Administration and liquidation of The Rangers Football Club plc

From Wikipedia, the free encyclopedia
Jump to: navigation, search

Rangers, a football club in Scotland, entered financial difficulties during the late 2000s. The club, trading as The Rangers Football Club plc, entered administration in February 2012. It owed substantial amounts to Her Majesty's Revenue and Customs ("HMRC"), who subsequently refused to allow Rangers to exit administration via a Company Voluntary Arrangement (CVA). The Rangers Football Club plc entered liquidation on 31 October 2012.

The refusal of the CVA forced the administrators to sell the business and assets of Rangers to a new company, operated by Charles Green. The other member clubs of the Scottish Premier League refused to allow the new company to adopt the league membership of the old company. Green then successfully applied for membership of the Scottish Football League. After obtaining the Scottish Football Association membership of the old company, Rangers (now trading as The Rangers Football Club Ltd) entered the Third Division (the fourth tier of the Scottish football league system) in time for the 2012–13 season.


During the 1990s and 2000s, Rangers regularly posted financial losses.[citation needed] By 2009, Rangers owed between £25 million and £30 million to the Lloyds Banking Group.[1] First-team manager Walter Smith claimed in October 2009 that Lloyds were effectively running the club.[1] Although the amount due to Lloyds had reduced to £18 million by April 2011,[2] Rangers were in dispute with HMRC regarding the use of an employee benefit trust fund ("EBT") between 2001 and 2010.[3][4][5] A bill potentially running to £49 million, including interest and penalties, was assessed in 2010. Rangers argued that their EBT scheme was a legal method of tax avoidance. The scale of the potential liability led then chairman Alistair Johnston to admit in 2011 that the club could go out of business.[2]

On 6 May 2011, it was confirmed that David Murray had sold his controlling interest in the club (85.3 percent) to Wavetower Limited, a company solely owned by Craig Whyte, for £1.[6] Murray later said that Whyte had pledged to pay off the bank debt and invest money in the playing squad and stadium and these promises led him to make the deal.[7] To enable the purchase and to pay off the debt to Lloyds, Whyte borrowed £26.7 million against future season ticket sales from Ticketus.[8] This agreement with Ticketus was reached before the sale of the club had been completed.[7]

Whyte failed to disclose that he had been previously banned as a company director for seven years.[7][9] He began defamation proceedings against the BBC in February 2012 regarding two documentaries that had been broadcast about Whyte and his purchase of Rangers.[10] A subsequent investigation by the Scottish Football Association found that Whyte was not a fit and proper person to run a football club.[11] After the club entered administration, it was revealed by the administrators that there was no evidence of investment from Whyte into the club.[7] David Murray later stated that he deeply regretted selling the club to Whyte, claiming that he had been "duped" and if the information had been available to him at the time he would not have done the deal.[7] On 25 June 2012, the Crown Office asked Strathclyde Police to investigate the purchase of Rangers and the club's subsequent financial management.[12]

Administration and liquidation[edit]

Soon after taking control of Rangers, Whyte refused to remit the pay-as-you-earn tax deducted from his employees to HMRC.[13][14] On 13 February 2012 Rangers filed legal papers at the Court of Session giving notice of their intention to enter administration.[15] The following day HMRC petitioned the court for authority to appoint their choice of administrator, but this was unsuccessful.[16] Rangers officially entered administration on 14 February 2012, after appointing London-based financial advisers Duff & Phelps as administrators.[17]

On entering administration Rangers were deducted 10 points in the 2011–12 Scottish Premier League, effectively ending its championship challenge.[13] Rangers then failed to submit accounts for 2011 and were therefore not granted a licence to play in European football in season 2012–13.[18][19] In April it was revealed that the club's total debts could top £134m.[20]

