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Rangers Debts Set to Reach £134m

by The Newshound

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Ibrox

Ibrox side’s financial woes far worse than first thought.

Rangers’ administrators estimate that the club’s total debts could top £134m.

The figure is revealed in an administrators’ report to creditors published on the club’s website.

A total of more than £93m is being claimed by HM Revenue and Customs, relating to the so-called big and small tax cases, and unpaid VAT and PAYE.

The report also reveals Rangers owe cash to other football clubs including Celtic, Hearts, Dundee United, Manchester City and Arsenal.

The full extent of the potential liabilities facing Rangers has been unclear since the Ibrox club went into administration in February.

Administrators Duff and Phelps, who have been tasked with rescuing the financially stricken club, have said they are considering three takeover bids out of the four that were submitted on Wednesday, and hope to accept one by next week.

SOURCE: BBC Sport

Those bids are understood to include former Rangers director Paul Murray’s Blue Knights consortium, along with bidders from Singapore and the US and fans of the Ibrox club will hope that a deal can be struck sooner rather than later. If a new buyer is not in place by the summer the resultant uncertainty could see Ally McCoist having to sell his top performers which will of course leave the club struggling on the field of play as well as off it.

Currently, the largest established unsecured creditor is private finance firm Ticketus, which is owed £26.7m.

Debenture owners – fans who loaned money to the club – are owed £7.7m

And taxpayer-funded bodies also owed money include: Strathclyde Police (£51,882), Scottish Ambulance Service (£8,438), Culture and Sport Glasgow (£10,338), Glasgow City Council (£7,000), Argyll and Bute Council (£406), and Edinburgh City Council (£90).

The report also reveals that Rangers owe more than £2.3m to 12 football clubs in Scotland, England and throughout Europe.

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