Rangers Rumours Archive December 09 2012

09 Dec 2012 17:17:54
Just been informed from a very, very reliable source (and not the source who kept saying there were teams of security guards ready to descend on Ibrox a few months back) that BDO are ready to challenge Charles Green's due to the valuations printed in the prospectus. Having read it myself and being prepared to invest I must admit that the valuation struck me as strange too. I always knew that if there was going to be a banana skin then this would be it.

The security gaurds did happen atleast on two occasions, the first when rangers went into administration and when their fate was sealed and liquidation was confirmed!

Your just being daft. A football stadium is worthless with out a football team playing at it! Will rangers playing there the value is much higher due to ticket sales? Is that hard to understand?

Stadium is worthless without a football team. Are you for real , Tesco, ASDA, House's flat's .There are more way's to skin a cat. Open your eye's and see the danger your team is in.
Tam {Ed001's Note - and it is a piece of land with a building on that they can't use. So they have to pay to get rid of it, reducing the value of the land. It is not difficult to understand, especially as it has no planning permission for change of use and might not get it. I am sick of this argument from people who clearly have no idea.}

The word ED is MIGHT not get it,if the facade is kept ie the front ,just think how many bear's would buy into that. Nothing is impossible.
Tam {Ed001's Note - but you are forgetting that its value is minimal until that planning permission is secured, as any property developer will tell you.}

So someone from bdo told you this on a Sunday. I'm a Celtic fan and can't believe this

Ed would put money on a lot of property developer's willing to take the chance, especially if facade stay's.
Tam {Ed001's Note - not at the prices you are talking about, because getting planning permission can be an expensive nightmare, especially when it is for change of use of a sporting facility. It would be almost impossible to attain, without providing a replacement one.}

ED watch this space.
Tam

Ed ther you go again" ALMOST" impossible, to refer to your answer to my first post "people who have no idea". Starting to look like you are one of them
Tam {Ed001's Note - what? You are clueless. I have worked in that area, I clearly know a lot more than you do. Obtaining a change of use is damn near impossible for a sporting facility, especially when you would have council member supporting Rangers who would block it.}

Ed ? did it no happen at highbury... and noo theres hooses where ra stawns wur? {Ed001's Note - totally different scenario, Arsenal chose to do it and also had a plan to regenerate the local area with a replacement and more nearby. As I said earlier, without a replacement, obtaining planning permission would be extremely difficult, if even possible.}

Question i have is

"why Green ?" he had a record in footbal, but it was a sheffield (utd or city) and went tits up there... ?

so why him.... could it be he was CEO of developer/builders group ? {Ed001's Note - maybe he just saw an opportunity to make money from a director's role. Certainly he did alright out of Sheff Utd, the problem he had was he fell out with the fans and the FA, it made his position untenable. Seems he has learnt a lesson, because he has gone out of his way to keep the fans onside.}

Ah this ole chestnut again lol.

Come on.......the dead horse you have been flogging for over a year now is not only dead and rotted....the bones have been taken away to make glue out of....there is no dead horse left to flog.......you are beating the ground with a stick.

As ED has correctly pointed out time and time again, you just cant decide to spank an asda etc on Ibrox...doesnt matter how much you hate Rangers you just cant do it.

You seem like that poor deluded fellow that contacted Trading Standards demanding they do something about Rangers celebrating their 140th birdthay citing it was a breach of trading standards because " rainjirrz ur deeid...they urnae a hunnir an fowrtay yeerz auld".

I long for the time coming when we can talk football again!!!

Talking about people building on Ibrox is stupid. firstly it's a listed building so it's not coming down. Secondly have any of you ever been to Ibrox? Hardly prime land for building flats on. Thridly why would Tesco want to build on it when there's a massive Asda literally just round the corner? Ibrox will always be Rangers stadium and without Rangers playing there would simply be a museum.

