Tag Archives: majesty

The Queen"s horse Carlton House to be trained in Australia

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The Queen's horse Carlton House to be trained Down Under in bid to revive fortunes

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UPDATED:

17:06 GMT, 4 December 2012

The Queen is to have her first horse trained in Australia with Carlton House being transferred from Sir Michael Stoute to leading Australian trainer Gai Waterhouse.

Carlton House has ensured a disappointing season and failed to build on his third to Pour Moi in last year's Derby when he had an interrupted preparation and then lost a shoe in the final furlong.

The colt, whose biggest win came in last year’s Group Two Dante Stakes at York, will head Down Under after competing in Sunday’s Hong Kong Cup.

Down Under: Carlton House will now be trained in Australia by Gai Waterhouse

Down Under: Carlton House will now be trained in Australia by Gai Waterhouse

This season the son of Street Cry, who was a gift from Sheik Mohammed, won the Group Three Brigadier Gerard Stakes on his comeback at Sandown. Before putting up arguable a career best when second to So You Think in the Prince of Wales’s Stakes at Royal Ascot.

A failure to settle in the early stages of his races led Stoute to drop Carlton House back to a mile but on both occasions, most recently when fourth to Excelebration in the Queen Elizabeth II Stakes at Ascot in October, he disappointed.

The Queen’s racing advisor John Warren said: ‘Carlton House looks the perfect candidate to race in Australia where there are a considerable number of options for an older horse.

‘The Queen is very enthusiastic about the prospect of having her first runner in Australia and Gai Waterhouse, who is one of Australia's leading trainers, will train the horse.

Change: Her Majesty will be hoping Carlton House's move will revive the horse's fortunes

Change: Her Majesty will be hoping Carlton House's move will revive the horse's fortunes

‘We will let Carlton House settle in and acclimatize before a race programme will be decided upon. It is an exciting plan and a wonderful opportunity for Her Majesty to have a horse that can participate in Australia where racing is top class.’

Waterhouse is a former actress and model who once appeared in The Young Doctors Down Under as well as making an appearance in Dr Who. She was born in Scotland.

She is one of Australian racing's most famous racing names and the daughter of TJ Smith, who was also a top racehorse trainer in Australia.

Rangers win tax appeal "in principle"

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Murray vindicated as Rangers win tax appeal 'in principle' after majority verdict

By
Graeme Yorke

PUBLISHED:

20:43 GMT, 20 November 2012

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UPDATED:

09:49 GMT, 21 November 2012

The tribunal which heard Rangers' appeal over their bill for the use of Employee Benefit Trusts has delivered a majority verdict allowing it 'in principle'.

The tax tribunal stated that the 'controversial monies received by the employees were not paid to them as their absolute entitlement'.

Rangers had argued that the payments, thought to be close to 49million, had been loans rather than wages and not subject to tax.

No verdict on any sum that the oldco Rangers were liable for was included in the findings, but Sir David Murray's company welcomed the verdict as vindication of their stance.

'In principle': Rangers' appeal was accepted by a majority verdict at the tax tribunal

'In principle': Rangers' appeal was accepted by a majority verdict at the tax tribunal

Oldco Rangers had previously stated they could be liable for up to 75million but the tribunal ruled that Her Majesty's Revenue and Customs assessment should be 'reduced substantially' with only some payments subject to tax.

'It was conceded that advances in favour of certain players are taxable and liable to NIC (National Insurance Contributions), and 35 we have found that, in certain other limited instances, there may be a similar liability.

'To that extent the assessments should stand. In these circumstances we expect that it is sufficient that we allow the appeal in principle.

Vindicated: Former Rangers director Paul Murray's company welcomed the news

Vindicated: Former Rangers director Paul Murray's company welcomed the news

'Parties can no doubt settle the sums due for the limited number of cases mentioned without further reference to the tribunal.'

Murray International Holdings, who were majority shareholders of the oldco club until Craig Whyte's takeover in May 2011, declared in a statement: 'We are satisfied that the Tax Tribunal has now published its widely awaited decision and note the contents thereof.

'We are pleased with the judgement which leaves minimal tax liability and overwhelmingly supports the views collectively and consistently held by our advisers, legal counsel and MIH itself.'

The decision does not affect the current football club at Ibrox, which was reconstituted as a new company when the oldco Rangers was consigned to liquidation in June.

New regime: Rangers' owner Charles Green

New regime: Rangers' owner Charles Green

MIH also called for an inquiry into the leaking of information surrounding the case.

A website devoted to the case won the Orwell Prize for blogging while a BBC documentary team won a Scottish BAFTA for their investigation into the payments.

The Murray statement continued: 'This has been an exceptionally long, difficult and expensive process involving not just the Tax Tribunal but also significant efforts to resolve the matter with senior HMRC officials on a commercially sensible basis for all parties.

'We will therefore review the detailed content of the decision with our advisers and legal counsel to ascertain what action, if any, is now required by MIH.

'While MIH has at all times respected the privacy of the Tax Tribunal proceedings, a substantial quantity of confidential information relating to the case has become available for public consumption stimulating considerable discussion and often ill-informed debate.

'This has been wholly inappropriate and outwith the fundamental principles of natural justice.

'We therefore formally request that the relevant authorities investigate how these sensitive details have been released so widely.

Relegated: Rangers now play in the Scottish Third Division

Relegated: Rangers now play in the Scottish Third Division

'We have instructed our lawyers to retrospectively review online and printed publications relating to the case to identify whether legal redress is either appropriate or necessary.'

HMRC revealed they were thinking about mounting a challenge to the decision, which was supported by two of the judges, Kenneth Mure QC and Scott Rae, but opposed by the other, Dr Heidi Poon.

A statement from HMRC read: 'We are disappointed that we have lost this stage of the court process and we are considering an appeal.

'The decision was not unanimous and the diligence of HMRC investigators was acknowledged by the whole tribunal.

'HMRC is committed to tackling avoidance and it is right that we challenge the type of avoidance seen in this case.'

