Hearts’ £800,000 for Lee Wallace in jeopardy

Published on Wednesday 15 February 2012 00:00

THE ramifications of Rangers’ entry into administration will be felt far beyond the marble staircase inside Ibrox. While those most immediately at threat are the players and employees of the club, there is likely to be a price paid by many others within Scottish football.

Hearts, currently struggling to manage their own severe cash flow problems, will have major concerns over the outstanding balance due to them from the sale of Scotland international Lee Wallace to Rangers at the start of this season.

Of the £1.5 million fee agreed for Wallace, it is believed that Rangers paid an initial sum of £700,000 up front. Subsequent instalments of £500,000 and £300,000 are due to be paid in July this year and July 2013 respectively.

Hearts are now among a number of creditors who face an anxious wait to find out if they will receive any of the money owed to them by the Scottish champions.

Dundee United are another club monitoring the situation at Ibrox closely. They are due around £100,000 as their share of proceeds from the recent William Hill Scottish Cup tie against Rangers in Govan, won 2-0 by the Tannadice men in front of a crowd of just over 17,000. It is understood that United were due to receive their payment today but now may never see a penny of it.

Rangers also control ticket sales to their own supporters for away matches, with the money subsequently passed on to the host club. Dunfermline Athletic are due such a payment, in the region of £80,000, from last Saturday’s SPL match between the clubs at East End Park.

Clubs outwith Scotland could also be affected by Rangers’ crisis. Among them are Italian side Palermo and French outfit St Etienne, who sold defenders Dorin Goian and Carlos Bocanegra for £800,000 and £400,000 respectively to Rangers last summer.

Swedish club GAIS contend they are due a compensation payment of £240,000 for Mervan Celik, who joined Rangers last month. They too could be left short-changed by events at Ibrox.

The loss of Kyle Bartley is also a possibility for Rangers. The defender is on a season-long loan from Arsenal but that could be cut short by the English Premier League club if Rangers are no longer able to meet their financial part of the deal.

Taken from the Scotsman