HMRC made clear on 12 June that it would vote against a proposed Company Voluntary Arrangement ("CVA").[21] Their formal rejection of the proposed CVA on 14 June meant that the company which operated Rangers would be liquidated,[22] while the club would have to be reformed within a new company structure.[23] The business and assets of Rangers were sold to Sevco Scotland Ltd, with the accountancy firm BDO due to be appointed as liquidator.[24] Duff & Phelps announced in October 2012 that creditors had approved an end to their administration and that they had applied to the Court of Session for BDO to be appointed as liquidator.[25] This appointment was legally approved on 31 October.[26]

In June 2015, BDO proposed an interim payment of £10 million to creditors, between 6p and 7p in every £1 owed.[27] Most of the funds were obtained from a successful legal action against Collyer Bristow, the firm of solicitors that acted for Craig Whyte during his takeover of Rangers.[27] This interim payment was due to be made by the end of July 2015, but was delayed by a claim made by Law Financial Ltd.[28] A further payout to creditors depends on the final result of the dispute with HMRC.[27] Dave King, the chairman of the new Rangers company, suggested in September 2015 that the old company could be taken out of liquidation and re-used as the Rangers trading company.[29]

BDO launched a legal action against Duff & Phelps, claiming damages of up to £28.9 million, in February 2017.[30]

New company[edit]

Immediately following the rejection of the CVA, the club's "business, history and assets"[31] were sold to Sevco Scotland Ltd, owned by a consortium led by Charles Green.[32][33][34] While the manager, Ally McCoist and a number of players were willing to transfer, other first team players such as team captain Steven Davis, Steven Naismith and Steven Whittaker refused to have their contracts transferred under TUPE regulations and became free agents.[35] This was disputed by Duff & Phelps, who stated that Green purchased the players contracts and registrations.[36] Rangers subsequently agreed a fee for Davis with Southampton,[37] while Charles Green pursued claims in relation to Naismith and Whittaker.[38][39]

Another consortium, led by former Rangers manager Walter Smith, made a last minute bid for the assets.[40] This was rejected by Duff & Phelps, who already had a binding agreement to sell them to Charles Green.[40] Walter Smith's consortium, including Scottish businessmen Douglas Park and Jim McColl, made a £6million offer that was also turned down. Charles Green then offered Walter Smith a role and the opportunity for his consortium to invest in the club. On 19 June 2012, Walter Smith and his consortium pulled out from trying to acquire the relaunched club.[41] Smith's consortium was originally hostile to the Charles Green's consortium but on their statement issued cited that "We wish the new Rangers Football Club every good fortune."[42] On 20 June 2012, it was reported that two Glasgow businessmen, housebuilders and property developers Allan Stewart and Stephen McKenna were preparing a bid for the club worth about £11m.[43] On 25 June McKenna had a bid of £8.7m rejected. Prominent former Rangers player John Brown had been involved in the bids and made a further attempt to take control by leading a supporter buyout of Green's consortium.[44] Brown left his position as transfer scout after a meeting with Green and told 5,000 demonstrating supporters at Ibrox Stadium not to renew their season tickets, in order to "starve" them of funds and force them out.[45] Brown challenged Green to show the title deeds to Ibrox and Murray Park, because he suspected that Craig Whyte or Ticketus retained an interest in the assets.[46] Brown also accused Green of "surrendering" to a plot by Celtic chief executive Peter Lawwell. Brown alleged that Lawwell wanted a weak Rangers in the SPL to boost Celtic's own revenues.[47]

Charles Green responded by ridiculing what he saw as the posturing of Walter Smith and John Brown: "It's not right that every two weeks a Mel Gibson appears, delivers a Braveheart statement, then doesn't deliver anything."[48] Malcolm Murray, installed as Chairman of Rangers, appealed for an end to "factionalism" and said: "The vicious bloodlust must end, not only for Rangers’ sake but for Scottish football."[49]

