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It's a very complexed story but it is looking possible that Rangers (formed in 1873) will shortly no longer exist!
However it seems just as probable that a 'new' Rangers 2012 will be formed and immediately take there place (I think).
To cut a very long story - in the recent past Rangers paid their players in a way to avoid paying tax - the Taxman (HM Revenue and Customs (HMRC)) did think what they were doing was legal and are taking them to court for about £49 million - which the club simply doesn't have!
Like Bolton, the club is more or less owned by one man - so if the club loses in court and have to pay the £49 million, they will have to go into Administration - with £49 million owed to the taxman (don't forget the taxman means US who have to pay tax - who will now have that much extra taken from us if Rangers avoid paying it) and the clubs owner.
Football creditors get first call on the money left - so it will be the clubs owner who will be getting back most of his money.
The way this can be done is by the Administrator 'settling' the Administration in such a way that the club (the 1873 version) is left with no assets and the £49 million tax debt - and the 2012 version set up with the assets and no debt!
I'm not saying this WILL happen but if the 'new' Rangers can get permission to stay in the SPL in place of the 'old' Rangers - then it seems a logical thing for the owner to do!
Of course the owner can also use this scenario to negotiate a very much affordable deal with the taxman and no have to go to such extreme lengths.
The following link from the BBC explains things in a bit more detail -
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-17015966
However it seems just as probable that a 'new' Rangers 2012 will be formed and immediately take there place (I think).
To cut a very long story - in the recent past Rangers paid their players in a way to avoid paying tax - the Taxman (HM Revenue and Customs (HMRC)) did think what they were doing was legal and are taking them to court for about £49 million - which the club simply doesn't have!
Like Bolton, the club is more or less owned by one man - so if the club loses in court and have to pay the £49 million, they will have to go into Administration - with £49 million owed to the taxman (don't forget the taxman means US who have to pay tax - who will now have that much extra taken from us if Rangers avoid paying it) and the clubs owner.
Football creditors get first call on the money left - so it will be the clubs owner who will be getting back most of his money.
The way this can be done is by the Administrator 'settling' the Administration in such a way that the club (the 1873 version) is left with no assets and the £49 million tax debt - and the 2012 version set up with the assets and no debt!
I'm not saying this WILL happen but if the 'new' Rangers can get permission to stay in the SPL in place of the 'old' Rangers - then it seems a logical thing for the owner to do!
Of course the owner can also use this scenario to negotiate a very much affordable deal with the taxman and no have to go to such extreme lengths.
The following link from the BBC explains things in a bit more detail -
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-17015966
