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 clubâs 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 Greenâs 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 consortiumâs 'financial adviser', Imran Ahmad, where he announced the purchase of the clubâs 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 clubâs assets outlined by Duff and Phelps, Greenâs consortium were 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. http://local.stv.tv/glasgow/108240-rangers-crisis-ibrox-and-murray-park-hived-off-to-separate-newco/ How ****ing dodgy is this whole set up?
A couple of folk here have been saying this for a few days now, ask yourself how Charles Green is going to make himself and his backers money before they do the off? The only things they can make money on are these.
Can a "club" in administration be given an sfa licence? So the end game is here. Green owns the stadium and training ground, for which whyte retains a charge. So if say the "club" sevco were to be sold they'd have to buy or rent the ground from green & whyte. They've got balls I'll give them that!!!!
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 (by media aborigines) 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." http://www.rangers.co.uk/news/football-news/article/2824483
No mention about a floating charge. They're very picky with there words. I've said it all along, craig whyte and ticketus have there hands all over this. Best thing rangers fans can do is to ditch ibrox, rent hampden and leave those who killed your club with a worthless monument to there £25m investment.
Wonder why they didn't explain the roles of 'Sevco 5088' and 'RFC 2012 Limited' ... everything is as clear as mud.
