Hearts" future in doubt amid financial crisis

Sutton fears for Hearts' future as financial crisis threatens Edinburgh club

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UPDATED:

23:20 GMT, 28 October 2012

Hearts striker John Sutton has spoken of his fears for the future of the Tynecastle club as he issued a rallying cry to secure the survival of the 138-year-old institution.

Vladimir Romanov’s troubled outfit faces a potentially devastating confrontation with Her Majesty’s Revenue and Customs next month, the club having been issued with a demand for unpaid taxes of 1.75million.

The club are under a transfer embargo after a continued failure to pay staff on time and last week launched a share issue hoping to raise 1.8m as controversial owner Romanov maintains his course of cutting ties with the Tynecastle club.

Fears: John Sutton (centre) is worried about Hearts' future

Fears: John Sutton (centre) is worried about Hearts' future

‘We are really worried about the situation, but I can’t say it’s anything new,’ said Sutton.

‘Since I’ve been here, there’s always been a couple of issues floating around on the financial side of things. The board have been open enough in the (share) brochure to say there are dangers for the club ahead. But they are also optimistic about the future and, hopefully, as players, we can start to do our bit.

‘If we start winning games, we can help the club sell more tickets — and reaching semi-finals and finals would also help the club. But I can’t lie — it is a worrying time and, as players, we are desperate to do our little bit to help this club survive — and to push it on to bigger and better things in future.’

Hearts have vowed to robustly defend the tax claim, relating to an ongoing dispute between the club and HMRC over players loaned to Tynecastle by Lithuanian club FBK Kaunas — then controlled by Romanov — during the past seven years.

Tough times: Manager John McGlynn is working under a transfer embargo

Tough times: Manager John McGlynn is working under a transfer embargo

In the brochure explaining the share issue, Hearts spoke of a ‘dramatically negative impact on the company’ if they lose the case, while admitting that Romanov could call in his 24m debt and leave the club to be liquidated next summer.

Hearts director Sergejus Fedotovas claimed administration is ‘not on the agenda’ but admitted the Tynecastle club are facing huge challenges.

‘Financially, the situation is quite serious,’ he said.

‘We are really hopeful that this club will be successful and will prosper; and administration is the wrong word, I would say.

‘The share issue is a signal and an alarm to the people who are truly concerned about the club.’

Fedotovas also confirmed Hearts were taken aback by the HMRC tax demand and added: ‘It is a surprise. I believe that this is an unprecedented thing.

Up in the air: Hearts owner Vladimir Romanov's future plans are unclear

Up in the air: Hearts owner Vladimir Romanov's future plans are unclear

‘We faced questions in 2008 and it was very distant, and we really had no idea what it was about and what relation it has to the club.

‘Obviously, it’s now in very developed stages and this is something that we are looking to defend.

‘The players who were here on loan — most of them were Lithuanian — have some extra earnings in their home country and the case is related towards that, towards those earnings.

‘Whether that needs to be taxed or not is what the case is all about.

‘As far as the club is concerned, we have paid all the tax according to their contracts here in Scotland and we believe the position of Hearts is covered by this.

‘We’ve produced all the necessary returns to HMRC and supplied all the necessary information.

‘I believe there are a few possibilities (if Hearts need to pay the amount) and we’re actively discussing this at the moment.’

Hearts hit with transfer embargo by SPL

Hearts hit with transfer embargo by SPL after not guaranteeing wage payments

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UPDATED:

19:15 GMT, 24 October 2012

Scottish Premier League chief executive Neil Doncaster has revealed Hearts have not provided assurances that they will pay wages on time in future.

However, he refused to speculate on whether the Edinburgh club could be hit with a points deduction if guilty of a third breach.

Doncaster was speaking after Hearts were placed under a transfer embargo until December 23 by the SPL over their failure to pay wages on time this month.

Punished: Neil Doncaster said Hearts had not guaranteed they would pay wages on time

Punished: Neil Doncaster said Hearts had not guaranteed they would pay wages on time

The decision was taken following a meeting of an SPL board sub-committee after the Jambos admitted to late payments for coaching staff and players for a second consecutive month.

Hearts claim all outstanding wages from October have now been paid but have been hit with a ban on signing any players for 60 days.

Doncaster told Sky Sports News: 'We didn't receive any guarantees that there wouldn't be a repeat.

'Ultimately we can only judge any breach of the rules as and when it arises – look at the circumstances, hear what the club has to say, and then form a view.

'We considered a whole range of different possibilities.

