Rangers sale confirmed

Published Sunday, 13 May 2012
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A deal to sell Rangers has been signed and sealed after a consortium fronted by former Sheffield United chief executive Charles Green saw an unconditional offer accepted by administrators.

Rangers sale confirmed
A bid has been accepted for the troubled Rangers FC. (© Getty)

Green's group has an "irrevocable" contract after paying an exclusivity fee and, unlike former preferred bidder Bill Miller, cannot now back out.

The group plan to put a Company Voluntary Arrangement (CVA) proposal to creditors this month with a target date of June 6 for it to be decided.

Administrators Duff and Phelps believe it will succeed with £8.5m on the table from Green's group.

If so the club could then come out of administration after a 28-day period and well before the start of next season. If the deal does not succeed, the group will push for a newco arrangement, the plan favoured by Miller.

Green spoke at length at a media conference at Rangers' Murray Park training ground this morning where he revealed the structure of his team.

Green said: "There are 20 individuals and families who have pledged support. The cash is in a bank account.

"No investor will own more than 15%. There are some investors from the UK, the Middle East, Asia and the Far East.

"If we get the CVA through we will release the names."

© UTV News
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