Report On Charles Green's Rangers Assets Shows He Bought Players' Contracts
A report by the Ranger's administrators explains that owner Charles Green's £5.5M ($8.5M) purchase of the Rangers' assets included a £2.75M ($4.3M) payment to "purchase the contracts and registrations of the club's players," according to the PA. Administrators Duff & Phelps have broken down all the "asset realisations" the majority of which relate to their sale of the Ibrox club to Sevco Scotland Ltd. Green's consortium paid for the club's employees to transfer to his company under Transfer of Undertakings (Protection of Employment) regulations, which protects employees' terms and conditions of employment when a business is transferred from one owner to another. The document, issued to the old company's creditors, shows Green paid £1.5M ($2.3M) for "heritable properties," which include Ibrox Stadium and Murray Park training ground. The club's member share of the Scottish Premier League and its membership of the Scottish Football Association were each sold for £1 ($1.55) (PA, 7/11). The London TELEGRAPH noted the report also outlines the six offers received for the Rangers between April 4, when "best and final offers" were required, and the acceptance of Sevco's bid on May 12. The report further claimed that a £6M ($9.3M) verbal offer was received following the failure of Duff & Phelps to secure a Company Voluntary Arrangement but that was rejected because of a "binding, contractual agreement" with Sevco (TELEGRAPH, 7/11).
A NEW PLAN: The BBC's Brian McLauchlin reported "proposals from Scottish football's three governing bodies include a new top-tier division of 16 teams by '15." The top flight would grow from 12 to 14 for the '14-15 season and "could be extended by a further two clubs a year later." The only proposed change for the upcoming season would be the "introduction of a promotion/relegation play-off between the top two divisions" (BBC, 7/11). The LONDON TIMES' Ronnie Esplin writes the three bodies said in a statement: "The proposals are based on five principles previously outlined by the SFA as key to streamlining governance, ensuring greater financial distribution and, above all, providing better entertainment, enhanced competition and value for money for supporters." At a league meeting on Thursday, Green's new Rangers will discover "whether they will be playing in the Irn-Bru first division or third division next season." About half the SFL clubs "who have made their views known are looking for Ally McCoist’s side to go into the third division" (LONDON TIMES, 7/12).