Rangers fans’ fears over financial crisis

The Glasgow giants have been plunged into administration over an outstanding tax bill of around £49 million, which could rise as high as £75 million because of interest and penalties.

The club’s title challenge now lies in tatters as the Gers have been docked 10 league points over the financial turmoil.

The spotlight has now been shone on Rangers chairman Craig Whyte’s stewardship of the club.

He bought Rangers last May from Sir David Murray for £1 with the new owner clearing the £18m debt owed to Lloyds Bank.

Rangers’ dispute with HMRC over Employee Benefit Trusts (EBTs) during Murray’s reign has meant there is a potential tax liability of £49m hanging over the club.

However a £9m unpaid tax bill for VAT and PAYE, accrued since Whyte’s takeover, has landed the club in administration.

It is no surprise that the situation has prompted a lot of anger among the club’s supporters some of whom spoke to the Times.

Ballymoney’s Trevor Murphy is an associate member of Clough Glasgow Rangers Supporters’ Club and had been a member for nearly 30 years.

He expressed concern for his beloved club, saying: “I think there’s a lot of hidden stuff going on.

“I would like to know where a lot of this money has went.

“I think the way it is there’s a lot of Rangers fans not sure of what is going on to be honest.

“Myself, I’m not sure what is going on. I keep reading that there’s going to be a big protest for the game on Saturday but I would like to see that passing without (incident) and just give support to the team and McCoist and (not) stirring up a lot of ire so there’ll be no problems.

“I know boys will stand up and make a lot of noise but otherwise they can’t do anything.”

Trevor and his wife are season ticket holders and he had been debating whether to attend last Saturday’s game at home to Kilmarnock because of fears that they might have to pay in due to the new financial arrangements.

Trevor also said he had been greatly worried by the club’s predicament amid fears that Rangers could have gone bust.

He said: “Whenever it first broke you would have been, but listening to the statements yesterday from the administrators it seems to be that it won’t go under and there seems to be a lot interest in boys taking over.”

Many fans have expressed anger at the way club has been run, with Mr Murphy adding: “I think Whyte has maybe underestimated the job he was taking on. There’s £33 million unaccounted for in the past 9-10 months.”

Check out others fans’ views (left) which have been posted on the Ballymoney Times Facebook site on the financial crisis hitting Rangers FC.