Rangers lost almost £4m while in administration

Duff and Phelps David Whitehouse and Paul Clark were appointed as joint administrators

Related Stories

Rangers Football Club lost almost £4m from the time it was placed in administration until the end of June.

An interim creditors report from joint administrators at Duff and Phelps has revealed trading losses at the Ibrox club of £3,956,375.

The report also shows administrators fees from 14 February up to the 29 June 2012 of just over £2.8m.

Rangers assets were sold to the Charles Green consortium for £5.5m after a deal with creditors could not be reached.

The club, which dates back to 1872, will now be wound up by liquidators BDO after a thorough investigation into its financial affairs over the past few years.

The report, issues on Wednesday, reveals that the Charles Green Consortium paid just over £2.7m for Rangers player contracts and registrations.

Rangers crisis explained

  • Rangers went into administration owing up to £134m to unsecured creditors and will eventually be liquidated.
  • As a result its registrations with the Scottish FA and Scottish Premier League were terminated.
  • Charles Green led a consortium which bought Rangers' assets for £5.5m.
  • The former Sheffield United chief executive is reforming Rangers as a new company.
  • But the 'newco' did not get the required votes for re-admittance to the SPL.
  • Instead the new Rangers is could start life in Scottish Division One or Three.

Some of the previous squad have elected to transfer over to the new company (newco) which he is attempting to have placed in the lower divisions of the Scottish Football League (SFL).

Other players have elected to transfer to other clubs, claiming they are free agents with old Rangers facing liquidation - this claim is contested by Mr Green.

The creditors report also reveals a legal claim for more than £25m by Duff and Phelps against former owner Craig Whyte's lawyers Collyer Bristow is now unlikely to be heard until summer of autumn of 2013.

Duff and Phelps also state that they hope to claw back at least half of the £223,214 value of the Arsenal shares, that Rangers owned, which were sold by Pritchard Stockbrokers during Mr Whyte's tenure at the club.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

BBC Glasgow & West

Weather

Glasgow

23 °C 12 °C

Features & Analysis

  • Stained glass of man with swordFrance 1 England 0

    The most important battle you have probably never heard of


  • Golden retriever10 things

    Dogs get jealous, and nine more nuggets from the week's news


  • Pro-Israel demonstrators shout slogans while protesting in Berlin - 25 July 2014Holocaust guilt

    Gaza conflict leaves Germans confused over who to support


  • The emir of Kuwait Sheikh Sabah al-Ahmad al-Jaber al-SabahFreedoms fear

    Growing concern for rights as Kuwait revokes citizenships


Elsewhere on the BBC

  • CastleRoyal real estate

    No longer reserved for kings and queens, some find living in a castle simply divine

Programmes

  • A robot which is due to compete in the 2014 RoboCupClick Watch

    Why robots from 45 countries are playing football in Brazil, plus other technology news

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.