Rangers Football Club will be liquidated on Thursday after HMRC announced that they will reject Charlie Green’s CVA proposal.
With Green promising supporters a golden future for a cash rich club at the same time as offering less than nine pence in the pound it was no surprise that HMRC announced their rejection  of the CVA.
Responding to the news Green, whose £2 share purchase from Craig Whyte was dependent on the CVA being accepted, said: “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.
“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.
“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.
“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.
“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.”
A statement from HMRC said: “A liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company’s financial affairs in recent years.
“A CVA would restrict the scope of such action. Moreover the liquidation route does not prejudice the proposed sale of the club. This sale can take place either through a CVA or a liquidation.
“So the sale is not being undermined, it simply takes a different route.
“Liquidation will enable a sale of the football assets to be made to a new company, thereby ensuring that football will continue at Ibrox.
“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.”
HMRC are owed more than 25% of the total Rangers debt and can block the CVA vote as could Ticketus. There are more than 300 trade creditors of the club including teams from Scotland, England, Sweden, Italy, France and Austria.
Green’s newco plans are likely to be stopped in their tracks by HMRC appointing their own liquidator.
With assets such as Ibrox Stadium, Murray Park and a dozen international footballers an asset sale will realise more than the £5.5m ‘deal’ that Green has agreed with Duff and Phelps.
Whether a newco will be allowed into the SPL is another matter with evidence growing that clubs are becoming hostile to the idea as the Rangers crisis drags on with no sign of a solution.
2 cheers for HMRC?
Looks like a bit of a compromise with Hector blocking the CVA but allowing the sale of assets for what looks like a knockdown price.
does that mean the gattuso move is off??
Who cares?
i was joking, the gattuso move was a red herring
I know you were!! But I just wanted to make the point that they will need a bit more than Gattuso!
hahaha liquidation liquidation nanaana ya dancer bye bye smelly ones it was a blast. hail hail
Happy days.
All depends on spl vote and if they allow a debt free newco into the league. Still stinks to me.
Does this mean tha Green will not be allowed to buy the assets for the 5.5 million agreed with Duff and Phelps as the HMRC believe this to be fraudulent. Does any one know what probably happens next?
We all knew it was coming, Praise The Lord! and Charlie,s Angels! THE Jolly GREEN GIANT will be forever in our “DEBT” O. HO. HO.
Can’t get too excited, still a chance they come out of this smelling of roses. Even if drop to 3rd divison, they could retain all assets, have their backers, invest in young players for future and they can’t play in europe for 3 years anyway and by that time be back in SPL none the worse.
Just hope HMRC do the right thing and force their own liquidators and strip the club of everything they have.
So through the cva there was a pot of 8.5m (of which at least £5m would go to duff and phelps leaving 3.5m) wonder why it got knocked back! Also the sale of whites shares was dependant on the Cva being accepted so does that mean craigie boy whyte is still in charge at the debt dome! Happy days!!
Rangers need 3 full years of accounts before they can play in europe again and so it will be at least 4 years before they will be able to play European matches.
BDO will sell ALL the players and the Stadium, Training Ground, Car-parks etc. etc. separately and will raise a lot more than the £5.5million offered by Green. Green may well buy Ibrox and Murray Park but the players will all be gone.
In addition Rapid Vienna will be taking action via UEFA and it is likely they will be handed an additional ban – along with that for playing unregistered players in European games over the last 10-15 years and that should keep them or their NewCo out of Europe for 15-20 years.
Next on the agenda is getting those cheated titles off them.
its the end of the world as we know it , and i feel fine……….. to quote the great r.e.m.
The total disregard from rangers is sure to infuriate many of the other clubs. rangers have not shown the tiniest sign of remorse, proven by their disregard for the regulations and taking the SFA to court, for their years of corruption. They should be kicked out of the game. This phallacy that the game needs them needs to be revisited! The game needs honesty and clubs all pulling in one direction, playing on the same level playing field.These facts do not include rangers.
If/When they are liquidated will the players themselves not become free agents…so neither creditors not club will receive hee haw.
As regards the stadium / training ground etc, I believe that it should be put up for offers…definitely worth more than £ 5.5m. Celtic or Celtic minded investors should buy at this price and lease it back to them at £ 2m a year now that would really rub it in.
I have no doubts though that they will get voted back into the SPL with no transfer restrictions. but they will be severely handicapped…no Europoean funds & much reduced TV income as they won’t be a challenger.
Fully expect much more court action with King taking Whyte to court and yet more dirty washing to be aired in public. Still got the dual contracts to resolve and the much awaited “nuclear” announcement to hit home…maybe the SPL should save themselves the red face and banish them to the remote outposts now rather than later.
toot toot tooties goodbye toot toot tooties dont cry
and if u dont like that wee ditty what about hit the road jackand dont u come back no more no more no more no more hit the road jack and dont u come back no more.
come on u bhoys in green
I’d rather the newco start in div 3 but at the same time for financial reasons can see the benefit of them being allowed in the SPL however it is absolutely critical under all circumstances that any agreement Celtic make with them will be the newco having absolutely no claim on Rangers 1873’s history, no tropheys, which they should technically be happy with as it’ll save them from further european sanctions as the newco cannot be held accountable for the actions of a club it has no link with.
what a wonderful day 140 years of cheating sectarinism is dead thank god for hmrc for chasing the culprits and strip them of there tainted titles murrays knightood should be like fred goodwins in the bin
I especially like the bit where HMRC say they’re going after the directors. What will they find I wonder ?
Roll on Thursday!! HH 1NL WATC 😀
I’d think either of Dundee or Dunfermline will be up in arms if Cheats FC are re-admitted to the SPL. They have no accounts, no fan base to back up their claims and have NOT qualified for entry. I’d think the SPL clubs would be on shaky ground if the allow the shame back
if edinburgh had contol over finances, this figure that rankers owe to hmrc would be written off,