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Articles about football clubs facing or going into administration.
There are a number of prospective investors interested in Rangers and the administrators are hopeful of an early exit from administration. There certainly is no danger of the club going into liquidation. However, it may be necessary to make some redundancies among staff and players.
Jon Mackenzie is a Scotsman who lives on the Isles of Scilly where he co-edits Scilly Now and Then. Here he gives his views on Rangers entering administration:
This is a very sad day for Rangers FC and the Scottish game – no matter which club you support, but what surprises me is how long it took to occur. Frankly I thought Hearts would have been the first big Scottish club to go this way and like many people, I was not surprised when Mr Romanov found the funds to pay the taxman this very day.
Rangers thought they would have a relatively leisurely 10 days to decide whether to appoint administrators. But the Court of Session in Edinburgh ruled today that they would have to appoint administrators by 3.30 p.m., giving them just 90 minutes, the length of a football match but with no time added on.
Portsmouth FC are to go into administration again. A formal announcement is expected this evening or early tomorrow. A ten point deduction from the Football League would follow automatically.
Revenue and Customs have issued a winding up order against the club for a tax debt thought to be between £900,00 and £1.2m. This is due to be heard next week.
In a shock development Rangers have lodged papers (termed ‘a paper of part’ in Scottish law) with the Court of Session in Edinburgh signalling their intention to place the club in administration.
A meeting is to be held between Portsmouth FC and Revenue and Customs next Friday to try and sort out a mutually acceptable way of dealing with the club’s tax debt. The calling of the meeting follows a favourable response from prime minister David Cameron at question time to Portsmouth North MP Penny Mordaunt. She has been meeting with Treasury ministers to find a way forward.
It”s not often that a question is asked at Prime Minister’s Question Time in the House of Commons about a football club, but that is what happened last week. David Cameron gave a sympathetic reply to one of the Portsmouth MPs, expressing the hope that talks could take place with Revenue and Customs about the club’s tax debt and noting that he realised that Pompey fans could not switch their allegiance to rivals Southampton.
Never one of football’s shrinking violets, and now attempting to turn round Preston North End’s finances, Peter Ridsdale reckons that it was his intervention that saved Plymouth Argyle from going bust. There’s certainly a book in his involvement at different clubs.
Darlington’s stay of execution secured by the Rescue Group comes to an end tomorrow. The extension raised over £100,000 in gate receipts but with debts of nearly £500,000 an investor has to be found.
The financial troubles of Portsmouth have continued with the serving of a winding up petition by Revenue and Customs. The hearing is set for February 20th, The petition relates to the PAYE for December which is approximately £800k (which gives some idea of the salary bill). Since then a further £1m in VAT and PAYE has become due for payment.