16th Jan 2015 15:50
LONDON (Alliance News) - Rangers International FC PLC Friday said it wanted to clarify it did not "lose" its appeal to the judicial panel of the Scottish Football Association on Wednesday as it had previously said itself, and said the hearing only determined the subject matter was out of the panel's jurisdiction.
On Wednesday, Rangers had said said it "lost the appeal" against the GBP250,000 Employee Benefit Trust Commission fine it was told to pay by the Scottish Professional Football League.
On Friday, Rangers said it did not "lose" its appeal and that the merits of the appeal were not heard or determined.
"This hearing simply established that the subject matter of the dispute did not fall within the jurisdiction of the judicial panel," it said in a statement Friday.
The football club still intends to take the matter to arbitration, it reiterated.
"Based on the facts available, the directors believe that the likelihood of an outflow of economic benefit arising is such that no provision or contingent liability has been included within the accounts," said Rangers.
The commission, which was established by the Scottish Premier League last year, found that Rangers Football Club had been making payments to an offshore Employee Benefit Trust and making undisclosed payments to players.
The Scottish football club went into administration under the weight of a large debt burden and UK tax demands. It has since exited administration, but is still struggling with its finances and facing boardroom tussles.
Rangers shares were up 2.5% to 24.60 pence per share on Friday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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