Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Rangers lose points as admin sealed

Tue 14th Feb 2012 | Money & Finance

Rangers have triggered an automatic 10-point deduction in the SPL after appointing administrators Duff and Phelps on Tuesday.

In a court battle with Her Majesty's Revenue & Customs, Rangers were given an ultimatum to move into administration at the Court of Session in Edinburgh 24 hours after lodging notice of intent.

The move will trigger an automatic 10-point deduction by the Scottish Premier League, all but handing the title to Celtic.

Rangers appointed their preferred administrator after a court petition was lodged by HMRC to have one appointed for them.

Rangers had been given until 3.30pm to make the appointment following legal debate and did so with around 45 minutes to spare.

The court was told the administrators would be Duff & Phelps, who Rangers named as their preferred partners after lodging papers at the court on Monday signalling their intention to enter administration.

Rangers said a final decision would be taken in 10 working days but their hand was forced by the tax authority.

The Scottish Premier League champions, who have fallen 14 points behind leaders Celtic as a result of the decision, are awaiting the verdict of a tax tribunal which owner Craig Whyte claims could cost them £75million.

Speaking at the Court of Session, HMRC's legal representative David Thomson said the authority was keen to avoid the public perception, and the perception amongst Rangers' creditors, that the administrator was too close to the club.

However, Rangers' counsel Roderick Dunlop QC said Mr Thomson had put forward an "amorphous criticism" of Duff and Phelps, which he called "a respected firm".

Following legal debate, HMRC accepted Duff and Phelps as administrators, and their appointment was confirmed shortly before 3pm.

http://www.buttonshut.com http://www.buttonshut.com http://www.buttonshut.com

 ---------------------------------------------------------------------------------------------------

RETURN TO LATEST NEWS SECTION

SUBSCRIBE TO THE FCBUSINESS RSS FEED

If you have any football business related news stories you’d like to share then please contact us –agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

How Football Clubs Source Their Revenue

Thu 22nd Jun 2017 | Money & Finance

It will come as a surprise to no one that football is big business these days. Although players’ wages – especially at the top teams – have increased remarkably, the clubs can pay...

“Why Does Your Club Offer Discounts?” 5 Responses

Tue 6th Jun 2017 | Money & Finance

Following my article last week on the 3 observations about discounts offered on football clubs’ merchandise stores ; I wanted to share some more insight in to the merchandise space. I’ve...

West Ham United announce record season ticket renewals

Thu 1st Jun 2017 | Money & Finance

West Ham United have announced a club record number of season ticket renewals for the 2017/18 Premier League campaign. At Wednesday's 5pm deadline, over 90% of the 52,000 season ticket holders at...

Footballers, their cars, and how many minutes of play it takes to pay for them

Thu 1st Jun 2017 | Money & Finance

Online used car dealership Carspring have researched the vehicles driven by more than 250 of the world’s leading football players. With this information, along with the estimated salaries of...