Questions about the finances of majority shareholder Craig Whyte and a possible government-imposed tax bill have resulted in trading in shares of Scottish club Rangers beingsuspended. The club, which employs U.S. internationals Maurice Edu, Carlos Bocanegra and Alejandro Bedoya, also confirmed it is considering withdrawing its listing onthe PLUS Stock Exchange.
Rangers published accounts in November revealing a near 50 percent reduction in net debt to 14 million pounds ($22 million) in the 12 months to June 30, but couldbe hit with a tax bill of 49 million pounds ($77 million) if it loses a court case regarding unpaid taxes. On Monday Rangers stated the financial report had not been signed off by an independentauditor, as required by exchange rules, because of the court case. In publishing the November figures Rangers said Whyte was “disqualified to act as a director of Vital UK Limited in 2000 for a periodof seven years”, prompting the Scottish Football Association to seek “clarification” about his position.
Whyte said it was doubtful if Rangers needed to be on any exchange at all, given henow has such a huge stake in the club. “The fact that the club has a majority shareholder controlling more than 80 percent means there is very little trading in shares,” he said. “In reality, a publiclisting means more bureaucracy.”