Stewart PrimroseMore Negative Press for Rangers
April 27th 2010 20:11
There are conflicting reports today over allegations about an unpaid tax bill by Rangers to the HMRC
Daryl King, a Sports Journalist for the Glasgow Evening Times, today released a story saying the Scottish champions are under investigation by HM Revenue and Customs over offshore payments made to players of the club in the last decade.
If true and found guilty, Rangers could owe millions of pounds of backdated payments.
King also mentions any money made from season ticket sales and Champions League revenue will be ring-fenced to pay off the debt owed to Lloyds Banking Group, which is roughly in around the £30 million mark.
This story, however, is inconsistent with views from the current Rangers Chairman Alastair Johnston, and other sources in the media.
And a statement from the clubs’ website also contradicts the article from the Glasgow-based newspaper.
It said: “It has been speculated in the media today that club season ticket and Champions League income had already been ring-fenced by the bank to reduce the club’s debt.
This is totally incorrect and discussions with the bank in relation to the business plan will take place in the coming weeks.”
Johnston claims the tax issue is not something new, and is more of a problem for the Murray Group, who own Rangers.
He has also stated money will be available for Walter Smith to spend on the squad if he remains as the manager for next season.
However, he did continue to say that how much and when it will be made available depends on a number of factors, and this will become clearer when he holds a series of meetings with the board and the bank in the next few weeks.
When Johnston arrives in Scotland, he hopes to persuade manager Walter Smith to stay on as manager for next season.
Smith, who is working without a contract alongside the rest of his coaching staff, has just led Rangers to two league championships in a row, but has been on record on several occasions explaining the situation at Rangers is only going to get worse unless a buyer is found.
The club has been up for sale for around 18 months now, with South African businessman and current director at the club Dave King, and London property developer Andrew Ellis having declared an interest in buying Sir David Murray’s shareholding at the Ibrox club.
Daryl King, a Sports Journalist for the Glasgow Evening Times, today released a story saying the Scottish champions are under investigation by HM Revenue and Customs over offshore payments made to players of the club in the last decade.
If true and found guilty, Rangers could owe millions of pounds of backdated payments.
King also mentions any money made from season ticket sales and Champions League revenue will be ring-fenced to pay off the debt owed to Lloyds Banking Group, which is roughly in around the £30 million mark.
This story, however, is inconsistent with views from the current Rangers Chairman Alastair Johnston, and other sources in the media.
And a statement from the clubs’ website also contradicts the article from the Glasgow-based newspaper.
It said: “It has been speculated in the media today that club season ticket and Champions League income had already been ring-fenced by the bank to reduce the club’s debt.
This is totally incorrect and discussions with the bank in relation to the business plan will take place in the coming weeks.”
Johnston claims the tax issue is not something new, and is more of a problem for the Murray Group, who own Rangers.
He has also stated money will be available for Walter Smith to spend on the squad if he remains as the manager for next season.
However, he did continue to say that how much and when it will be made available depends on a number of factors, and this will become clearer when he holds a series of meetings with the board and the bank in the next few weeks.
When Johnston arrives in Scotland, he hopes to persuade manager Walter Smith to stay on as manager for next season.
Smith, who is working without a contract alongside the rest of his coaching staff, has just led Rangers to two league championships in a row, but has been on record on several occasions explaining the situation at Rangers is only going to get worse unless a buyer is found.
The club has been up for sale for around 18 months now, with South African businessman and current director at the club Dave King, and London property developer Andrew Ellis having declared an interest in buying Sir David Murray’s shareholding at the Ibrox club.
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