Charles Green has admitted that he’s sitting on a £75m profit from the deal to buy the assets of Rangers.
Following HMRC’s decision to reject Green’s offer of a CVA Duff & Phelps sold off Ibrox and Murray Park for a knockdown £5.5m without putting the assets out to tender.
Green is now looking to raise £20m from a share issue despite the shadow of BDO coming in as liquidators to examine the chain of events that left HMRC owed £94m.
Yesterday the stakes were raised at Ibrox when Craig Whyte made a number of claims in an interview with the BBC.
Green responded by giving an interview to STV who unexpectedly asked probing questions about the complex finances of the club.
The prospectus for the share issue has still to be published which will detail the precise assets of the company alongside valuations for the company bought for £5.5m in June.
Green was asked about his valuation of the club at £30m and hopes to raise £20m from a share issue and answered straight back.
He said: “I think all of those numbers are very very low because I think that if you look at the valuation of the club at £25m it is incredibly low.
“We’ve got a valuation from an independent source on the properties that values them now at in excess of £80m- I’ll give you a copy of that.
“Previously, under previous regimes, the properties were valued at in excess of one ‘undred million. This isn’t Charles Green over-egging, Grant Thornton audited them to over an ‘undred million.
“We’ve got a valuation that’s not two weeks old of over £80m and you are now telling me that Charles Green is over valueing Rangers at £25m!”
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I want the first words to come out of a BDO mouth to be “gratuitous alienation”.
Obviously either we must all be idiots and so must Duff & Phelps. To release assets worth over 80 million bucks for only 5 is a bit of a whoopsie. Unless of course they are saddled with secured debt up to the tune of say £75 million. But why stop there. If they were valued at £100m before then wouldn’t a company in the deep red be mortaged for all they can? If they are only worth £80m there that, me old mucker, smells like negative equity.
BELL-END.
Couldn’t believe it when watching him last night. Actually agreeing that the property assets purchased within the £5.5M they paid are currently valued at over £80M. Surely this is prima facile evidence of collusion between administrators and purchasers or, if not, what is it?
The public purse is losing a considerable amount of money as are the rest of the creditors. Surely the appointed liquidators are now aware of the situation and will take appropriate actions to recover these funds by clawing back the properties and obtaining the market value through a sale or public auction.
So far, Charlie seems to be doing quite well out of this embarrassing circus. He seems to have avoided paying over £100m in taxes, he seems to have picked up £100m in assets for £5.5m, and now he seems to be trying to raise £20m in shares.
No wonder he’s up here shouting his mouth off, trying to endear himself to his orc punters. I wonder if HMRC are just going to sit back and watch him get away with it. Nobody else is going to stop him, or even ask him any questions, that’s for sure.
Don’t bet on that.
I wouldn’t bet on anyone or anything involved with the toxic zombie nation. Green, Whyte, Murray, Regan, Ogilvie, Doncaster: they wouldn’t recognise the truth if it bit them on the arse. A barge pole isn’t long enough.
Unfortunately, the words “gratuitous alienation” are unlikely to be heard from BDO, due to the fact that there were no other offers on the table for the assets at the time of sale. I sincerely hope I’m wrong.
Anyway, their valuation at £80M is riduculous. Are we to believe that a 4th division club is worth twice as much as a club with similar assets (excluding playing staff) currently competing in the Champions League? I think not.
Finally, I see Chuckie is claiming £17M is pledged for his share issue. I hope he doesn’t mind, but I won’t be able to come up with my promised £10K after all. I’m sure I’m the only one in this regretable position…..
You can’t come up with your £10k pledge Althetim, it is a bad situation out there at present due to the recession and I know exactly how you feel as unfortunately I too now find myself in a similar position and will be unable to take up the £15k in shares I was hoping to purchase.
The recession and Hell not freezing over have had a knock on effect for a lot of Pledges to help Chuckie out in his hour of need, but all the best to him and hope he takes whatever money he gets and runs.
Hell not freezing over has also put paid to my pledge of 10k.
I was relying on it freezing for some spare cash. But not to worry. Next time Chuck.
