Paul Clark and David Whitehouse, both of Duff & Phelps, the corporate financial advisory firm, have been appointed Joint Administrators of Rangers Football Club, as of today, 14th February 2012.
The appointment follows a petition for administration presented to the Court of Session in Edinburgh today by HMRC following the non-payment of circa £9m PAYE and VAT following the takeover of the Club in May 2011.
Paul Clark, partner, Duff & Phelps stated: "HMRC have been working closely with the Club in recent months to achieve a solution to the Club's difficulties. However this has not been possible due to ongoing losses and increased tax liabilities that cannot be sustained,"
"We are working together with management and its major creditors including HMRC to achieve a solution to the financial problems which will ensure the ongoing survival of the business, which is of paramount importance to all concerned," he added.
Paul concluded: "We would like to take the opportunity of thanking the fans for all their past and present support and hope we can rely on them in the future. Rangers has a long and proud sporting tradition - one we all wish to see continue. All stakeholders involved with Rangers are working hard to ensure the long-term future of this national institution. We will be making a further more detailed statement later in the week," he added.
-ENDS-
Notes to Editors
About Duff & Phelps
As a leading global financial advisory and investment banking firm, Duff & Phelps balances analytical skills, deep market insight and independence to help clients make sound decisions. The firm provides expertise in the areas of valuation, transactions, financial restructuring, alternative assets, disputes and taxation, with more than 1,000 employees serving clients from offices in North America, Europe and Asia. Investment banking services in the United States are provided by Duff & Phelps Securities, LLC; Pagemill Partners, LLC; and GCP Securities, LLC. Member FINRA/SIPC. M&A advisory services in the United Kingdom and Germany are provided by Duff & Phelps Securities Ltd. Duff & Phelps Securities Ltd. is authorized and regulated by the Financial Services Authority. Investment banking services in France are provided by Duff & Phelps SAS. For more information, visit http://www.duffandphelps.com/
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For further information, please contact:
Richard Merrin
Spreckley Partners Ltd
T: 0207 388 9988
E: merrin@spreckley.co.uk
