39 replies to this topic

[blanco79]

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.

Edited by blanco79, 27 June 2012 - 03:37 PM.

[Number12]

No idea.  

[gerbilly]

like whyte making money out of our troubles.

[JimmyCR1]

If he's doing these things we should know about it

[CoatbridgeBear]

Sick of story after fucking story!

[swally]

I've no idea either but the financial and business experts who inhabit Twitter will put us right soon

[gerbilly]

swally, on 27 June 2012 - 03:40 PM, said:

I've no idea either but the financial and business experts who inhabit Twitter will put us right soon

still supporting green?

[The Godfather]

Boss was on the case earlier with the RFC 2012 Limited thing, hopefully he has done more digging.

[trueblueal]

Why would Green move the assets? Is he about to put Sevco into admin?

[KAT_1690]

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.

[The Godfather]

trueblueal, on 27 June 2012 - 03:43 PM, said:

Why would Green move the assets? Is he about to put Sevco into admin?

If there is no money coming in then that would be the case would it not?

[Thermopylae]

TBH if green is thinking of ripping us off I would urge him not to bother because everyone has just about had enough and some day soon someone is going to be very very sorry for crossing us

[GLASGOWRFC]

trueblueal, on 27 June 2012 - 03:43 PM, said:

Why would Green move the assets? Is he about to put Sevco into admin?

If you read all of that article it says Green has applied for the deeds to Murray park as Whyte still has a floating charge on it.

[robertkay]

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

[trueblueal]

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

[swally]

gerbilly, on 27 June 2012 - 03:42 PM, said:

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.

[gerbilly]

swally, on 27 June 2012 - 03:50 PM, said:

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.

[The Godfather]

gerbilly, on 27 June 2012 - 03:51 PM, said:

keep living in denial.

Stop trying to point score ffs.

He like the rest of us is worried about the club, it’s not a popularity contest.

[swally]

gerbilly, on 27 June 2012 - 03:51 PM, said:

keep living in denial.

I look forward to one post where you can show me 'supporting Green'


tic toc

[blanco79]

trueblueal, on 27 June 2012 - 03:48 PM, said:

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.