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

Chinese debts emphasize need for local players’ association

Thu 27th Jul 2017 | Money & Finance

FIFPro is ready to offer assistance to professional footballers in China and other parts of the world where local player associations do not yet exist. Media reports this week revealed several Chinese...

SPFL: No fresh tax scheme sanctions against Rangers

Wed 26th Jul 2017 | Money & Finance

The SPFL Board today announced, following legal advice from eminent Senior Counsel, Gerry Moynihan Q.C., that there will be no further disciplinary proceedings taken by the SPFL connected with the use...

West Ham Champions Of Season Ticket Affordability

Wed 19th Jul 2017 | Money & Finance

With the new Premier League season approaching it promises to be another exhilarating season, full of twists as well as surprises for fans. Chelsea convincingly captured their fifth Premier League...

Everton Sign Landmark Stadium Financing Partnership

Thu 6th Jul 2017 | Money & Finance

Everton Football Club has signed an agreement with ICBC (London) plc and Industrial and Commercial Bank of China Limited, which will provide the Premier League club with a £60m 3-year credit...