So it couldn’t happen?
I have been repeatedly told that Rangers going into Administration was a fantasy.
Well the events at the Court of Session yesterday mean that the fantasy is almost here.
Even the most cursory glance at my work here will testify that I would be allowed a “told you so!” on full volume.
However, that wouldn’t be very nice to the many Rangers supporters who visit this site to find out what is happening.
It was on here that they found out that Sheriff Officers were about to cross the threshold at Edmiston drive, and I provided the photographic evidence.
http://www.philmacgiollabhain.ie/photographs-you-were-not-meant-to-see/
It was here that they found out that their club was about to appoint a Director of Football, ex-SFA supremo Gordon Smith.
http://www.philmacgiollabhain.ie/breaking-the-gordon-smith-story/
Meanwhile the mainstream media were telling their Rangers supporting readers that all was well.
It wasn’t.
So what next for Rangers?
Administration is a given, and I then expect Mr Craig Whyte to appoint a Receiver who will protect his interests as he is the holder of the Floating Charge.
http://www.philmacgiollabhain.ie/rangers-in-receivership/
During that period, Administration is effectively suspended until the Floating Charge holder can get all of his money or as much as is possible.
There is still some clinging to hope that a “pennies in the pound “deal can be struck with HMRC and that all of this pain will go away.
No chance.
The number that now becomes vital is the liquidation value of Rangers FC.
I am reliably informed by insolvency experts working in the West of Scotland that the total value would be somewhere south of £14million.
The HMRC bill could crystallise soon.
I do believe that Rangers will lose the First Tier Tax Tribunal.
The alleged underpayment is £24 Million. The Interest on that is at least £12million.
Penalties are also being sought of £18 million although they still have to be adjudicated on by another Tax Tribunal yet to be held.
So for now the HMRC potential bill is £36 million.
Then we have to add debts of (depending on what became of the Ticketus money) of anything between £25 and £50 million.
Any administrator looking at those debts against the combined assets then Alistair Johnston’s angry primate in the corner of the room suddenly has an appetite that cannot be satisfied.
Rangers will be gobbled up by the gorilla.
As I write this, I am taken back to my first journalistic entanglement with this, err, unique football club four years ago.
I was first asked to write about Rangers by a news editor for an Irish Sunday back in 2008.
It was about a song about the Famine I was told there was tip that the Department of Foreign affairs was going to communicate with the Scottish government. I was asked to check it out as I had good DFA contacts and the story pertained to Scotland
Initially I had no idea what he was on about.
The story ran and then I took it to the Irish Post.
http://www.philmacgiollabhain.com/wp-content/themes/original/ip031008.pdf
Whether I wanted to or not I was being pulled into the open sewer where Rangers supporters get their affirmation.
My father is from Mayo and his mother’s uncle died as a young child during an Gorta mór. I found this out after doing some research the summer of 2008 just before that story broke.
The “Famine song” choir danced on the unmarked graves of a million people.
I first heard the term “Employee Benefit Trust” connected to Rangers in early 2010 during a geeky exchange between two cerebral posters on Celticminded. I contacted both of them to find out more.
It was the start of a journey.
A group of Rangers “stakeholders” claimed to my web hosting company last year that my coverage of the club’s financial troubles was hurting it as a going concern.
If I have done anything to assist the demise of a football club that has been the gathering point for racist poison like the “Famine song” then I’m quietly pleased.
Here on BBC Scotland former club Chairman Alistair Johnston said that the publicity over the tax case made it impossible to find a buyer.
http://www.bbc.co.uk/podcasts/series/scotfoot
I recently learned that there was one genuinely wealthy Rangers supporter was about to make a bid in early 2010.
In life timing is everything and the News of the World “splash” on May 16th 2010 made this prospective buyer go to senior people in charge of Rangers and ask tough questions as was his right caveat emptor and all that.
His questions were duly answered and he got on the bus.
The Monday after that front page scoop I spoke briefly to a senior employee of Murray International Holdings.
He didn’t sound happy that day in May 2010, not happy at all.
With that genuine offer parked, there wasn’t anyone else until Mr Whyte turned up.
The Daily Record said he was a billionaire.
I didn’t believe them, but the Rangers supporters did.
http://www.philmacgiollabhain.ie/the-first-rough-draft-of-history/
With the HMRC case looming the only thing that could have saved the day was a seriously wealthy benefactor or someone able to access a substantial line of credit.
What Rangers got instead was an owner without any serious money and an engrossing business background.
The rest has probably made Rangers history.
