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A bit late now but Glasgow Rangers that was (oldco) have today won their tax case - that in effect tipped it into liquidation.
It's quite a complex story to explain but the gist is that for several years Rangers paid their players in loans (ie something they had to pay back at some unspecified tome in the future) and thus did not have to pay tax on it.
The taxman argued that that was illegal and took them to court - the sum involved was massive - £47 million - and if they lost it would have wiped out the club.
Well the threat of this potential £47 million liability blighted the club to such an extent that it could not function (no one would lend it money for fear of not getting it back) and the club ultimately went into liquidation anyway.
Today the court decided that Rangers had done nothing wrong in the first place! Which means that without the threat of losing the court case 'old' Rangers would probably never have gone out of business (and Greg Wylde who probably still be playing with them!).
Funny old world I suppose.
More about the case here if anyone is interested. -
http://www.bbc.co.uk/sport/0/football/20420041
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-20414804
It's quite a complex story to explain but the gist is that for several years Rangers paid their players in loans (ie something they had to pay back at some unspecified tome in the future) and thus did not have to pay tax on it.
The taxman argued that that was illegal and took them to court - the sum involved was massive - £47 million - and if they lost it would have wiped out the club.
Well the threat of this potential £47 million liability blighted the club to such an extent that it could not function (no one would lend it money for fear of not getting it back) and the club ultimately went into liquidation anyway.
Today the court decided that Rangers had done nothing wrong in the first place! Which means that without the threat of losing the court case 'old' Rangers would probably never have gone out of business (and Greg Wylde who probably still be playing with them!).
Funny old world I suppose.
More about the case here if anyone is interested. -
http://www.bbc.co.uk/sport/0/football/20420041
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-20414804