The SPL champions appointed administrators yesterday (14 February), after failing to pay a tax bill of £9m. Duff & Phelps will now assume responsibly of the club while it seeks to address its debt problems. A pending tax tribunal could cost the club an additional £75m.
Global partnerships director Misha Sher, who joined Rangers at the turn of the year with a brief to grow the football club’s revenue streams from strategic partnerships, says his responsibilities have not changed.
He adds: “We were aware that the club could have gone into administration when I joined, but felt that there was an opportunity to promote the club worldwide.
“Liabilities and difficulties are not helpful, however, it was important that the club give clarity to its debt. It’s the most important thing for my role and anything Rangers do commercially going forward.”
Sponsor, Tennent’s Lager said in a statement ahead of the club going into adminstration that it would remain in touch with the club during the process .
It adds: “We are in constant touch with Rangers Football Club during this process and, if administrators are appointed by the club, we will be in close contact with them. We have been assured that Rangers will continue to meet all of its fixture and contractual obligations and, if this is the case, our intention is that our sponsorship of the club would continue.”
As penalty for entering administration the Glasgow club will be docked 10 points, effectively handing the 2011-12 SPL title to rivals Celtic, which reduced its bank debt by £2m to just over £7m during the second half of last year, according to interim results.