The Craig Whyte fraud trial returned again to the incredible contract that Ally McCoist was given while the finances of Rangers (IL) were in meltdown.
A £2.8m ta bill to HMRC, plus interest and penalties, was hiding in a cupboard as negotiations continued with the former billionaire over his proposed takeover.
On 22 February 2011 the club announced that McCoist would succeed Walter Smith in a move aimed at bringing security to the club- the only security was to the popular Question of Sport skipper’s bank balance with another burden placed on the prospective new owner.
The precise details of the McCoist contract have still to emerge but in court yesterday former Finance Director Donald McIntyre opened up on some of the details.
Findlay notes that when Walter Smith left the club “one possible successor” would be owed hundreds of thousands if he didn’t get the job
— James Doleman (@jamesdoleman) April 24, 2017
McIntyre says he would budget for Rangers being in Europa league at at least second in the table domestically
— James Doleman (@jamesdoleman) April 24, 2017
Findlay describes Rangers in Europe in 2011 as “A day trip to Malmö”
— James Doleman (@jamesdoleman) April 24, 2017
McIntyre agrees club also owed £2.8m to HMRC due to “trusts being set up”
— James Doleman (@jamesdoleman) April 24, 2017
Findlay suggests Rangers board knew about tax bill in January but hadn’t “agreed when to pay it” when Whyte took over in March
— James Doleman (@jamesdoleman) April 24, 2017
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Yesterday’s hearings didn’t contain any of the fireworks produced by Walter Smith on Friday but the true scale of a club whose remit was to win at all costs and any cost continued to emerge.
Proper business planning and projections was never an issue with the ever present threat of a successful Celtic too much for the real Rangers men to contemplate. In the end their cherished institution was put into liquidation owing Her Majesty’s Revenue and Customs millions of pounds squandered on footballers.
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