Published: 16 Feb 2012
Last Updated: 09 Oct 2013
Yesterday was a dark day for Rangers fans: the club went into administration over alleged tax evasion, after HM Revenue & Customs accused it of not paying VAT and PAYE to the tune of £9m. And then there was the small matter of another £75m it allegedly owed, thanks to its sneaky use of a device called employment benefit trusts, which allow foreign workers (/multi-millionaire footballers) to have their wages paid into a trust, which they then withdraw from once they’ve left the UK.
But according to tax expert Dr Chris Brady, Rangers isn’t the only club to have used EBTs. In fact, it may well be ‘the tip of the iceberg,’ he told the Metro. EBTs became popular with clubs as a means of reducing crippling wage bills. We believe at least eight current of former Premier League clubs are being investigated.’
So it looks as though over the next few months, the gates of Ibrox won’t be the only ones adorned with messages of condolence. In fact, some have gone as far as to call it football's 'Lehman moment'.
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