Rangers Could Go Bust

Not an April Fools Day Joke.

Rangers chairman Alastair Johnston has admitted that the club could go bust.

The admission came in the wake of recent talks with would-be owner Craig Whyte and half-yearly figures indicating that the club owes £29m.

Johnston insists that, when published in June, annual figures will show that debts have dropped to around £22m.

But he nodded in agreement when asked if it was possible for the club to go out of business if a decision over tax payments went heavily against them.

“The reality is that, if the decision is bad and the club can’t pay, there would be a decision to be made,” said Johnston, who expects a decision on the purchase of the club in the next couple of days.

“It’s not clear where the liability lies. It could be October or November before we find out.

“The situation is not holding up the sale, but it does inhibit new financing and new investment.

“I have no idea of the sum for which we may be liable, but Rangers cannot afford much.” (BBC Sport)

It seems that Rangers have had financial problems for some time and it appears that things have come to something of a head in recent months but the fact that they have managed to slash a decent chunk off their overall debt will stand them in good stead. Clearly if the Glasgow club can clinch a Champions League spot for next season then that would further aid wipe out debt.

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