What does the verdict mean in layman's terms

In the vast majority of cases, the tribunal has found in favour of Rangers Football Club in that the payments to the individual players were loans and they were at the discretion of the trustees of the Employee Benefit Trust. Basically, they were determined to be loans, not remuneration. On that basis, there is no further tax payable in terms of PAYE or NI (National Insurance), as HMRC was claiming. It is indicated in the ruling that in some cases, a minority of cases, the tribunal found in favour of HMRC so in those cases it was determined that is was remuneration, not loans, and PAYE and NI should be paid. But that is in the minority – in that vast majority, the verdicts went in favour of Rangers.

WHO IS LIABLE FOR ANY MONEY OWED TO HMRC

In the majority of the cases, it would be Rangers oldco. If HMRC was unable to reclaim those monies from oldco, could it pursue individual players Maybe. But it would depend upon the individual circumstances of each player, what they've done on their tax returns. There is not a clear, uncomplicated route in terms of recovering money from the players. HMRC's primary is to go after oldco for those monies.

WILL HMRC GET ANY MONEY FROM OLDCO RANGERS

There is only a certain pot of money available via the liquidation route. For those sums that were discussed, it just increases by a small percentage how much of the overall pot goes to HMRC. By Duff and Phelps' estimate, about four months ago, they thought there might only be about 1million available via liquidation. They would just rank along with other creditors to get a proportion of that 1million pot so it's not going to make a huge difference to the overall pay-out that HMRC get. They were already due 25million-plus of VAT and PAYE that Craig Whyte didn't pay.

COULD ADMINISTRATION AND LIQUIDATION HAVE BEEN AVOIDED HAD THE VERDICT BEEN KNOWN BEFORE CRAIG WHYTE'S TAKEOVER IN MAY 2011

What actually put Rangers into administration was the fact that Craig Whyte didn't pay VAT and PAYE. It wasn't the big tax case, and I think that's a point worth stressing, it wasn't the big tax case that put Rangers into administration. I think the big tax case potentially had two influences. Firstly, when Sir David Murray was trying to sell the club, it could well have put off some potential buyers of the club because the big tax case was hanging over Rangers. Without it, maybe other buyers may have come along, buyers who might have been a better outcome for Rangers than Craig Whyte. Secondly, after Craig Whyte had actually bought it, was he influenced by the fact that the big tax case was there Did that influence the fact that he didn't pay VAT and PAYE and didn't put more money into club because maybe he thought he was going to lose the big tax case anyway Only Craig Whyte knows the answer to that. There were probably a couple of junctures where the big tax case may have influenced the final outcome of events.

WILL HMRC APPEAL

It's difficult to say. It was obviously a very complicated verdict, it was only a majority, it was 2-1, it wasn't unanimous. HMRC are clearly disappointed by the outcome. I think they will take their time and consider the likelihood of winning an appeal and the benefits of pursuing it further to try to get a favourable outcome.

Hearts may not survive the month after winding-up order over 450k tax bill

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Hearts may not survive the month after being slapped with winding-up order over 450k tax bill

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UPDATED:

18:37 GMT, 7 November 2012

Hearts have warned fans the club might not survive until the end of the month after being hit with a winding-up order over a tax bill of almost 450,000.

The Clydesdale Bank Premier League club issued a plea for 'emergency backing' after confirming action by Her Majesty’s Revenue and Customs at the Court of Session in Edinburgh.

Hearts said they were attempting to negotiate a payment plan with the tax authority over the matter, which is unrelated to a 1.75million HMRC bill the club are challenging at a tax tribunal.

Contrast: Hearts may not survive the month after receiving a winding-up order over a 450,000 tax bill

Contrast: Hearts may not survive the month after receiving a winding-up order over a 450,000 tax bill

But they later asked supporters to find the money to see the club through the crisis in an appeal described as 'not so much a request as a necessity'.

Hearts urged supporters to buy tickets for forthcoming home matches and invest in a recently-launched share issue.

The board statement added: 'Without the support of fans there is, as we issue this note, a real risk that Heart of Midlothian Football Club could possibly play its last game next Saturday, 17 November, against St Mirren.

'This isn’t a bluff, this isn’t scaremongering, this is reality.'

New SPL rules introduced in the summer would see Hearts face a more stringent punishment than the previous automatic 10-point penalty if they are forced into administration.

The rules state Hearts would be deducted a third of their previous season's tally, rounded up to the nearest whole number.

Hearts finished on 52 points last season, which could mean an 18-point deduction in the coming weeks.

It was court action by HMRC that forced Rangers into administration in February.

The statement added: 'Without your help now, we could be entering the final days of the club's existence.

'There are limited options for the board of directors to take to avoid the catastrophic consequences that a funding shortfall would mean for the club.

Last game The Edinburgh club's final fixture could be against St Mirren

Last game The Edinburgh club's final fixture could be against St Mirren

'In a footballing sense alone Hearts will suffer an immediate 17-point (sic) penalty.

'This would just be the start of a painful process that will affect every one of us and could lead to far more damaging actions that threaten the very existence of the club.'

Hearts earlier said they were 'endeavouring to agree a suitable payment plan with HMRC for the outstanding amount of 449,692.04' and that the petition had only recently been presented.

A club spokesperson added: 'We have guaranteed future revenues from forthcoming games and related broadcast income as well as additional guaranteed transfer income which will more than cover the outstanding amount stated in this petition.

'We would therefore be hopeful that HMRC will accept that winding up the club would be totally unnecessary.'

But the tone became significantly more desperate in the subsequent statement.

Hearts urged fans to buy tickets for home games against St Mirren, Celtic on November 28 and Aberdeen on December 8.

They also continued their attempts to persuade supporters to sign up for the share offer.

'There are risks, we know, and these are laid out clearly so be very sure this is right for you before committing but please at least consider it,' the board said.

'Discussions on whose name is above the door, talk about how the money has been spent and debate on whether the investment in silverware has been appropriate is all natural but quite simply worthless at this moment in time.

'The only valid debate now is how can you help the club. Is the club worth less than 110'

Over and out: The club's hierarchy asked for fans to help and said that it was a 'necessity'

Over and out: The club's hierarchy asked for fans to help and said that it was a 'necessity'

The board said they would continue to seek the support of parent company UBIG, Vladimir Romanov's investment group, but the club has been moving towards a self-sufficient model.

The Scottish Government pledged to help Hearts find their way through the crisis.

A spokesperson said: 'The Scottish Government stands ready to assist in any way it can, including making contact with HMRC if necessary.

