Thursday, June 14, 2012
OOH LORDY TROUBLE SO HARD
Today, a major piece of history will happen in Scotland.
The fate of Rangers Football Club, established away back in 1872, and one of the most successful sporting institutions on Planet Earth has been in the balance since mid-February when they were out into administration with an estimated debt of £55 million of which a company called Ticketus is owed £26.7million while Her Majesty's Revenue & Customs (HRMC) is owed £21.1 million. On top of this there has been a separate long-running case with HMRC which could see as at least another £35 million demanded in unpaid tax and interest arising from Rangers past use of Employee Benefits Trusts.
No matter how you look it, its one enormous and complicated mess.
Today those who are owed money are due to vote on a Creditors Voluntary Arrangement (CVA) under which they will receive a small % return on the debt owed to them.
The result of that vote will be one which determines the future. The thing is, we already know the result as two days ago, HMRC revealed that they will vote against the CVA. What this means is Rangers FC will be put into liquidation and their assets sold off to go towards paying off the debts.
In other words.....they've gone forever. And that history goes with it.
It is a near certainty that at some point jn the future a new company will emerge and take over things at their Ibrox home in the south-west of Glasgow. But that process isn't going to be simple and besides, the club and its successor face sanctions from the governing bodies for bringing football into disrepute over this whole tawdry affair. It will be a long while before things get back to anything approaching normal.
Most football fans in this country, Rangers fans excepted, are delighted with the turn of events as the club have been shown to have basically cheated their way to much of their success over the past 15 years with a crazy unsustainable spending regime which has quite frankly done untold damage to all the other clubs who had to spend beyond their means to try and remain as competitive as possible. And to have do so by tax-dodging on a grand scale is despicable.
I suppose in the grand scheme of things in the world it's not that big a deal...it's only a football club from a relatively small city in a small country. But growing up in Scotland in the late 60s and 70s, I never imagined a world in which Rangers FC wouldn't exist. But then again, nor did I think I'd see the Berlin Wall come down and the Apartheid regime come to an end in my lifetime.
Some unjust things you can but hope for and dream about......
mp3 : Moby - Natural Blues (single version)
mp3 : Moby - The Whispering Wind
mp3 : Moby - Sick In The System
mp3 : Moby - Natural Blues (Perfecto Remix)
mp3 : Moby - Natural Blues (Mike D Edit)
mp3 : Moby - Natural Blues (Peace Division Edit)
A #11 hit back in March 2000, these are the six tracks you'll find on the 2 x CD singles.
The first of the remixes features the talents of Paul Oakenfold and Steve Osborne while the second is that of a Beastie Boy.........