Green makes a steal in £1.5m assets purchase of Rangers

A report from administrators Duff & Phelps shows that new Rangers owner Charles Green purchased assets worth £110million for just £1.5million.

A report from administrators Duff & Phelps shows that new Rangers owner Charles Green purchased assets worth £110million for just £1.5million.

Green took over Ibrox Stadium, the Murray Park training facilities and the Albion car park when Duff & Phelps named him as their preferred bidder and it has since been revealed that he landed the assets for next to nothing compared to what previous owner Craig Whyte was told the items were valued at.

When Sir David Murray sold up to Whyte, he had the land assessed at £110m only to see Green take control for a small fraction of that which has astounded Andy Kerr of the Rangers Supporters Assembly.

“This sale price of £1.5million shows Ibrox, Murray Park and the Albion car park were sold for a song,” he told the Daily Record.

“It will be hard for fans to understand how more than £100million can be turned into a fraction of that.”

And a leading financial expert also told the Daily Record that the assets could only be sold to someone prepared to continue the Rangers Football Club.

“These fixed assets could not be sold on an open market,” said the expert.

“They only have value to a club called Rangers which plays in south-west Glasgow.

“Ibrox is a listed building so it cannot be flattened to allow the ground to be used for something else.

“Duff & Phelps had to name a preferred bidder and this also meant there was no competition to buy these assets which would have forced the price up.

“The initial valuation given by Duff & Phelps was the book value of the assets.”

 
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