Glasgow Rangers - The End

[Day]

[size=1][size=4]The collapse of Rangers' attempt to exit administration via a company voluntary arrangement means the club will re-form as a "newco".[/size][/size]

[size=1][size=4]Prospective owner Charles Green will buy the club's assets for £5.5m now that Her Majesty's Revenue and Customs have rejected his group's CVA proposal.[/size][/size]

[size=1][size=4]"The club will continue to operate as it has always done but in a new company structure," said the administrators.[/size][/size]

[size=1][size=4]Rangers will now discuss their future with Scotland's footballing bodies.[/size][/size]

[size=1][size=4]"We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL," said Green, who will approach the Scottish Football Association and the Scottish Premier League.[/size][/size]

[size=1][size=4]All SPL clubs excluding Rangers will vote on whether a newco Rangers should be admitted to Scottish football's top tier.[/size][/size]

[size=1][size=4]In recent weeks clubs have expressed the dilemma they face: Rangers' presence in the SPL brings revenue through the turnstiles and from broadcast deals, but many fans have said they will not return if "sporting integrity" is not seen to be upheld.[/size][/size]

[size=1][size=4]These supporters have been in contact with their clubs to demand that they vote against Rangers playing in the SPL next season. Their preference is for Rangers to apply to join the Scottish Football League and to start again in the Third Division.[/size][/size]

[size=1][size=4]HMRC said that the sale of the club "is not being undermined, it simply takes a different route".[/size][/size]

[size=1][size=4]In a statement it said: "Liquidation will enable a sale of the football assets to be made to a new company, thereby ensuring that football will continue at Ibrox.[/size][/size]

[size=1][size=4]"It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA. Rangers can make a fresh start."[/size][/size]

[size=1][size=4]Green's consortium had hoped to have its CVA - offering nine pence in the pound at best - approved by creditors when they meet at Ibrox on Thursday so that the club could exit administration in mid-July.[/size][/size]

[size=1][size=4]But Green needed major creditors HMRC and Ticketus to vote in favour to avoid the assets being sold off.[/size][/size]

[size=1][size=4]"The solemn promise I can make to Rangers fans today is that this club will continue as Rangers Football Club and will continue to play at Ibrox Stadium," said Yorkshireman Green.[/size][/size]

[size=1][size=4]"I am hugely disappointed by the decision of HMRC not to support the CVA proposal and that disappointment will be felt acutely by Rangers fans across the world.[/size][/size]

[size=1][size=4]"Frankly, I do not see what benefit will be achieved by this decision. My consortium's offer for a CVA amounted to a total of £8.5m.[/size][/size]

[size=1][size=4]"Now that we will have to complete the purchase via the formation of a newco, the purchase price and therefore the amount available to creditors will be £5.5m.[/size][/size]

[size=1][size=4]"I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years all that will happen is that there will be less revenue generated by the club and consequently less money paid over to the taxman."[/size][/size]

[size=1][size=4]Rangers entered administration on 14 February and await the outcome of a First Tier Tax tribunal at the Court of Session in Edinburgh over unpaid taxes - the so-called "Big Tax Case".[/size][/size]

[size=1][size=4]If that decision goes against the club, it would mean a further bill of anything from £35m to £70m, thereby reducing the pence-in-the-pound deal in a CVA to close to zero.[/size][/size]

[size=1][size=4]The club's total debts to unsecured creditors listed in the CVA was £55m, with HMRC accounting for £21.5m of that sum.[/size][/size]

[size=1][size=4]BBC Scotland has learned that administrators Duff & Phelps held a meeting with HMRC on Monday and were told of their decision.[/size][/size]

[size=1][size=4]Duff & Phelps say HMRC's decision was based on "its general policy of not agreeing to a CVA where there is strong evidence of non-compliance by a company with its tax liabilities".[/size][/size]

[size=1][size=4]They said HMRC had agreed to consider the CVA proposal along with all other options but decided that the club's level of indebtedness made it unacceptable.[/size][/size]

[size=1][size=4]The administrators say HMRC would also have rejected the other offers for the club that proposed a CVA.[/size][/size]

[size=1][size=4]Administrator Paul Clark added: "HMRC has taken the view that the public interest will be better served with the liquidation of The Rangers Football Club plc as a corporate entity."[/size][/size]

[size=1][size=4]The CVA required the approval of 75% or more in value of the creditors, and more than 50% in value of the members, voting on the resolution.[/size][/size]

[size=1][size=4]Under the terms of the deal struck by Green's consortium to buy Rangers, it will now proceed to purchase the business and assets of Rangers for £5.5m.[/size][/size]

[size=1][size=4]http://www.bbc.co.uk/sport/0/football/18407309[/size][/size]

[ramexpat]

im too lazy to read that, can you sum that up in a sentance

[Day]

Read the first sentence, that pretty much sums it up

[Hucknall Ram]

Read the first sentence, that pretty much sums it up

Help him, he is too lazy for that!

