The perilous state of Rangers financial affairs is gradually seeping into the public domain with a high court judge even revealing on Tuesday that there was a ‘real and substantial risk of insolvency’ if the club were to lose its ongoing battle with the taxman.
The protracted dispute is due to resume in the courts in November with Her Majesty’s Revenue and Customs seeking £49 million from a tax tribunal. This is in addition to a £2.9m tax bill outstanding along with subsequent fines.
All of this emerged this week after their former chief executive Martin Bain claimed for unfair dismissal. Judge Lord Hope reportedly froze £480,000 of Rangers’ cash at the hearing to be set aside should the club lose its tax fight and ensure that Bain receives due remuneration.
Mr Bain is seeking £1.3 million compensation after his association with the club ended following Mr Whyte’s takeover as chairman in May.
