SPL - Rangers' debt tops '£134m'

Thu, 05 Apr 17:23:00 2012

The administrators of financially-stricken Scottish champions Rangers estimate that the Glasgow club are over £134 million in debt.

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The figures have been published in the administrator’s (Duff and Phelps) report to creditors on the official Rangers website.

HM Revenue and Customs could be owed £93m relating to the two tax cases hovering over the club plus unpaid VAT and PAYE.

Rangers also owe money to Celtic, Hearts, Dundee United, Arsenal and Manchester City.

Duff and Phelps revealed in a joint administrators's report and proposals statement to creditors that monies owed by the Scottish champions stands at £55.4 million.

Rangers also owed £4 million to Her Majesty's Revenue and Customs for the 'Small Tax Case' and could face a further bill of £75 million, including interest and penalties, if they lose a dispute with the tax authorities, widely known as the 'Big Tax Case'.

Despite the heavy debts, the club’s administrators are talking to three out of four bidders for the club and are hopeful Rangers can come out of administration without being liquidated before the end of the season.

As well as a bid from the Blue Knights and Ticketus, it is believed other offers lodged before the 5pm Wednesday deadline were from groups based in Germany, Singapore and the United States.

Administrators have now indicated they are no longer considering one of those proposals, while reiterating their belief that an exit from administration before the end of the season is "achievable".

David Whitehouse, joint administrator, said: "Following the outcome of the bidding process, I can confirm that we will be considering further three of the four bids submitted."

Eurosport / PA Sport

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