Rangers legend Ally McCoist outraged by ‘completely and utterly unacceptable’ reported tax blunder that led to financial collapse of Scottish club

14 Nov

Ally McCoist has reacted with outrage to a report that claims Rangers’ 2012 liquidation was caused by a multimillion-pound tax blunder.

The giants of Scottish football suffered a devastating financial collapse in 2012 which saw the club officially fold and relaunch in the fourth tier.

But now it is claimed tax authorities overestimated the Gers’ old debt by up to £50million – and this is being blamed for their liquidation.

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Rangers have only just recovered their former status in Scottish football after their financial collapse, which led to arch rivals Celtic dominating with eight straight league titles
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HM Revenue & Customs initially claimed Rangers’ old operating company owed around £70m in taxes over their use of Employee Benefit Trusts (EBTs) to pay players and staff.

But, according to a report by The Times, HMRC claimed too much and are now set to wipe £50m off their tax bill, with the debt to now stand at a more affordable figure of £20m.

The news is sure to have huge repercussions, with former Rangers chairman John McClelland insisting the club would have survived if the £20m tax bill had been agreed in the first place.

Ibrox legend McCoist was Rangers’ manager during those dark times in the Glasgow club’s history and was one of the few members of staff to keep his job after their financial meltdown.

And he broke his silence on this latest bombshell during Thursday’s Sports Breakfast show.

“The figures they’re speaking about, that is a debt in my opinion Rangers could have handled at the time,” he told talkSPORT.

“If this is true, we wouldn’t have gone into administration. We wouldn’t have gone into liquidation.”

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Ally McCoist led Rangers to two successive promotions following their rebirth in the fourth tier of Scottish football
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Asked if he had to tell members of staff they no longer had a job at the club, McCoist added: “Oh Alan, it was horrendous. I’ll tell you right now, it’s horrendous.

“That was the worst part about the whole thing, that people lost their jobs.

“And if people lost their jobs needlessly, it’s completely and utterly unacceptable. It really is unacceptable.

“If the debt was £20m, the outcome would have been completely different. We could have handled that quite easily. It’s still a lot of money, but it would have been £2m a year between 2001 and 2010.

“And the fact of the matter is, had that been the debt it would have been a lot more lucrative position for potential buyers than it was with a bigger debt.

“This is massive, it’s absolutely massive.

“Clearly questions have to be asked and hopefully they are answered.”

Listen to Ally McCoist on talkSPORT, above…

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