Taking the Pish.

How can Rangers sell shares in the club when the administrators have the reins?
They claim to be debt free yet the latest release is that ‘Gers owes the tax man alone, as near as makes few odds 100 million. I smell corporate dodgy dealing.

On a similar note I see with utter disgust that Newcastle United, my local bunch of overpaid, over-bouffanted narcissists have signed a deal with scumbag predatory loansharks Wonga. The ‘fans’ don’t give much of a hoot because part of the deal means the stadium will revert to St James Park. It seems the cash could come from a rich paedophile or a Coloumbian Cartel and no-one would bat an eye as long as the name was changed from Sports Direct Arena.

Honestly I despair.

18 thoughts on “Taking the Pish.”

  1. 4214% APR to be exact Bravo.

    Of course they say that no-one who repays inside the short term to which they agree will experience such interest. When everyone knows they are preying on the vulnerable who cannot get credit anywhere else and are most likely to be unable to repay in time.

    Maximum profit, minimum outlay or financial risk. Immoral barstewards, anyone who enters into any kind of financial partnership with this scum should be tarred with the same brush. Did I mention that Tory guru and job slasher Adrian Beecroft is a major Wonga shareholder?

  2. Hello Ferret,

    Not sure where you get your news reports from but in the case of Glasgow Rangers F.C. they are clearly wrong. Rangers went into liquidation in June of this year, primarily because the previous owner did not make PAYE payments to HMRC. They are not the first business to go bust and they won’t be the last. As such, Rangers are not in the hands of the administrators. Now under a new ownership Rangers have no debts and no liabilities.

    The huge sum of money owed to the tax man, a sum that changes day by day on a whimsical basis, pertains to a previous management concerning the matter of EBT’s. Complicated isn’t the word for it and we’ve all poured over the legality of such schemes. The EBT issue, known as “The Big Tax Case” up here, has been in the works for years and has still to be settled one way or the other. If it is decided in HMRC’s favour it won’t be Rangers F.C that would have to foot the bill much to the chagrin of most of the supporters of other Scottish clubs. They have tried their hardest to bury the most successful football club in the world. Rangers continue to break records even after being demoted. It’s just what we do.

    The current management at the club are well within their rights to have a share issue.

  3. Hugh. Ta muchly.

    Jay Dubya.
    I got my news from the venerable beeb. But the facts are very clear. The original Rangers folded because they owed a lot of dough. Not least to HMRC. A fudge sale was made to some business fellow for a measly 5 million. He bought apparently, just the assets but none of the debt. New Rangers are now debt free but own the stadium and all the land surrounding.
    That is HMRC property and the sooner they pay up the happier I shall be.

  4. I must admit, I cannot fathom how it is that the interest rates Wonga charges are remotely legal. If anybody wants to understand why usury causes such resentment towards those who practise it, I think Tyneside will provide a rich hunting ground for data in a few years time. Though perhaps rich is not the right word.

    Wonga was started in 2006 by 2 South Africans. The have recently launched their services here. It does not bode well for the more impoverished people of this country.

    The fact that the company can justify such a significant sponsorship deal so soon after coming into existence just goes to show the extraordinary profits it must be making. How cynical to choose a region with one of the lowest average household incomes.

    I truly hope this company comes unstuck, and quickly.

  5. Howzit Sipu

    Funny you should say that, my local radio station (Algoa) has recently started flighting adds for them, I of course have heard of them previously but thought to myself yesterday ‘that’s a new one.’

  6. Hello again Ferret,

    The institution you receive your facts from are not as venerable as you think. Your brief post is littered with inaccuracies.

    1. Rangers are not in the hands of the administrators. They are owned by Charles Green and his consortium.

    2. Rangers don’t owe the tax man £100 million. HMRC is investigating the use of EBT’s during Sir David Murray’s stewardship of the club. Murray insists what he did was legal and above board. Time will tell. Whatever way the ruling goes Rangers F.C will not be affected or liable as Murray is no longer part of the Ibrox set-up.

    3. Your implication about dodgy dealing by the new owners vis-à-vis the selling of shares is wrong.

    There was much rejoicing by rival fans when Rangers went into liquidation. Since our recovery there has been nothing but obstacles and sanctions put in our path by the ruling bodies. Every one has had a kick at us as they tried to kill us once and for all. Yet when the SPL went grovelling to Sky to re-new their TV deal they had to include Rangers matches (League three) in the contract otherwise Sky would have pulled the plug. ESPN also wanted Rangers games. Without Rangers at the table there would have been a massive financial catastrophe for all of Scottish football.

  7. Jay Dubya,

    Try and sugar coat it any way you like but any way you slice it, this stinks.

    Please explain which part of the following extract from da Beeb is incorrect.

    “The old Rangers Football Club owed more than £94m in unpaid tax and penalties, according to its administrators. The final report to creditors from Duff and Phelps reveals that the size of HM Revenue and Customs claim against the club totalled £94,426,217.

    It also shows that the administrators are claiming £3,121,683 in fees. Creditors have until 12 October to vote on the report. When the administration period ends, the old Rangers FC will be placed in the hands of liquidators BDO.”

    Now how can a company, which paid its staff who worked in the UK, but did not pay any tax, shrug off its debts and appear to carry on with all the assets which were owned by the ‘old’ company leaving nothing to offset the money owed by the ‘old’ rangers?

    FFS you can cut out that end of the world nonsense too, it is only a game after all and a pretty dull one to boot.

  8. It is expected of the BBC to not move on as there is an anti-Rangers bias inherent within its organisation. The debts are for the old company, old Rangers, if you wish. Rangers were liquidated and a newco formed that has no liabilities. These debts are nothing to do with the club at the moment. The new club is not in administration and has no debt.

    You might not be happy that Rangers still have their assets, that was part of the deal cut by Charles Green and HMRC before liquidation.

  9. Sorry to butt in but….do you mean (in simple terms for Backside’s benefit) that newco acquired the ground from oldco, thus removing it from the asset base of oldco before the gubmint swooped? Very clever, eh? And you and I pick up the tab for all those losses?

  10. Privileged J-man. No, your summary is not quite right. The administrators, Duff and Phelps, sold the assets to Mr. Green’s consortium before liquidation. Surplus funds from the sale were given to the liquidator to distribute amongst the creditors. The low valuation of the assets were set by an independent, specialist valuer. So far as I know no creditor opposed the valuation. After liquidation a newco was formed that had control of all the assets including the name and stadium.

    For the third time I must stress that the huge figure owed (mainly due to the use of EBT’s) has still to be proved. In closing (because my head is swimming), yes, some tax was not paid and will not be paid. It’s time for all of us to move on. It’s been a long year.

  11. TR, I think that you’ve explained it perfectly, the fact that companies go bust, vultures swoop and pick up the assets for a song has been going on forever, some think it’s not fair (particularly the creditors) but, hey, that’s life!

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