Rangers set to be liquidated

Rangers appear set to be liquidated and re-formed as a newco after Her Majesty's Revenue and Customs decided to vote against a Company Voluntary Arrangement put forward by the prospective new owners.

Buyer Charles Green has been informed that HMRC - the most significant of the club's creditors, owed more than £21 million - will not accept a CVA, which would see a small percentage of the money repaid as a compromise arrangement.

As a result of HMRC's decision, Green - who leads the Sevco consortium hoping to buy the club - will press ahead with his plans to purchase the club's assets and form a new company.

Green said in a statement: "I am hugely disappointed by the decision of HMRC not to support the CVA proposal and that disappointment will be felt acutely by Rangers fans across the world."

HMRC has said that it will pursue individuals for the money owed in the belief that it stands a greater chance of receiving the funds it is due.

A statement from the tax authority read: "A liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company's financial affairs in recent years.

"A CVA would restrict the scope of such action. Moreover, the liquidation route does not prejudice the proposed sale of the club. This sale can take place either through a CVA or a liquidation, so the sale is not being undermined, it simply takes a different route.

"Liquidation will enable a sale of the football assets to be made to a new company, thereby ensuring that football will continue at Ibrox. It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA.

"Rangers can make a fresh start."

http://soccernet.espn.go.com/news/story/_/id/1096783/rangers-set-to-be-liquidated-and-re-formed-after-hmrc-decision?cc=5901

It's now in the hands of the other SPL team if they are allowed back in SPL or have to make a fresh start in Third Division

Legend wrote:It's now in the hands of the other SPL team if they are allowed back in SPL or have to make a fresh start in Third Division

They'd be selfish not to imo

Nothing like fresh news of Rangers' shame to give a guy a boner

Edu, Bocanegra, and Bedoya should all leave.

Wow, such a shame!

I hope they get back on their feet soon!

The fans don't deserve any of this bullshhh though. I hope lessons have been learned - in Glasgow and elsewhere, too - but that's probably hope in vain.

Official: Rangers to join Scottish 3rd division.

SPL should just should join the EPL. Celtic are the only 'top' team left and they're comparable with West Brom.

Congrats to Celtic

SPL Champs '12/'13, '13/'14,'14/'15, '15/'16, '16/'17, '17/'18, '18/'19, '19/'20, '20/'21

Rangers have 54 Scottish League Champs, Celtic have 43

Celtic might be able to catch up now

SPL is now a one horse league

Rangers will be back up in two seasons, Celtic should enjoy it while they can

Lex wrote:Rangers will be back up in two seasons, Celtic should enjoy it while they can

Bit impossible when they are in the 4th tier of Scottish football don't you think?

Bedoya, Bocanegra, and Edu should leave now.

Wouldn't mind one of Bedoya or Bocanegra at Galaxy.

hopefully this gives way for a new scottish team to contend. It is just absolutely absurd that no one other than Rangers and Celtic have won that league since 1985...

Such a Shame!

Celtic comparable to West Brom? lol, such ignorance. Celtic and Rangers are 2 of the biggest clubs in the world, they have international fanbases very few can match. You should be comparing them to Liverpool and Man Utd not West Brom.

Reading now that they'll be forced to start from the 3rd division. This should start a fire sale then. Hope Boca and Edu move on honestly.

Not even a fire sale, really, as players have already walked away, citing a loophole that Rangers Newco is not the same club as Rangers FC, so the contracts they had are not binding.

The whole spl will be gone soon, it is a wreck already and now their best money making club is in division 3 with no squad and playing in 200 capacity stadiums. (Local parks)

Also, rangers fans threatening to boycott away matches of clubs who voted against them. Which is bad if they get back to the first division because the away fans boost the $$$$ intake of the small spl teams.

Quite funny to watch though.

The talk of forming a SPL2 really makes me