So it couldn’t happen?
I have been repeatedly told that Rangers going into Administration was a fantasy.
Well the events at the Court of Session yesterday mean that the fantasy is almost here.
Even the most cursory glance at my work here will testify that I would be allowed a “told you so!” on full volume.
However, that wouldn’t be very nice to the many Rangers supporters who visit this site to find out what is happening.
It was on here that they found out that Sheriff Officers were about to cross the threshold at Edmiston drive, and I provided the photographic evidence.
https://www.philmacgiollabhain.ie/photographs-you-were-not-meant-to-see/
It was here that they found out that their club was about to appoint a Director of Football, ex-SFA supremo Gordon Smith.
https://www.philmacgiollabhain.ie/breaking-the-gordon-smith-story/
Meanwhile the mainstream media were telling their Rangers supporting readers that all was well.
It wasn’t.
So what next for Rangers?
Administration is a given, and I then expect Mr Craig Whyte to appoint a Receiver who will protect his interests as he is the holder of the Floating Charge.
https://www.philmacgiollabhain.ie/rangers-in-receivership/
During that period, Administration is effectively suspended until the Floating Charge holder can get all of his money or as much as is possible.
There is still some clinging to hope that a “pennies in the pound “deal can be struck with HMRC and that all of this pain will go away.
No chance.
The number that now becomes vital is the liquidation value of Rangers FC.
I am reliably informed by insolvency experts working in the West of Scotland that the total value would be somewhere south of £14million.
The HMRC bill could crystallise soon.
I do believe that Rangers will lose the First Tier Tax Tribunal.
The alleged underpayment is £24 Million. The Interest on that is at least £12million.
Penalties are also being sought of £18 million although they still have to be adjudicated on by another Tax Tribunal yet to be held.
So for now the HMRC potential bill is £36 million.
Then we have to add debts of (depending on what became of the Ticketus money) of anything between £25 and £50 million.
Any administrator looking at those debts against the combined assets then Alistair Johnston’s angry primate in the corner of the room suddenly has an appetite that cannot be satisfied.
Rangers will be gobbled up by the gorilla.
As I write this, I am taken back to my first journalistic entanglement with this, err, unique football club four years ago.
I was first asked to write about Rangers by a news editor for an Irish Sunday back in 2008.
It was about a song about the Famine I was told there was tip that the Department of Foreign affairs was going to communicate with the Scottish government. I was asked to check it out as I had good DFA contacts and the story pertained to Scotland
Initially I had no idea what he was on about.
The story ran and then I took it to the Irish Post.
http://www.philmacgiollabhain.com/wp-content/themes/original/ip031008.pdf
Whether I wanted to or not I was being pulled into the open sewer where Rangers supporters get their affirmation.
My father is from Mayo and his mother’s uncle died as a young child during an Gorta mór. I found this out after doing some research the summer of 2008 just before that story broke.
The “Famine song” choir danced on the unmarked graves of a million people.
I first heard the term “Employee Benefit Trust” connected to Rangers in early 2010 during a geeky exchange between two cerebral posters on Celticminded. I contacted both of them to find out more.
It was the start of a journey.
A group of Rangers “stakeholders” claimed to my web hosting company last year that my coverage of the club’s financial troubles was hurting it as a going concern.
If I have done anything to assist the demise of a football club that has been the gathering point for racist poison like the “Famine song” then I’m quietly pleased.
Here on BBC Scotland former club Chairman Alistair Johnston said that the publicity over the tax case made it impossible to find a buyer.
http://www.bbc.co.uk/podcasts/series/scotfoot
I recently learned that there was one genuinely wealthy Rangers supporter was about to make a bid in early 2010.
In life timing is everything and the News of the World “splash” on May 16th 2010 made this prospective buyer go to senior people in charge of Rangers and ask tough questions as was his right caveat emptor and all that.
His questions were duly answered and he got on the bus.
The Monday after that front page scoop I spoke briefly to a senior employee of Murray International Holdings.
He didn’t sound happy that day in May 2010, not happy at all.
With that genuine offer parked, there wasn’t anyone else until Mr Whyte turned up.
The Daily Record said he was a billionaire.
I didn’t believe them, but the Rangers supporters did.
https://www.philmacgiollabhain.ie/the-first-rough-draft-of-history/
With the HMRC case looming the only thing that could have saved the day was a seriously wealthy benefactor or someone able to access a substantial line of credit.
What Rangers got instead was an owner without any serious money and an engrossing business background.
The rest has probably made Rangers history.
