The Scottish Premier League champion stated it expects to file its financial figures for the period ending June 30, 2011 by the end of the month after they were due to be submitted to Companies House by the end of 2011. The Glasgow club cited its ongoing tax dispute as the reason behind the delay.
Rangers is currently battling a tax case with Her Majesty’s Revenue and Customs (HMRC) that could see it hit with a £49 million bill for back-taxes, interest and penalties. The case is set to resume this month. A Rangers statement said the club is “considering the merit” of maintaining its listing on the Plus Market after May 6. This date marks the one-year anniversary of chairman Craig Whyte’s acquisition of the club after he secured a controlling stake of 85%.
“Given the structure of the shareholding in the club, there is very little, if any, tangible benefit for the club to be a listed company,” said Whyte. “The fact that the club has a majority shareholder controlling more than 80% means there is very little trading in shares. In reality, a public listing means more bureaucracy. Rangers does not need to remain a listed company in order for people to buy and sell their individual shares and since becoming chairman I have always questioned what is really being achieved with a public listing.”
