Football giants face threat of administration

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Rangers face court battle

By Geoff Ho

THREE English football clubs, as well as Scottish champions Rangers, are in danger of falling into administration this season due to the perilous state of their finances, insolvency experts say.

Aside from Portsmouth, football insolvency experts say that one other team in the Championship, English football?s second tier, is in danger of going into administration, as well as two other lower league teams.

Rangers is under threat due to the ?49 million in unpaid taxes that HM Revenue & Customs (HMRC) claims it is owed by the Glasgow club.?

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HMRC will face Rangers in court on January 16 and if it wins, the club?s owner Craig Whyte has admitted that going into administration is an option for the club.

There are three clubs from the Championship downwards that are at risk

Leading football insolvency expert

One leading football insolvency expert said: ?There are three clubs from the Championship downwards that are at risk. However, Rangers in Scotland is the big concern.?

Last month another football insolvency expert, Brendan Guilfoyle of The P&A Group, warned that it may no longer be financially viable to save some clubs due to the economic climate.

Guilfoyle, who handled the insolvencies of Crystal Palace, Leeds United, Luton Town and Plymouth Argyle, said: ?The market has changed and is getting worse. We can no longer assume we can find buyers for football clubs.?

Source: http://www.dailyexpress.co.uk/posts/view/294319/Football-giants-face-threat-of-administration/

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