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?100 million in assets for ?5.5 million


Eddington

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I'm sure its duplicated, but how the hell can you buy ?100 million of assets for ?5.5 million - HOW?

 

The tax man surely should have stopped this - everybody could have received monies owed int he event of a fire-sale - afterwards a form or Rangers could have leased the ground etc etc

 

I am lost for words on how this guy managed it without some backhanders and infrequence of the administrators - c'mon everybody knows the administrators acted on behalf CW on the initial purchase

 

Could anybody shed some light on it

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Rudolf's Mate

Maybe as people are pointing out, they keep harping on about keeping the history. Let's see if they'll also keep the big tax case punishment?!

 

Before someone points out I mean the history is gone but not the way Green and every other pro hun is talking.

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Gets better. Some of Scotland's wealthiest men, headed by one who benefited from an EBT himself, are about to bully Green into passing those assets to them and whilst doing so are going to be portrayed as saviours by the vast majority of those masquerading as journalists in this country.

Sickening.

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Hearts to build a new stand, was it 30 or 40 million?

 

Huns Newco buy a 50,000 seater stadium and training ground for 5 and a half million!!!

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So they get to be debt free and retain a ?100 million stadium which holds 45,000 BULL SHIT :verymad:

 

Average joe losses his house they keep theirs? ***** joke :verymad: :verymad: :verymad: :verymad: :verymad: :verymad: :verymad: :verymad:

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So they get to be debt free and retain a ?100 million stadium which holds 45,000 BULL SHIT :verymad:

 

Average joe losses his house they keep theirs? ***** joke :verymad: :verymad: :verymad: :verymad: :verymad: :verymad: :verymad: :verymad:

I do hope that its not the end of it, the tax man must step in... I wouldn't have minded the tax man buying it for 5.5 then asset stripping to recoup

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Fozzyonthefence

Hearts to build a new stand, was it 30 or 40 million?

 

Huns Newco buy a 50,000 seater stadium and training ground for 5 and a half million!!!

 

Yep, well put. I can't get my head round this either. Green is going to be laughing all the way to the bank (like the guy who advised Fergus McCann on on his takeover of Celtic said he would). The creditors have been completely shafted here, although probably not by quite as much as if the CVA had been accepted and then Big Tax Case was lost, bringing it down to nearer 0p in the pound.

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Fozzyonthefence

I do hope that its not the end of it, the tax man must step in... I wouldn't have minded the tax man buying it for 5.5 then asset stripping to recoup

It would appear that Hector is going after Murray and Whyte personally, so The Rangers Football Club gets away Scot free. Minus their history, of course, although their fans will probably start believeing they're keeping that too because they're going to be told that often enough by Green.

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tartofmidlothian

The assets they've sold won't include the players, who are free to go if they want.

 

The value of Ibrox isn't what they paid to build it, but bluntly, how much a developer would pay you for the razed patch of ground. I suspect a lot closer to ?5m than ?100m. But still more than ?5m.

 

How much the actual trading business is worth is anyone's guess. Which league will they be in, with which players, with what penalties attached? Could be worthless, could be substantially more than ?5m.

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kylelauren01

Apparently the car park outside the ground was valued at ?3 milliion alone.

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WorldChampions1902

Apparently the car park outside the ground was valued at ?3 milliion alone.

Aye............but it was valued on a match day. :whistling:

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The Old Tolbooth

I'm going to Bankrupt myself but first ill sell my ?250K house and ?50K BMW to my mate for ?7K paulyD.gif

That pretty much sums up just how corrupt the whole shooting match is mate, it's truly sickening!

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It would appear that Hector is going after Murray and Whyte personally, so The Rangers Football Club gets away Scot free. Minus their history, of course, although their fans will probably start believeing they're keeping that too because they're going to be told that often enough by Green.

To be honest, i'll be very surprised if UEFA view them as a different team either, its not been their normal code of practice on teams that have been bought from liquidation.
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I agree that on the face of it, its astonishing that the assets of Rangers have been sold for just ?5.5 million - but the question is this: if you did put up Ibrox and Murray Park for sale just as real estate assets (i.e. bits of land as opposed to as a stadium and training ground) in the current climate would they fetch much more than that - especially when you add in marketing and legal costs?

 

I believe that Murray Park is in an area not zoned for housing so the land would be of little value to a developer. As for Ibrox, I don't believe the market for "luxury" flats in Govan is booming at the moment. Just the demolition costs for taking down the stadium would be considerable.

 

For anyone to challenge the asset sale by the administrators to Charles Green and Co, they would have to prove that there were other parties out there prepared to pay considerably more for the assets - but it seems to be the case that in reality buyers were very thin on the ground. There are not many people around these days with big amounts of cash to spend and those that are have better ways of spending it than on the assets of a bankrupt SPL club.

 

The contrast between the assets of what was once one of the UK's richest football clubs being sold for ?5.5 million and the latest sale of premiership television rights for billions of pounds annonced yesterday tells you everything you need to know about the catastrophic decline of Scottish football.

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Toxteth O'Grady

Send a freedom of information request to HMRC, don't make it too specific though or they will dodge it.

 

Something like. Under the freedom of information act I would like to know, When a company is liquidated, what measures are taken by HMRC to ensure that the assets are sold for the highest possible amount to ensure that creditors returns are maximised?"

 

They have 10 days to answer.

 

Feel free to muck about with the wording I'm no expert but leave in the bit in bold.

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I agree that on the face of it, its astonishing that the assets of Rangers have been sold for just ?5.5 million - but the question is this: if you did put up Ibrox and Murray Park for sale just as real estate assets (i.e. bits of land as opposed to as a stadium and training ground) in the current climate would they fetch much more than that - especially when you add in marketing and legal costs?

 

I believe that Murray Park is in an area not zoned for housing so the land would be of little value to a developer. As for Ibrox, I don't believe the market for "luxury" flats in Govan is booming at the moment. Just the demolition costs for taking down the stadium would be considerable.

 

For anyone to challenge the asset sale by the administrators to Charles Green and Co, they would have to prove that there were other parties out there prepared to pay considerably more for the assets - but it seems to be the case that in reality buyers were very thin on the ground. There are not many people around these days with big amounts of cash to spend and those that are have better ways of spending it than on the assets of a bankrupt SPL club.

 

The contrast between the assets of what was once one of the UK's richest football clubs being sold for ?5.5 million and the latest sale of premiership television rights for billions of pounds annonced yesterday tells you everything you need to know about the catastrophic decline of Scottish football.

 

Ibrox is a magnificent stadium and as a sports or even concert arena it is surely worth way more than ?5.5m.

 

I agree it would be worth little as a housing site, particularly when cost of demolishing as well as keeping the listed parts would be considered.

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Why would you value it as a piece of land? The value is in the fact it can be used as a venue and rented to a football club. Nobody at all thinks the hun will just disappear, somebody would try to resurrect them and that would be the ground they rented as Hampden would not be a long term option, unless Queen's Park was purchased to gain entry to the leagues.

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