Monday, February 13, 2012

Scottish football giants Glasgow Rangers to go into administration BEFORE result of £49million tax case | Mail Online

Scottish football giants Glasgow Rangers to go into administration BEFORE result of £49million tax case | Mail Online

I posted, at the time, when Craig Whyte took over Rangers Football Club, that he was an asset stripper. He had done it many times in his past. In fact, he was banned from holding any directorships for seven years and had over 20 companies, a of which were either made bankrupt or just closed down.
I can't see ASDA getting it as their corporate colour scheme is yelow and green which would not go down well in Ibrox or Govan!! On the other hand Tesco in red and blue should grab it no bother from the administrators.
The taxman is still mulling over a claim for £49 million in back tax. However, they have not demanded payment as yet. Even if a deal is made to pay pennies in the pound, the taxman will be looking for more than 50p in the pound.
If Rangers go bust, then the taxman gets nothing at all!!! Whyte would own the ground, buildings and training ground as a preference debtor. So he gets his wack, first, with anything left to be sold off and the proceeds of that sale divided among creditors.
Of course the land is the most valuable. They can sell off the team, but it is doubtful that there would be big bids for them. It might become an Dutch auction. Whyte is after the land and is a front man for some group or other. He is there to take the flack. Then they all make a lot of money, selling prime site land, which is, currently, commercial and could be a supermarket. The training ground could go to private housing. All the gas,electric,drainage and so on is on site already. So there could be big profits to be made. After all, Whyte has backed the £18million and not the taxman's £49million. So he get's the place for peanuts and gets rid of the team via an Administrator

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