Rangers play down HMRC talk

02 November 2012 05:16
Rangers have stressed they have "no outstanding issues" with HMRC after it emerged one of their shareholders was being investigated. Reports say Richard Hughes, who controls less than 10% of shares in the Rangers newco through his Zeus Capital firm, is under investigation over a film investment scheme set up by a separate firm which he co-founded, Zeus Partners. The oldco Rangers went into liquidation this week after being unable to pay off debts of up to £94million to HMRC, but those liabilities do not affect the current football club. A statement from the club read: "The Rangers Football Club has no outstanding issues with HMRC and indeed the current management have an open and transparent dialogue with HMRC and, in particular, through our auditors and reporting accountants, Deloitte. "We wish to reiterate that Mr Richard Hughes has no involvement in the management of the club, nor is he a director. "Richard Hughes or his company Zeus Capital, both FSA regulated, are a minority investor. "The club does not have an existing relationship with Zeus Partners. "It would be inappropriate for The Rangers Football Club to comment further on either the private and professional affairs of Mr Hughes, or the commercial activities of Zeus Partners or Zeus Capital."

Source: team_talk