As the Rangers thread was locked, I figured this was as good a place as any for this bit of news.
Rangers put £200,000 raised from a charity match v. A.C. Milan into the club
Rangers put £200,000 raised from a charity match v. A.C. Milan into the club
...The fundraising game between Rangers Legends and AC Milan Glorie took place after the club entered administration.
A complaint was raised after it emerged that almost £200,000 went to the club rather than the charity.
The Scottish Charity Regulator has now ruled that the decision-making of the trustees "constituted misconduct".
However, it decided not to take action against any of the trustees.
One of the trustees alerted the administrators, from Duff and Phelps, of the club's commitment to provide support for the event.
The report states that the trustee believed there was a risk that the administrators would not allow the game to go ahead if it was not in the interests of creditors.
The charity's decision-making process, which allowed important decisions to be made by one trustee acting alone, was in breach of trustees' duties”
Scottish Charity Regulator
The trustee agreed to assign control of the income from the charity match to the administrators to ensure that the club could recover costs.
Before this decision, the Rangers Charity Foundation had been due to receive 60% of the net profit from the game plus a management fee of £25,000.
As a result of the trustee assigning income control to the administrators, the charity only received 10% of the net profit - £38,286 - plus the management fee.
This meant that £191,430 of profit that had been due to go to the charity went to the administrators who were running club.