Rangers supporters have been rocked by the news that HMRC have acknowledged overcharging tax on the club’s previous holding company by up to £50m in 2012 [Times].
The story has left Rangers fans demanding answers, with former Ibrox chairman John McClelland claiming Rangers may never have entered administration or liquidation via a more suitable investor had the figures been correct.
It’s something which has peeled open old wounds for the Ibrox club, but does it offer Dave King the opportunity to achieve something he mused over back in 2015?
The Rangers Chairman has previously spoken about taking the previous holding company our of liquidation, repaying old creditors and ending the oldco, newco debate.
Could the wiping of any tax debt associated with the oldco make this sort of move possible?
“We have a vision going forward where I would like to see us taking oldco out of liquidation and putting assets back into Oldco – putting Rangers back into the old company,” said Dave King [Rangers].
“We can’t do it while all this stuff is being sorted out.
“It would be a good thing to do. It would be back to the traditional Rangers.
“I think the supporters would like it. It is not economically important but it is something I would like to do. It would provide a sense of closure.
“You can never rewind what has happened but in 100 years’ time, you might look back and say there was a blip of four or five years in Rangers’ history when this all happened and it was resolved to the norm again.
“It is practically feasible and legally feasible. We just have to get in the position where the liquidators have done everything they can. The club can then be rehabilitated.”
Whether this was just bluster or it was Dave King being bold, the fact the oldco’s financial situation is back being discussed again could well see something along these lines come to fruition.
But with Rangers fans upset by the news this week, is there anything HMRC can do to fully make up for the lost time at Ibrox?