By 6 July 2012, Rangers were reportedly facing serious financial difficulties of its own, because only 250 season tickets had been sold.[50] Major Scottish banks including Royal Bank of Scotland, reportedly "concerned at the current uncertainty about the club's future and its backers" declined to provide Rangers with the corporate banking facilities it needed. Metro Bank was hired instead.[51] A local Audi dealership also terminated a lucrative sponsorship agreement.[52] It was reported that primary sponsor Tennent's would remain with Rangers but would renegotiate a substantially smaller deal.[53]

Response of Scottish football authorities[edit]

The financial collapse of Rangers resulted in a great deal of discussion within Scottish football. Initially it was proposed by the Scottish Premier League (SPL) that Rangers should be given re-entry straight into the SPL. The SPL clubs rejected this application by a 10-1 vote,[54] with only Rangers voting in favour and Kilmarnock abstaining. Early in discussions in regards to a "parachute" into the SPL, Kilmarnock chairman Michael Johnson stated that it was likely that Kilmarnock would vote in favour of Rangers re-entry to the SPL,[55] but after consultation with fans (who were against a "parachute" to the SPL), the vote was eventually the single abstention that was observed in the voting.[56] The chairmen of Aberdeen, Hearts, Dundee United,[57] Hibernian,[58] Inverness[59] and St Mirren[60] were also vocal in their opinion, declaring that they were likely to vote no. St Johnstone chairman Steve Brown declared that he would in principle oppose an automatic re-entry depending on the extent of the sanctions and conditions,[61] while Motherwell chose to vote on the basis of fan and shareholder opinion.[62] Newly promoted Ross County were relatively quiet on the issue, claiming that they would take into consideration the views of other clubs before making their decision.[63] Celtic were the only SPL club not to announce their voting intentions prior to the ballot taking place, but later released a statement confirming their "no" vote and stating that "the integrity of the game was of paramount importance" and that the "decision to refuse access into the SPL was an overwhelming one and demonstrates the depth of feeling amongst everyone involved in Scottish football".[64]

Following the vote by rival clubs to reject the application for direct entry of Rangers to the SPL,[54] SFL and SFA executives proposed a direct entry to the Scottish Football League First Division.[65] Scottish Football League clubs felt that they were being forced to deal with a situation which was not of their making. Notable opponents to direct entry included Raith Rovers chairman Turnbull Hutton,[66] who said that lower league clubs were being "bullied, rail-roaded and lied to" and described the conduct of the governing bodies as being "corrupt".[67] Clyde,[68] and Falkirk[69] also voiced strong disapproval of Rangers entering the First Division, with the Falkirk chairman Martin Ritchie claiming that parachute entry would be "totally unacceptable".[69]

The SFL voted to let the club join as an associate member and placed Rangers in the Third Division. Agreement was subsequently reached on the transfer of SFA membership.[70] Sevco Scotland Ltd agreed to accept all conditions relating to charges against Rangers FC of bringing the game into disrepute, including a 12-month transfer embargo, the payment of all outstanding fines and football debts, and agreement on broadcasting rights. The Scottish Premier League retained its right to the potential application of sanctions, including an investigation into the clubs use of EBTs and any penalties that may be applied as a result of it.[70] The decision allowed the relaunched Rangers to complete their first fixture just two days later, a Ramsdens Cup tie against Brechin City at Glebe Park.[71]


As a result of Rangers' "assets, business and history" being sold to a new company when The Rangers Football Club plc entered the liquidation process, the extent to which the relaunched Rangers can be regarded as a continuation of the club officially founded in 1873 has been interpreted differently.[72] Rangers Football Club has been described by some in the mainstream media as a "new club",[73] whilst Chief Executive Charles Green has maintained "this is still Rangers",[74] with the SPL chairman Neil Doncaster saying "it is an existing club, even though it's a new company".[75] On 20 August 2012, Falkirk suspended one of their announcers after he referred to the club as "the Sevco Franchise". Sevco was the new company's name prior to it being changed to The Rangers Football Club Ltd.[76]

