The shares of Scottish
champions Rangers have been suspended from trading on the stock
exchange after submitting unaudited accounts, the club confirmed
Rangers, who have been Scottish champions 54 times and are
bidding for a fourth successive title, also confirmed in a
statement to the PLUS Stock Exchange issued on their website that they were considering delisting their
shares in May.
The club released their annual financial figures on November 30,
but did not get them signed off by an independent auditor as
required by exchange rules because of financial uncertainty
caused by their ongoing case with Britain's tax authority, Her
Majesty's Revenue and Customs (HMRC).
HMRC say Rangers owe around 49.0 million pounds in unpaid taxes.
The statement continued: "The delay has been caused as a
result of finalising the audit, which the board believe will be
complete on or around January 31, 2012. The delay in finalising
the audit is principally related to the ongoing HMRC tax
"Given the structure of the shareholding in the club, there
is very little, if any, tangible benefit for the club to be a
Owner Craig Whyte, who took over the club from David Murray
last May, has described the tax case, as a "dark cloud hanging
over the club" and he has refused to rule out the possibility of
administration if Rangers lose their dispute.
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