The Old Firm is infirm. At least one of them is. That would be Rangers who are on the precipice of bankruptcy and face administration as the only viable option. They are said to owe a whopping £75m in taxes which owner Craig Whyte is unable to pay off. In the next 10 days the club will appoint an administrator, a CVA will be drawn up if the tax authorities (HMRC) can be persuaded to issue a moratorium on the taxes owed, to pay off the first line of creditors with a reduced sum. Rangers will be docked 10 points by the SPL which will end their chances of European representation.
At the heart of the matter an EBT scam that was perpetrated over a decade ago as a way of paying nominal taxes while still paying the contractual obligations of player salaries, bonuses, and appearance fees in the form of loans. All laid out neatly in a nice paper trail for the tax authorities to sniff out. Which means that this would have gone on unnoticed if the players and their agents had trusted the club executives who were in the know.
One can’t see Scotland without Rangers. The Old Firm derby is one of the most historic matches in the world and in very stark terms, the one that makes the most business sense. Here is Wishbone Ash singing “Phoenix” which seems fitting given the circumstances.