'It is in everyone's interests to find a
solution which ensures that Hearts can continue in business while also
meeting their obligations to the tax authorities'

– Hearts spokesperson

'It is in everyone's interests to find a solution which ensures that Hearts can continue in business while also meeting their obligations to the tax authorities.'

Hearts launched a 1.79million share issue two weeks ago but the prospectus revealed another tax dispute.

HMRC has claimed unpaid tax liabilities in the region of 1.75million relating to loan agreements for a number of players who joined Hearts from Lithuanian club Kaunas, who were then run by Romanov, the Tynecastle club's majority shareholder since 2005.

Hearts claim the situation was no different to other loan agreements when parent clubs pay some or all of the wages, and will contest the bill at a tribunal this month.

The winding-up order is not the first to be issued to Hearts by HMRC.
The club announced in February they had paid an outstanding tax bill after being given eight days to pay or face being wound up.

Last year, Hearts were forced to pay a bill in the region of 500,000 to defeat a similar order, while others were served in 2009 and 2010.

The club have faced growing problems meeting wage bills in the last 12 months and are currently under an SPL transfer embargo following consecutive late monthly payments to some players and coaches.

This came despite the club reducing their wage costs significantly in the summer with the departure of a number of experienced players.

Alex Oxlade-Chamberlain attempts to recreate Thierry Henry"s goal against Manchester United

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Oxlade-Chamberlain attempts to recreate Henry's stunner against United… with mixed results

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UPDATED:

15:24 GMT, 25 September 2012

Copying the heroics of your favourite footballer isn't the preserve of the amateur Sunday player. Just ask Arsenal youngster Alex Oxlade-Chamberlain.

Being the supremely gifted young footballer he is, Oxlade-Chamberlain doesn't settle for having his hero's name emblazoned on the back of his shirt – no, he tries to recreate a sublime moment of football majesty.

The moment in question: Theirry Henry's stunning flick and volley against Manchester United at Highbury in October, 2000.

Scroll down for video

One of the best: Henry's stunning strike against United isn't too easy to recreate

One of the best: Henry's stunning strike against United isn't too easy to recreate

You remember: Henry held off Dennis Irwin on the edge of the box, flicked the ball up and fired an unstoppable volley over the stranded United goalkeeper Fabien Barthez. Quality.

The Ox takes up the challenge after one Arsenal fan wrote in to discover if he had what it takes to recreate that slice of football history.

Have a go: Oxlade-Chamberlain tried in vain to mimic Henry's moment of magic

Have a go: Oxlade-Chamberlain tried in vain to mimic Henry's moment of magic

And credit to the 19-year-old Arsenal star, he gives it his all. Sportsmail counted a total of 23 either failed or aborted attempts, before he concedes defeat.

That's not to say he doesn't get close. He does. It's just the perfectionist in him wasn't happy he couldn't mimic the finesse Henry showed in that instant 12 years ago.

VIDEO: Mimicking your heroes isn't an easy task

Walter Smith launches Rangers bid

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Step aside, Green! Former Rangers boss Smith launches bid for stricken club

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UPDATED:

14:36 GMT, 14 June 2012

Walter Smith has confirmed in a statement that he is leading a new bid to buy Rangers.

The former Ibrox boss will be assisted in the offer – believed to be in the region of 6million – by Scottish businessmen including Jim McColl and Douglas Park.

Smith has called on Charles Green, whose consortium is in place to complete their 5.5million purchase of Rangers on a newco basis, to stand aside.

Old boy: Former Rangers boss Walter Smith has launched a bid

Old boy: Former Rangers boss Walter Smith has launched a bid

Walter Smith

Smith said in a statement: 'I can today confirm that following talks over the last few weeks I am leading a new bid for Rangers Football Club.

'I have been assisted by Jim McColl, Douglas Park and other prominent Scottish businessmen with a shared objective – that Rangers Football Club should be in the hands of Rangers people who will stabilise the club and protect it from future situations like we find ourselves in today.

'With this in mind, representatives have, on behalf of my group, made representations to BDO, Duff and Phelps and indeed Charles Green, notifying them of our willingness to offer on the “Newco” basis on which Mr Green is proceeding.

'We would call on Mr Green to step aside and allow us to proceed with our deal which is in the best interests of the creditors, the employees, the fans and the various other stakeholders of Rangers Football Club.'

Step aside: Smith has called for Charles Green to move aside

Step aside: Smith has called for Charles Green to move aside

The surprise development came on the day that a Company Voluntary Arrangement (CVA) was formally rejected at a meeting of creditors.

The CVA was doomed to failure after Her Majesty's Revenue and Customs informed administrators Duff and Phelps on Monday that they would vote against the proposal, thus ensuring it did not receive the 75% backing required to move the club out of administration.

Rangers Football Club will now move towards liquidation, with Green set to acquire the business and assets on a newco basis.

The administrators released a statement on Thursday confirming the rejection of the CVA and 'imminent' newco deal.

More to follow.

What next Rangers face liquidation

What next Rangers face liquidation

FULL WALTER SMITH STATEMENT

'I can today
confirm that following talks over the last few weeks I am leading a new
bid for Rangers Football Club.

'I have been assisted by Jim McColl,
Douglas Park and other prominent Scottish businessmen with a shared
objective – that Rangers Football Club should be in the hands of Rangers
people who will stabilise the club and protect it from future
situations like we find ourselves in today.

'With
this in mind, representatives have, on behalf of my group, made
representations to BDO, Duff and Phelps and indeed Charles Green,
notifying them of our willingness to offer on the 'Newco' basis on which
Mr Green is proceeding.

'We
would call on Mr Green to step aside and allow us to proceed with our
deal which is in the best interests of the creditors, the employees, the
fans and the various other stakeholders of Rangers Football Club.

'None of our group has any desire to own Rangers Football Club but we have put this deal in place to save the club.

'However,
our overriding objective is to ensure that the stadium, the history and
everything else magical about Rangers Football Club is protected and
nurtured back to good health and provide a platform for Rangers for
generations to come.

'Let's be clear, this is an acquisition designed to stabilise the club and ensure history does not repeat itself.

'We are not in this to take money out
of the club but more so to do whatever it takes in a turnaround plan to
ensure within a few years the Club can be passed on intact and to the
right people.

