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Rangers administrators update. Plus Tennentís remain committed

Thu 16th Feb 2012 | Football Club Administration

Paul Clark and David Whitehouse, of Duff and Phelps, said: “We can report we have made very good progress within the first 24 hours of being appointed administrators over Rangers Football Club.

“Our first priority has been to ensure that the football club continues to function and this is being achieved with the help of staff, players and management at the Club.

“In particular, we would like to thank the Club’s business partners who are going the extra mile to ensure that Saturday’s home match against Kilmarnock goes ahead as scheduled. We had extremely constructive discussions with Strathclyde Police and we can confirm the match will take place.

“We fully recognise this is a difficult time for players and staff at the Club and are extremely appreciative of their reaction to the situation. We will be holding meetings with the staff on a weekly basis at least to inform them of developments.

“We are also in the process of speaking to representatives of supporters’ groups and that will be an ongoing process.

“In broad terms, supporters can be reassured that Rangers will continue as a football club and we hope to reach a stage as soon as possible where the Club can emerge from administration.

“We have had expressions of support across the political spectrum in Scotland within the last 24 hours and there is clearly a desire to see Rangers come through this situation successfully.

“The Club has, however, taken the decision to postpone the Hall of Fame Dinner and Awards Ceremony scheduled for this Sunday (19 February, 2012) at the Glasgow Hilton as holding the event at this time was not considered appropriate. 

“The event will be rescheduled for a later date and all table sales and sponsorship commitments will be honoured at that time. Rangers would like to apologise for any inconvenience caused to supporters, sponsors and clients and we will ensure details of the rescheduled event will be communicated as soon as possible. The Club would also like to thank the Glasgow Hilton for their understanding.

“If anyone has booked places or a table at the event and have any questions, the Events Department can be contacted on 0141 580 8613. 

“There had been widespread publicity and speculation regarding the financial affairs of the football club.

“For clarity, the cost structure of the Club and ongoing losses were such that the Club had outstanding liabilities to HMRC. These were the subject of discussion and clearly HMRC wished to see them resolved as a matter of urgency.  We are involved in dialogue with HMRC and will work with them constructively, as is the case with all other key stakeholders.”

Meanwhile Rangers’ main sponsor Tennent’s has maintained its commitment to the administration-hit club, but has stated it will keep the situation “under review.”

The brewing firm in February 2010 agreed a three-year deal for the shirt sponsorship rights to both Rangers and Old Firm rival Celtic. Tennent’s took over from rival beer brand Carling and the agreement is reportedly worth up to £1.5 million to the crisis club.

The Scottish Premier League champion on Tuesday confirmed it had entered administration, with the move made to ward off an attempt by Her Majesty’s Revenue and Customs (HMRC) to appoint its own administrator. The Glasgow giant has now appointed London firm Duff and Phelps as administrators, and they will now take over the running of the club while it seeks to address its debt problems.

“Tennent’s has invested in Scottish football for over 35 years, most recently as the main sponsor of Rangers and Celtic,” said a Tennent’s spokesman, according to the BBC. “As such we are saddened to hear the news that Rangers have gone into administration. We are in constant touch with Rangers Football Club during this process and will be in close contact with the club’s administrators going forward. It is our intention to continue our sponsorship and we will keep the situation under review.”

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