Boys in blue turn to Ibrox

Its seven months since the Worthington Group, who represent the interests of Craig Whyte, reported Charles Green and Imran Ahmed to the Serious Fraud Office over the ownership of Sevco 5088 Ltd.

Sevco 5088 Ltd bought and paid for irrevocable rights to buy the assets, including Ibrox Stadium and Murray Park, of Rangers Football Club PLC, in liquidation.  Those rights were subsequently assumed by a different company, Sevco Scotland Ltd, now called Rangers Football Club Ltd, who are a football club in the third tier of Scottish football.

The question is, how did Sevco Scotland acquire those rights?

When this question was raised back in April, it was reported that Rangers International PLC instructed Pinsent Masons to investigate the matter, but instead, Pinsents reported on whether Craig Whyte was involved in Sevco Scotland Ltd, a company he claimed no connection with.

The BBC, who broke the story yesterday evening, suggest Police Scotland are investigating if Craig Whyte is still involved with “Rangers”.  Although this would break the terms of Newco Rangers entry into Scottish football, it is not, of course, a crime, nor something the police would concern themselves with.

More importantly, the BBC suggest police want to speak to Charles Green, former chief executive of Rangers International PLC, about a document submitted to Companies House.  The dispute over the ownership of Sevco 5088 Ltd has played out through documents submitted to Companies House, not all of which can be legitimate.

Perhaps the biggest challenge of all to the Newco is that these matters have a history of taking a long time to resolve.  Time is not a commodity a company without bank borrowing or positive cashflow can afford.

If only any of us saw this coming………
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