Administrators “concerned” about Rangers’ finances

by Rachael Singh

More from this author

17 Feb 2012

  • Comments
Rangers

DUFF & PHELPS administrators for Rangers FC admitted "concerns" about the way the club's finances were run prior to its collapse.

Paul Clark and David Whitehouse, both partners at Duff & Phelps, were appointed on Valentine's day.

The administrators are investigating the club's finances, but said Rangers had used £9m of unpaid taxes to fund running costs, The Independent reports.

The duo have also said they do not know the whereabouts of £24m loaned to Rangers FC, prior to its collapse.

Ticketus lent the funds to the club hoping to profit from future ticket sales. However, the administrators said they have no "visibility" of where the money had gone, the BBC reports.

Despite the club facing a potential £50m tax bill, from an on-going tribunal, the duo said there has been a lot of interest from possible buyers and said it was "unlikely" to end up in liquidation.

Rangers FC and the taxman are battling out a compensation case over the club's use of Employee Benefit Trusts (EBTs).

HMRC claims it is owed £24m in unpaid PAYE due to the club using EBTs, which provide employees with non-repayable interest free loans.

The administration follows a petition for the club's winding up from HMRC for non-payment of about £9m in PAYE and VAT, after its acquisition in May by Craig Whyte.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

conservatoire-for-dance-and-drama

Finance-Director-part-time

Conservatoire for Dance and Drama, London, Permanent, Part Time, £60,000 pro rata

 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.