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Rangers takeover deal accepted
Published : 13 May 2012 10:46:54
Administrators for crisis-hit Scottish giants Rangers have accepted an offer from a consortium headed by former Sheffield United chief executive Charles Green, it was announced Sunday.
Duff and Phelps, who were handed the task of getting the Ibrox club back on the rails after it entered administration in February, earlier confirmed they viewed Green's bid as the highest of four potential offers.
A statement issued by Rangers said: "We are very pleased to announce that we have accepted an offer from a consortium headed by Mr Charles Green for the purchase of Rangers Football Club.
"Mr Green has secured, via a substantial financial commitment, a period of exclusivity to complete the purchase of the Club and this is expected to be finalised at a creditors' meeting on June 6.
"The structure and quantum of the offer from Mr Green is such that it is acceptable to us as administrators and, having been in discussions with major creditors throughout the process, we believe this presents the best prospect of financial recovery for creditors."