[McRamFan]

im too lazy to read that, can you sum that up in a sentance

They will reform as Rangers and start in the 3rd division.

[CumbrianRam]

About time, the HMRC will probably lose money out of this but it sends a message out to dlubs.

[ramexpat]

They will reform as Rangers and start in the 3rd division.

thats better , thanks ,, Celtic will come to England in the next 5 years i reckon if this happens

[Day]

Another sum up is all the other SPL clubs will have to vote on if they are allowed to stay in the league, some fans say they need them for the money, others say let em rot.

I say down to the pub league you go, bye bye.

[davenportram]

Hmmm interesting - if HMRC reject 9p in the pound from Rangers what hope for Pompey's 2p in the pound?

The Sun reported yesterday page 51 that Pompey have applied to the Blue Square set up in case their rescue proposal fails.(it's in the article about conference wanting 3 up and 3 down to Leuague 2

[Gaspode]

so [size=1][size=4]"The club will continue to operate as it has always done but in a new company structure," said the administrators - it's operating in that way that got them into the mess in the first place....[/size][/size]

[ramexpat]

seems like the majority of folk on the rangers forum would prefer div 3 football , [url=http://www.dothebouncy.com/home/showthread.php?46128-3rd-Div-or-Grovel-to-SPL-clubs]http://www.dothebouncy.com/home/showthread.php?46128-3rd-Div-or-Grovel-to-SPL-clubs

[rezner]

I think they should go down.

I really think that anyone who breaks the laws(which apply to everyone)should have to take the punishment.

Would we be having this conversation if it was Elgin or Arbroath ? They'd have gone ages ago.

Oh yeah and if Celtic come down here,let them start at the bottom as well. 'http://www.dcfcfans.co.uk/public/style_emoticons/<#EMO_DIR#>/tongue' class='bbc_emoticon' alt=':P' /> 'http://www.dcfcfans.co.uk/public/style_emoticons/<#EMO_DIR#>/biggrin' class='bbc_emoticon' alt=':D' />

[StaffsRam]

If I were Rangers, and the other clubs voted to kick them down to the bottom tier of the Scottish league structure then I'd be looking at the possibility of moving down to England instead. Surely there'll never be a better time for them to try and do it.

[McRamFan]

If I were Rangers, and the other clubs voted to kick them down to the bottom tier of the Scottish league structure then I'd be looking at the possibility of moving down to England instead. Surely there'll never be a better time for them to try and do it.

As long as they start where AFC Wimbledon did.

[Gaspode]

As long as they start where AFC Wimbledon did.

They shouldn't be allowed anywhere near the English leagues - they are a Scottish Club and should play in Scotland....

[McRamFan]

They shouldn't be allowed anywhere near the English leagues - they are a Scottish Club and should play in Scotland....

Hence why I said that, quote from wiki:

When AFC Wimbledon was formed it affiliated to both the [url=http://en.wikipedia.org/wiki/London_Football_Association]London and [url=http://en.wikipedia.org/wiki/Surrey_County_Football_Association]Surrey Football Associations, and entered the Premier Division of the [url=http://en.wikipedia.org/wiki/Combined_Counties_League]Combined Counties League, which is the ninth tier in English football.

[Cisse]

A real shame that all the tradition the club has is now ruined by few ****** who don't have any sense or moral. 'http://www.dcfcfans.co.uk/public/style_emoticons/<#EMO_DIR#>/sad' class='bbc_emoticon' alt=':(' />

[smiffy]

Beats me how Celtic are not in the same boat.

[mwram1973]

They shouldn't be allowed anywhere near the English leagues - they are a Scottish Club and should play in Scotland...

as oppsosed to welsh clubs playing in welsh league's eh 'http://www.dcfcfans.co.uk/public/style_emoticons/<#EMO_DIR#>/wink' class='bbc_emoticon' alt=';)' /> . what about berwick rangers, english club playing in scotland.

[McRamFan]

Beats me how Celtic are not in the same boat.

Celtic started to get their **** together years ago. 1994 they went almost bankrupt and McCann basically did a hostile takeover and formed Celtic PLC, developed the ground, then the team and by 1998 had stabilised the club and they stopped Rangers winning 9 in a row.