Michael Burt
Well done Phil with a masterpiece of journalism
One question though where did you get your
Chrystal ball HH
February 15, 2012 at 8:53 am
Ralf
In response to Matt, my understanding is that a consortium will buy out craig whyte, your club will be fine, scottish football will benefit once more having teams competing right down to the wire for the league.
February 15, 2012 at 6:16 am
Shiltrum
Hi Phil
Great work take a bow sir keeping the people informed has paid off big time. A note of caution though Celtic still have to go to Ibrox and with all that is going on at present this game may well be noted for other events other than the football played.
Suritzzza
February 14, 2012 at 11:27 pm
mat larkin
BIG THANK YOU,Phil
from the celtic family the Irish the tims the paddy McCourt bhoys keep up the good truthful work
February 14, 2012 at 9:44 pm
droid
Diogynes may at last have found ‘one honest man’
February 14, 2012 at 8:16 pm
PETER DUFFY
Thanks Phil for you impressive efforts over the years . Strange that it has come to this –
“Sun reporter hacks Craig White’s mobile ……to leave a £10 top up ” —only kidding !
February 14, 2012 at 8:09 pm
roythebhoy
Interesting comments from David Bick on SSN. He’s the “Sport Business Analyst”
He was pretty much saying there ought to be an investigation of the takeover by the SPL. If a neutral from Norwich thinks that, the HMRC top brass may be thinking similarly except by a body guaranteed to be neutral.
Heres hoping the pain can be extended.
BTW, how rude of me Phil. Take a bow, your work may not be over but it’s certainly recognised.
February 14, 2012 at 5:57 pm
Phil Mac Giolla Bhain
Thanks Roy
February 14, 2012 at 6:38 pm
kevybhoy
for months on months at work in the north sea iv told the rainjurs supporters out here about the stuff you have written phil, every time to get a reply of that phil is dilusional!! and time and time again you were right. But the older bhoys out here with no real computer savy were always askin me what the script is n iv kept them updated all along, cant wait to get back on dry land tomorrow to sink an ice cold pint in celebration!! any club with an anti catholic signing policy for over 100 years deserve everything comming to them!!
keep up the good work
THE CRY WAS WE SURRENDER!!!!! lol
Hail hail,
February 14, 2012 at 5:40 pm
roythebhoy
Why do I feel there is a sting in the tail here? I smelt a rat a while back and the stench increases. It all seems so rehearsed. The wee snippets from Johnston and now Murray stepping back in with some words.
I reckon that the man who boldly stood and soaked up the atmosphere by the Ibrox tunnel when his tax exiles went two up on the Tims has a little surprise lined up for everyone including the British tax payer.
I hope I’m wrong but history tells us to beware.
A pal of mine just spoke to a Dons fan who felt we “needed” a strong Rangers. God help this country.
February 14, 2012 at 5:35 pm
jimthetim
Just heard that HMRC’s petition today was over £9m of unpaid PAYE/Tax/VAT accrued since the takeover.
Has anyone outside of any staff members been paid since the billionaire took over??
February 14, 2012 at 5:35 pm
JohnBhoy
Phil,
Another great post and hope that once this sorry story has run its course that real justice is done – 10 points aint enough. A well deserved pat on the back for all your digging over the last few years. Definately a book in this story by yourself that would be of interest to many across the globe.
February 14, 2012 at 4:34 pm
Edward McCandless
Celtic Footbal Club 1888.welcome all new supporters
February 14, 2012 at 4:25 pm
PaulMc
Reports are stating that HMRC have had their attempt to have their administrators run Rangers turned down at the court of session today. What does this latest development mean?
February 14, 2012 at 4:23 pm
JimBranch
Phil, With the increased sum owed to HMRC mentioned by WHYTE today, does this affect the status of either party as the biggest creditor. I seem to recall similar shenanigans with Portsmouth last time they went bust. If HMRC become the biggest creditor does it mean its now their ball, their game, their rules???
February 14, 2012 at 4:19 pm
Larkybhoy85
Apparently the reason HMRC tried to file for adminstration today was because of unpaid tax bills THIS season and nothing to do with the big tax case.If that’s true then it’s getting worse and worse for them
February 14, 2012 at 4:05 pm
John You're Immortal
Reports on Rangerstaxcase blog have already suggested that derelictions this season with regard to PAYE, VAT and NI returns, running into a combined figure of millions of pounds, have led to yesterday’s momentous news. If that indeed was sufficient to force administration, then the crystallisation of the big tax case bill will surely be the final nail in the coffin of Rangers FC. Never mind the UK having a double-dip recession, Rangers could suffer a double-dip administration. If it’s true that this season’s debts alone have forced administration upon them, that doesn’t take into account the big tax case bill, no matter what bullish noises are made from the top of the marble staircase. A pennies in the pound deal could see Rangers out of their present administration, only to be hit by the big tax case bill. Undoubtedly immediate administration would again follow, as HMRC would be looming with a winding-up order. Even if the big tax case bill was in the order of £25 million, Rangers total debts would have to be £100 million + to prevent HRMC being able to block a CVA for a pennies in the pound settlement. If Mr Whyte is to be believed (and why should he be given his track record?) then a £75 million bill would only serve to strengthen HMRC’s hand as total debts would have to be £300 million + for a CVA to be forced through.
