By David Gold
January 17 – The ongoing case against Glasgow Rangers for £35 million (€42 million/$54 million) in allegedly unpaid taxes continues at a tribunal hearing in Edinburgh this week.
Her Majesty’s Revenue and Customs (HMRC) say that a further £14 million (€17 million/$21 million) would be due in penalties if the Scottish club lose the case, which relates to unpaid taxes dating back to 2001.
The first tier tribunal resumed with a decision not expected for some time still, even though the hearing will finish on Wednesday.
The club could be forced into administration if they are forced to pay the £49 million (€59 million/$75 million), which would be required up front.
Last week Rangers’ shares were suspended due to the fact that they have been delayed in publishing audited accounts.
They submitted accounts in November but they were not signed off by an independent auditor.
As a result of the situation, the Scottish giants say that they may withdraw the club from the stock market in May, a year from when they were taken over by chairman Craig Whyte.
Last week Rangers issued in a statement which read: “The club’s board is currently considering the merit of maintaining its listing on the PLUS market after 6 May 2012.
“The board is currently assessing the benefits of remaining a listed company on PLUS.”
Whyte explained further saying: “Given the structure of the shareholding in the club, there is very little, if any, tangible benefit to be a listed company.
“The fact that the club has a majority shareholder controlling more than 80 per cent means there is very little trading in shares.
“In reality, a public listing means more bureaucracy.
“Rangers does not need to remain a listed company in order for people to buy and sell their individual shares and since becoming chairman I have always questioned what is really being achieved with a public listing.”
Despite the uncertainty, manager Ally McCoist remains optimistic, and said: “The club feel they have a strong case, I would imagine HMRC feel they have a strong case.
“Craig has been informing me of the situation and, like every other Rangers fan, I am sitting with my fingers crossed.
“Let’s make no mistake about it, we’d far rather it wasn’t there.
“I am not going to tell you everything is rosy, because it is not.
“The most important thing from where I am sitting is resolution.
“We need a result so the club can move forward.”
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