Rangers to Know Newco & SPL Fate on July 4

July 4 is the date when Glasgow Rangers will find out if their newco club will be allowed to compete in the Scottish Premier League (SPL).

The Ibrox side also faces disciplinary proceedings from the league’s governing body over its use of tax avoiding offshore employee benefit trusts (EBTs) to pay players between 2000 and 2010.

On Monday, the SPL confirmed it would hold a meeting of all clubs early next month to decide on the application to transfer Rangers’ SPL member share to a new business entity, currently called Sevco 5088 Limited.

At the meeting the clubs can decide if the deal can go ahead after Rangers FC plc failed to survive once it was plunged into administration with debts of up to £134m.

A statement from the SPL read: “An application for registration of transfer of Rangers’ SPL share has been received. Consideration of the application will depend on receipt by the SPL Board of all required documentation and verification.

“A general meeting of all 12 member clubs has been convened for 10am on Wednesday, July 4, 2012, for members to decide whether to approve the transfer.”

Member clubs will also have the opportunity at the meeting to decide what punishment the newco club would face should it be admitted to the league.

The SPL’s lawyers informed the meeting that Rangers have a “case to answer” over the use of EBTs to pay players outside of contract, making them ineligible.