The SPL set up an investigation, chaired by Lord Nimmo Smith, into alleged use of dual contracts by Rangers through the EBT scheme.[77] David Murray denied any cheating took place during his ownership of Rangers,[78] while Alistair Johnston and Charles Green questioned the independence of the investigation.[79] It found that Rangers had deliberately failed to disclose the trust payments in order to withhold information from HMRC and fined the old company £250,000.[80] It had been anticipated that the investigation would revoke honours won by Rangers during the period that the trust payments were made, but this was not done because it was considered that Rangers had not obtained any sporting advantage by withholding information.[80]

The First-tier Tribunal verdict in relation to Rangers' use of EBTs was announced on 20 November 2012, with Rangers winning the appeal on a majority verdict.[81][82] After the verdict David Murray confirmed that Rangers had offered HMRC a settlement of more than £10 million two years previously.[83] Murray also stated that, "The biggest question is why the Revenue knew in August 2011 that Craig Whyte wasn't paying national insurance and tax but didn't put him down - this has so many ramifications for business."[83] An Upper Tribunal upheld the decision in 2014,[84] but HMRC appealed to the Court of Session.[85] Their appeal was upheld by all three judges, which led to further questions as to whether Rangers had gained an unfair sporting advantage by using the EBT scheme.[86] The Court of Session's ruling was upheld by the UK Supreme Court.[87]

The handling of the TUPE process led to sixty-seven players launching legal action against Rangers via PFA Scotland, while three players claimed constructive dismissal,[88][89] although it was subsequently found that the PFA had not spoken to the players to see if they wish this raised on their behalf. Rangers made a counter claim for loss of transfer fee revenue from players who refused to join the new company.[90] The panel set up to consider the cases ruled in April 2013 that Rangers should pay its costs.[91]

In January 2017, the Court of Session heard an action from Albert Kinloch against bookmakers Coral.[92] The bookmaker had refused to pay out on a bet made by Kinloch that Rangers would be "relegated" after the 2011–12 Scottish Premier League season.[92] Kinloch said in court that he had placed the bet after learning that Rangers were in financial difficulties.[92] The court found in the bookmakers' favour, ruling that Rangers had not been relegated.[93]