'The
supporters should be under no illusion that it will be extremely hard
but with their support we can overcome financial hardship that lies
ahead by lending their support to what we feel is the correct way
forward – for Rangers people who know the club inside and out to control
its destiny.

'The
prominent Scottish businessmen involved have agreed to provide
acquisition funding to allow myself and a management team to take on
Rangers Football Club and make the business self-sufficient with long
term sustainability being essential.

'I would hope that this offer is
fully supported by everyone in the Rangers Family as without them the
club cannot and will not survive.

'We
therefore want to ensure honesty and transparency in everything we do.
We want to rebuild Rangers Football Club and in doing so return the
institution to the standards it is known for.'

Rangers liquidation danger after CVA deal is rejected

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Blow for Rangers as CVA deal denied… leaving club in danger of liquidationUEFA will ban a 'new' Rangers from European competition for three years
SPL clubs will vote on whether Rangers can stay in the league, if they are liquidated

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UPDATED:

13:53 GMT, 12 June 2012

Her Majesty's Revenue and Customs have told Rangers they will vote against a Company Voluntary Arrangement.

Charles Green, who is leading the Sevco consortium aiming to acquire the club, confirmed the news about the CVA deal on Tuesday.

UEFA will ban the club from entry into European competition and SPL clubs will vote on whether they can remain in Scotland's top flight.

Blow: The CVA deal will not be allowed

Blow: The CVA deal will not be allowed

HMRC's 'no' vote is enough to deal a
fatal blow to the CVA proposal and Green will now push ahead with plans
to buy the club's assets and form a new company.

Green said in a statement: 'I am
hugely disappointed by the decision of HMRC not to support the CVA
proposal and that disappointment will be felt acutely by Rangers fans
across the world.'

HMRC, who are currently owed more than
21million, believe their decision to force liquidation will allow them
to pursue individuals for the debt.

A statement from the tax authority
read: 'A liquidation provides the best opportunity to protect taxpayers,
by allowing the potential investigation and pursuit of possible claims
against those responsible for the company's financial affairs in recent
years.

Bad news: Charles Green confirmed the blow

Bad news: Charles Green confirmed the blow

'A CVA would restrict the scope of such action.

'Moreover the liquidation route does
not prejudice the proposed sale of the club. This sale can take place
either through a CVA or a liquidation.

'So the sale is not being undermined, it simply takes a different route.

'Liquidation will enable a sale of the
football assets to be made to a new company, thereby ensuring that
football will continue at Ibrox.

'It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA.

The decision brings into doubt the continued existence of an Ibrox club competing in the Scottish Premier League.

If Green forms a new company, he will
have to apply to the SPL to acquire Rangers' share in the competition.
The clubs themselves will decide whether to accept.

A new Rangers would not be able to compete in Europe for three years under UEFA rules.

Green said: 'Frankly, I do not see what benefit will be achieved by this decision.

'My consortium's offer for a CVA amounted to a total of 8.5million.

'Now
that we will have to complete the purchase via the formation of a
newco, the purchase price and therefore the amount available to
creditors will be 5.5million.

Takeover turmoil: Rangers future hangs in the balance

Takeover turmoil: Rangers future hangs in the balance

'I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years all that will happen is that there will be less revenue generated by the club and consequently less money paid over to the taxman.

'Also, I do not believe that by opting to vote against the CVA proposal, HMRC will generate more cash by pursuing those they believe as responsible – but that is a matter for them.'

Green said he would explore ways of allowing the club's 26,000 shareholders to buy into his new company.

He added: 'The solemn promise I can make to Rangers fans today is that this club will continue as Rangers Football Club and will continue to play at Ibrox Stadium.

'We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL.

'I, along with my investors who believe that Rangers can have a bright future, will fight tooth and nail to ensure the club recovers from this catastrophic phase in its proud history.

'The fans deserve better and we will work tirelessly to realise their ambitions.'

Rangers' administrators, Duff and Phelps, confirmed a 'binding' sale and purchase agreement with Green would now come into effect.

In a statement, joint-administrator Paul Clark said: 'As we have always stated, administrators have a primary objective to ensure the survival of the company and in this case, this would have been achieved through a CVA.

What next Rangers face liquidation

What next Rangers face liquidation

'It was with HMRC's approval, that a proposal was placed before creditors for consideration.

'However, it is the commercial view that
the level offered within the CVA was not enough to merit departure from
their normal policy of seeking a detailed investigation via a
liquidator.

'However, we have been left in no doubt by HMRC the fundamental reason for the rejection of the CVA proposal is the historical non-compliance with tax liabilities by the former owners and directors of the club.'

Clark said Green's consortium will move to acquire the club's assets immediately after the formal rejection of the CVA proposal at a creditors' meeting at Ibrox on Thursday morning.

'That transaction will be completed within a few days,' Clark added.

'The sum payable to creditors will be 5.5million, most of which has already been paid over to us by the Green consortium.

'Over the coming months, we as administrators will continue to finalise the administration of the club and we will work in conjunction with BDO, who will undertake the liquidation process.

'While the club will continue to face difficulties in the short term, it will survive and continue to play at Ibrox.'

HMRC's court action forced Rangers into administration on February 14 after the club failed to pay millions of pounds in PAYE and VAT following the takeover by Craig Whyte in May last year.

Men for the job: Paul Clarke and David Whitehouse from Duff & Phelps administrators

Men for the job: Paul Clarke and David Whitehouse from Duff & Phelps administrators

Whyte also failed to pay a tax liability of around 4million resulting from payments made to Ronald de Boer and Tore Andre Flo around the turn of the century.

Rangers could also face an additional tax bill of up to 75million over their use of Employee Benefit Trust payments to players and staff between 2001 and 2010, which were the subject of a tax tribunal in January.

This scheme, which was administered by the company of former owner Sir David Murray, is also the focus of an SPL investigation into alleged undisclosed payments to players.

The CVA document showed Rangers owe more than 55million to unsecured creditors with investment firm Ticketus accounting for almost half of that total.

The London-based firm, who plan to pursue Whyte for the money, had been due to hold a board meeting today to discuss their approach to the CVA.

Rangers owe money to several football clubs, including Hearts, who have yet to receive 800,000 of the transfer fee agreed when Lee Wallace moved to Ibrox last summer.

