMRC would still only get its share of that £8.5m. Of course, the more HMRC is owed, the less of a pence-in-the-pound return it would get from a CVA or moving for a winding-up order on Rangers. Losing out on even more money could affect HMRC's attitude towards Rangers and towards accepting a CVA (supposing it has any inclination to do so in the first place). But the key point remains: Rangers under Green or anyone else can only pay what they can pay. Where the outcome of the big tax case remains hugely important to Rangers is in relation to the damage it could do to their tattered reputation. There is a whole arsenal of accusations ready to come their way years of financial doping and the floodgates will open if they lose the case. They are already being accused of it by rival fans but, so far, it has not been proven. Saying that others also used EBTs, or that he was advised that they were perfectly legal and commonplace, isn't going to sound like much of a defence for Sir David Murray if the case is lost. He took them down the EBT route and it has looked like a ruinous decision. Even if they win the appeal, the club has operated in the shadow of this case for two years and it scared off buyers. Right now Rangers' sins relate only to a year of Whyte's ownership, making signings and improved contract offers to help them finish high up the league with £9m which should have gone to the taxman. If it is extended to a decade of underpayments under Murray, while trophies landed at Ibrox, the stigma will be impossible to remove. Whyte has been flayed, but the coming days and weeks will determine how far the heat will be turned up on his predecessor. The SPL investigation continues into accusations of undisclosed payments to players on his watch, and Wednesday's Panorama documentary, "Rangers The Men Who Sold the Jerseys", could be excruciating for him. It claims to have seen dozens of emails, letters and documents which reveal much about Rangers, EBTs, and what happened when the club was passed from Murray to Whyte. The title alone suggests the Rangers drama is about to take another twist. http://www.heraldsco...terest.17641473 Edited May 21, 2012 by Claymores -1 Quote Link to comment Share on other sites More sharing options...
stonedsailor Posted May 21, 2012 Share Posted May 21, 2012 An actual real life bona fide billionaire considered buying Rankgers but walked away. Amazing how many real businessmen decided that they were just not worth it. 0 Quote Link to comment Share on other sites More sharing options...
Kyle Posted May 21, 2012 Share Posted May 21, 2012 An actual real life bona fide billionaire considered buying Rankgers but walked away. Amazing how many real businessmen decided that they were just not worth it. I think that tells anyone all they need to know. Someone with that amount of money looking, and then backing out, just shows how awful the situation is at Ibrox (as if we actually needed the confirmation). 1st of June is creeping ever closer. Also, with the above and with the CVA date confirmed as being the 6th of June, does anyone else think the tax verdict may well be before then? 0 Quote Link to comment Share on other sites More sharing options...
chico Posted May 21, 2012 Share Posted May 21, 2012 An actual real life bona fide billionaire considered buying Rankgers but walked away. Amazing how many real businessmen decided that they were just not worth it. another day another headline for him Would have been apt, didn't he go into 'administration' a few years ago himself? 0 Quote Link to comment Share on other sites More sharing options...
Paramour Posted May 21, 2012 Share Posted May 21, 2012 1337587996[/url]' post='6257954']I think that tells anyone all they need to know. Someone with that amount of money looking, and then backing out, just shows how awful the situation is at Ibrox (as if we actually needed the confirmation). Would have thought Rangers would have suited The Donald well. After all, his business acumen has essentially involved turning a $200m inheritance into a $4.9bn debt. That folk reckon he is some sort of financial genius is absolutely startling. 0 Quote Link to comment Share on other sites More sharing options...
Araminta Moonbeam QC Posted May 21, 2012 Share Posted May 21, 2012 Looks like a big hint in the Herald article that the BTC verdict is incoming. What with the SPL board meeting today, Mark Daly on Weds, it's shaping up to be a whole week of Bun fraud fun. 0 Quote Link to comment Share on other sites More sharing options...
WaffenThinMint Posted May 21, 2012 Share Posted May 21, 2012 (From today's Herald) The disputed underpayment is around £24m but Rangers' liabilities could be far, far higher. "The total amount determined as due by HMRC in respect of this case is in the region of £75m, including interest and penalties," said administrators Duff & Phelps in their report to creditors on April 5. Or to put it another way, as former chairman Alastair Johnston did 14 months ago: "There's a 10,000lb gorilla in the room and you don't know what its appetite is." 0 Quote Link to comment Share on other sites More sharing options...
