DCSIMG

Rangers administration: Duff & Phelps praise HMRC

  • by TOM ENGLISH
 

The administrators at Rangers, Duff & Phelps, have moved to reassure the supporters of the club that there is no intention on the part of HMRC to put the club out of business.

“We’ve spoken at some length to HMRC and that includes a call just today to reinforce this message [don’t close the club] and we have their agreement at senior level that we can say the following,” said Paul Clark, the joint administrator.

“If HMRC had been looking to close Rangers football club then last week they wouldn’t have issued an administration application, they’d have issued a winding-up petition because a winding-up petition would have resulted in liquidation and it’s liquidation that brings the closure of a club.

“The message from HMRC is that they would like to work with us to make sure Rangers football club survives. The club is worth more as a club on an ongoing basis. There is an alignment here in keeping the football club alive. We were a bit confused at times why there was so much negativity around HMRC because to our mind it is quite obvious that the football club is worth more if it is kept alive.”

The administrators praised HMRC for their support in the months they spent chasing Craig Whyte for overdue tax. “Their work before administration, it is fair to say, was very, very supportive of the club. If you set aside the big tax case they agreed several pay arrangements which the club didn’t meet. There’s only so long you can fund a loss-making business through non-payment of taxes. The position was unsustainable. There comes a point where HMRC have to say enough is enough.”

 
 
 

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