SBD Global/October 2, 2012/Franchises

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  • Old Rangers Football Club Owes More Than $152M In Unpaid Tax

    The old Rangers FC owe tax authorities a final total bill of £94.4M ($152.3M), according to the SCOTSMAN. The tax liability for oldco Rangers was detailed in a final report to the club’s creditors by administrators Duff & Phelps. Of the money owed to HM Revenue and Customs, £73M ($118M) is comprised of the "big" tax case, £3M ($4.8M) for the "wee" tax case and £18M ($28M) in unpaid PAYE and national insurance from former owner Craig Whyte’s time at Ibrox (SCOTSMAN, 10/1). The BBC reported that the final report to creditors shows that the administrators are claiming more than £3.1M ($5M) in fees. A judgement is imminent on an appeal of this assessment, which was heard at a First Tier Tax Tribunal (BBC, 10/1).

    MCCOIST CRITICAL OF BBC: Meanwhile, Rangers Manager Ally McCoist has "critcized the failure of BBC Scotland to respond directly to Rangers' complaint" about their Sportscene program last Wednesday. McCoist said that it was "probably more disapointing than the orginal perceived offence." McCoist did not say he expected an apology, but made it clear he thought that "a direct reply from the company would have been more appropriate than their public statement." McCoist: “I am probably even more disappointed that we haven’t heard anything back from BBC Scotland since we emailed them 24 hours ago” (SCOTSMAN, 9/29).

    Print | Tags: Franchises, United Kingdom
  • IPL Team Asked To Furnish $19M, Otherwise Will Face Termination

    The Bombay high court in India directed the cash-strapped Indian Premier League franchise Deccan Chargers "to furnish a bank guarantee" of Rs 100 crore ($19M) to the Board of Cricket Control in India within 10 days, according to Swati Deshpande of the TNN. The court has also appointed retired Supreme Court judge CK Thakker as the sole arbitrator to resolve within three months the dispute between the board and the team. Justice SJ Kathawala said that if the guarantee is not furnished, "the termination notice stands confirmed." BCCI counsel Rafiq Dada said that he also wanted the court "to clarify in its order if the status quo continues that BCCI should be able to go ahead with calling bids for the 10th franchise" regardless of the termination notice to the Chargers, as 10 franchises are permitted and currently there were nine (TNN, 9/27).

    Print | Tags: Franchises, India
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