'We felt a sporting penalty was required because of the sporting advantage that had been obtained by Hearts by not having to pay players and coaches on time, and the appropriate sporting penalty we believed was a player registration embargo for 60 days.'

The hearing – after six players and manager John McGlynn were paid a week late – was the second in three days into the wage delays at Hearts.

Paid late: Manager John McGlynn and his players received their wages after they were due

Paid late: Manager John McGlynn and his players received their wages after they were due

The club were 'reprimanded and warned' by an SPL board sub-committee on Monday after paying some players and McGlynn late in September, while an automatic transfer embargo was continued.

Asked if a third instance of late payment of wages could result in a points deduction or suspended points deduction, Doncaster added: 'I don't think it's appropriate to speculate on what we might do in the future.

'What we have to do is judge each situation absolutely on its merits, and that's what we will do.

'Should there be any club in the future which fails to pay players or coaching staff on time then we will be looking very carefully at what the appropriate sanction should be at that point.'

An SPL statement confirmed: 'A sub-committee of the Scottish Premier League Board today considered a charge against Heart of Midlothian Football Club under SPL Rule A6.21, which concerned the club's failure to pay coaching staff and players on time in October.

'The club satisfied the sub-committee that all outstanding wages from October had now been paid and, accordingly, the player registration embargo, which arose from that failure, has now been lifted.

Blocked: Rudi Skacel will not be able to join as a free agent until after the embargo

Blocked: Rudi Skacel will not be able to join as a free agent until after the embargo

'The charge under SPL Rule A6.21 was admitted by the club. The decision of the sub-committee was to make Heart of Midlothian Football Club immediately subject to a further player registration embargo of 60 days.

'The club will be embargoed from registering any professional players up to, and including, 23 December 2012.'

The punishment effectively prevents Hearts from signing any free agents during the 60-day period, ruling out the prospect of a Gorgie return for Rudi Skacel for now.

Skacel has been training with his former club but would have to wait until the festive period before he would be able to sign for the Jambos again.

However, Hearts have opted to accept the punishment, confirming they had no plans to challenge the SPL sanctions.

A club spokesperson said: 'We are satisfied that this matter has now been resolved and accept the sanction imposed by the sub-committee.'

Ally McCoist targets more new faces after 38,000 fans watch Rangers cup win

McCoist targets more new faces after 38,000 fans watch Rangers cup win

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UPDATED:

22:50 GMT, 7 August 2012

Fantasy football 2012

Rangers manager Ally McCoist
celebrated the triple-signing of Fran Sandaza, Kevin Kyle and Emilson
Cribari, then vowed to step up his bid to land new recruits starting
with Craig Beattie.

After watching his side beat East
Fife 4-0 in the first round of the Scottish Communities League Cup, the
Ibrox boss admits he would feel his squad was ‘depleted’ if he did not
land any new players ahead of the transfer window closing, with Rangers
due to be hit with a one-year transfer embargo for past sins.

Flying start: Lee McCulloch settled Rangers' nerves with the opener after quarter of an hour

Flying start: Lee McCulloch settled Rangers' nerves with the opener after quarter of an hour

And on a night which saw a huge crowd delay kick off by 20 minutes as 38,000 fans crammed through the pay gates at Ibrox to support their fallen club, McCoist admitted he would be unhappy if his triple signing swoop was his last ahead of the transfer window closing.

Former Celtic and Hearts striker Beattie tops his list but McCoist hopes for a flood of recruits ahead of assaults on the Third then Second Division.

McCoist said: ‘I’m delighted at the quality players Sandaza, Kyle and Emilson we brought in today, but I would feel our squad was depleted if we could not get more in before the window closes. Simple maths tells you we need more players in because some will be going out and the embargo kicks in at the start of September.

‘I’m delighted to get in the three new guys but I would not be confident of getting through the next two years with these numbers, due to the prospect of injuries and suspensions.

‘I’ll have a chat with Charles Green about Craig Beattie and see if we can push that on — but there’s a good number of players on my radar.’

McCoist also paid tribute to the Rangers fans for backing their club in numbers on Tuesday night.

‘They were absolutely amazing. I thought there would be 22,000 but I was hopeful we might reach 30,000. The shining light in this situation (since administration) has been our supporters.

‘This game at Ibrox meant so much to them
and I was really nervous beforehand because I wanted to win and give
them something they would be pleased to see. I’m always nervous before
games and I’ll be the same at Peterhead at the weekend.’

Meanwhile,
former St Johnstone striker Sandaza was celebrating realising a dream
by his Ibrox debut after his move to Govan fell through in January.

