As I understand it, liquidators will now be appointed by HMRC. This beings Duff & Phelps' administration to an end. The interesting thing, which I don't see anyone talking about, is that the liquidators have a statutory duty to recover as much value as possible for the debtors. Now, I'm not any kind of property developer, but I would have thought that selling Ibrox and Murray Park for development and selling off the players and any other assets is going to raise a lot more than the £5.5 million Charles Green is offering. I know that D&P made him preferred bidder, but the liquidator can cancel any deal which does not return maximum value. So my point is, as I see it *legally* Ibrox, Murray Park et al will have to be sold off. Views?
The land value of ibrox is 500k at best, murray park is in a greenbelt so worthless. The only people bidding would be to keep it for its current use and Charles green offered the most at 5.5m. Not sure on the players though as they could now be free agents.
All joking aside, I believe Ibrox is a listed building - not many things you can do with such a listed building apart from play football in it. If they were to knock it down and build an Asda, you'd find the Girvan Asda quickly gets burned down - no **** would touch these assets for anything other than football reasons.
The biggest threat is legal challanges to assets. Ticketus could be the stummbling block here as if they go after Whyte he may go after Ibrox or to put the origanal deal back in place. Also if Rangers go down the line of players are still thiers but certain players dispute that the SPL can't vote in a team with knowing if they have players or not.
it seems that BDO were already chosen as liquidators by HMRC, so at least one would expect that things will be done 'above board' ... unlike the murky dealings of the Whyte appontees, Duff & Duffer. http://news.stv.tv/scotland/105193-hmrc-arrange-for-liquidators-at-rangers-if-administrators-fail-to-save-club/
As long as they are quicker than duff and phelps. Realistically this should have happened on day one as HMRC were never going to accept a cva, but it did provide a lot of enjoyment.
Did craig whyte not say he'd sell his shares for £2 if the cva was approved? Given its not approved will Craig still have a part to play here???
I'd say Craig knew very well HMRC were not going to accept the CVA as did Duff & Duffer long before today, so he was never in any danger of having to hand his shares over - it was a decent attempt by him, however, to try to look like he wasn't such a bad chap after all.
Anyone would be quicker than Duff & Phelps! Although, if the big tax case is anything to go on I wouldn't hold my breath for liquidation to be completed. For a start, for all Green's talk, it has yet to be seen if he actually has the funds to buy the assets - the season ticket sale* to the sucker fans is probably what he was counting on. No wonder he's so annoyed at the CVA being refused! “We have a very short period in which to prepare the club for next season and therefore we are asking all season ticket-holders to renew as quickly as possible before the deadline on July 2" * http://www.dailyrecord.co.uk/football/spl/rangers/2012/06/12/rangers-in-crisis-buy-season-tickets-now-to-save-ibrox-club-says-charles-green-86908-23894824/
I think you are correct Anp, it will be interesting to see the upcoming number of court cases which are bound to follow. Llike seagulls in the wake of of this legal ****slick.