  1. ^ a b "Rangers fans threaten Lloyds boycott over club's financial straits". The Guardian. Guardian News and Media. 29 October 2009. Retrieved 1 November 2012. 
  2. ^ a b "Rangers chairman admits club could go out of business". BBC Sport. BBC. 1 April 2011. Retrieved 23 September 2011. 
  3. ^ "Q&A: EBT schemes explained". BBC Sport. Retrieved 7 August 2012. 
  4. ^ "Rangers visited by HMRC over disputed tax bill". BBC News. BBC. 1 September 2011. Retrieved 23 September 2011. 
  5. ^ "Rangers tax case explained". ForbesYoung. 14 February 2012. Retrieved 14 February 2012. 
  6. ^ "Regulatory Story – Acquisition of controlling interest in The Rangers Football Club P.L.C.". London Stock Exchange. 6 May 2011. Archived from the original on 22 September 2012. Retrieved 6 May 2011. 
  7. ^ a b c d e "Rangers 'duped' by Whyte, says Sir David Murray". BBC Sport. BBC. 14 March 2012. Retrieved 10 August 2012. 
  8. ^ "Ticketus launches legal action against Rangers owner Craig Whyte". BBC. 11 May 2012. Retrieved 7 August 2012. 
  9. ^ "Rangers confirms Craig Whyte had company director ban". BBC News. BBC. 30 November 2011. Retrieved 30 November 2011. 
  10. ^ Cameron Hay (18 February 2012). "Rangers administration: Craig Whyte sues BBC for defamation". Johnston Publishing Ltd. Retrieved 18 February 2012. 
  11. ^ "Rangers' Craig Whyte not fit and proper person - Scottish FA". BBC Sport. BBC. 8 March 2012. Retrieved 11 March 2012. 
  12. ^ "Rangers in crisis: Police asked to probe Craig Whyte takeover". BBC Sport. BBC. 25 June 2012. Retrieved 10 August 2012. 
  13. ^ a b "Rangers Football Club enters administration". BBC News. BBC. 14 February 2012. Retrieved 22 February 2012. 
  14. ^ "Rangers in crisis: Administration was sparked by £9million bill for unpaid VAT and PAYE". Daily Record. Trinity Mirror. 14 February 2012. Archived from the original on 24 August 2012. Retrieved 22 February 2012. 
  15. ^ "Rangers FC signals intent to go into administration". BBC. Retrieved 13 February 2012. 
  16. ^ Donnelly, Brian (15 February 2012). "Legal drama as Rangers enter administration". The Herald. Herald & Times Group. Retrieved 15 March 2012. 
  17. ^ "Rangers Football Club enters administration". BBC News. BBC. Retrieved 14 February 2012. 
  18. ^ Murray, Ewan (3 March 2012). "Rangers face European exclusion for not meeting Uefa criteria". The Guardian. Guardian News and Media. Retrieved 4 March 2012. 
  19. ^ "Baffling UEFA appeal doomed to failure as deadline for Rangers bids arrives". The Herald. Herald & Times Group. Retrieved 12 April 2012. 
  20. ^ "Rangers' estimated debts could top £134m". BBC News. BBC. 5 April 2012. Retrieved 30 June 2012. 
  21. ^ "Rangers to be re-formed". ESPN Soccernet. 12 June 2012. Retrieved 12 June 2012. 
  22. ^ "Rangers directors may face probe following liquidation". BBC News. BBC. Retrieved 13 June 2012. 
  23. ^ "Rangers to re-form after creditors' deal is rejected". BBC News. BBC. 12 June 2012. 
  24. ^ "Rangers in Crisis". STV. 12 June 2012. Retrieved 12 June 2012. 
  25. ^ "Old Rangers set for liquidation as administration process ends". BBC News. BBC. 17 October 2012. Retrieved 17 October 2012. 
  26. ^ "Lord Hodge approves liquidation of former Rangers FC". BBC News. BBC. 31 October 2012. Retrieved 1 November 2012. 
  27. ^ a b c "Dave King stands to get £1.4m out of £10m Rangers oldco creditors pot". The Herald. Herald & Times Group. 17 June 2015. Retrieved 18 June 2015. 
  28. ^ Williams, Martin (29 August 2015). "Company linked to Craig Whyte makes claim on £18m oldco Rangers plc creditors pot". The Herald. Herald & Times Group. Retrieved 29 August 2015. 
