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
Rangersí 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 clubís 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 Greenís 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 consortiumís 'financial adviser', Imran Ahmad, where he announced the purchase of the clubís 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 clubís assets outlined by Duff and Phelps, Greenís 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 - 02:37 PM.