Rangers administration: Ally McCoist upbeat despite debt figures

ALLY McCoist claims he was not shocked by the revelations that Rangers’ debt could rise to as much as £134million.

Administrators Duff and Phelps published a joint administrators’ report and proposals statement to creditors yesterday, which showed that monies owed by the Glasgow giants stands at £55.4million.

Rangers also owed £4million to Her Majesty’s Revenue and Customs for the ‘Small Tax Case’ and could face a further bill of £75million, including interest and penalties, if they lose a dispute with the tax authorities, widely known as the ‘Big Tax Case’.

But the Rangers manager knows the £134million figure is a worst case scenario if the club lose that tax dispute.

Asked if he was shocked by the figures, the Ibrox boss said: “I wasn’t really to be honest.

“It makes for powerful reading and powerful headlines initially.

“As frightening as the headline looked, I wasn’t scared of anything that I read.

“Effectively, it was nothing new to me.”

Administrators are considering three bids for the club, from the Blue Knights and Ticketus and groups based in Singapore and the United States.

McCoist said: “I speak to the administrators on a regular basis and there have been three very positive bids for the club.

“The administrators have been quoted publicly as saying they are pleased and now see a bit of light at the end of the tunnel which is positive.

“But we have to be cautious as well. There is still a long way to go.

“I just feel, fingers crossed, we seem to be taking steps in the right direction.

“We are not out of the woods yet in terms of liquidation but we seem to be making positive steps and the administrators are making positive noises as well.”

McCoist has no preference in terms of which bidder is given preferred bidder status.

He added: “The person or persons I would like to see take over must have the club and the club’s future at heart.

“That’s all I can ask for as the manager and as a supporter.”