  29. ^ Williams, Martin (10 September 2015). "Dave King sets out vision to pay off Rangers' oldco creditors". The Herald. Herald & Times Group. Retrieved 10 September 2015. 
  30. ^ "Rangers administrators face £28.9m damages claim". BBC News. BBC. 7 February 2017. Retrieved 7 February 2017. 
  31. ^ "Administrators' Interim Report to Creditors" (PDF). Duff & Phelps. 10 July 2012. Retrieved 30 July 2012. 
  32. ^ "Little black and white as Green faces closer scrutiny". Retrieved 2013-04-17. 
  33. ^ "Craig Whyte agrees to sell film rights to story of Rangers collapse". Retrieved 2013-04-17. 
  34. ^ "SPL Commission" (PDF). Retrieved 2013-04-17. 
  35. ^ "Five former players refused transfer clearance". BBC Sport. BBC. 
  36. ^ "Charles Green purchased Rangers' players contracts, say administrators". The Guardian. Guardian News and Media. July 11, 2012. Retrieved August 6, 2012. 
  37. ^ "Southampton agree fee with Rangers for Steven Davis". BBC Sport. BBC. July 21, 2012. Retrieved August 6, 2012. 
  38. ^ "Tribunal to determine Everton fee for ex-Rangers striker Naismith". Daily Record. Trinity Mirror. August 6, 2012. Retrieved August 6, 2012. 
  39. ^ "Everton FC’s Steven Naismith may cost Blues as Rangers chairman chases fee". Liverpool Echo. 13 December 2012. Retrieved 20 March 2016. 
  40. ^ a b Charles Green completes Rangers purchase despite Walter Smith bid BBC News, 14 June 2012
  41. ^ Rangers: Walter Smith group drops bid for club BBC Sport, 19 June 2012
  42. ^ Walter Smith's consortium bid to buy club is rejected STV News, 19 June 2012
  43. ^ "Rangers: Businessmen prepare £11m bid for control at Ibrox". Chris McLaughlin. BBC Sport. 20 June 2012. 
  44. ^ "Rangers: John Brown wants fans to buy club from Charles Green". Chris McLaughlin. BBC Sport. 27 June 2012. 
  45. ^ Ibrox legend blasts Green regime at Rangers Evening Times, 28 June 2012
  46. ^ Bomber Command The Scottish Sun, 28 June 2012
  47. ^ Green has raised white flag – Brown Press Association Sport, 4 July 2012
  48. ^ Rangers in crisis: Ignore Braveheart-style speeches and back my consortium, Charles Green tells fans Daily Record, 29 June 2012
  49. ^ Rangers in crisis: Chairman Malcolm Murray warns fans against season ticket boycott Daily Record, 29 June 2012
  50. ^ Rangers in crisis: Charles Green faces £15m black hole after just 250 season tickets are sold Daily Record, 7 July 2012
  51. ^ Revealed: how Rangers newco was shunned by major banks The Herald, 1 July 2012
  52. ^ Audi .. and see ya to Rangers cars Scottish Sun, 3 July 2012
  53. ^ Tennent’s to stick by Rangers newco for now Marketing Week, 6 July 2012
  54. ^ a b "Rangers newco refused SPL entry after chairmen vote". BBC. 4 July 2012. Retrieved 31 August 2012. 
  55. ^ "Kilmarnock chairman warns against heavy Rangers sanctions". BBC. 22 May 2012. Retrieved 31 August 2012. 
  56. ^ "Kilmarnock's Michael Johnston explains newco abstention". BBC. 5 July 2012. Retrieved 31 August 2012. 
  57. ^ "Rangers newco will not get Aberdeen, Dundee Utd or Hearts votes". BBC. 22 June 2012. Retrieved 31 August 2012. 
  58. ^ "SPL integrity beyond purchase, says Hibernian chairman". BBC. 14 May 2012. Retrieved 31 August 2012. 
  59. ^ "Our Rangers vote's in the balance". STV. 25 June 2012. Retrieved 31 August 2012. 
  60. ^ "Rangers in crisis: St Mirren confirm they will vote no to Newco in SPL". The Daily Record. 29 June 2012. Retrieved 31 August 2012. 
  61. ^ "St Johnstone chairman says no to Rangers ‘newco’ without sanctions". STV. 29 June 2012. Retrieved 31 August 2012. 
  62. ^ "Motherwell fans' views sought on SPL Rangers newco vote". BBC. 21 June 2012. Retrieved 31 August 2012. 
  63. ^ "Our Rangers vote's in the balance". Highland News. 28 June 2012. Retrieved 31 August 2012. 
