Investors put £8.5m on table to buy out Rangers
Published 14/05/2012 | 05:54
A deal to sell Scottish Premier League side Rangers has been agreed.
An unconditional offer from a consortium fronted by former Sheffield United chief executive Charles Green has been accepted by administrators.
Mr Green's group has an “irrevocable” contract after paying an exclusivity fee and, unlike former preferred bidder Bill Miller, cannot now back out.
The group plan to put a company voluntary arrangement (CVA) proposal to creditors this month with a target date of June 6 for it to be decided.
Administrators Duff and Phelps believe it will succeed with £8.5m on the table from Mr Green's group.
If so the club could then come out of administration after a 28-day period and well before the start of next season.
If the deal does not succeed, the group will push to set up a “new company”, the plan favoured by Mr Miller.
Mr Green told a news conference at Rangers' Murray Park training ground: “There are 20 individuals and families who have pledged support. The cash is in a bank account.
“No investor will own more than 15%. There are some investors from the UK, the Middle East, Asia and the Far East.
“If we get the CVA through we will release the names.”
Rangers manager Ally McCoist said: “I really am relieved. For the sale of the club to go through this step had to be taken.
“We are not out of the woods yet. Once the complete sale goes through prior to June 6, I will be the most relieved man in the country.”
Mr Green revealed that he had signed an exclusive deal with Craig Whyte to buy his 85% shareholding for £1, the price Mr Whyte had paid Sir David Murray.