Record Says 'Gers Face Euro Ban

[chilledbear 16]

Rangers face Euro ban unless accounts are signed off by independent auditor

Dec 2 2011 Keith Jackson

 

 

 

TOP BRASS at UEFA last night warned Rangers face expulsion from European football next season unless the club's financial house is put in order.

Record Sport can reveal that as things stand, the SPL leaders would be denied an £18million ticket into the Champions League even if Ally McCoist led his side to a fourth consecutive league title - but Rangers sources insist they still have four months to ensure their accounts are signed off and submitted to the SFA ahead of the March 31 deadline.

The Ibrox club have breached UEFA president Michel Platini's tough new Financial Fair Play Regulations by publishing their latest set of account WITHOUT having them signed off by an independent auditor.

On Wednesday night, the club announced their annual financial figures for the year ending on June 30 to the PLUS Market but, for the first time in the club's history, the figures were not approved by appointed accountants.

Edinburgh firm Grant Thornton have refused to discuss why they have not signed them off but UEFA have made it clear Rangers will be denied entry into the Champions League or the Europa League unless their accounts are rubber-stamped before the end of the current campaign.

It's understood Rangers have until December 31 to publish a fresh set of figures and then lodge them with Companies House in Edinburgh.

But if those results are not given a clean bill of health by the auditors, the club's chances of being granted a licence in time for next season will be damaged further.

Although the situation would then become ever more serious, the stricken club believes the vital date for Euro approval will not arrive until next March.

A UEFA statement read: "Glasgow Rangers FC, as with any club participating in UEFA competitions, will have to go through a licensing process which the national association in question manages.

"Subsequently, the national association (not UEFA), the SFA in this case, will assess whether or not the club has fulfilled the mandatory licensing criteria.

"This will take place in March/April. If the answer is yes, the club can take part in UEFA competitions next season and if not, they won't receive a licence."

The SFA, who last night announced their own probe into Rangers owner Craig Whyte, are already aware of the breach in Platini's policy. They are now bracing themselves for the potential fall-out should they be forced to freeze a member club out of European football.

The Hampden beaks refused to comment on the situation last night but, as things stand, they would have to turn Rangers down flat.

UEFA's Club Licensing and Financial Fair Play Regulations article 47 spells out the need for all financial results to be signed off by auditors. It says: "Annual financial statements must be audited by independent auditors."

And last night an SFA insider informed Record Sport that Rangers will have to "work extremely hard" between now and the spring if they are to pass UEFA's criteria.

The source said: "When Rangers submitted their application for this season they were up front about a number of financial issues they were dealing with.

"They were in dispute with the tax man but this was declared and, as it was a legitimate dispute, it was allowed and they still satisfied the criteria.

"But if they do not satisfy the criteria this time then they won't get a licence for Europe.

"There is a lot of work to do before they can qualify. Right now Rangers and the SFA are in a difficult position. The club has an obligation to provide a signed set of accounts and if they are unable to do so then their application cannot be approved.

"It really is becoming quite a serious mess."

[der Berliner 3,281]

Aha ... so within hours of our first financial results are being published UEFA's new lawmaker is starting a close interest? When he should keep his noses firmly in the books of the Italian, Spanish and not least English clubs ... who carry debts beyond belief? Yes, we must be an interesting bunch. Under Murray we carried 70odd million in debt, last years we carried "50odd million" plus the Lloyds debt and no-one (important) was interested. Now that we've been taken over and getting our house in order, there' a firm interest? Well, well ...

[Bluedell 5,353]

A non-story. There is no question that that the auditors will sign an audit report on the accounts.

[Guest Dutchy]

Not only is it a non-story, the title of the thread is inaccurate. The DR is only reporting the news, in this case anyway, and I'm worried that we're becoming the paranoid club of Scotland.

 

Thread titles like this one don't help rangers in any way, shape or form.

[Frankie 8,182]

Not only is it a non-story, the title of the thread is inaccurate. The DR is only reporting the news, in this case anyway, and I'm worried that we're becoming the paranoid club of Scotland.

 

Thread titles like this one don't help rangers in any way, shape or form.

 

Eh?

 

The thread title reflects the headline of what the paper claims.

[GovanAllan 0]

Their not reporting the news Dutchy this is a nonsense story that the paper itself started and just shows the level that Scottish sports journalism has fallen to there's more if's in that story than one of my other posts.

 

But why should we be surprised Septic get beat midweek we have a chance to go 7 points clear on Saturday against arguably the worst team in the league what else are they going to write about.

[Guest Dutchy]

Is this UEFA saying this, or the DR's rules and regulations?

[GovanAllan 0]

The record phoned them up and asked if this and this was followed by this and if this happened would Rangers be banned. They asked the questions to get the answer they wanted.

 

The SFA insider should be found and sacked on the spot for talking about a member clubs internal business to the press, but we all know who will have leaked that story from inside Hampden

[Guest Dutchy]

I've recognized that the media in general, and the DR in particular can be OTT in their repoting at times, but I truely don't see this as something to get so worked up about.

 

I don't know how many 'headlines' I read about 2-3 years ago, saying rangers where going bust, going to the wall, you name it, they spouted it, but surely the fact remains that this is a UEFA regulation, regardless of the way the information was got and interpeted.

 

I'm interested in tomorrows game and if anyone asks me about this report, I'll ask them about any other report that has appeared in the papers about their club. Then they will understand the nature of sports journalism in this country, because they've turned over ever club in this league in the past.

[craig 5,199]

A non-story. There is no question that that the auditors will sign an audit report on the accounts.

 

Depends does it not ?

 

What if they sign off on the accounts but provide a qualified report based on going concern ?

 

Do UEFA refuse us entry as we would be considered as a potential threat to not complete our fixtures ? Or is the only requirement that we have a signed audit report, regardless of the opinion contained therein ?

 

der Berliner - the level of debt is not the issue here, it is the signing off of financial statements by auditors. Nobody was interested last year because the auditors signed the financials - as things stand they have not done so this year. That is the issue.