Rangers sold despite 11th-hour Smith bid

Published Thursday, 14 June 2012
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The assets of Rangers Football Club have been bought by Charles Green's consortium, despite a last-ditch effort by former manager Walter Smith to acquire the crisis-hit giants of Scottish football.

Rangers sold despite 11th-hour Smith bid
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.

Walter Smith

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.

Charles Green

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.

© UTV News
Comments Comments
seamas in belfast wrote (957 days ago):
All records stop. Even if Rangers bounce back their tally of league titles and cups starts back at zero.
Joe in Derry wrote (958 days ago):
The silence from Gregory makes it better
paul in belfast wrote (959 days ago):
dave in e/b NEWSFLASH Rangers are out of the SPL they no longer exsist ,this is a newco no history ,titles or trophies no nothing
davie e/b in e/belfast wrote (959 days ago):
if rangers do end up out of spl it will be end of spl. celtic will be only club that will help other clubs with big gate receipts no sky/espn contracts sit back watch it crash sfa proving nothing but suicide of a great football lg
henry in north belfast wrote (960 days ago):
going, going, gone, sold to the gentleman whos looking a parking lot pmsl......follow follow we shall follow newco
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