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Rangers sale to Green will go ahead

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13 Jun 2012 08:47:16

Rangers sale to Green will go ahead

Rangers administrators Duff and Phelps insist Charles Green's bid to buy Rangers is a 'done deal' regardless of whether a larger offer is tabled for the stricken club.

Green's consortium are set to gain control of Rangers as a newco for £5.5million, rather than a sum of £8.5million had a Company Voluntary Arrangement (CVA) been approved. Her Majesty's Revenue and Customs revealed on Tuesday they plan to reject the CVA proposal, to be voted on by creditors on Thursday, meaning liquidation now appears inevitable for the Ibrox club.

Joint-administrator Paul Clark says they would not be obliged to consider, or accept, any larger bids for Rangers from other interested parties at this stage, and he told Rangers' official website: "No, we wouldn't. It is a done deal, it's a contractual arrangement."

He added: "We had a two-stage arrangement with Charles Green. There was the CVA in place. If for whatever reason that CVA couldn't be concluded, then the sale of the business and assets agreement would be concluded so it's a done deal."

Clark added: "One of the things that we set out to do with Charles Green was to ensure that if for whatever reason the CVA wasn't successful, that there was a fall-back plan.

"That fall-back plan was the second choice but it was that there would be a sale of the business assets and that's the process that we are now going through.

"We are looking to conclude that as soon as we can but towards the end of the week. It can't be concluded until after the formal vote on Thursday, but that will mean that the football club itself will remain, albeit in a new corporate shell. So the whole purpose of this was to ensure that the football club would actually continue and that's what we've been able to safeguard."

Administrators have been in control of the club's affairs since February and Clark clarified the role of Duff and Phelps in the coming weeks.

He said: "We will be involved tidying up the administration probably for a few more weeks and then at some point we will exit the administration and BDO will be appointed as liquidators.

"To stress, that is likely to be some weeks ahead so we will still be involved for a short while longer. Thereafter, it will be for BDO to conduct their investigation as liquidators."


PA

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