Gaz FFC Posted May 21, 2012 Share Posted May 21, 2012 Rangers fan I work with is in good form today and its Hibs who are on the receiver. 1st up out the blue Rod Petrie got it before he said "that's him who goes on about integrity, tit" 2 weeks ago this guy didn't know who Rod Petrie was. Then he said that will be the Hibs fans back into hibernation. I just had a massive irony alert moment with that 1. We played Rangers in the 09 final and their were a couple of thousand empty Rangers end seats. Given they had around 10,000 less than a home league game you have to question if Rangers fans are bored of winning stuff. 0 Quote Link to comment Share on other sites More sharing options...
HanoMaSano Posted May 21, 2012 Share Posted May 21, 2012 Nah pleased that Scottish football fans aren't buying the media's line that we need them. Whether Celtic are loved or loathed on here makes no difference to me. So, what you're saying is noone likes you, you don't care. Interesting... 0 Quote Link to comment Share on other sites More sharing options...
Montague Withnail Posted May 21, 2012 Share Posted May 21, 2012 (edited) ""bob mckay, glasgowCollapse"Och, can we not all move on? For the good of scottish football its time for closure and a new chapter in realism in football finance. " Eh? It's a bit late for that, sunshine. Edited May 21, 2012 by Montague Withnail 0 Quote Link to comment Share on other sites More sharing options...
No8. Posted May 21, 2012 Share Posted May 21, 2012 (edited) We played Rangers in the 09 final and their were a couple of thousand empty Rangers end seats. Given they had around 10,000 less than a home league game you have to question if Rangers fans are bored of winning stuff. Unbelievable. Rangers sold out their whole allocation for that game...Not only that but Falkirk returned thousands of tickets and i know this for a fact as i missed out on a Ticket out of our original allocation but managed to get 1 for what was supposed to be the Falkirk section at the corner between the Falkirk end and the North stand So not only did we sell all our section but half of yours. Edited May 21, 2012 by No8. -4 Quote Link to comment Share on other sites More sharing options...
ffcsam Posted May 21, 2012 Share Posted May 21, 2012 Unbelievable. Rangers sold out their whole allocation for that game...Not only that but Falkirk returned thousands of tickets and i know this for a fact as i missed out on a Ticket out of our original allocation but managed to get 1 for what was supposed to be the Falkirk section at the corner between the Falkirk end and the North stand So not only did we sell all our section but half of yours. I have to partly agree with you here, We took far more to Ibrox in 97. But to say you took half of our allocation, nah. 0 Quote Link to comment Share on other sites More sharing options...
HanoMaSano Posted May 21, 2012 Share Posted May 21, 2012 The rivalry between the Auld Firm ain't just about sectarianism it's just plain all out RIVALRY being our closest neighbours most times. Distances from Celtic Park: Shawfield - 1.6m Cathkin Park - 3.3m Hampden - 3.6m Firhill - 4.3m Ibrox - 4.6m I'm not sure in what world that Rangers were ever your "closest neighbours". Seems fairly obvious that if how close they are had anything to do with your rivalry that Celtic's biggest rivals should always have been Clyde. Or perhaps Third Lanark or Queens Park? Even Thistle should have been considered before Rangers. Is it possibly less to do with distance and more to do with the fact that Rangers were the only club willing to take the opposite side of some archaic, poisonous divide? That they were willing to get in bed with Celtic to exploit sectarian bigotry in the city which should have died out years ago? 0 Quote Link to comment Share on other sites More sharing options...
No8. Posted May 21, 2012 Share Posted May 21, 2012 I have to partly agree with you here, We took far more to Ibrox in 97. But to say you took half of our allocation, nah. OK it wasn't half but Gaz started it... It is all down to Cup Finals being a 50/50 split and what the SFA do is sell each end in sections..If 1 team can't sell out their allocation the remainder is given to the other team to sell. It makes the cup final crowd split much fairer and gives everyone a chance to get a ticket. 0 Quote Link to comment Share on other sites More sharing options...
