Scottish FA: Rangers newco 'do not have to provide old accounts'
The governing body is in talks with Charles Green over the transfer of the club's membership.
The Scottish FA says Sevco Scotland Limited do not have to provide historic accounts in order to inherit Rangers’ membership of the governing body.
Charles Green’s newco have applied to take over the club’s membership, having purchased it from oldco administrators Duff and Phelps in June.
It had been claimed Sevco would not qualify as they are unable to provide their own historic accounts, having only formed the company in 2012.
The Scottish FA however say they will be able to use the oldco’s financial documentation as a new membership is not being requested.
STV understands that the old company's failure to provide accounts for 2011 will not be a hindrance. Instead, the decision to fine the club £100,000 as punishment will be deemed sufficient.
In a statement, the governing body said: “Sevco Scotland Ltd bought Rangers Football Club PLC’s share in the SPL and membership of the Scottish FA as part of their acquisition of assets.
“Under Article 14.1, Sevco Scotland are requesting the transfer of the existing membership of Oldco. This is different to an application for a new membership, which generally requires four years of financial statements.”
Further talks between Sevco and the Scottish FA will take place on Tuesday, as they attempt to reach a compromise over conditions attached to the transfer of membership.
The Scottish FA want Green’s newco to accept a previously imposed 12 month registration embargo, which was ruled at the Court of Session to have been imposed outwith the organisation’s remit.
If a deal can be struck, the governing body will then consider whether to reconvene its Appellate Tribunal, and also says any punishments attached will apply to the newco.
“The Scottish FA has been in dialogue with Rangers FC in respect of the outstanding disciplinary sanction,” they said. “The decision of the Court of Session to set aside the 12-month registration embargo was complicated by Rangers FC’s administration and subsequent request from Sevco Scotland for a transfer of membership of the Scottish FA.
“Again, now that the club’s status has been confirmed by the SPL and SFL, we will consider the award of transfer once Rangers FC satisfy the necessary criteria.
“The Scottish FA Board has the power to transfer membership under Article 14.1, which states: ‘…Transfer of membership will be reviewed by the Board, which will have the complete discretion to reject or to grant such application on such terms and conditions as the Board may think fit.’”
Further information has been requested from Sevco over who is financially backing the company, in line with the Scottish FA’s fit and proper person guidelines.
“The Scottish FA has received private and confidential documentation from Sevco Scotland Ltd relating to the above,” the statement read on the matter.
“We have asked Sevco to provide further supplementary information and will consider that information this week.
“Under new Scottish FA rules, it is a requirement of the outgoing club directors to conduct a full investigation under the Fit and Proper Guidelines.
“Given Rangers FC’s insolvency event, it has been incumbent on the administrators, Duff and Phelps, to carry out the necessary checks on the proposed new directors, as well as our own investigations.”