Rangers suffer further blows and the club appears to be on its last legs in its current guise.
Following the revelation that Administrators could not come to agreement re player’s wage reductions; it has been confirmed that there is “no realistic possibility” that the club could possibly play in the lucrative European club competitions next season, thus denying the club a vital revenue source. March 31st is the deadline by which the club must come out of administration to be eligible to play in Europe next season and administrator Paul Clark have stated: “This is simply not going to happen.”
The club with the most league titles in world football (54) now faces the very realistic possibility that they may not be able to finish the season. With administrators seeking to cut costs by £1million stg per month; players wanted their wages deferred until the end of the season, but Clark said that that would not be feasible: “Postponing payments is not an answer for the club because eventually those payments will have to be made.”
Administrators were called in on February 14th after British tax authorities went to court to seek payment of an unpaid bill of £9 million stg built up since Chairman Craig Whyte took control at Ibrox in May. Rangers are also awaiting the verdict of a tax tribunal that could leave them with a bill of up to £75 million stg, according to Whyte.
The club’s crisis has reached such a stage that unless a new buyer is found to take over the club and the growing debt before the end of the Scottish club season, the Gers will have to cease to trade as a business.