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assets sold again

Rangers crisis: Ibrox and Murray Park hived off to 'separate' newco

By Mike Farrell 27 June 2012 16:06 BST

Rangers: Deeds to Ibrox and Murray Park will be held by Sevco Scotland Limited.© HEMEDIA / SWNS Group

Rangers’ takeover consortium has hived off Ibrox and Murray Park to a separate new company.

Sevco Scotland Limited has applied to the Registers of Scotland for the title deeds for the stadium and the training ground Murray Park, as well as the Albion car park, to be disposed to it.

The company, whose sole director is Charles Green, is separate from the 'newco' that was due to receive the club’s assets as previously identified by administrators Duff and Phelps.

According to proposals sent out to creditors owed £124m by the club, the new business entity that would hold the assets of the club was Sevco 5088 Limited, established by London law firm Field Fisher Waterhouse, which is advising Mr Green’s consortium on the takeover.

Sevco Scotland Limited, which was incorporated on May 29, made applications to transfer the title deeds of the property on June 15, the day after Mr Green held a media conference at Ibrox with the consortium’s 'financial adviser', Imran Ahmad, where he announced the purchase of the club’s assets had gone ahead.

The asset sale to a newco came after the proposed company voluntary arrangement (CVA) offer to creditors, funded by an £8.5m loan from Sevco, was rejected by HM Revenue and Customs (HMRC).

According to the title deeds lodge with the Registry of Scotland, the floating charge transferred to previous owner Craig Whyte is still outstanding over the Murray Park training ground in Auchenhowie Road, Milngavie. The standard security to the Scottish Sports Council over the facility, created in 2002, is also still active according to the registry.

Under the purchase of the club’s assets outlined by Duff and Phelps, Green’s consortium wear to put £5.5m into Rangers FC plc, before the property and other assets were transferred to the newco, Sevco 5088.

The relationship between the two Sevco companies is currently unclear, while Mr Green is also listed as the sole director of another business entity called RFC 2012 Limited, which was incorporated last Thursday, June 21.

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This does not look good at all. I started a thread earlier but it seems to be stuck in moderation, I guess because I am new to the forum,but for the love of God get this man out of our club.

I reiterate that we need to start from the bottom and work back to being great because we are as things stand fucked.

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What I don't understand is, if he is going to sell the assets could he not just do it with the original takeover company (the old newco) as the owner.

Or does he gain more to move it then sell it, or whatever he's doing :(

Surely, knowing that some angry bears are going to be at the door at 7pm, he would issue some kind of statement - unless of course, he doesn't give a shit

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still supporting green?

I've never "supported" Green

I've always said the stark choice is between him and Persimmon/Wimpey and that has always been the case until the Bheast put a bid in.

So its now Green, Persimmon/Wimpey or the Bheast? Nobody else has bid, Bomber hasn't produced an alternative and his links to the Bheast are worrying.

Green maybe now looking at the Persimmon/Wimpey option due to the grief and lack of backing he's had.

Which was always going to be the game of brinkmanship his detractors were playing.

These are facts - not twitter rumours.

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I've never "supported" Green

I've always said the stark choice is between him and Persimmon/Wimpey and that has always been the case until the Bheast put a bid in.

So its now Green, Persimmon/Wimpey or the Bheast? Nobody else has bid, Bomber hasn't produced an alternative and his links to the Bheast are worrying.

Green maybe now looking at the Persimmon/Wimpey option due to the grief and lack of backing he's had.

Which was always going to be the game of brinkmanship his detractors were playing.

These are facts - not twitter rumours.

keep living in denial.

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I read it and didn't understand it. Why would he have to set up a new company to do that?

Maybe he's planning to sell the club and keep all the assets to himself and rent them back for say £2-£3m per season.

It's not beyond the realms of fantasy and he saves himself the hassle of running a football club at the same time.

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we need someone who understands company law but it looks to me like a move to preserve the assets in a separate company so that in the event that Sevco5088 goes into administration (perhaps because the season ticket money doesn't come in) then creditors for sevco5088 can't claim against the property - this is just an honest guess at what is going on here

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Maybe he's planning to sell the club and keep all the assets to himself and rent them back for say £2-£3m per season.

It's not beyond the realms of fantasy and he saves himself the hassle of running a football club at the same time.

Nobody will stand for that. In no way should we be renting a stadium we have owned for decades. Especially not from a guy like Green

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Maybe he's planning to sell the club and keep all the assets to himself and rent them back for say £2-£3m per season.

It's not beyond the realms of fantasy and he saves himself the hassle of running a football club at the same time.

yes - that's a potential outcome

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