If schadenfreude had colours, then today it would be green and white….
February 14, 2012 at 5:51 pm
cavanbhoy
Well done done Phil for your excellant contributons to the demise of this sickening institution.HH.
February 14, 2012 at 4:03 pm
Hip Hip Hibee
Would be interested to hear your thoughts regarding todays court decision on Rangers being allowed to appoint their own administrators. Is this looking like Whyte’s pre-pack admin is going to happen? Or is there any way HMRC can overcome the existing rules which would allow this debacle?
February 14, 2012 at 4:00 pm
Ian
I’m bursting with pride for you Phil.I’ve followed you on this since 2010 and you have succesffully put the MSM in Scotland to shame.And now they are fighting over the scraps.Wonderful to watch.Thank You.
February 14, 2012 at 3:59 pm
Charlie Duffin
Superb piece of journalism,keep up the excellent work.
February 14, 2012 at 2:02 pm
Steve Brady
Phil, fabulous work! Thank you for sticking with it! Enormous credit to you for keeping us ‘all’ informed when many others have failed! The story’s not over of course, but it’s been a pleasure enjoying their deserved pain and anguish!
February 14, 2012 at 1:55 pm
Michael T
Phil,
I’m having to keep up with the news online (unfortunately, its not on Fox Sports or mainstream news channels in Australia, mores the pity. From what I can gather though, not one journalist (other than your good self) has pushed Whyte for explanation of how you can raise millions, claim you have a “strong balance sheet” and then 4 months later plead poverty with a 10m hole? It does not make sense.
Anyway, great work, take a bow Phil
February 14, 2012 at 1:52 pm
Fritz Agrandoldteam
Matt, Why not watch Celtic – better class of football, and you’d be welcome.
February 14, 2012 at 1:49 pm
Brian
Lets hope they get closed soon as, i also hope the HMRC get their administrator in as i believe other creditors of this vile club will be made to whistle for their money
February 14, 2012 at 1:47 pm
shay mallon
phil the msm in scotland are not the only media to have ignored this story. the irish msm have also ignored it and the first time they mentioned it was yesterday, today it has dissappered of rte sports news yet they never stopped talking about harry rednapp for the last two weeks.
February 14, 2012 at 1:40 pm
Pajo85
Jelly and Ice Cream all round
February 14, 2012 at 1:23 pm
Jimmy G
There was a Supporters Club in Coatbridge called Phil Coles maybe there should be a New Phil Celtic supporters club. I would love to have had a part in shutting that Den of Satan
February 14, 2012 at 1:06 pm
francois donnelly
well done phil take a well deserved bow
February 14, 2012 at 12:57 pm
Alan Murphy
Hey Everybody “its Helicopter Tuesday” Happy Valentines day !!!
February 14, 2012 at 4:29 pm
francois donnelly
thanks to you phil,it is really HEARTENING to hopefully see justice for the good ”RANGERS FANS”out there wherever they are ,as for their club it will give this member of the JOHN THOMSON MEMORIAL CELTIC SUPPORTERS CLUB OF BRANTFORD CANADA,immense satisfaction to hopefully witness the destruction of this vast bastion,BIAS, BIGOTRY.& FILTHY SECTARIANISM as it hopefully hits the dung pile and is finally consigned to the scrapheap,hail hail & god bless N.L. 1888
February 14, 2012 at 12:56 pm
alan ryan
The death of Rangers reminds me of when the 2 Fianna Fail ministers stood smirking at the media denying the IMF were in town. Lets hope Whyte and his ‘loyal’ minnions all go the same way as those two twits !!
February 14, 2012 at 12:36 pm
mackbhoy
Phil. Brilliant piece as usual. I have to say that part of me is a little sad at this time. If only because I have followed you for ages and now things are coming to an end. Then I look at what’s happening and I think this is just the begining of a new Rangers free era. If there is to be a new co Rangers, here is hoping that will be founded on new principles rather than the sectarian bile that the old one was built on. I doubt it bit I live in hope
February 14, 2012 at 12:27 pm
Davy
Well said Markbhoy.
Sums up my feelings on the situation and in particular regarding Phils excellent Blogs (and the RTC site).