One up: Lee McCulloch (right) celebrates his opener with Rangers team-mate Andrew Little

One up: Lee McCulloch (right) celebrates his opener with Rangers team-mate Andrew Little

‘I’m delighted to finally come here and to play for this great club,’
said the Spaniard, who made his debut as a second half substitute
alongside Kyle.

‘When I arrived in Scotland four years ago, I didn’t speak any English
but I knew I wanted to play for a big club like this, at Ibrox in front
of a full stadium. I wanted to come in January but that didn’t happen.
But it seems it was my destiny.’

Meanwhile, 32-year-old former Lazio and Napoli defender Emilson admitted the lure of the Ibrox giant was too big to turn down.

He said: ‘I am very happy to be here. I got a very good impression when I
spoke with the manager and the stadium and the training facilities are
excellent.

‘The club is famous in my country because it has such a strong history,
so it was an easy decision for me to make when I had the chance to
sign.’

And after signing a one-year deal, former Hearts striker Kyle insisted
that the prospect of playing in the Third Division had not put him off
joining Rangers.

He said: ‘This is Rangers, it doesn’t get any bigger than this. It’s a massive opportunity.’

Doubling up: Dean Shiels chips home Rangers' second of the night

Doubling up: Dean Shiels chips home Rangers' second of the night

Robbie Savage tells Rangers he"ll play for free

Savage dream! I'll come out of retirement to play for Rangers for free, says Robbie

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UPDATED:

22:36 GMT, 25 July 2012

Robbie Savage has offered to come out of retirement and play for Rangers for free as the Ibrox club plans for life in the Third Division.

The controversial former Welsh international, now working as a television and radio pundit, insisted his offer should be treated seriously and said he had contacted Ibrox chief executive Charles Green ‘to ask Ally if he needs help’.

Savage, 37, began his career playing in the Manchester United youth set-up alongside the golden generation of David Beckham, Ryan Giggs and Paul Scholes. He ended his playing days last year after a spell with Derby in the English Championship but insisted fitness would not be a problem.

An offer they can't refuse Robbie Savage says he'll play for Rangers for free

An offer they can't refuse Robbie Savage says he'll play for Rangers for free

Speaking on Twitter, Savage said: ‘On a serious note, if Rangers are struggling for players I would come out of retirement and play for nothing … could do a job in scot div 3! It would be a privilege to play for a great club … only retired a year ago.

‘Sometimes you need to give back, it’s a great club, still only 37. Holding midfielder still a piece of p***. Is it worth me ringing Ally

‘I might be mad thinking I can but if their desperate for players, I’ll go up there and play for nothing!

‘You think I’m joking, I’m serious ! I’ve sent a text to Charles Green already to ask Ally if he needs any help!! The offer is there we will wait and see !!’

Whether manager Ally McCoist is prepared to take Savage up on his offer is another matter. The Ibrox boss is desperately looking to strengthen his depleted squad ahead of a transfer embargo which begins on Saturday, September 1.

Retired: Savage has taken up new roles as broadcaster and ballroom dancer

Retired: Savage has taken up new roles as broadcaster and ballroom dancer

Retired: Savage has taken up new roles as broadcaster and ballroom dancer

Already, former Hearts players Ian Black and Craig Beattie have been training at Murray Park ahead of their prospective signings with Dean Shiels — on loan at Kilmarnock last season — and Steve Jennings — at Motherwell last term — also on the McCoist wish-list as he prepares to offer lucrative contracts stretching to in the region of 7,000 a week.

Former Scotland international striker Kevin Kyle remains another who could feature among the new arrivals.

No transfer dealings can be completed, however, until the club is handed membership of the Scottish Football Association.

Green had spoken confidently of that deal being signed and sealed yesterday but negotiations with the football authorities dragged on and a decision with the SFA may now not be reached until the end of the week.

The Ibrox club, meanwhile, intend to pursue English Championship side Hull City for cash after they signed Sone Aluko on a two-year deal.

The 23-year-old former Aberdeen midfielder joined Rangers last November on an initial deal until the end of the season and was a goalscoring revelation but refused to allow his contract to transfer to the newco.

Rangers, however, feel they have a similar case to that which saw them receive 800,000 from Southampton for captain Steven Davis.

Peace pact will let Rangers add to squad before transfer ban kicks in

Peace pact will let Rangers boss McCoist add to squad before transfer ban kicks in

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UPDATED:

22:48 GMT, 20 July 2012

Fantasy football 2012

Rangers will have five weeks to staff
up their squad after moving to reluctantly accept a delayed transfer
embargo as part of a peace deal with the SFA.

