The Doc’s Prescription - ‘Gers’ no quick fix for Ibrox blues
THE RECENT problems experienced by Glasgow giants Rangers were, in fairness to the present owner, a long time in the making!
The seeds of Rangers’ current crisis were laid when previous administrations decided they were going to bring the best players possible to Ibrox even if it meant financial meltdown at some point in the future.
To do this they offered to pay players high, unrealistic wages through Trusts which the taxman is now challenging in the courts.
The real problem though was very simple as it was costing £45 million per year to run Rangers while income was averaging £35 million.
Had it not been for some sleight of hand tax deals, this crisis would have arrived long before now.
In the short term, Glasgow rivals Celtic have “profited” as Rangers incurred a 10 points penalty for going into Administration.
Long term, however, Celtic, need a Rangers who are viable entity or the SPL would become a one horse race and gates and sponsorship would fall.
Celtic issued a statement last week stating that their financial model was a stand alone and that they didn’t need Rangers, but I don’t believe that when the facts are examined.
It may be Rangers in the dock, but Celtic will anxiously watch the final outcome.
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Weather for Derry
Thursday 24 May 2012
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Comments
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derrybhoy
Wednesday, February 22, 2012 at 11:55 AMTony I think you'll find that it was nothing to do with the EBT tax case that put them into administration but the fact that Mr Whyte has never paid employees tax, even though it was deducted at source, since he took over. I think in future you should investigate more before writing articles on it. And I think Mr Lawell and the directors at Celtic have more experience than you at examing the facts so I don't think you are in the position to say they are wrong. And how Celtic have 'profited' I don't know. Sure they have been deducted 10 points but we were well on our way to winning that league after overturning a 15 point deficit before they went into administration so give credit where credit is due. If you are not going to put the effort into the real story don't write about it..!!
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