The CVA document shows that less than 1million will be shared between creditors as a result of a newco deal.

FULL STATEMENTS FROM ADMINISTRATORS & HMRC

Duff & Phelps, administrators:

We have been informed by HMRC they will not support the proposal for a Company Voluntary Arrangement at the meeting of creditors on Thursday, June 14.

As a result of this decision, the Sale and Purchase Agreement in place with the consortium led by Charles Green will take effect and Rangers Football Club will continue within a new company structure.

The reasons HMRC have given to us for their decision to vote against the proposal are as follows. HMRC has cited its general policy of not agreeing to a CVA where there is strong evidence of non-compliance by a company with its tax liabilities.

HMRC had agreed to consider a CVA proposal along with all other options in the case of Rangers but having taken into consideration the extent of funds which will be made available to creditors through the CVA option, they have decided that it is not acceptable given The Rangers Football Club plc's level of indebtedness to HMRC.

It has also been made clear to us that other offers tendered for the Club, which took the form of a CVA, would have been treated in the same way and that the rejection is not a reflection of the Green consortium bid.

HMRC has taken the view that the public interest will be better served with the liquidation of The Rangers Football Club plc as a corporate entity. The Club will continue to operate as it has always done but within a new company structure.

HMRC consider that the decision will enable a liquidator to instigate a wider investigation into all of the financial affairs and management of the Club in recent years and to bring to task those they believe are responsible for its collapse.

Furthermore, HMRC believes there will be an enhanced recovery of funds for creditors by pursuing those individuals who they believe are responsible.

The consequence of the rejection of a CVA outcome is that sanctions will be applied to the Club by UEFA and that the Club will not be able to participate in Europe for three years and the new company will need the consent of the other SPL clubs to the transfer of the share in the SPL, in order for Rangers to continue playing in the SPL.

As we have always stated, administrators have a primary objective to ensure the survival of the company and in this case, this would have been achieved through a CVA.

It was with HMRC’s approval, that a proposal was placed before creditors for consideration. However, it is the commercial view that the level offered within the CVA was not enough to merit departure from their normal policy of seeking a detailed investigation via a liquidator.

However, we have been left in no doubt by HMRC the fundamental reason for the rejection of the CVA proposal is the historical non-compliance with tax liabilities by the former owners and directors of the Club.

As we have stated previously, there is a binding contract between ourselves as administrators and Charles Green, who is leading a consortium to acquire the Club.

The creditors’ and shareholders’ meetings will take place at Ibrox on Thursday but the results of those meetings will now be entirely academic given HMRC’s decision.

As soon as the CVA proposal is formally rejected, Mr Green’s consortium will move towards completion of an acquisition of the business and assets of The Rangers Football Club plc. That transaction will be completed within a few days. The sum payable to creditors will be 5.5 million, most of which has already been paid over to us by the Green consortium.

Over the coming months, we as administrators will continue to finalise the administration of the Club and we will work in conjunction with BDO who will undertake the liquidation process.

We would like to thank the staff and supporters at Rangers for their great determination and professionalism during a very difficult period for the Club. While the Club will continue to face difficulties in the short term, it will survive and continue to play at Ibrox.

HMRC: A liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company's financial affairs in recent years.

A CVA would restrict the scope of such action. Moreover the liquidation route does not prejudice the proposed sale of the club.

This sale can take place either through a CVA or a liquidation.

So the sale is not being undermined, it simply takes a different route.

Liquidation will enable a sale of the football assets to be made to a new company, thereby ensuring that football will continue at Ibrox.

It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA. Rangers can make a fresh start.

Rangers CVA deal rejected

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Blow for Rangers as CVA deal denied… leaving club in danger of liquidationUEFA will ban a 'new' Rangers from European competition for three years
SPL clubs will vote on whether Rangers can stay in the league

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UPDATED:

11:03 GMT, 12 June 2012

Her Majesty's Revenue and Customs have told Rangers they will vote against a Company Voluntary Arrangement.

Charles Green, who is leading the Sevco consortium aiming to acquire the club, confirmed the news about the CVA deal on Tuesday.

UEFA will ban the club from entry into European competition and SPL clubs will vote on whether they can remain in Scotland's top flight.

Blow: The CVA deal will not be allowed

Blow: The CVA deal will not be allowed

HMRC's 'no' vote is enough to deal a
fatal blow to the CVA proposal and Green will now push ahead with plans
to buy the club's assets and form a new company.

Green said in a statement: 'I am
hugely disappointed by the decision of HMRC not to support the CVA
proposal and that disappointment will be felt acutely by Rangers fans
across the world.'

HMRC, who are currently owed more than
21million, believe their decision to force liquidation will allow them
to pursue individuals for the debt.

A statement from the tax authority
read: 'A liquidation provides the best opportunity to protect taxpayers,
by allowing the potential investigation and pursuit of possible claims
against those responsible for the company's financial affairs in recent
years.

'A CVA would restrict the scope of such action.

'Moreover the liquidation route does
not prejudice the proposed sale of the club. This sale can take place
either through a CVA or a liquidation.

'So the sale is not being undermined, it simply takes a different route.

'Liquidation will enable a sale of the
football assets to be made to a new company, thereby ensuring that
football will continue at Ibrox.

'It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA.

The decision brings into doubt the continued existence of an Ibrox club competing in the Scottish Premier League.

Takeover turmoil: Rangers future hangs in the balance

Takeover turmoil: Rangers future hangs in the balance

If Green forms a new company, he will have to apply to the SPL to acquire Rangers' share in the competition. The clubs themselves will decide whether to accept.

A new Rangers would not be able to compete in Europe for three years under UEFA rules.

Green said: 'Frankly, I do not see what benefit will be achieved by this decision.

'My consortium's offer for a CVA amounted to a total of 8.5million.

'Now that we will have to complete the purchase via the formation of a newco, the purchase price and therefore the amount available to creditors will be 5.5million.

'I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years all that will happen is that there will be less revenue generated by the club and consequently less money paid over to the taxman.

'Also, I do not believe that by opting to vote against the CVA proposal, HMRC will generate more cash by pursuing those they believe as responsible – but that is a matter for them.'

Green said he would explore ways of allowing the club's 26,000 shareholders to buy into his new company.

