Octopus (Ticketus) Issue statement re Rangers

[Craigy1881 79]

so the administrators have found the money then and have visibilty of it. More info next week. At least it is still there somewhere.

[Guest superrcooper7]

so the administrators have found the money then and have visibilty of it. More info next week. At least it is still there somewhere.

 

RANGERS’ administrators yesterday revealed new financial information has come to light relating to Craig Whyte’s takeover and subsequent running of the Ibrox club.

Representatives of Duff and Phelps explained they were working to establish “clarity” on the latest revelations, which came from solicitors previously involved with Rangers.

 

The news came as Ally McCoist’s side crashed to a to a 1-0 defeat to Kilmarnock in front of a capacity home crowd – capping a week of turmoil for the Glasgow giants, who were plunged into administration on Tuesday over £9million in unpaid tax.

 

Speaking prior to kick-off, following a meeting between the administrators and fan groups, Paul Clark, of Duff and Phelps, said the information related specifically to transactions during the takeover and financial affairs over the past few months.

We have to have clarity for us to move forward

Ally McCoist

 

“We have received information from channels, but specifically we have received some information overnight from solicitors that have been previously connected with the football club,” he said. “It’s that information that we require to go through in some detail and get some clarity on.

 

“We will look at all that information and we expect to give some form of announcement during the course of next week. But, at the moment, from the financial side of things, we are still working to prepare a proper statement for delivery next week.”

 

Mr Clark also said they now had “some visibility” on the £24million the club owner raised by selling the next four years’ of season tickets to London firm Ticketus and promised more details in the coming days.

 

Mr Whyte’s troubles escalated towards the end of last week when both police and the SFA revealed they would be investigating his takeover and running of the club. But the owner, who chose not to attend yesterday’s match, quickly refuted any suggestion he had been involved in any “criminal wrongdoing”.

 

Mr Clark also offered reassurance to worried fans, insisting HMRC do not want to see Rangers liquidated and will work with the administrators to keep the club going.

 

He said: “We have an ongoing dialogue with HMRC, which included a telephone call prior to the match.The message, really is that they fully understand and accept and appreciate the importance of Rangers Football Club and they will be working with us for the survival of the football club.

 

“What they asked us to point out is that, had they wished to close the football club, then rather than issue the administration application that they did last week, it would have been a winding-up petition to the court.

 

“This is not about liquidation.”

 

It also emerged yesterday that former Ibrox director Paul Murray will meet with Duff and Phelps next week to discuss his plans for a ‘Blue Knights’ buy-out of the club, using money from a group of wealthy supporters.

 

There is also said to be interest from America, as well as from another consortium of Glasgow businessmen. Last night, manager Ally McCoist welcomed the SFA inquiry into the recent problems.

 

He said: “We want all the facts and figures disclosed. I think it’s the very least the supporters and the staff deserve so any investigation, as manager of the club, I would wholly support it.

 

“We have to have clarity for us to move forward.”

 

In the meantime, Rangers are no closer to a final decision on the so-called ‘big tax case’ – HMRC’s bid to reclaim up to £75million from the club for their use of Employee Benefit Trusts (EBTs) under Sir David Murray’s previous regime.

 

And it was revealed yesterday hundreds of UK businesses are anxiously awaiting the outcome, fearing the taxman could be knocking on their door next. It is believed several major banks, as well as City of London investment funds, manufacturing companies and English Premier League football clubs are also facing repercussions over their use of EBTs, designed to reward high earners.

 

If HMRC chooses to act, it is believed that the potential tax claims could reach a staggering £2billion.

 

Neal Todd, a lawyer at Berwin Leighton Paisner and an expert in tax planning, revealed his company alone has knowledge of some 300 inquiries launched across Britain.

 

He said: “There is a deep anxiety that EBTs are now being challenged [by the Revenue] in a retrospective way. The amounts at stake are potentially sizeable as this was a widely used way to remunerate staff in a tax-efficient manner for many years.

 

“We have seen an onslaught of challenges; undoubtedly there will be litigation on them. If Rangers lose, there will be considerable worry in the City.”

 

One Rangers adviser confirmed that the taxman was keen to set a precedent for their bigger targets in England.

 

He said: “The HMRC consistently refused to settle our Employee Benefits Trust case because they saw it as an important test case for other businesses and individuals.”

[Bluedell 6,070]

so the administrators have found the money then and have visibilty of it. More info next week. At least it is still there somewhere.

 

It's definitely somewhere. It doesn't mean that the club have access to it though.

[bluebear54 0]

It's definitely somewhere. It doesn't mean that the club have access to it though.

 

Is the larger part not sitting happily with LBG now?