Rangers.... are there no super rich fans willing to buy?
Discussion
Du1point8 said:
thought the debts not finalised or sorted.
so you could buy for £1 and then its £100+ million in debt and you instantly owe it.
Plus isn't last owner going to get his money out first somehow?
This.so you could buy for £1 and then its £100+ million in debt and you instantly owe it.
Plus isn't last owner going to get his money out first somehow?
I reckon the debt runs a lot deeper than people think. A club as big as Rangers and know one has bought them?
Once the First Tier Tax Tribunal(FTTT) findings are known, the projected debt will be circa £134m. It is 90 days since the FTTT ended and they aim to present a verdict after 90 days, however there is precedent for FTTTs being overdue.
Who in their right mind would pump that kind of money in to a club with an approx £50m pa turnover, yet running up huge losses? The TV revenue and prize money is a pittance compared to England; for example Celtic had a total turnover of £52.5m last year, Man Utd received £60.4m in TV rights and prize money alone!
Rangers are on life support and I fully expect them to liquidate upon the announcement of the FTTT and re-emerge as a newco. However the story runs much deeper than this, I've read that as many as 75 players may have had dual contracts due to the use of EBTs! They've already been hammered with fines and a transfer embargo this week, just wait till the enquiry in to dual contracts are concluded.
Those interested in buying the club at present are just gesturing until the outcome of the FTTT is announced, I can't see HMRC willing to do a pennies in the £ CVA deal for what they are owed. Also the administrators gave the players a guarantee of reduced transfer fees in return for slashing their wages by 75% until the end of the season, so despite keeping the club afloat, they've massively devalued the main assets.
Also, Craig Whyte owns 85% of the shares and he still wants his cut; he is the preferential creditor as well so could easily end up owning Ibrox stadium and the Murray park training complex to rent back to the newco at a healthy wedge per year.
Who in their right mind would pump that kind of money in to a club with an approx £50m pa turnover, yet running up huge losses? The TV revenue and prize money is a pittance compared to England; for example Celtic had a total turnover of £52.5m last year, Man Utd received £60.4m in TV rights and prize money alone!
Rangers are on life support and I fully expect them to liquidate upon the announcement of the FTTT and re-emerge as a newco. However the story runs much deeper than this, I've read that as many as 75 players may have had dual contracts due to the use of EBTs! They've already been hammered with fines and a transfer embargo this week, just wait till the enquiry in to dual contracts are concluded.
Those interested in buying the club at present are just gesturing until the outcome of the FTTT is announced, I can't see HMRC willing to do a pennies in the £ CVA deal for what they are owed. Also the administrators gave the players a guarantee of reduced transfer fees in return for slashing their wages by 75% until the end of the season, so despite keeping the club afloat, they've massively devalued the main assets.
Also, Craig Whyte owns 85% of the shares and he still wants his cut; he is the preferential creditor as well so could easily end up owning Ibrox stadium and the Murray park training complex to rent back to the newco at a healthy wedge per year.
Edited by stevoknevo on Friday 27th April 15:50
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