As Scotland's biggest football club, Glasgow Rangers, falls into bankruptcy, imagine the story as a
completely unrealistic, crap horror film.
Putting footballing rivalries aside for the benefit of the greater good isn't something that
happens too often, but if it's happened anywhere, it's not surprising that it would be in the
Bundesliga. Praised as "a model of financial virtue and good governance," the league has rejected
gluttonous spending in favor of actually turning a profit.
If you've paid any attention to the Bayern Munich news bits over the past years, you'll know
that they've got some characters running the show. Thus their public persona isn't exactly seen as
the cuddly teddy bear, smiled-at-least-once-in-their-lives types. So to hear that they gave
Borussia Dortmund, a direct competitor, a loan which saved them from bankruptcy in 2003 is
just.
The Old Firm is infirm. At least one of them is. That would be Rangers who are on the precipice
of bankruptcy and face administration as the only viable option. They are said to owe a whopping
£75m in taxes which owner Craig Whyte is unable to pay off. In the next 10 days the club will
appoint an administrator, a CVA will be drawn up if the tax authorities (HMRC) can be persuaded to
issue a moratorium on the taxes owed, to pay off the first line of creditors with a reduced
sum.
