Timeline: Rangers’ slide towards liquidation
RANGERS face liquidation after Her Majesty’s Revenue and Customs announced today that, as one of the club’s major creditors, they would be unwilling to accept a Company Voluntary Arrangement (CVA) deal on money owed to them by the Ibrox club.
Today’s announcement means Charles Green will attempt to buy the assets of the club and form a new company which will then have to apply for league membership.
Here we look at the main developments since the club was placed in administration in February up until today’s rejection of a CVA by HMRC:
February 13 - Rangers apply to the Court of Session in Edinburgh to enter administration proceedings. Owner Craig Whyte announces that the bill for the major tax case, concerning the improper use of Employee Benefits Trust under previous owner Sir David Murray, could amount to £75 million.
February 14 - Rangers appoint administrators Duff and Phelps after a court battle with Her Majesty’s Revenue and Customs. They effectively forfeit the title to Celtic after being docked 10 points. Duff and Phelps reveal that HMRC lodged their petition to take Rangers into administration over the non-payment of about £9million PAYE and VAT since Whyte’s 2011 takeover.
February 15 - Administrators insist that Rangers will continue to exist as a football club.
February 16 - Administrators announce that parties not connected directly with the club have expressed an interest in taking over from Craig Whyte. Administrators also express concerns over Whyte’s stewardship of the club.
February 17 - Whyte expresses confidence that investigations will prove “every penny has been accounted for”.
The Scottish Football Association launch an independent inquiry into the activities of Rangers, specifically whether Whyte is “fit and proper” to hold a position in the game. Rangers attempts to sign Daniel Cousin are thwarted despite having announced his signature prior to entering administration.
February 18 - Manager Ally McCoist welcomes the SFA inquiry after his side’s 1-0 defeat against Kilmarnock at Ibrox.
February 21 - It is revealed that a Craig Whyte had made a deal with Ticketus to pay off Rangers’ outstanding £18 million debt to Lloyds, something Whyte had earlier denied.
February 23 - Rangers director of football Gordon Smith and chief operating officer Ali Russell agree to leave the club. A report on the club’s financial dealings is received by Strathclyde Police.
February 26 - Ally McCoist expresses pride at his players’ focus on football following a 4-1 victory over Inverness.
February 27 - Rangers woes worsen as they are fined £50,000 for failing to declare that Whyte had been disqualified as a director.
March 1 - Ticketus call for a “rapid and successful conclusion” to the administration process and say they are willing to hold talks with any potential new owners.
March 2 - The SFA confirm they will investigate claims made by former Rangers director Hugh Adam that payments made to players were not disclosed to the governing body. Duff and Phelps postpone a final decision on cuts after refusing an offer from players to defer wages. Craig Whyte expresses ‘enormous sympathy over impending redundancies at the club.
March 3 - Administrators say redundancies are “likely” as Rangers lose 2-1 at home to Hearts.
March 5 - The Scottish Premier League have confirmed that their board have instigated an investigation into the alleged non-disclosure of payments made to players by Rangers. Rangers administrators consider a proposal from players overnight after failing to reach consensus over wage cuts.
March 6 - Joint administrator David Whitehouse says they have been unable to reach an agreement on a wage-cut plan and that talks will continue on Wednesday. Mervan Celik and Gregg Wylde both offer to leave the club.
March 7 - Liquidating the club is inevitable, claims Rangers director Dave King. Administrators announce that the sale of the club has been accelerated after players fail to agree cost-cutting measures. Joint administrator Paul Clark rules out the prospect of European football for Rangers.
March 8 - Craig Whyte is declared unfit to hold a position in football. The governing body say that Rangers face a charge of bringing the game into disrepute.
March 9 - Rangers administrators announce a package of wage cuts with players that have “directly prevented substantial job losses among non-playing staff both at Ibrox and Murray Park”.
March 15 - Rangers are issued with notices of complaint over alleged breaches of five disciplinary rules. Craig Whyte is alleged to have breached two rules.
March 29 - A hearing set up to determine whether Craig Whyte did indeed breach SFA rules is adjourned until April 17.
April 4 - The administrators confirm they have received four bids for the club.
April 11 - Duff and Phelps admit they have had to delay the announcement of a preferred bidder for the due to proposed changes to Scottish Premier League rules.
April 19 - Sale Sharks owner Brian Kennedy is told his revised verbal bid for the club is not “capable of acceptance”.
April 23 - Rangers receive a 12-month embargo on signing players and owner Craig Whyte is banned for life, whilst Whyte and the club are fined £200,000 and £160,000 respectively, The club intends to appeal the decision.
April 24 - Fans react with anger and disbelief at the SFA’s decision, with many planning to boycott away matches. News also emerges that manager Ally McCoist has suspended stirker Kyle Lafferty for two weeks - meaning he may have played his last game for the club - and admitted he’d be open to the club joining the SFL and entering the Third Division.
May 3 - American businessman Bill Miller granted preferred bidder status ahead of the Blue Knights consortium.
May 8 - Miller withdraws bid for Rangers.
May 11 - The Blue Knights withdraw their interest in buying Rangers
May 13 - Administrators announce they have signed a binding contract to sell the club to a consortium led by former Sheffield United chief executive Charles Green.
May 16 - An SFA appeal tribunal rejects Rangers’ appeal against a £160,000 fine and 12-month transfer embargo.
May 29 - The SFA transfer ban is ruled unlawful in the Court of Session following a challenge from Rangers. Duff and Phelps publish Green’s Company Voluntary Arrangement (CVA) proposal to creditors.
May 30 - SPL clubs take on responsibility for deciding whether ‘newco’ clubs should be admitted to the competition but reject fixed penalties.
May 31 - Rangers’ administrators provide files requested by SPL in their investigation into undisclosed payments.
June 12 - HMRC announce they will reject the CVA offer and force the club into liquidation.
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Saturday 25 May 2013
Temperature: 5 C to 17 C
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Temperature: 8 C to 17 C
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