What next Rangers face liquidation

What next Rangers face liquidation

He added: 'The solemn promise I can make to Rangers fans today is that this club will continue as Rangers Football Club and will continue to play at Ibrox Stadium.

'We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL.

'I, along with my investors who believe that Rangers can have a bright future, will fight tooth and nail to ensure the club recovers from this catastrophic phase in its proud history.

'The fans deserve better and we will work tirelessly to realise their ambitions.'

Rangers' administrators, Duff and Phelps, confirmed a 'binding' sale and purchase agreement with Green would now come into effect.

In a statement, joint-administrator Paul Clark said: 'As we have always stated, administrators have a primary objective to ensure the survival of the company and in this case, this would have been achieved through a CVA.

'It was with HMRC's approval, that a proposal was placed before creditors for consideration.

Men for the job: Paul Clarke and David Whitehouse from Duff & Phelps administrators

Men for the job: Paul Clarke and David Whitehouse from Duff & Phelps administrators

'However, it is the commercial view that the level offered within the CVA was not enough to merit departure from their normal policy of seeking a detailed investigation via a liquidator.

'However, we have been left in no doubt by HMRC the fundamental reason for the rejection of the CVA proposal is the historical non-compliance with tax liabilities by the former owners and directors of the club.'

Clark said Green's consortium will move to acquire the club's assets immediately after the formal rejection of the CVA proposal at a creditors' meeting at Ibrox on Thursday morning.

'That transaction will be completed within a few days,' Clark added.

'The sum payable to creditors will be 5.5million, most of which has already been paid over to us by the Green consortium.

'Over the coming months, we as administrators will continue to finalise the administration of the club and we will work in conjunction with BDO, who will undertake the liquidation process.

'While the club will continue to face difficulties in the short term, it will survive and continue to play at Ibrox.'

More to follow.

FULL DUFF & PHELPS ADMINISTRATORS STATEMENT

We have been informed by HMRC they will not support the proposal for a Company Voluntary Arrangement at the meeting of creditors on Thursday, June 14.

As a result of this decision, the Sale and Purchase Agreement in place with the consortium led by Charles Green will take effect and Rangers Football Club will continue within a new company structure.

The reasons HMRC have given to us for their decision to vote against the proposal are as follows. HMRC has cited its general policy of not agreeing to a CVA where there is strong evidence of non-compliance by a company with its tax liabilities.

HMRC had agreed to consider a CVA proposal along with all other options in the case of Rangers but having taken into consideration the extent of funds which will be made available to creditors through the CVA option, they have decided that it is not acceptable given The Rangers Football Club plc's level of indebtedness to HMRC.

It has also been made clear to us that other offers tendered for the Club, which took the form of a CVA, would have been treated in the same way and that the rejection is not a reflection of the Green consortium bid.

HMRC has taken the view that the public interest will be better served with the liquidation of The Rangers Football Club plc as a corporate entity. The Club will continue to operate as it has always done but within a new company structure.

HMRC consider that the decision will enable a liquidator to instigate a wider investigation into all of the financial affairs and management of the Club in recent years and to bring to task those they believe are responsible for its collapse.

Furthermore, HMRC believes there will be an enhanced recovery of funds for creditors by pursuing those individuals who they believe are responsible.

The consequence of the rejection of a CVA outcome is that sanctions will be applied to the Club by UEFA and that the Club will not be able to participate in Europe for three years and the new company will need the consent of the other SPL clubs to the transfer of the share in the SPL, in order for Rangers to continue playing in the SPL.

As we have always stated, administrators have a primary objective to ensure the survival of the company and in this case, this would have been achieved through a CVA.

It was with HMRC’s approval, that a proposal was placed before creditors for consideration. However, it is the commercial view that the level offered within the CVA was not enough to merit departure from their normal policy of seeking a detailed investigation via a liquidator.

However, we have been left in no doubt by HMRC the fundamental reason for the rejection of the CVA proposal is the historical non-compliance with tax liabilities by the former owners and directors of the Club.

As we have stated previously, there is a binding contract between ourselves as administrators and Charles Green, who is leading a consortium to acquire the Club.

The creditors’ and shareholders’ meetings will take place at Ibrox on Thursday but the results of those meetings will now be entirely academic given HMRC’s decision.

As soon as the CVA proposal is formally rejected, Mr Green’s consortium will move towards completion of an acquisition of the business and assets of The Rangers Football Club plc. That transaction will be completed within a few days. The sum payable to creditors will be 5.5 million, most of which has already been paid over to us by the Green consortium.

Over the coming months, we as administrators will continue to finalise the administration of the Club and we will work in conjunction with BDO who will undertake the liquidation process.

We would like to thank the staff and supporters at Rangers for their great determination and professionalism during a very difficult period for the Club. While the Club will continue to face difficulties in the short term, it will survive and continue to play at Ibrox.

Rangers in crisis: No HMRC agreement

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Rangers administrators play down talk of deal with HMRC over debt

|

UPDATED:

11:58 GMT, 27 May 2012

Rangers' administrators have played down claims that a deal has been reached with Her Majesty's Revenue and Customs over the club's debt.

Charles Green, who is fronting the consortium who have signed an exclusive contract to buy the club, said HMRC had 'given us the nod'.

However, Duff and Phelps said nothing can be certain until the Company Voluntary Arrangement (CVA) is in place.

Main man: Charles Green is set to complete his takeover of Rangers

Main man: Charles Green is set to complete his takeover of Rangers

Joint-administrator Paul Clark told several newspapers: 'There has been an ongoing dialogue with HMRC and we wouldn't have got to such an advanced stage if we didn't feel there was more than a strong possibility of a CVA being approved.

'But there is no deal and that can't happen until there is a meeting of the creditors.”

That meeting could take place on June 11 or shortly afterwards if administrators issue the CVA proposal tomorrow, seven days later than initially planned.

Clark said: 'We're on track. Relative to other football admins, there's been a good amount of swift progress.

'It's very rare these things are resolved in three or four months. Getting the CVA proposal is a major milestone and that will happen on Monday.'

Open for business Rangers have been in administration since February

Open for business Rangers have been in administration since February

He said: 'The problem with the club historically is there has been no corporate governance.

'There was no accountability, no corporate balance.

'What we need to do is get people who haven't got shares on the board so they are not influenced by the share holding.