Charles Green’s Sevco Scotland newco
are set to gain clearance to play competitive football after deciding
they have no option but to abide by the sanctions facing the oldco for
bringing the game into disrepute through the actions of Craig Whyte’s
tenure.

The SFA released a statement
yesterday evening insisting agreement had been reached with Sevco over
the acceptance of a transfer embargo ‘as a primary condition of a
transfer of membership’ from the oldco.

Tough job: Ally McCoist must prepare his side for life in the lower leagues

Tough job: Ally McCoist must prepare his side for life in the lower leagues

Rangers chairman Malcolm Murray responded shortly before 10pm to state no deal had yet been signed, but that the club had to bow to sanctions to get back to playing football.

The Ibrox outfit should, therefore, begin its new life with a Ramsdens Cup tie against Brechin City a week tomorrow, but boss Ally McCoist is facing a congested timeframe to add new players capable of sustaining the Ibrox club for their Third Division campaign and beyond.

Rangers will be unable to sign players for 12 months between September 1 this year and August 31, 2013. That means McCoist will have to sign enough depth to a ravaged squad to win promotion from the bottom rung and thrive in the Second Division before he can re-enter the transfer market when the January 2014 window opens.

The SFA membership should be formally transferred early next week when it is rubberstamped by an Appellate Tribunal at Hampden. That has been deemed necessary to complete the legal process after the Ibrox challenged the transfer embargo at the Court of Session.

‘We have had days of discussions with the SFA and it is important for everyone, but most importantly our fans, to understand that the SFA said it would only transfer the membership to play football if we accepted some form of additional sanctions for the sins of previous regimes,’ said Murray.

‘The choice is stark — take sanctions or risk not playing football at all. We do not wish to gamble with the club’s future so, under duress, we have taken the difficult decision to accept some sanctions in order to move forward.

‘A delayed transfer ban would be a bitter pill to swallow and will only be agreed to if the alternative is no football.

‘We would have a window in which to sign players, enabling the manager to strengthen the squad which is critical for the club to start the process of rebuilding.’

Murray also stated the deal with the SFA would not rule out the prospect of further punishment from the SPL, who are forming an independent commission to investigate alleged double contracts from the oldco’s use of Employee Benefit Trusts.

‘We also regret that any agreement with the SFA appears not to have the support of the SPL and, as such, it still wishes to impose further sanctions on the club for the actions of previous regimes despite already voting us out of its league,’ he added.

‘This is truly astounding to everyone at the club who is now in charge of rebuilding Rangers from Division 3, particularly as the SPL are still trying to benefit from our media rights.’

Rangers successfully challenged the transfer embargo at the Court of Session, who sent the case back to the SFA Appellate Tribunal. That body could, however, have potentially inflicted a greater punishment — such as suspension from the Scottish game — had Rangers not set aside the court’s decision and accepted the embargo.

Birmingham transfer embargo lifted by Football League

Birmingham free to buy players again after embargo lifted by Football League

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UPDATED:

21:58 GMT, 4 July 2012

Birmingham have had their transfer embargo lifted by the Football League.

The Blues have been unable to sign players since being placed under embargo in March for not filing their 2010/11 accounts in time.

Birmingham owner Carson Yeung was arrested in June on money laundering charges and is due to face trial in Hong Kong in November.

Acting club chairman Peter Pannu said in a statement: 'We are pleased that the hard work of those at the club and the Football League has paid off and that the financial prudence put in place since Carson Yeung's arrest has been recognised.

Shopping list: New Birmingham manager Lee Clark can now get spending

Shopping list: New Birmingham manager Lee Clark can now get spending

'Despite the lifting of the embargo, we still need to ensure that this financial prudence remains in place going forward.'

Meanwhile, Blues captain Stephen Carr has signed a new one-year deal with the club.

The Republic of Ireland international defender was out of contract at St Andrew's but has been retained as captain by new manager Lee Clark, who was appointed as Chris Hughton's successor last week.

Arrested: Birmingham owner Carson Yeung is facing trial in Hong Kong

Arrested: Birmingham owner Carson Yeung is facing trial in Hong Kong

'I'm delighted that Stephen Carr has agreed a new contract with the club as he's a very important player,' Clark told the club's official website.

'I've worked with Stephen both as a player and a coach and I know that he's not just a fantastic, international-class player but he's also a leader. Stephen is a major influence both on the field and in the dressing room and he'll continue as my captain this season.'

