The blame game and campaign of misinformation over the death of Rangers in 2012 has been stepped up.
After 11 years of picking up their fees it seems that BDO are investigating the cut price asset sale by Duff & Phelps that presented Founding Father Charles Green with a 50,000 capacity stadium and state-of-the-art training complex for just £5.5m.
That deal provided the new club with a platform to go forward rather than being instantly lumbered with a huge debt or having to pay £3m/year in rent to a third party.
Dave Murray had previously valued the stadium and training ground at £130m with Green able to raise £21m from a share issue six months after his cut price deal.
Martin Williams of The Herald reports:
RANGERS FC was sold to Charles Green’s Sevco consortium after its financial collapse for at least a fifth of its fair value – with the club’s brand worth over £16m given away for nothing.
The revelations have come through financial papers seen by the Herald as the liquidators of Rangers oldco BDO sue the former administrators of the business for £56.8m claiming a seriously flawed strategy in raising money for the thousands owed money from the 2012 insolvency
With liquidation the brand was worthless, in May 2012 Craig Whyte paid £1 for the full business including Ibrox, Murray Park and Kirk Broadfoot.
When the club went into liquidation they owed money to 276 different creditors with Debenture Holders and shareholders left with worthless pieces of paper.
Green launched the new club in the summer of 2012 with Ally McCoist, Mike Ashley and others buying up shares at 1p with other investors paying 90p per share at the December 2012 Share Issue.