DanElderRRFC Posted May 21, 2012 Share Posted May 21, 2012 Alasdair Lamont of the BBC on Twitter: "Expect an update from SPL on Rangers this afternoon. No detail yet as to what that will be, but it'll be here http://bbc.in/zAIp4d" 0 Quote Link to comment Share on other sites More sharing options...
Phantom Bud Posted May 21, 2012 Share Posted May 21, 2012 From STV website this morning: The financial adviser behind the takeover of Rangers by a consortium led by Charles Green has been named. Imran Ahmad, who recently moved to English investment banking operation Zeus Capital, is advising on the financial structure of the deal for the Ibrox club by the Sevco group. The broker previously founded the London firm Allenby Capital Limited in 2009. It has been listed as an adviser and broker in several announcements by Singapore-based mining investment firm Nova Resources limited, of which Mr Green was chairman up until last Thursday when he resigned to "pursue other business interests". One member of the Rangers takeover consortium, Malaysian hotelier Jude Allen, also known as Javed Abdullah, confirmed to STV News that Mr Ahmad was the "financial adviser" to the group. On Friday Mr Ahmad attended Hampden alongside Mr Green, Rangers head of football administration Andrew Dickson and former player Sandy Jardine for meetings with the Scottish FA and Scottish Premier League representatives in relation to the takeover. In an interview with the Growth Business website in 2011, it was reported that Mr Ahmad started Allenby Capital with £200,000 and that he was "a fan of cricket and fast cars, though not necessarily in that order". He joined Zeus Capital in April of this year where he is listed as managing director on the firm’s website. In 2009, Zeus advised Formation Group in its sale of Proactive Sports Management, the sports agency business Mr Green was chairman of, to Gresham Private Equity for £22m. Mr Green said on Friday that Mr Allen, who is a partner in Kuala Lumpar-based Lumira Hotels Group, and Middle Eastern lawyer Mazen Houssami, were two of the 20 individuals and families behind the bid to take over the Ibrox club. Catering contract The deal consists of £8.5m put forward to cover the costs of extensive fees owed to administrators Duff and Phelps first, before the remainder goes towards paying off secured creditors including Close Leasing, which struck a deal with current owner Craig Whyte for future catering income in exchange for new kitchen equipment and big screens at Ibrox worth an initial £1.6m. Mr Whyte’s position as floating charge holder over the club could also result in him staking a claim to part of the money as a secured creditor, although Mr Green claims the owner has already agreed to sell his 85% stake in Rangers for £2. The remaining cash left will be used to fund a company voluntary arrangement (CVA) offer of pence in the pound that Duff and Phelps aim to send out to all unsecured creditors, worth up to £134m, on Monday. The insolvency firm then hopes to hold a creditors meeting on the proposals on June 6, where a vote will be held on the CVA. Following this date, there is a 28-day period in which the vote - either for or against the CVA - can be challenged by those owed money. If the CVA fails, then the most likely route out of administration for the consortium would be an asset sale followed by the liquidation of Rangers FC plc, incorporated in 1899, which is known as a "newco" switch. This involves selling Ibrox, Murray Park, the playing squad and trademarks to a new business entity, before dissolving the old one with all of the club’s toxic debts. Mr Green is listed at Companies House as a director of Sevco 5088 Limited, which was incorporated at the end of March and could be the newco Rangers lying in wait should a CVA fail. Administrators have previously stated that they had entered into a "binding contract" with Mr Green for the club, which could be completed at the creditors meeting on June 6. 0 Quote Link to comment Share on other sites More sharing options...
