DCSIMG

Key players in Rangers’ administration crisis

CRAIG WHYTE: Since the beleaguered businessman bought Rangers for a nominal £1 fee in May of last year he has watched the club descend into turmoil, applying for administration and being held accountable for millions of pounds in unpaid tax.

Paul Murray: The former Rangers director has intervened, requesting urgent talks with the appointed administrators Duff & Phelps to discuss a possible recovery package that will secure the club’s future.

Duff & Phelps: The financial advice and investment banking firm chose Duff and Phelps partners Paul Clark and David Whitehouse as joint administrators after being appointed to the position by Rangers.

Paul Clark and David Whitehouse: The two financial experts have more than 50 years’ experience in corporate recovery and insolvency procedure. Mr Clark, a chartered accountant and partner with Duff & Phelps, is a licensed administrator who has been involved in several successful turnarounds. Mr Whitehouse has more than 20 years’ experience in the corporate restructuring and recovery market and has provided advisory services to a range of financial institutions.

HMRC: HM Revenue and Customs is owed millions of pounds in unpaid tax by the Ibrox club. The illegal use of employee benefit trusts by Rangers to pay a number of players in the early 2000s resulted in HMRC chasing a £49m tax bill, which could total £75m including penalties. More than £9m in VAT and PAYE accumulated over the nine months since Craig Whyte’s takeover is also owed.

Sir David Murray: Rangers’ former owner sold the club to Craig Whyte in May last year and has come under fire from some of the club’s support, who blame him for Rangers’ financial strife. Under Sir David’s rule Rangers used employee benefit trusts to pay a number of players. It has emerged this is a main reason for the action taken by HMRC against the Ibrox Club.

Roddy Dunlop, QC: The top lawyer appeared at the Court of Session for Rangers regarding the appointment of administrators.

Media House and Hay McKerron Associates: The PR agencies, which are two of the country’s highest profile media relations companies, were drafted in by Craig Whyte to deal with the media frenzy surrounding the Ibrox club. The cost of their services is estimated to have run well into the thousands.

Ally McCoist: The Rangers manager must continue as normal in the dressing room and training ground and may make an input into the decision-making process on which players will or will not be let go.

 
 
 

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