This has been a bad day for Rangers and who know's what the future holds ?
Rangers went into administration voluntarily to pre-empt HMRC filing for administraion for them for a VAT bill. In doing so Rangers have been able to appoint their own administrators rather than have HMRC do it for them. So to be clear, Rangers have gone into administration for a VAT/ tax bill generated under Craig Whyte. Nothing to do with the 50 million tax case.
Craig Whyte said this was 'Plan D' but really I think this was always his plan. The 'tax case' for £50 million pounds for the Employee Benefit Trusts they used was hanging over Rangers and HMRC said they would appeal if they lost the case. It could have dragged on for years. I reckon Whyte has planned this since day 1 in charge.
Craig Whyte is a turnaround specialist. Lets see what he can do with this one. Some people might think he's going to rob Rangers blind, sell the stadium etc, I can't see that happening. His life would be in danger if he did that. No way. He'd need to leave the UK.
Administration is preferable to liquidation. If that happened Rangers would have to start again and lose their record. Their British record, like it or not, as the most successful British team domestically with 54 league titles.
I've spent a few hours reading various Rangers sites and no one really knows what will happen next.
