The Times - Papers show Whyte was boss at company in Rangers takeover

[barca72 440]

It's about Whyte, who cares?

[bluebear54 0]

CW tapping the Times now?

Anyway, presumably all of this will be covered in the Club's independent examination. With a lot more detail and accuracy than the Times can muster.

[der Berliner 3,271]

Again, the article seems to suggest that the "takeover" of Rangers was done with the help of Sevco 5088. It wasn't. At least not the "real" takeover after the CVA failed. At the time, it was intimated that no English-based company should get hold of a Scottish institution such as Rangers FC. Hence Sevco Scotland Ltd. was created/used for the takeover. Whether that was done to get Whyte and the Sevco 5088 stuff out of the picture is anyone's guess. Still, no matter what is said about Sevco 5088, there was a change from earlier statements about binding agreements, apparently in accordance with the administrators - who, I would assume, were not concerned about which company buys Rangers FC, but that the same people who made "offer 6" did so, i.e. Green & Co.. People can assume that Whyte is somewhere involved in Sevco Scotland, but as it was with us and the EBT-case, "not-guilty until proven" should still be the usual way of dealing with this.

 

To bring the relevant facts back to mind ...

 

Interim Report to Creditors - The Rangers Football Club Plc (In Administration)

Joint Administrators’ account of outlays and remuneration in accordance with Rule 2.39 Insolvency (Scotland) Rules 1986 - 10 July 2012

 

Sevco - Sevco Scotland Limited of Ibrox Stadium, Glasgow G51 2XD (Company number SC425159);

 

4.1 The Club continued to trade under the control of the Joint Administrators up to the date of the sale of the business and assets of the Company to Sevco on 14 June 2012.

 

5.38 Consideration of £8.25m on successful implementation of a CVA contingent upon Champions League participation during the next three seasons. Should the CVA fail, a binding agreement to purchase the business, history and assets of the Club for £5.5m using a newly incorporated company. Trading the Club whilst a CVA was proposed was to be funded utilising future revenue and football debtor monies, as appropriate.

 

5.45 £8.25m to fund a CVA, if the CVA failed then it would revert to an SPA with a sale price of £5.5m. An exclusivity payment of £200k and provision of funding whilst a CVA was proposed.

 

5.46 Having regard to the remaining offers the Joint Administrators were satisfied that the Sevco offer provided the best potential return to creditors of the Company. Therefore on 12 May 2012 the Joint Administrators accepted the Sevco offer.

 

5.47 As discussed in Section 6 below the CVA Proposal was rejected by creditors at the meeting held on 14 June 2012 and a sale of the business and assets of the Club completed shortly afterwards to Sevco.

 

5.48 Following the CVA creditors‟ meeting on 14 June 2012, the Joint Administrators were approached by a party verbally offering £6m for the business and assets of the Company. No offer had been received by this party in the previous 17 weeks. The person making the offer was believed to be part of the Party 3 consortium. Notwithstanding the verbal offer, the Joint Administrators confirmed that a binding contractual agreement with Sevco had been reached and the business, history and assets were subsequently transferred from the Company to Sevco.

 

If you read the 5.48 paragraph, one still get pains about the way people wanted to get the club ... essentially on the cheap. Yes, the EBt stuff was looming large. But tyring to outdistance the £5.5m bid of Sevco by 500k ... for Rangers FC, the bid I assume coming from McColl (and Smith), well ...

 

Regarding Sevco and all the articles of late. We may find out how this all went through one day, but that is not my point here. Nigh any publication about this beats the naughty Whyte & Sevco 5088 link-up drum ... and fails to tell the audience that it was in fact Sevco Scotland who bought the club. Something that borders on defamation, IMHO.

[Frankie 8,173]

Seems like a belated contribution to an old story.

[Frankie 8,173]

In saying that, the journo in question is suggesting on Twitter this is a new contribution. Not so sure so you can follow him here: @tom_farmery

[Blue Moon 1,116]

In saying that, the journo in question is suggesting on Twitter this is a new contribution. Not so sure so you can follow him here: @tom_farmery

 

Hope it is not a link to the current company

[Frankie 8,173]

Hope it is not a link to the current company

 

No, it's still 5088 related so I'm not sure what his angle is.

[der Berliner 3,271]

No, it's still 5088 related so I'm not sure what his angle is.

 

Does the angle actually matter? Isn't it still the same dead horse?

 

Unless someone has proof that Whyte has anything to to do with Sevco Scotland Ltd., it is just (pointless) doom-mongering and mud-slinging at Green and Rangers, IMHO.

[forlanssister 3,050]

No, it's still 5088 related so I'm not sure what his angle is.

 

From what I can gather it relates to the fact that it appears Companies House has accepted that Whyte was a director of Sevco 5088 and the document would appear to be the Companies House list of Whyte's directorships though it's not exactly crystal clear and won't be till the actual document is uploaded.

[Frankie 8,173]

From what I can gather it relates to the fact that it appears Companies House has accepted that Whyte was a director of Sevco 5088 and the document would appear to be the Companies House list of Whyte's directorships though it's not exactly crystal clear and won't be till the actual document is uploaded.

 

Yeah, I gathered that but don't CH also indicate the submission may well be invalid and/or not checked properly?