'When they make a decision then it's made on the basis of what is proper and what is right, not what is in David Murray's interest or that of David Murray holdings or in the interest of Craig Whyte.'

Green, the preferred bidder for Rangers, said he has an informal deal in place with HMRC to repay the debts in part through a Conditional Voluntary Agreement (CVA).

'HMRC have given us the nod but we need it in writing,' the former Sheffield United executive told the Daily Record.

The Sun attack on Roy Hodgson unfair – Des Kelly

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Roy's good for more than hotel bookings!

PUBLISHED:

22:56 GMT, 4 May 2012

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UPDATED:

23:05 GMT, 4 May 2012

Roy who That was the headline splattered across one back page on Friday.

At least he was called Roy, not 'Woy', this time.

The man is less than a week into his
new job and Roy Hodgson has not only been mocked for the trouble he has
pronouncing his Rs, but we are now solemnly informed by a cross section
of Her Majesty's press that the Germans are not too impressed by the
identity of England's new manager either.

From Albion to England: Roy Hodgson with his West Bromwich players at training on Friday

From Albion to England: Roy Hodgson with his West Bromwich players at
training on Friday

When asked to assess Hodgson's appointment, Germany captain Philipp Lahm looked up and said: 'I don't know him. Sorry.'

Experienced Bayern Munich coach Jupp Heynckes added: 'I don't know him that well.'

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And Bayern Munich's Bastian
Schweinsteiger politely burped: 'I can't tell you anything about what
Hodgson is like… I've heard more about Harry Redknapp.'

Forgive me, but since when were the
people of England supposed to care what the Germans think of the
country's football manager

Yet these few Teutonic shrugs of
indifference provided the shaky foundations for some spurious argument
that Hodgson would not inspire as much fear in our international
opponents as Redknapp.

What is more, the German reaction
was said to have destroyed Football Association chairman David
Bernstein's claim that England were being led by a coach of European
repute.

I wasn't aware our FA were supposed to clear the appointment of a national coach with the citizens of Munich in advance.

What next Should we send reporters out to Argentina to ask if they approve of Hodgson

Maybe the Scots should get a vote too, since they do in just every other walk of English life

As for canvassing players, imagine if
the Munich press had rolled up at Chelsea's training ground in 2006 and
asked John Terry for his reaction to the appointment of Joachim Low

How much do you think 'JT' would have been able to tell them

Would Ashley Cole have weighed in with some considered thoughts too, once he had put down his air rifle

For starters, one of the people being held up as the litmus test for Hodgson's credentials is called Schweinsteiger.

Anyone who hasn't the wit to change a name that translates as 'Pig-mounter' should be treated with the same level of derision traditionally reserved for our national coaches.

Secondly, I like Germany a lot. It is a wonderful place to visit, despite a tendency to be easily influenced by people who want to take over the world every few decades or so.

It is more affluent, cleaner, blessed with good beer, and the populace generally enjoy a standard of living superior to the UK.

Shake on it: Hodgson is congratulated by goalkeeper Ben Foster

Shake on it: Hodgson is congratulated by goalkeeper Ben Foster

The only downside is a national cuisine based on a diet of ground up pigs' parts in tubes that absolutely do not look like bowel movements, whatever anyone says, so banish that thought from your mind, please.

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Unsurprisingly, these things are called 'wurst'.

There is also another saving grace for us.

Some of Germany's footballers are obviously as thick as some of ours.

I mean, why should two experienced German internationals and a veteran coach know who Hodgson is

Aside from the fact that he has managed two European national sides – Finland and Switzerland – taking the latter to the giddy heights of No 3 in the world rankings

And why bother to remember that Hodgson led Fulham to the Europa League final a mere two seasons ago, beating the German side Hamburg and the then reigning German champions Wolfsburg along the way.

Where was this final held It was in a place called… hang on, it'll come to be me… it's on the tip of my tongue. Oh yes. Hamburg. In Germany.

So how silly it is to expect this Hodgson chap to be remembered in Germany when he has barely made any impact on their game.

Especially when Pigmounter has seen Redknapp's one Champions League campaign.

But let me tell you how much the Germans really value Hodgson. They thought he was good enough to take charge of their national team.

It happened in 1998, after Berti Vogts stepped down.

The German FA quickly approached Hodgson, as their president Egidius Braun admitted: 'We made contact with several German coaches and also Hodgson. I called him when he was on the team bus, but he said “sorry” he was under contract to Blackburn and would not break the agreement.'

The Ewood Park club rewarded this show of loyalty by sacking Hodgson a couple of months later.

Still, he sounds a decent sort, doesn't he

So, who is Roy

Many years ago, on a different paper, my sports editor decided he needed an interview with the Internazionale manager.

He looked up, spotted the only reporter not at lunch, and told me to get to Milan sharpish.

Just as I arrived at the training ground, a black Mercedes was driving through the exit.

'Are you leaving I asked. 'I was hoping to grab you for an interview.'

Ignorance is bliss: Philipp Lahm (left and Jupp Heynckes (right)

Ignorance is bliss: Philipp Lahm (left and Jupp Heynckes (right)

Ignorance is bliss: Philipp Lahm (left) and Jupp Heynckes (right) non-plussed by Hodgson's appointment

Hodgson told me he had a meeting in Geneva and, seeing the mild dread in my face, added: 'But I'll come back tomorrow and talk. What hotel are you in'

'I haven't booked one,' I said.

So Hodgson told me to go to the Hotel Principe di Savoia and sped away.

I'd never heard of the place, but when I turned up at the fivestar hotel's reception, the man behind the desk looked me up and down and said: 'We are full.'

'Oh dear,' I muttered. 'Mr Hodgson told me to come here.'

'Meester Hodgson THE Meester Hodgson Ah yes. We have a cancellation,' he cried.

Fingers were clicked. Bells rung. Bags whisked away.

And with that, I was led to a suite large enough to house an entire family. The Walton Family.

It had 'been arranged'.

Provocative: The Sun mocked England manager Hodgson

Provocative: The Sun mocked England manager Hodgson

This might seem a silly incidental, but it illustrates Hodgson is not only a decent manager but a decent man.

Yes, he knows how international football works, he has tournament experience.

Other countries – including Germany – have courted him, whether Herr Pig-mounter has heard of this or not.

