Published Thursday, 14 June 2012
Rangers FC is continuing to battle against financial woes. (© Getty)
Smith tried to offer somewhere in the region of £6m, in what he called a bid to save the club rather than to own it.
"Rangers Football Club should be in the hands of Rangers people who will stabilise the club and protect it from future situations like we find ourselves in today," he said.
We are not in this to take money out of the club, but more so to do whatever it takes in a turnaround plan to ensure within a few years the club can be passed on intact and to the right people.
But shortly after Smith's plans were made public, Green confirmed his Sevco consortium had already completed the £5.5m purchase and established The Rangers Football Club as a new company.
"An application has already been made by the company to register with the Scottish Football Association and to participate in the SPL," he said.
Green also moved to show his support for current manager Ally McCoist, insisting that he wanted him to stay, despite earlier reports to the contrary and fears McCoist was set to jump ship before he was pushed.
On Thursday morning, the popular Rangers legend was at Ibrox for the creditors' meeting where the Company Voluntary Arrangement - put forward by Sevco to save Rangers from liquidation - was formally rejected.
McCoist appeared grim-faced and refused to comment on his future before driving away, although he then returned for a second meeting and was given a standing ovation by shareholders.
"Our consortium wants Ally McCoist to remain as manager and we firmly believe he is the man to take Rangers forward," Green later said.
"I fully understand that other people have courted Ally who do not wish to see my consortium succeed - however, I believe time for decision and rancour is over now that the club has been sold and everyone with the interests of Rangers at heart should unite.
"The rebuilding of the club will happen from today."
Ally embodies everything that is great about the club and, without question, we want him to continue as the Rangers manager.
Smith had asked that Green make the way clear for a new bid, backed by Scottish businessmen, to go ahead.
"We would call on Mr Green to step aside and allow us to proceed with our deal, which is in the best interests of the creditors, the employees, the fans and the various other stakeholders of Rangers Football Club," he said.
"None of our group has any desire to own Rangers Football Club, but we have put this deal in place to save the club. Let's be clear, this is an acquisition designed to stabilise the club and ensure history does not repeat itself."
It appears to have come too late though, with the future of Rangers now in Green's hands.
It remains to be seen how straight-forward the club's return to the SPL will be and the team will have to be barred from European football for three years under UEFA rules.