Ibrox and Murray Park hived off to 'separate' newco

[forlanssister 3,050]

From STV site

 

Rangersâ?? 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 clubâ??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 Greenâ??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 consortiumâ??s 'financial adviser', Imran Ahmad, where he announced the purchase of the clubâ??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 clubâ??s assets outlined by Duff and Phelps, Greenâ??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.

[the gunslinger 3,366]

what do you thinks going on?

[Jim1955 12]

We're getting shafted is what it looks like, at the very least being held to ransom.

[Guest Dutchy]

Well if this is Greens answer to all the questions put to him, he's just opened up a whole new batch of questions.

 

A lot of them being in the nature of, FFS Mr Green, what's going on?

[TheWeeBlueDevil 0]

Well if this is Greens answer to all the questions put to him, he's just opened up a whole new batch of questions.

 

A lot of them being in the nature of, FFS Mr Green, what's going on?

 

IN response to a story that appeared this afternoon on the STV website, the Club has released the following statement.

 

A spokesman for The Rangers Football Club said: "Yet again, ignorant and ill-informed journalism has caused alarm to Rangers supporters.

 

"For the avoidance of doubt, Ibrox and Murray Park are the property of The Rangers Football Club, which at present is registered as Sevco Scotland Ltd until a name change is given formal approval.

 

 

"Sevco Scotland was formed to ensure that if the formation of a new company was required in the event of a CVA being rejected, then the Club's corporate entity would be a Scottish registered company as it has always been.

 

"It is as straightforward as that and this kind of reporting is further evidence of ill-informed journalists seeing shadows where there are none.

[Crimson Dynamo 128]

Forgive my ignorance. But if anybody wanted to sell off Rangers assets to make a quick buck. Would it not be easier for them just to come out and say it? Rather than what appears to be going on?

[the gunslinger 3,366]

how would thousands of fans baying for blood make it easier.

[Crimson Dynamo 128]

If it was his plan to buy the assets and sell them. Then rather than the pretence of CVA's and Newcos Surely it would be easier for him to just do that. He would then just be the guy that bought the assets.

 

The fans anger would be directed towards Craig Whyte and David Murray for allowing us to get to that stage.

 

For what it's worth I think he's probably genuine enough I just don't think he has any real financial backing because of the uncertainty over the players and which league we're going to be playing in

[forlanssister 3,050]

If it was his plan to buy the assets and sell them. Then rather than the pretence of CVA's and Newcos Surely it would be easier for him to just do that. He would then just be the guy that bought the assets.

 

The fans anger would be directed towards Craig Whyte and David Murray for allowing us to get to that stage.

 

For what it's worth I think he's probably genuine enough I just don't think he has any real financial backing because of the uncertainty over the players and which league we're going to be playing in

 

Perhaps we're watching Whyte's famous "switcheroo" take place before our very eyes.

[der Berliner 3,251]

Perhaps we're watching Whyte's famous "switcheroo" take place before our very eyes.

 

Perhaps people are just making this up as they go along ... an in this time of mass-paranoia and hysteria, every bit of ill-informed journalism finds willing recipients?

 

Just saying.