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Betrayal- Duff & Phelps accused of underpricing the Rangers Fire Sale by £8m

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Duff & Phelps are today accused of selling on the Rangers (IL) assets fir £8.7m less than they were offered.

In February 2012 Craig Whyte was reported to be highly relieved when the Courts allowed him to bring in his own administrators rather than allow HMRC to appoint a firm to act in the best interests of 267 creditors.

Various consortiums worldwide were given access to the Date Room in order to secure new owners and a successful CVA but they all backed off knowing that there was no viable business.

Faced with that reality the sale of Murray Park, Ibrox Stadium and the iconic Car Park would secure the greatest fee but for their own reasons Duff & Phelps bundled them off to Charles Green despite having receiving an offer for almost three times as much as offered by the big-handed Yorkshire businessman.

Today The Herald reports:

PROPERTY financiers have told of “betrayal” after revealing they made a £14.185m bid for key Rangers assets before a sale for £5.5m to Charles Green’s Sevco consortium after the club went into administration.

Manchester-based Seaford Finance made the offer on behalf of Canadian clients to buy Ibrox, the Murray Park training ground and the stadium car park.

Like many outlets the Herald doesn’t like to use the word LIQUIDATION. During administration the club was for sale, after Her Majesty rejected the CVA the club went into liquidation with the assets picked off, Seaford Finance weren’t interested in taking on the contracts of Ally McCoist, Lee McCulloch and Kirk Broadfoot.

Taking the offer for £14.185m would clearly have greatly boosted the pay-out to 276 creditors. With those assets Seaford Finance could have rented them out to the new club for a competitive £1.8m per year on a 20 year lease, or use the land for residential or other commercial use with a new club taking on alternative facilities.

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