Rangers owner Craig Whyte insists serving a notice to go into administration is the start of 'a road to recovery' for the club.
Rangers owner adamant he is going nowhere
Rangers owner Craig Whyte insists serving a notice to go into administration is the start of 'a road to recovery' for the financially-stricken club.
Gers filed notice of their intention to enter administration on Monday as they are facing a tax bill Whyte admits could go up to £75million, including penalties, should they lose their dispute with HM Revenue & Customs (HMRC).
It was originally thought the tribunal could cost the club around £49million if the judgment went against them, but the owner revealed that figure was substantially out.
The Scottish Premier League champions lodged papers at the Court of Session in Edinburgh and said a final decision would be taken in the next two weeks.
Dispute
Their dispute with HMRC centres on the use of employee benefits trusts, which were in place a decade before Whyte bought out Sir David Murray last May.
Monday's action has sparked fears over Rangers' long-term future but Whyte insists it is the first step in their recovery.
"This was the best way to take the club forward and end the uncertainty that's surrounding Rangers at the moment," he told
Sky Sports News.
"What we've done today is the start of a road to recovery. Rangers will always be around, Rangers will always be here at Ibrox and this is the start of the healing process.
"We will get over this and we will come out fighting and come out stronger, there's no question about that."
"We had to guarantee a certainty of the survival of Rangers and that is what this is about today, about ensuring the long-time survival of Rangers and making it prosperous.
"I've made the best decision in the long-term interest of Rangers. Somebody had to do it. This had been discussed long before my time, when the tax case first became known. It's a really tough decision but it is the decision that's in the best long-term interests of Rangers."
Shocking
He added of the potential tax bill: "The £49million often quoted is the tax bill and interest but they can charge you a penalty on the tax bill so we could have been up at £75million.
"It is a shocking figure and there is no way we could pay it."
Whyte also made assurances over his presence at the club and his willingness to invest.
He added: "I will invest within reason. I'm here to stay, absolutely."
