Friday 9 December 2016

A taxing problem ... how Rangers travelled down the road to disaster

Published 13/02/2012 | 18:57

1988: David Murray buys a majority shareholding in the club for £6m from Lawrence Marlborough.

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2001: Murray Park is opened at a cost of £14m.



2002: Murray quits as chairman but continues as owner.



2004: Murray returns as chairman after increasing stake in the club. Murray heavily underwrote a £57m share issue after the club's debts peaked at £72m.



2009: August 26 - Murray announces he is to step down as Rangers chairman. Alastair Johnston is named as his successor.



October 24 - Manager Walter Smith claims Lloyds Bank are controlling Rangers' spending following the appointment of one of their representatives, Donald Muir, to the board.



November 12 - Rangers' annual report shows debts have risen by £10m to £31m.



2010: April 27 - Rangers confirm they are under investigation by Her Majesty's Revenue and Customs over offshore payments to players from 2001. A final tax bill could be as much as £49m.



June 9 - London-based property developer Andrew Ellis' consortium, RFC, announce to the Stock Exchange they are in "advanced negotiations" to buy a controlling interest in Rangers.



June 15 - Rangers announce Murray International Holdings (MIH) are no longer "actively marketing its controlling stake in the club for sale" after failing to receive a suitable offer.



September 22 - Rangers announce a reduction in debt from £31m to £27.1m.



November 18 - Scottish tycoon Craig Whyte confirms to the Stock Exchange he is considering making an offer and is in talks with MIH regarding a proposed takeover.



December 3 - Whyte reaches an "agreement in principle" with Murray and meets Johnston for the first time.



2011: March 28 - Whyte officially completes his due diligence.



March 30 - Whyte and Lloyds reach agreement over the debt repayment.



April 1 - Rangers announce an £11.9m profit for the last six months of 2010 but £2.8m is wiped off for a one-off tax payment over an issue relating to 1999-2003. Johnston admits the other ongoing tax probe could leave Rangers with a bill they cannot afford to pay.



May 6 - Whyte announces his acquisition of Murray International Holdings' 85.3pc shareholding in Rangers for £1 after the Takeover Panel ratify the deal.



May 24 - Johnston and Paul Murray are removed from their roles as directors. Chief executive Martin Bain and director Donald McIntyre are suspended.



June 20 - Bain instructs his lawyers to open legal proceedings against Rangers. Four days later, Bain resigns.



September 13 - Bain succeeds in having £480,000 of the club's assets frozen while pursuing a legal case.



October 10 - McIntyre resigns as finance director but remains as an employee of the club. Just over a week later, he has £300,000 of Rangers' cash frozen pending a court case.



October 20 - Whyte instructs his lawyers to begin legal proceedings against the BBC over allegations made against him in a documentary, having previously withdrawn all co-operation with the broadcaster. The BBC say they stand by their investigation.



November 30 - Rangers' annual financial figures show net debt has been halved to around £14m. The club also confirm Whyte had previously been disqualified as a company directory for seven years from 2000.



December 9 - Rangers agree an undisclosed out-of-court settlement with McIntyre.



2012: January 9 - Rangers' shares are suspended from trading on the PLUS Stock Exchange for failure to submit audited accounts.



January 18 - A three-day tax tribunal closes in Edinburgh.



January 31 - Rangers sell top goalscorer Nikica Jelavic to Everton but fail to replace him before the transfer window closes. Whyte admits using three years' worth of future season ticket sales to secure funds but denies using the money to fund his takeover.



February 13 - Rangers lodge their intention to go into administration at the Court of Session in Edinburgh.



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