7-2 Posted May 21, 2012 Share Posted May 21, 2012 An actual real life bona fide billionaire considered buying Rankgers but walked away. Amazing how many real businessmen decided that they were just not worth it. Sorry, but that is made up nonsense. A source close to Trump told the Press and Journal: "We looked seriously and walked away.'' The famous 'source close to' intro immediately suggests it's made up, closely followed by the oh so convenient walking away reference George Sorial, Trump Organisation's executive vice-president, said the American was keen to strengthen his links in Scotland. He said: "We are committed to Scotland and will always be evaluating opportunities to support our business and the interests of Scotland." Sorial must have said this as it's a direct quote but it's been added immediately below the made up bit to make it look like he was the source supposedly quoted above. If he had actually said that Trump had seriously looked at Rangers he would have been named earlier and the initial quote credited to him instead of a source. Sorials quote is a general statement with no date/time given so there is no contect for it at all. It's a bit of succulent lamb, red top journalism from the P&J I'm afraid. 0 Quote Link to comment Share on other sites More sharing options...
Gaz FFC Posted May 21, 2012 Share Posted May 21, 2012 Unbelievable. Rangers sold out their whole allocation for that game...Not only that but Falkirk returned thousands of tickets and i know this for a fact as i missed out on a Ticket out of our original allocation but managed to get 1 for what was supposed to be the Falkirk section at the corner between the Falkirk end and the North stand So not only did we sell all our section but half of yours. We handed back less than 2000. In 09 we were an SPL team with an average home support of barely 4000 and had around 12,000 at the game, Rangers have a home support around 45,000 and had around 35,000 at the game. 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted May 21, 2012 Share Posted May 21, 2012 From STV website this morning: The financial adviser behind the takeover of Rangers by a consortium led by Charles Green has been named. Imran Ahmad, who recently moved to English investment banking operation Zeus Capital, is advising on the financial structure of the deal for the Ibrox club by the Sevco group. The broker previously founded the London firm Allenby Capital Limited in 2009. It has been listed as an adviser and broker in several announcements by Singapore-based mining investment firm Nova Resources limited, of which Mr Green was chairman up until last Thursday when he resigned to "pursue other business interests". One member of the Rangers takeover consortium, Malaysian hotelier Jude Allen, also known as Javed Abdullah, confirmed to STV News that Mr Ahmad was the "financial adviser" to the group. On Friday Mr Ahmad attended Hampden alongside Mr Green, Rangers head of football administration Andrew Dickson and former player Sandy Jardine for meetings with the Scottish FA and Scottish Premier League representatives in relation to the takeover. In an interview with the Growth Business website in 2011, it was reported that Mr Ahmad started Allenby Capital with £200,000 and that he was "a fan of cricket and fast cars, though not necessarily in that order". He joined Zeus Capital in April of this year where he is listed as managing director on the firm’s website. In 2009, Zeus advised Formation Group in its sale of Proactive Sports Management, the sports agency business Mr Green was chairman of, to Gresham Private Equity for £22m. Mr Green said on Friday that Mr Allen, who is a partner in Kuala Lumpar-based Lumira Hotels Group, and Middle Eastern lawyer Mazen Houssami, were two of the 20 individuals and families behind the bid to take over the Ibrox club. Catering contract The deal consists of £8.5m put forward to cover the costs of extensive fees owed to administrators Duff and Phelps first, before the remainder goes towards paying off secured creditors including Close Leasing, which struck a deal with current owner Craig Whyte for future catering income in exchange for new kitchen equipment and big screens at Ibrox worth an initial £1.6m. Mr Whyte’s position as floating charge holder over the club could also result in him staking a claim to part of the money as a secured creditor, although Mr Green claims the owner has already agreed to sell his 85% stake in Rangers for £2. The remaining cash left will be used to fund a company voluntary arrangement (CVA) offer of pence in the pound that Duff and Phelps aim to send out to all unsecured creditors, worth up to £134m, on Monday. In other words, £8.5m is going to turn into practically nothing, once it gets down to being split up for Ticketus, HMRC and all the other creditors. 0 Quote Link to comment Share on other sites More sharing options...
MEADOWXI Posted May 21, 2012 Share Posted May 21, 2012 (edited) In other words, £8.5m is going to turn into practically nothing, once it gets down to being split up for Ticketus, HMRC and all the other creditors. It wil be practically nothing before that, read the 2nd last paragraph. Haudit & Daudit take 100% of what they are owed from the £8.5M first, then it gets divided between the creditors, if the hit more than 3p in the pound I will be surprised. Edited May 21, 2012 by MEADOWXI 0 Quote Link to comment Share on other sites More sharing options...
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