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Rangers, a football club in Scotland, entered financial difficulties during the late 2000s. The club, trading as The Rangers Football Club plc, entered administration in February 2012. It owed substantial amounts to HM Revenue and Customs (HMRC), who subsequently refused to allow Rangers to exit administration via a Company Voluntary Arrangement (CVA). The Rangers Football Club plc entered liquidation on 31 October 2012. The refusal of the CVA forced the administrators to sell the business and assets of Rangers to a new company, operated by Charles Green. The other member clubs of the Scottish Premier League refused to allow the new company to adopt the league membership of the old company. Green then successfully applied for membership of the Scottish Football League. After obtaining the old company’s Scottish Football Association (SFA) membership, Rangers (now trading as The Rangers Football Club Ltd) entered the Third Division (the fourth tier of the Scottish football league system) in time for the 2012–13 season. Rangers gained promotion to the first tier of the Scottish leagues in 2016, and in 2021 won their first Scottish league title since the officially entered administration on 14 February 2012, after appointing London-based financial advisers Duff & Phelps as administrators. On entering administration Rangers were deducted 10 points in the 2011–12 Scottish Premier League, effectively ending their championship challenge. In late April 2018, Gerrard entered talks to become the new manager of Scottish Premiership club Rangers. On 1 May, incumbent manager Graeme Murty was dismissed, with the club confirming three days later that Gerrard would succeed him from 1 June, ahead of the 2018–19 season, signing a four-year contract. Steven Gerrard revealed that gut instinct was key to his acceptance of the post of Rangers manager, after being unveiled at Ibrox on Friday. Gerrard has signed a four-year deal that will begin on 1 June because of commitments with Liverpool and BT Sport. This marks his first job in management. “When the call came to speak to Rangers, it was a no-brainer,” Gerrard said. “It was a different feeling in my stomach from other opportunities I have had to be a manager. I got a special feeling and I knew then that Rangers was for me. I have confidence I can deliver here as a manager. A huge opportunity presented itself. I was very aware of the size of club having watched from afar for many years.” In June 2015, BDO proposed an interim payment of £10 million to creditors, between 6p and 7p in every £1 owed.[62] Most of the funds were obtained from a successful legal action against Collyer Bristow, the firm of solicitors that acted for Craig Whyte during his takeover of Rangers.[62] This interim payment was due to be made by the end of July 2015, but was delayed by a claim made by Law Financial Ltd.[63] A further payout to creditors depended on the final result of the dispute with HMRC.[62] A report by BDO published in June 2019, and more widely publicised by The Times newspaper five months later, stated that the amount claimed by HMRC would be significantly reduced from a maximum of £94 million.[64] HMRC dropped a claim for £24 million in penalties, and The Times suggested that the tax component of the debt could also be reduced by up to £30 million.[64] BDO said that discussions with HMRC were ongoing, and that they hoped for a final resolution during 2020.[64] BBC News suggested that creditors, who had received a payment worth for every £1 owed, may receive a further 3p.[64] The reduction in the HMRC debt led to some speculation that Rangers could have survived the tax case without entering insolvency, if their board had known the actual extent of the debt before selling the business to Craig Whyte.[64] This speculation was disputed, as the debt due to HMRC was contested, Rangers had other substantial debts (including £18 million to Lloyds Banking Group), and the finance needed to rescue football clubs was not easily available at the time. After the formation of new holding and listed company for the club: Rangers International F.C. plc (RIFC), it was reported in an AIM announcement on 5 December 2012 that Charles Green owned a 14.9% shareholding in the club, with Newcastle United owner Mike Ashley having an 8.9% stake. The number of slaves transported on these Scottish slave voyages from West Africa was between 4,000 and 5,000, with Glasgow ships carrying some 3,000 of the total. The 1760s was the most prolific period of slave traffic and 1766 is likely to have marked the last slaving voyage from