Good work all round, but, lets not be complacent, the media machine still has a part to play in the outcome of this, and the nature of the rebirth of any “new rangers”.
There is work still to be done.
February 14, 2012 at 1:24 pm
Natalie Stafford
Fantastic summing up and fantastic job phil
February 14, 2012 at 12:26 pm
Thekwizatshaderach
My mind harks back to an Alistair Johnston interview, in which he stated when i believe he was being forced out by Whyte, ” theres a wee saying round these parts, surrender and no” i am actually paraphrasing here, but the point i am trying to make is these are the kind of people that have ran Rangers for years, this is the attitude, it is this attitude, that has brought the club to the edge of the abyss, instead of taking their medicine and sailing their ship on a true course, their piratical scheme through the dangerous EBT seas, after sailing the blue oceans of bias and bigotry supported by the powers that be in this country, making them believe they were above the law, has caused their ship to run aground on the shores of HMRC and they dont care if they run up the Union Jack, they are using the salvage laws and are going to gut HMS Dignity, though the culprits in this seem to have got away with walking the plank, it is really them who have scuttled this ship and as rats do, desert it
As usual the common sailor who supported this regime and mindset, is left to go down with the ship, until all that can be seen above the waves is a waving red hand.
February 14, 2012 at 12:23 pm
Frankiethebear
Just heard on radio scotland news that hmrc are at the court of session in order to force rangers into administration now.
Players have already been in contact with frazer wishart at the pfa.
February 14, 2012 at 12:12 pm
john fegan
Well said Phil. However you have been usurped by no other than Mr Graham Souness who,this morning on talksport, said that Rangers are an institution and therefore to big to go down. They will ,he said, come out of administration debt free as “Rangers 2012″. La La Land springs to mind.
In the last few minutes it was reported that HMRC are going to the Court Of Session in order that that they,HMRC, put Rangers into administration taking the voluntary aspect out of rangers hands.
February 14, 2012 at 11:45 am
BhoyEddie
and the intervention by HMRC today to have their Administrator appointed ahead of Whyte’s has probably screwed Rangers and Whyte totally.
February 14, 2012 at 11:38 am
Neil Mac
Fantastic Phil, funny how some Rankers fans still find it a surprise that it has actually happened. I see the HMRC has now launched an application to place them into administration. The Rankers seem to think that they will get off paying the debt and come back debt free next season, surely Phil this has to be more terminal than that. Keep up the good work Phil
February 14, 2012 at 11:28 am
FMcG
Excellent piece of work Phil, should be a lesson to all those other pond life hacks
February 14, 2012 at 11:28 am
John Mac
Phil, you have been a true giant on this story and your name will become a small but extremely important part of the story when the big book on the subject is written. Bearing in mind your family connection to the Famine and the background to why your Rangers investigations started, in a strange way I feel somehow that a bit of justice has been done.
One chapter on this story is closing and a new one is soon to begin. I pray that your pencil will continue to be as sharp and as devastatingly effective as it is now.
February 14, 2012 at 11:27 am
matthew marshall
Hi Phil
Im a rangers supporter and have found your posts over the last few years to be a very accurate source of information, as for that Phil what is your honest opinion ? will rangers no longer be here ? will they go down the leeds utd route ? or will i need to go watch partick thistle ? haha cheers Matt
February 14, 2012 at 11:18 am
Phil Mac Giolla Bhain
The club established in 1872 will be liquidated.
The route back for a “NewCo” is not yet laid out.
I can’t see any other scenario but liquidation.
The liabilities are too big compared with the assets.
The chances of a CVA are zero IMO.
February 14, 2012 at 11:33 am
Phil Mac Giolla Bhain
Would your “NewCo” have a ban on RoI players in the first team?
February 14, 2012 at 10:01 pm
Whullie
Yojimbo 56.
I have posted this before, and on another site from where I recognise you moniker. Your comment does sound sincere and I for one don’t have a problem shaking the hand of any decent football fan.
My point is simple. Any syndicate,group or individual who would start up a RFC Newco in the event of liquidation should publish a charter. A statement of intent. A policy document outlining where they see their project, how it would be run, who it would be aimed at et al. That, coupled with the individual or group reputation would give potential fans an idea of what they were buying in to. If more than one group have the same idea, then, so much the better. One may attract sash wearing, up to the knees types and the other could aim at moderates. Then there is a choice to be made. That choice would tell everybody in football from boardroom to terracing just what to expect when RFC Newco arrive for the game. There is scope for lobby here and I wish your type of fan success. However. if the old guard win…………
There’s ma haun.
Good Luck
February 15, 2012 at 3:03 am