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Glasgow’s rival football teams, Rangers
and Celtic, sell more papers than any
other subject inScotland.WithRangers’
descent into administration speculation
has reached a fever-pitch as journalists
and fans alike ask the burning question:
how could this happen to biggest club
north of the border? Touchline looks at
the key dates in Rangers’ spectacular
fall.
29th
August,
2009:
Rangers
Chairman announces Sir David Murray
announces his decision to step down
and Alastair Johnston is declared his
successor.
24th October, 2009:
A representative
of Lloyd’s Bank, Donald Muir, is
appointed to the board.
27th April, 2010:
It comes to light that
Ranger are under investigation by
Her Majesty’s Revenue and Customs
regarding player payments.
November 2010:
With the club looking
for an owner, billionaire and eventual
buyer Craig Whyte begins circling the
club.
19th April, 2011:
The Rangers Board
block Whyte’s bid.
April to May, 2011:
Board member
Paul Murray makes a counter offer in a
failed attempt to scupper Whyte’s bid.
6th May, 2011:
Craig Whyte buys
the club for £1. The reason for such
a small fee was because of Rangers’
outstanding debt of around £22 million
owed to the clubs’ bankers Lloyd’s as
well as several debt cases which could
total over £55 million.
10th May, 2011:
Whyte assures fans
that the tax case against the club is a
dead issue.
25th May, 2011:
Whyte oversees a
boardroom coup which sees rival bidder
Paul Murray and Alastair Johnson
sacked. Chief executive Martin Bain
and finance director Donald McIntyre
are suspended.
June, 2011:
Bain decides to sue
Rangers for his suspension.
2ndSeptember, 2011
:Rangers receive
a final warning over a £2.8million bill
from HMRC.
14th September, 2011:
Courts freeze
nearly £500,000 of Rangers’ cash.
18th October, 2011:
The BBC reveals
that Whyte had been banned from
being a director for seven years.
December, 2011:
Rangers see their
profit fall from £4million to just £76,000
in the year to the end of June.
31st January, 2012:
New sources in
Scotland claim that Whyte had sold 4
years worth of season tickets to finance
the ailing club and had not paid any
income tax since taking over the club.
February 13th, 2012:
Rangers go
into administration. Automatic 10-point
deduction sees them effectively out of
contention for the league.
March 7th, 2012:
Rangers admit they
cannot play in Europe next season
because of financial rules.
March 10th, 2012:
After weeks of
negotiations, top players finally agree
to a 75% wage cut until the end of the
season.
March 16th, 2012:
A pension fund
part owned by Whyte begins legal
proceeding to recover almost 3 million
pounds in loans funneled into the club.
March 16th, 2012:
“Blue Knights”
consortium amongst the front-runners
to buy the club.
March 25th, 2012:
Rangers beat arch
rivals Celtic 3-2.
April 6th, 2012:
The administrators
estimated that total debts, as of 6 April
2012, could be as much as £134m.
May
10th,
2012:
Rangers
administrators Duff and Phelps say
Craig Whyte has agreed to transfer his
majority shareholding to two parties
involved in takeover talks.
HOW THE MIGHTY HAVE FALLEN:
RANGER’S TIMELINE TO DESTRUCTION
By Timothy Mottram
touchline
22
Insight