Green hits back at King

07 June 2012 11:16

Charles Green and Rangers' administrators, Duff and Phelps, have hit back at Ibrox director Dave King who has urged fans to reject the Company Voluntary Arrangement (CVA) which is hoped will save the Govan club from liquidation.

South Africa-based King, the second largest shareholder at Rangers, has also called on Gers fans not to renew their season tickets until Green, who is leading the consortium in place to take over Rangers, reveals the details of his plans. Green's group has pledged £8.5million to the creditors who will be able to vote on the CVA next Thursday.

The former Sheffield United chief executive retaliated to King's statement, labelling it "scurrilous and scaremongering". He said: "Mr King's statement is breathtaking in its arrogance and is destructive to the interests of the club."

He added: "My consortium tabled an offer, which was accepted by the administrators as the best offer for the club and its creditors and substantial sums of money have already been paid to the administrators.

"Provision has been made for working capital that does not rely on season ticket sales any more than would be part of normal operations at the club. To suggest otherwise is scurrilous and scaremongering.

"I would question Mr King's motives in urging the rejection of the CVA proposal which is the best offer available to creditors, particularly since he made no mention of this or any other issue when I spoke to him on the phone in South Africa last Friday."

Paul Clark, from Duff and Phelps, was equally condemnatory as he also responded to various allegations made by King.

He said: "I find Mr King's remarks disappointing and misleading. As he should know more than most, all shareholders, as well as creditors, have received access to the CVA proposals and all relevant information has been made public on the Rangers website.

"Mr King should also know, that immediately after the conclusion of next week's creditors meeting, a shareholders meeting will be convened.

"Mr Green, as the new legal owner of Mr Whyte's shares, will vote in favour of the approval of the CVA should that be the outcome of the creditors meeting."

Source: PA