Carr added: 'It's good to get it sorted. I'm buzzing now and I can't wait to get back and get restarted with the lads. Hopefully we'll have a successful year. I always wanted to re-sign once everything was right for me and I'm happy to be extending my stay here.'

Birmingham wait for transfer embargo to be lifted

Birmingham wait for transfer ban to be lifted after accounts are filed

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UPDATED:

21:51 GMT, 11 June 2012

Birmingham City are waiting to discover whether their transfer embargo has been lifted after the Championship club's accounts were finally filed.

The club was subject to the penalty after its' books were not lodged with the Football League at the end of March.

The figures show a 10.6m loss for the past financial year but there remains confusion about whether the managerless club is now able to sign players on a permanent basis.

Waiting game: Birmingham City are waiting to discover if their transfer ban will be lifted

Waiting game: Birmingham City are waiting to discover if their transfer ban will be lifted

Auditors BDO have raised concerns over the accounts of the parent company, Birmingham International Holdings Ltd.

They have alleged that they are not confident of having received all the necessary information to sign off the audit – a claim that has been disputed by directors of the holding company.

Rangers are on their own, says SFA chief executive Stewart Regan

There will be no deals! Rangers are on their own, says SFA chief executive Regan

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UPDATED:

23:24 GMT, 6 June 2012

SFA chief executive Stewart Regan has warned Rangers there will be no deals done to halt their possible expulsion from Scottish football.

The Ibrox club are facing the threat of a Scottish Cup ban or the nuclear option of suspension or termination of their SFA membership after they went to the Court of Session to have a 12-month transfer embargo overturned.

Ruling that the punishment for bringing the game into disrepute was outwith the SFA’s powers, Lord Glennie ordered an Appellate Tribunal to go back and apply one of the three sanctions open to them.

Getting tough: Regan

Getting tough: Regan

Fearful that FIFA will apply pressure to put the club out of football, prospective Ibrox owner Charles Green is keen to agree a voluntary sanction with Regan.

Speaking at the SFA annual general meeting, where member clubs were warned against taking their gripes to civil court in future, however, Regan insisted: ‘There will be no deal. This is an independent process and, as far as the SFA are concerned, that process has to continue.

‘I am not going to comment on discussions which have gone on with Rangers. Mr Green is keen to understand the implications of what’s happened as far as the various hearings are concerned and is keen to understand the scale of sanctions open to the tribunal.

‘We have simply pointed him back to the Judicial Panel protocol and made it clear that the Independent Panel will consider that and come out with a judgment.’

Rangers argue that the Court of Session was the only option open to them, citing two previous similar cases in which the Court of Arbitration for Sport refused to pass judgment on matters outwith their jurisdiction.

The Ibrox club have also expressed concern that hammering them will damage the entire Scottish game.

Insisting the matter is out of his hands, however, Regan claimed the decision will be made solely by the independent appeal panel system voted for by clubs.

‘Let me say one thing: when we set out to put out an independent process in place, that is what we’ve done.

‘We have some of the strongest legal brains in the country. And that’s what gives me the confidence that we can put our hand on our heart and say this is an independent process.’

Charles Green issues warning to SFA

Green 'disaster' warning to SFA if Rangers are booted out of SPL

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UPDATED:

23:21 GMT, 3 June 2012

Prospective Rangers owner Charles Green last night warned the SFA it would be a 'disaster' for Scottish football if the Ibrox club was booted out of the game.

Green issued a statement on the mounting crisis as an Appeals Tribunal prepares to sit to consider possible new sanctions against Rangers.

Disaster for Rangers: Charles Green issues a warning to the SFA

Disaster for Rangers: Charles Green issues a warning to the SFA

Administrators Duff & Phelps last week won a Court of Session ruling that declared the original 12-month transfer embargo was not a punishment open to a Judicial Panel after it found the club guilty of disrepute charges.

That, however, could yet lead to an even more stringent penalty, as suspension or termination of SFA membership are among the reduced list of sanctions available after the court ordered the case back to an Appeals Tribunal.

Green believes either of those punishments would have a catastrophic effect on the Scottish game – and feels the lesser sanction of being excluded from the Scottish Cup would also have a detrimental impact on other clubs.

He is adamant that is not something he wants to see, creating the impression that he will try to table some form of compromise proposal after talks with legal advisors over the next 72 hours.

