Liquidation is 'inevitable' for Rangers says director King

Rangers FC Ibrox

In-fighting at Scottish club as director launches attack on past and present owners

LAST UPDATED AT 16:03 ON Wed 7 Mar 2012

GLASGOW RANGERS, one of the oldest and most successful football clubs in the world, will go out of business according to one of its directors, who does not believe it can escape administration.
 
Former board member Dave King, who is still the Scottish club's second-biggest shareholder, says it was "inevitable" that the club would be liquidated after the administrators were called in last month by Her Majesty's Revenue and Customs over a £9m tax bill.
 
King also launched a stinging attack on the club's present and former owners. He said that current chief Craig Whyte, who bought Rangers for £1 last year, had "abused the loyalty of fans" and "duped" the club when he bought it. The £9m debt was built up during his reign.
 
He was even more critical of his predecessor Sir David Murray, who he accused of deceiving him when he was on the board. He said he was guilty of "non-disclosure... of Rangers’ true financial position as far back as 2000" and said he intended to sue him for £20m.
 
King broke his silence after a recent meeting with Rangers manager Ally McCoist and administrators Duff and Phelps. But Murray released a statement of his own expressing "incredulity" at King's claims this afternoon.
 
The boardroom in-fighting comes as the first casualties of the financial meltdown at Ibrox start to emerge.
 
Earlier this week players Gregg Wylde and Mervan Celik left the club voluntarily as it seeks to save £1m a month. Wylde told the BBC: "I volunteered to walk with no redundancy package today to help the other people in the club who have families, like the kitchen staff."
 
According to The Guardian: "Rangers' players are continuing talks with administrators over proposed wage cuts. Squad members are willing to accept a short-term but significant drop in salaries if it prevents redundancies but many of them are seeking contract incentives – including the provision of free transfers – before formalising the agreement." · 

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