Rangers will take a formal step towards liquidation when Charles Green's offer to creditors is officially rejected at a meeting at Ibrox this morning.
Her Majesty's Revenue and Customs have already confirmed they will oppose the Company Voluntary Arrangement proposal, ensuring it does not achieve the 75% backing required.
The vote is therefore academic but some of the unsecured creditors, who are collectively owed at least £55million, will at least get the chance to quiz the administrators and Green about the club's situation.
Green now plans to push through a £5.5million purchase of the club's assets with most of that money going to administrators Duff and Phelps and on legal fees.
Some of the 26,000 small shareholders who have seen their stake in the club disappear with the failure of the CVA deal will also attend a subsequent meeting, although the club have claimed it will last about five minutes but Green said: "I've learnt very quickly that there's no formalities at this club."
Green has spent the last two days trying to smooth the way for his planned newco club to continue playing at the top level of the Scottish game, although it will be banned from Europe for three years.
The former Sheffield United chief executive will have to convince seven other SPL clubs to accept his application to acquire the share of the liquidated Rangers if he pushes through with the binding deal but he has been attempting to lay the groundwork by holding talks with SPL chief executive Neil Doncaster.
Green said: "We are still negotiating with the SFA and SPL to reach an amicable conclusion to the benefit of Scottish football. We need to carry on talking sensibly and get something that works for everyone."
The former Sheffield United chief executive has promised to make "further announcements" after today's meetings.
Green has also previously promised to name the investors in his Sevco consortium having so far confirmed only two - a Malaysian hotelier and Middle Eastern lawyer.
Source: PA