Lol
The stadium is only worth what someone is willing to pay for it. No-one would pay more as they knew about the BTC and the floating charges. Chico is sitting on a time bomb and he knows it will soon explode hence the rush to get funds in pronto….Titanic 2 about to sink despite the mega mouth’s assertions they are going down AGAIN.
so no matter who has the newco ,its the old regime still stealing ,conning,wherever way you want to put it ,£80m worth of assets sold for £5.5m, HMRC and BDO will love that comment from green, creditors will go to court next week and ask for review of sale hearing ,conflict of interest wae green ,whyte ,and d&p,which the judge ordered ,if proven their could be trouble ahead,for all involved ,justice must be seen to be done .
hun-beliveable.first craig(blessed be his name)whyte.then chuckie funnier than the wee doll with the knife throws his two bobs worth in.what a week. this must be an orc plot.to get us tims to laugh ourselves to death. be careful brothers watch a craig levein game just incase.
If you want people to buy something that they don’t know the value of and gives them nothing in return you have to tell them that their £5 down is actually worth £20. The mans got shares to sell its obvious he’s gonna tell people there worth more than the money they are about to put down.
Around half of the 5.5M paid by Green was for player contracts. He got the Training ground and ibrox for the rest…or did he…is he just renting…mmmmm
Duff & Phelps made £2.3 million from the administration process. I’m sure a large percentage of this money should have gone to Craig Whyte, however they probably haven’t paid him his “cut” he was promised which explains the BBC interview. Craig Whyte admits in the interview he was surprised he was able to use his friends from D&P to administer Rangers.
When you consider Green, Whyte and D&P were all in this together, then the actual amount paid to CREDITORS (who D&P were supposed to be representing) was a measly 3.7 million. If these guys get away with this, then what is to stop other debt-ridden clubs from doing exactly the same thing?
Duff nDuffer never put the individual assets up for sale. Ibrox, Murray Park, the car par and I assume like celtic they own a lot of other land around the stadium. Then you’ve got all the moveable assets, trophies, tvs, pcs, printers, shredders, desks tables, china, cutlery, lawnmowers etc etc etc that could have been sold individually to add to the creditors pot. The admins were hell bent on saving a football club, when they should have been hell bent on raising as much money as possible.
BDO could have a field day
I was surprised to read in yesterday’s paper the quote from Duff n Duffer that their primary purposes was to ensure the Football club survived!!!
My understanding is a receivers PRIMARY function is to secure as much money as they can for the CREDITORS either through a sale of the business as a “going Concern” or through the sale of the assets.
If I was a creditor I would sue D&D as they certainly did not act in the best interest of the creditors. They could have easily raised £15-20M by keeping the club operational to the start of the transfer window, and that doesn’t even start to look at the sale of the fixed assets and fixtures!!
According to Charles Green, the property assets are worth more than 80 million. How can Duff & Phelps claim to have been representing the creditors best interests when they sold these assets to Green’s consortium so cheaply without putting the property assets up for sale on the open market? The STV interviewer never asked this very important question. It’s now the liquidator’s job to question this theft and get the money back which is owed to the creditors.
That’s the biggest problem. Our brave, intrepid MSM journalists cant be relied on to ask the right questions. Actually, it’s more accurate to say they can be relied on not to ask the right questions.
The outcome of these “deals” now lies firmly in the hands of BDO.
There would now appear to have been much “collusion” along the way, and it’s been swept under the Scottish media carpet…AGAIN. But if BDO do their job right….
Then we ain’t seen nuthin’ yet.
My worry is…
Will they…?
BDO will. They are a proper independent accountancy firm with an international reputation to protect. The real question is ‘Why is nobody correcting these porkies that C-Lo is telling?’. Duff and Phelps have left themselves wide open to claims of failure of duties – they are there to protect creditors interests – if Green is to be believed. The obvious conclusion is that he’s simply talking p*sh to drum up some share interest. Making rash promises about getting £30m in the bank or rattling cages about papist consipiracies is one thing, but telling porkies to take money directly off investors being fed misinformation is something that regulators and the FIS look pretty dimly on. Saying he’s going to bankroll any shortfall also (assuming he won’t do it – since he doesn’t have that kind of money) is another. Its all very well playing confidence tricks to gain public opinion but there’s a line marked fraud he’s tapdancing around.
Thank you TJ…
You used a lovely phrase (“tap dancing around”) in your response..
That’s what worried me…
I’ve followed Celtic for over 50 years..and in that time I have seen..Scottish Officialdom in all it’s forms…..the Scottish Media..et al…. “Tap dance around” the Govan Club….who shouldn’t even be operating as a football club BTW…
That’s why I’m concerned.
I’ll take your word that BDO have the cojones and the will to nail these peeepul..for good.
Thanks again.
BDO have too much to lose to do an unprofessional job on something so high profile. They are a top 20 worldwide accountancy firm.
Personally I think Green should go on Dragons Den with his plan for Rangers. That would be entertainment.