Storm clouds over Ibrox: Testing few days ahead for the Glasgow outfit

Storm clouds over Ibrox: Testing few days ahead for the Glasgow outfit

SFA insiders have, however, insisted that only accepting the original transfer embargo, in some form or another, would be sufficient to prevent the tribunal from sitting.

Intriguingly, Green also appeared to leave open a possible appeal to the Court of Session over the fact the case was sent back to the Appeals Tribunal – and not the Judicial Panel that first imposed the registration ban.

'Lord Glennie has referred the matter back to the Appellate Tribunal which heard the club's appeal and we note a hearing is due to take place in due course,' said Green.

'Either party has 21 days to consider an appeal.

'It is the club's view that the matter should, in fact, have been referred back to the original tribunal which imposed the transfer ban because the Appellate Tribunal in its written judgment made clear the view they held on the appropriate alternative sanction to be imposed in the event that the transfer ban was successfully challenged.

No entry: Rangers already out of Europe next season

No entry: Rangers already out of Europe next season

'We are fully aware that one of the sanctions available to the Appellate Tribunal, should the matter be referred back there, is the suspension or termination of Rangers Football Club's membership of the SFA.

'That, in our view, would be a disaster for Scottish football and a major setback to our plans to take Rangers forward after a particularly difficult period in its history.

'Equally, the alternative sanction of expulsion from the Scottish Cup is itself a very serious punishment which would also have a severe impact on Scottish football, as well as on our club.

'We will be considering with our legal team the best way forward after the public holiday.'

There have been suggestions that Green is unhappy at Duff & Phelps taking the case to the Court of Session in the first place, a move which has left FIFA monitoring the situation closely.

Last night, however, the former Sheffield United chairman claimed SFA rules meant they had no choice but opt for the civil courts.

That was countered by the governing body, who insisted no representation was made to them to discuss 'the possibility or the process of seeking arbitration via CAS before the judicial review was actioned'.

Green added: 'Throughout this process, the club, the administrators and – most importantly – the supporters have taken the view that any sanction against Rangers – due entirely to the misdeeds of individuals no longer at the club – should be proportionate.

'We and the administrators did not want to take the matter to a civil court at all.

'Unfortunately, the route to apply to the Court of Arbitration in Sport was not open to the club because the SFA's own articles fail to include a specific provision permitting appeals to CAS and the Judicial Panel Protocol contains a rule which prohibits any form of appeal to CAS or any other body.'

Rangers make friendly plans despite financial crisis

Rangers make plans for summer tournament with Arsenal despite threat of extinction

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UPDATED:

21:30 GMT, 1 June 2012

Rangers are making plans for a pre-season friendly tournament against Southampton and Arsenal — despite the spectre of a potential suspension from football hanging over the Ibrox club.

The insolvent outfit, fighting for their very survival and still on life support while creditors weigh up Company Voluntary Arrangement proposals from would-be owner Charles Green, have agreed to take part in the Markus Liebherr Memorial Cup tournament at Southampton’s St Mary’s ground on July 14, just two days after they hope to emerge from administration.

There remains the possibility the that SFA could suspend or even expel Rangers from the league after the governing body chose to accept a Court of Session ruling that a transfer embargo was unlawful.

Plans: Ally McCoist hopes to take his players south for a friendly tournament

Plans: Ally McCoist hopes to take his players south for a friendly tournament

The club’s very future hangs in the balance of an appeals tribunal’s decision which could come as early as this week.

But Rangers have decided to press on with plans for the pre-season tournament which would see Ally McCoist’s team take on Premier League new boys Southampton in the opening fixture followed by Arsene Wenger’s Gunners.

Both games will last only 45 minutes each, the unique round-robin tournament seeing all three teams play each other over the truncated format, with draws settled by penalties.

Should creditors approve the CVA, Rangers will not officially come out of administration until July 12.

Just which players remain for manager McCoist to select for the friendly tournament, however, will become apparent next week, with the opening of the transfer window likely to result in wholesale departures of some of the club’s biggest names.

Dark days: Scottish club Rangers remain in financial trouble

Dark days: Scottish club Rangers remain in financial trouble

The players’ contracts reverted back to full levels on Friday after they had accepted stringent wage cuts in March to help the club negotiate a safe passage through the administration process.

Supporters have voiced their concerns about how the club would be funded from this point onwards, with the wage bill rising back to normal levels at a time when no gate money is coming in.

But a spokesman for administrators Duff & Phelps sought to allay those fears by insisting the club has the funds available to see the club through.

A spokesman said: ‘The funding is in place for the club to operate and function normally until the sale is complete, which should be in July.’