Jump to content

Rangers Sold


Recommended Posts

RANGERS have been sold at last after a deal was agreed with a consortium led by ex-footie chief Charles Green.

An announcement is expected today — 88 days since the stricken Glasgow giants plunged into administration.

As Green prepared to take over from owner Craig Whyte a source said: “It was a long time coming.”

The ex-Sheffield United chief executive and his wealthy backers have struck a deal to buy the stricken club from Craig Whyte for a pound.

The agreement will bring an end to a takeover saga which began more than three months ago when Whyte put Gers in administration with multi-million-pound debts.

Last night a source said: “This deal has been a long time coming and hopefully the business of rebuilding Rangers can begin.

“Hopefully, this will end all the uncertainty and the long road to recovery can begin.”

It is understood the bulk of the agreement was thrashed out in the early hours of yesterday morning.

Green, 59, was finalising details with administrators Duff and Phelps last night and hopes to make the deal public today on the final day of the SPL season.

The insider said: “Everything is pretty much in place and unless there is a spectacular collapse he will be the new owner of Rangers.

“The fact that Whyte agreed to hand over his shares for a pound made the process a hell of a lot smoother.”

Motherwell-born tycoon Whyte, 40 — who bought the club from Sir David Murray for a quid last May — has agreed to sell his 85 per cent shareholding back for the same amount.

It is understood Green has penned a purchase agreement for the 140-year-old club.

The former Blades supremo has pulled together a host of UK football investors — and has also been given a financial boost from a wealthy Singapore family.

Once the ink dries on the contract he will try to agree a CVA with creditors — who include Her Majesty’s Revenue and Customs.

It is understood he does NOT want to liquidate the club.

The source — who is close to the talks — added: “The deal had to be concluded this weekend to have enough time to agree a CVA with the list of creditors.

“The consortium is confident this can be done but, for some reason, if it fails, they have a back-up plan.

“However, they want the club to exit administration through a CVA and they are not planning for liquidation.”

Green won the race to snap up Rangers after a number of failed buy-outs.

The Blue Knights led by former Gers director Paul Murray were always in the running but a lack of cash saw their bid peter out.

Millionaire Brian Kennedy could not help their offer — even with his financial muscle.

A German-led group expressed an interest at the beginning along with US-based Club 9 Sports but both pulled out.

Singaporean businessman Bill Ng looked a likely buyer at one point but failed to stump up the cash — although he has again expressed an interest.

And last week US tow-truck tycoon Bill Miller withdrew his offer after blaming hostility from disgruntled Light Blues fans and unimpressive financial books.

The source added: “A lot of people have made noises about buying Rangers but they have not put up the cash.

“This bid has the money behind it and there is enough to try to please the creditors.

“The Blue Knights bid fell WELL short. I think they were trying to derail all the bids so they would have been the only people left.”

Green had a mixed stint at Sheffield United before becoming chairman of footie agency Proactive Sports — which once had Wayne Rooney, Andy Cole and Stan Collymore on its books.

But Green left Proactive in 2003 and went on to hold a number of directorships at medical science firms. He is currently involved with a Singapore-based mining services company.

It is thought Green — who has been in talks with Whyte for the last two weeks — will act as interim chief executive.

He wants to rebuild the club with Ally McCoist, below, staying as manager.

Paul Whitehouse, of Duff and Phelps, confirmed yesterday that Green and his consortium were close to a takeover.

He said yesterday: “Charles Green is at a very advanced stage.

“He’s backed by a venture capital fund and there are some relatively high-profile football people in his bid team.”

Meanwhile, Kennedy has backed Green — as long as he lives up to his promises.

He said: “If Charles Green is the right man to take it forward, credible and he is going to save Rangers then we will absolutely get 100 per cent behind him, but the administrators and the media need to make sure that this is a credible bidder and is good for the future of Rangers.

“I keep saying this is not about owning Rangers, it is about saving it, and I would be quite happy. If Charles Green is the right person to save it then we should all get behind it.”

Read more: http://www.thescottishsun.co.uk/scotsol/homepage/news/4313169/Rangers-sold-New-chief-Green-signs-deal-for-crisis-club.html#ixzz1uhdCynRS

Link to post
Share on other sites

  • Replies 328
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Off my knees, our club looks as if it is saved, who knows what the future will bring, but at least next season we will have some team to follow..

Taigs, beat rattlers, knights of papists.. Simple question?? Why don't ya why don't ya ... U know where get it right fecking up ya!!!!!!!!

Link to post
Share on other sites

I'll wait until I hear it from Rangers.

If they have taken us over, I will support them 100%, but their lack of due diligence is a worry for me.

Do these people really know what they are getting into? Let's hope so, if they do infact take us over.

Link to post
Share on other sites

Great no liquidation and going for a cva does that mean no newco?

They don't guarantee it, but claim they will be doing their utmost to agree a CVA. If that is not possible, their 'back up plan' will most likely be a newco route.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Upcoming Events

    • 30 March 2024 15:00 Until 17:00
      0  
      Rangers v Hibernian
      Ibrox Stadium
      Scottish Premiership

×
×
  • Create New...