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Rangers Football Club May Delist Shares Following Suspension

Jan. 9 (Bloomberg) -- Rangers Football Club Plc, the Scottish soccer champions, may delist its shares in May, after they were suspended from trading on the PLUS market today because the club missed the year-end deadline for publication of its audited accounts.

Rangers had been due to publish accounts for the year ended June 30 by the end of 2011. The delay is because of the club’s tax tribunal with the U.K. tax authorities, it said in a statement today. The shares had traded at 12.5 pence before they were suspended.

“The board is currently considering the merit of maintaining its listing on the PLUS market after 6 May 2012 being the date 12 months following the acquisition of the 85.3 percent holding of the company by The Rangers FC Group Ltd.,” it said in a statement.

Businessman Craig Whyte bought the club last year from Scottish entrepreneur David Murray. HM Revenue & Customs is claiming 40 million pounds ($62 million) in unpaid taxes from Rangers.

To contact the reporter on this story: Peter Woodifield in Edinburgh at pwoodifield@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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