What happens to the club's history? The Rangers Football Club PLC is a public limited company registered in Scotland (company number: SC004276) and was incorporated on 27 May 1899. When the current company is officially liquidated, all of its corporate business history will come to an end. When this happened to Airdrieonians in 2002, all of the trophies, titles and records associated with the club discontinued - a new club, Airdrie United FC took over. Airdieonians' official history ended in 2002, then Airdrie United's took over. The answer lies principally in the eye of the beholder - some supporters will view the new Rangers as the same Rangers, while others will feel the old Rangers no longer exist. http://www.bbc.co.uk/sport/0/football/18413384
Can you tell me how you come to that (500k) estimate Eric? I'm not at all sure we should be so dismissive about the land value of Ibrox. In 2010 the former Shields car showroom complex in Pollokshields was acquired by Kier Homes, Ltd for £6.6 million. That was a 3.1 acre brownfield site on the Southside of Glasgow where the developers had to demolish the existing buildings. Ibrox is a 17 acre brownfield site on the Southside of Glasgow, and on the above basis would be worth around £36 million. I'm not saying it's worth that much. I'm saying I've done a little research and I'm skeptical about your figures, which would value the land at less than 2% of that. Seems unlikely. As other's have said, only the red brick frontage at Ibrox is listed. Arsenal's Highbury had, I think, two listed stands and they were incorporated into the development without problems. Regarding the empty ground around Ibrox: a football stadium always depresses surrounding land values and limits the type of development which is viable. Ironically, removing the stadium would actually increase the value of the land around Ibrox. There is also the Albion St car park land to consider. I agree Murray Park is less commercially viable. But the land is not greenbelt per se. It is limited to sporting use and it is entirely possible that another sporting organisation would spend a million or two on a development that cost £14 million. Also, HMRC may not be falling over themselves to make sure they get ever last penny back of tax payers' money. Remember Alec Salmond said, "They (HMRC) have got to have cognisance of the fact that we're talking about a huge institution, part of the fabric of the Scottish nation as well as Scottish football, and everybody realises that." Political pressure counts. And that is a clear steer to HMRC that the Scottish government is concerned about the backlash if HMRC are seen to destroy Rangers. As Celtic supporters we should be a little less credulous and a bit more interested in seeing that justice is done here. These assets are potentially being sold back to a Rangers Newco without any test of their market value. The bids made to take over the club in administration are irrelevant. Those bids were attempting to run a loss-making club with a mountain of debt. Liquidation is simply about selling assets to the highest bidder. I'd like to see that process being carried out properly.
The value isn't important, they are only worth what someone is willing to pay. Green bid the most, if a developer thought it was worth more he would have bid more. The estimate comes from a guess based of land value without planning permission around west of Scotland in a residential area. It could be worth a million or more i'm not really bothered my point is they are worth what someone is willing to pay.
That's another reason why I have my doubts that liquidation will be completed quickly - Craig White must surely still have a say (which he obviously had through his Administrators), as do Ticketus and of course, HMRC; and whether Mr Green has the cash up front to actually buy the assets is another question. BDO will want to do and be seen to do, things properly so it's not a given that Mr Green will get his Newco. Plenty more s**t to come yet I would think ... or should that be 'hope'.
You're missing the point. At the time of the administration bidding process, what bidders were 'willing to pay for' was a loss-making club, the assets and potentially massive liabilities which could reduce the value of their purchase to zero. That is completely different to liquidation. With liquidation, purchasers are buying the assets. The debt and all potential liabilities have died with the old club. The assets, thus unencumbered, are worth more. At the very least, that value should be market tested. The liquidator has the power to over-rule any deals or agreements which they deem to be contrary to achieving best value for the debtors (like Green's preferred bidder status). I cannot understand why you would be opposed to this. And I've given you a recent, documented example of land values in the south of Glasgow, which I suggest has more validity than your "estimate comes from a guess based of land value in the west of Scotland." And yes, Eric, the Ibrox site is 17 acres. My source is the Duff & Phelps sales prospectus (Section 9.11, Freehold Properties - Ibrox Stadium) I'm not guessing about that either.
Would seem to me there will be legal battles whatever happens. Whyte won't walk away with nothing. Will he want to keep his floating charge meaning no ibrox as part of the deal? If he does that will delay things as the admins will challenge him keeping it. If he gives it up for nowt ticketus might challenge as that charge might be the only assest they can be sure whyte had. Then there is kings claim he'll challenge whyte selling his shares? And there are many more Fixtures are due out Monday. There will be a rangers again, bus is it too late for next season? Never mind getting into the spl. They might have no club for a season
No there will not. There will never ever be a Rangers ever again. They have kicked their last ball. Cheated their last match. Finito. Ends No more. Done, Dusted. Is there time to start a completely new club that they are going to pretend is Rangers. I don't know. It looks increasingly less likely.