  64. ^ "Our Rangers vote's in the balance". Celtic F.C. 4 July 2012. Retrieved 31 August 2012. 
  65. ^ "Rangers newco: Plans for club to enter Scottish Division One". BBC. 28 June 2012. Retrieved 31 August 2012. 
  66. ^ "Raith to vote no to newco". The Herald Scotland. 27 June 2012. Retrieved 31 August 2012. 
  67. ^ "Raith chairman hits out at SFA and SPL". Video Celts. 3 June 2012. Retrieved 31 August 2012. 
  68. ^ "In full: Clyde FC's statement after SFL meeting over Newco Rangers". BBC. 4 July 2012. Retrieved 31 August 2012. 
  69. ^ a b "Falkirk say allowing newco into Division One is 'totally unacceptable'". STV. 22 June 2012. Retrieved 31 August 2012. 
  70. ^ a b "Agreement on Transfer of Membership". SFA website. 27 July 2012. Retrieved 30 July 2012. 
  71. ^ "Ramsdens Cup: Brechin City 1-2 Rangers". BBC Sport. BBC. 29 July 2012. Retrieved 30 July 2012. 
  72. ^ Rangers sail into uncharted waters amid myriad fears and flaws, 28 July 2012
  73. ^ Rangers newco owner Charles Green make bigotry claim over SPL rejection, 29 July 2012
  74. ^ Club reacts to SFA Membership, 27 July 2012
  75. ^ "Full video interview: SPL chief Neil Doncaster on Rangers and his future". STV Sport. STV Group plc. 16 July 2012. Retrieved 2 August 2012. 
  76. ^ "Falkirk FC stadium announcer suspended after Rangers 'Sevco' comment". STV. 20 August 2012. Archived from the original on 2012-08-29. Retrieved 20 August 2012. A PA announcer for Falkrik FC has been suspended from his job after referring to Rangers as the "Sevco Franchise". 
  77. ^ "Rangers: Conditional membership allows cup tie to go ahead". BBC Sport. 27 July 2012. Retrieved 30 July 2012. 
  78. ^ "Sir David Murray: I reject and resent any suggestion there was cheating at Rangers". Daily Telegraph. Telegraph Media Group. August 6, 2012. Retrieved August 6, 2012. 
  79. ^ "Rangers: Lord Nimmo Smith defends tax probe". BBC Sport. BBC. 22 September 2012. Retrieved 14 March 2013. 
  80. ^ a b Grant, Michael (1 March 2013). "Michael Grant on Rangers verdict . . .". The Herald. Herald & Times Group. Retrieved 14 March 2013. 
  81. ^ "ANONYMISED FORM OF THE DECISION" (PDF). Finance and Tax Tribunals. Retrieved 20 November 2012. 
  82. ^ "Former Rangers Football Club wins Big Tax Case appeal". BBC News. BBC. 20 November 2012. 
  83. ^ a b "Former Rangers owner Sir David Murray insists the club is 'destroyed' despite winning a tax case". Sky Sports. BSkyB. 22 November 2012. Retrieved 22 November 2012. 
  84. ^ Rogers, Philip. "The Rangers Case – Upper Tribunal Decision". PKF Cooper Parry. Retrieved 10 November 2015. 
  85. ^ "Rangers tax case goes back to court". BBC News. BBC. 7 July 2015. Retrieved 10 November 2015. 
  86. ^ "HMRC wins Rangers tax case appeal". BBC News. BBC. 4 November 2015. Retrieved 10 November 2015. 
  87. ^ "HMRC wins Rangers 'big tax case' ruling". BBC News. BBC. 5 July 2017. Retrieved 5 July 2017. 
  88. ^ "Sixty-seven players 'in legal action' over Rangers contract transfer". STV Sport. 10 December 2012. Archived from the original on 14 December 2012. 
  89. ^ "Rangers International Football Club plc" (PDF). 8 December 2012. [permanent dead link]
  90. ^ "Rangers pursue compensation for six ex-players despite legal threat". BBC Sport. BBC. 11 December 2012. Retrieved 11 December 2012. 
  91. ^ McLaughlin, Chris (4 April 2013). "Rangers hit with a legal bill over player dispute". BBC Sport. BBC. Retrieved 4 April 2013. 
  92. ^ a b c "Man sues Coral for refusing payout on Rangers relegation bet". STV News. STV. 17 January 2017. Retrieved 18 January 2017. 
  93. ^ "Former bookmaker loses fight over Rangers relegation bet". BBC News. BBC. 15 March 2017. Retrieved 15 March 2017.