Rossco Cyprus Bear

Firstly currently a football team is laying at Ibrox so it's value is related to what you could charge rent to the football team.

Secondly having worked in property development, the way you make money is by taking a punt, buying land without planning permission cheap going through the hoops and adding massive value to the site.

Even without planning permission Ibrox is worth much more the £2.5 million. {Ed001's Note - oh wait, did you not just say buying it cheap? So agreeing with my point it is not worth much without planning permission? You do realise that it is in an area of little worth? The value is based on the value of the land, nothing to do with what is on there, and that land is simply not worth much where it is.}

Rosco It's the facade that's listed as long as that stay's you can build on it,Hamilton bath's, facade of that is still there, houses on the rest of the ground.
Tam

No Ed I'm saying that a stadium that can be rented to a football team is worth a lot more than what Green paid for it.

A potential development site which may or may not get planning permission (If you really know planning law you'll know that unless the planners want to turn it into a nature reserve, it will get planning permission for something.) The site is also worth a lot more than Green payed for it.

Thats before we start to even consider the value of Murrey Park.

There clearly is a case to be made that gratuitus alienation has occured. Whither BDO will make that case and whither they would be successful is an other matter. However if I was advising BDO I would suggest the maxim "nothing ventured, nothing gained." may be apposite {Ed001's Note - there is always a case to be made for it, that means nothing. The question you have to ask is what other offers came in, and for how much? If BDO have no evidence of higher bids, there will be no way they can successfully challenge it. I do agree that a stadium that can be rented to a football team is worth more, if there is a football team able to pay that rent. There are only two teams in Glasgow that could afford it, Rangers and Celtic, so that means, in practice, it was Rangers or no one.}

But Rangers are not renting it (are they?) it got stuffed into Green's nickers for nothing. {Ed001's Note - not quite nothing, and that was why no one was going to buy it on the basis of renting it out, as Rangers were the only real option to rent it and they had made it clear that wasn't going to happen.}

Hmm Just had a look at the Glasgow Local Development plan

http://www.glasgow.gov.uk/NR/rdonlyres/DA15DBA9-A3FE-4E24-8F72-8AD96ACF2493/0/MIRMAP1new_secured.pdf
Apparently the site is in a zone designated for redeveopment. Planning permission likely for most uses.

Of course the developer might have to build a replacement stadium suitable for renting out to a 3rd division football team. {Ed001's Note - it would have to be suitable for a club of the size of Rangers, not a standard 3rd Division club. Planning permission is not likely for most uses when it comes to an emotive issue like a football stadium. None of you have had any involvement in this area, why do you think it has taken Liverpool so many years just to come to a decision about whether to build a new stadium or regenerate Anfield? It is not just a standard planning permission problem, you would also have to deal with Rangers fans on the council blocking every move. Imagine it was the other way round, this was happening with Celtic, which Celtic fan on the council would approve a decision to demolish your stadium and replace it with anything else? The only way round it is to build a replacement for them to play in, or the fans on the council are just going to refuse and hinder every move.}

I always wondered about the career path that leads to moderating a football forum. Apparently it includes working as both a high powered lawyer and as a major property developer. I guess thats why I never managed to fulfill my dream.

But anyway your quite right ed it would certainly be easier to get planning permission if either Rangers stopped playing altogether or if they moved to another stadium as part of the deal.

So who ever holds the tittle deeds could do a bit dealing and come up with fairly big and lucarative development project. It could even be dressed up as progress. A nice shiney new stadium in East Kilbride. Green seems to be able to whip the fans onside. Its a possible senario.

However the real question is could more money have been raised for the assets on the open market. As the assets were never offered free of a CVA and the negative goodwill associated with oldco, we don't know the answer. Although there was a higher offer for the entire rangers carcass rejected by D&P as Green had exclusivity.

As a Celtic fan all I will say is there are 66 good reasons for never leaving Ibrox, and it would be disrespectful if CG even suggested it.