This is a club never more than one final reminder away from complete and utter financial meltdown. [55], In September 2015 Dave King, the chairman of the new Rangers company, suggested that the old company could be taken out of liquidation and re-used as the Rangers trading company. Options included a sale - but JD Sports decided Go Outdoors had a potential future in the group "if fundamentally restructured". Why not be the first to send us your thoughts, [146] Rangers attempted to agree a CVA with its creditors, but this offer was rejected by HMRC in June 2012. All Krasner points out is the need to be very certain that rejecting the Sarver bid was in the best interests of everyone. [136], In January 2017, the Court of Session heard an action from Albert Kinloch against bookmakers Coral. Rangers made a counter-claim for loss of transfer fee revenue from players who refused to join the new company. So it’s a bit of a gamble. In October 2009, first-team manager Walter Smith claimed that Lloyds was effectively running the club. [2] In September 2003, it was proposed that clubs entering administration would be docked 10 points. [31] This appointment was legally approved on 31 October. [13][12] To enable the purchase and to pay off the debt to Lloyds, Whyte borrowed £26.7 million against future season ticket sales from the Ticketus firm. [147] Rangers' application for transfer was rejected by a 10–1 majority. [82][83] Steven Naismith, one of the players who chose not transfer his contract to the new company under TUPE regulations, justified his position by stating that he had no loyalty to the new regime. [30] Duff & Phelps announced in October 2012 that creditors had approved an end to their administration and that they had applied to the Court of Session for BDO to be appointed as liquidator. [66], When the vote on the share transfer was held on 4 July, it was rejected by a 10-1 majority. [18] Most notably it abolished the Crown's preferential right to recover unpaid taxes ahead of other creditors. Assuming we’re not getting the Ibrox club confused with some *other* Rangers, perhaps the famous New York ice hockey franchise worth somewhere north of a billion US Dollars, the logic employed by the board – not for the first time – seems grounded in truly Orwellian doublethink. [2], Rangers then entered a dispute, known informally as the 'big tax case', with HMRC, regarding their use of employee benefit trusts (EBT) between 2001 and 2010. This failure meant that Rangers' membership share in the SPL had to be transferred to the new company, along with its other assets, and that transaction required the approval of a two-thirds majority of the 12 SPL clubs. ‘There is a risk for the Rangers directors because, if they fail and go back into administration, then there is a potential for them to be accused of having caused it,’ he told Sportsmail.

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