If people take the mickey out of some quirk of his speech or say he 'looks like an owl', I doubt Hodgson gives a hoot, other than to wonder how daft it all is.

As for The Sun front page that caused such a fuss, people were so outraged my newsagent sold every copy and so did my nearest supermarket.

Somebody got the joke.

But Hodgson can rise above it because he excels at his job and is well aware that nothing really matters in the grand scheme of things except winning football matches.

That will earn him respect. The rest is irrelevant.

Win, draw or lose, Hodgson will remain straightforward, he will grant people the consideration and respect they deserve and he will treat them like adults.

We'll all probably feel better about ourselves if we do the same to him.

Biggest game of the season Well, just for a week

Having been at the 'Unmissable' Manchester derby on Monday, a game billed as the 'The Biggest Match In Premier League history'™, I am now looking forward to 'The Even Bigger Biggest Match In Premier League History'™ on Sunday when Newcastle United face Manchester City.

So much is resting on this game.

It will essentially define the destiny of these two clubs for years to come.

Killer blow: Now Vincent Kompany and Manchester City face another huge challenge

Killer blow: Now Vincent Kompany and Manchester City face another huge challenge

For City, this is their chance to seal their superiority over United for the first time in more than four decades; a position they may well go on to consider theirs by right.

For Newcastle, the difference between finishing third and clinching a Champions League spot outright or finishing fourth and cruelly losing out if Chelsea win the final in Munich could shape their history forever.

It is an immense contest, an emotionally and physically draining battle.

Every week seems to bring a clash more epic than the last.

And everyone will be exhausted when Euro 2012 begins because of it.

Be proud of the NHS… Muamba is

It felt almost surreal to be shaking his hand and congratulating him. I heard myself say 'well done'.

And what exactly was I congratulating this man for

Just for being alive, as it happens.

Fabrice Muamba beamed a megawatt smile, said a kind word about the doctors who cared for him, and moved on, grinning his way through the well wishers at the Footballer of the Year dinner.

His heart had stopped for 78 minutes, he underwent 15 defibrillator shocks, but he was not only looking happy but, dare I say it, even glowing with health.

People kept declaring it was a 'miracle'. But it was no such thing.

Muamba got lucky.

Glowing: Fabrice Muamba emerges from the tunnel at Bolton

Glowing: Fabrice Muamba emerges from the tunnel at Bolton

He was saved by the skills of the consultant cardiologist Dr Andrew Deaner, who happened to be at the game and ran on the pitch to help.

Admittedly, it is a contradictory fortune, like being run over by an ambulance. But he was fortunate that in his moment of absolute crisis an expert was on hand.

A cheer for the doctors.

Job seeker: Capello

Job seeker: Capello

We all noisily support our various teams this weekend. But we should all support the National Health Service with the same loud enthusiasm.

The NHS saves lives every day. It is one of the institutions that makes Britain great.

Ask Muamba.

That's rich, Capello

Fabio Capello would like it to be known he is in London and job hunting.

He'd prefer a Premier League club for a couple of years, one with a lot of money, within walking distance of his flat near Chelsea.

Hmm. I wonder what job he might have in mind

Amusingly, in the same interview he said he is worried Hodgson has such a short time to build team spirit before the European Championship Finals, presumably forgetting he walked out and left England in this mess in the first place.

Better still, he complained about his 'limited contact' with the players during his period in charge.

This from the same Capello who was known for hardly ever communicating with his squad, leaving deposed captains to find out the news via the media and collected 6m a year from the national coffers without ever bothering to learn the language properly.

For sale: Chelsea hope to buy the Battersea Power Station site

For sale: Chelsea hope to buy the Battersea Power Station site

Chelsea are planning to build a new stadium at Battersea Power Station. Yeah, and pigs might fly.

Oh, hang on. That's where it happens.

Rangers debts could top 134m claim administrators

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Worse than we feared: Rangers debts could rise to 134m, claim administrators

|

UPDATED:

18:15 GMT, 5 April 2012

Rangers' debt could rise to 134million, according to a report released by the club's administrators on Thursday.

Duff and Phelps revealed in a joint administrators' report and proposals statement to creditors that monies owed by the Scottish champions stands at 55.4million.

Rangers also owed 4million to Her Majesty's Revenue and Customs for the 'Small Tax Case' and could face a further bill of 75million, including interest and penalties, if they lose a dispute with the tax authorities, widely known as the 'Big Tax Case'.

For sale: Things continue to look bleak at Ibrox

For sale: Things continue to look bleak at Ibrox

The report showed Ticketus – who are also involved in the Blue Knights bid for Rangers – to be the club's biggest creditor.

Deals agreed between owner Craig Whyte and the London-based finance firm over the sale of future season tickets were worth 30.5million in total, with 26.7million still owed.

Monies owed to trade and expense creditors comes in at 5.5million, supporter debenture holders are owed 7.7million, football related creditors are owed just over 1million and cash to be paid to HMRC – excluding the Big and Small Tax Cases – stands at 14.3million.

Claim: Whyte said the debt was bigger than reported

Claim: Whyte said the debt was bigger than reported

The 'Small Tax Case' was bought against Rangers as the result of the use of a discounted options tax scheme for payments made to players Tore Andre Flo and Ronald De Boer between the tax years 2000/01 and 2002/03.

The bill was initially 2.8million but rose to 4million after interest and penalty charges.

According to the administrators' report: 'The Small Tax Case has not progressed as far as Tribunal and has been settled based upon advice received.'

Duff and Phelps also confirmed liability for the 'Big Tax Case' could be as much as 75million – as claimed by Whyte – rather than the 49million which was previously widely reported.

However, if Rangers do lose the dispute, which relates to the use of Employee Benefit Trusts (EBTs), the final bill is expected to be less than 75million.

The report stated: 'The Big Tax Case was brought against the Company by HMRC in respect of outstanding amounts owed from the use of the EBT scheme to make payments to employees of the Company between the tax years 2000/01 and 2009/10.

'The total amount determined as due by HMRC in respect of this case is in the region of 75,000,000, including interest and penalties.

'The Big Tax Case is disputed by the Company and is subject to first tier tax Tribunal Proceedings instigated by HMRC. An outcome has yet to be determined by the Tribunal.'