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Charles Green statement


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Couldn't see it posted anywhere else:

CHARLES GREEN, who is leading a consortium to acquire Rangers Football Club, issued the following statement today.

Mr Green said: "I am hugely disappointed by the decision of HMRC not to support the CVA proposal and that disappointment will be felt acutely by Rangers fans across the world.

"Frankly, I do not see what benefit will be achieved by this decision. My consortium's offer for a CVA amounted to a total of £8.5 million.

"Now that we will have to complete the purchase via the formation of a NewCo, the purchase price and therefore the amount available to creditors will be £5.5 million.

"I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years all that will happen is that there will be less revenue generated by the Club and consequently less money paid over to the taxman.

"Also, I do not believe that by opting to vote against the CVA proposal, HMRC will generate more cash by pursuing those they believe as responsible - but that is a matter for them.

"I am particularly saddened by the fact that this decision will mean that small shareholders will lose their shares in The Rangers Football Club plc, something which we were trying to avoid happening.

"We will be exploring ways for the 26,000 shareholders who have lost their shares to subscribe for shares in the new company. We expect to appoint a private client broker in due course to allow existing shareholders and fans to buy into the new company.

"We will, however, examine how to address this with regard to shares in the new company.

"The solemn promise I can make to Rangers fans today is that this Club will continue as Rangers Football Club and will continue to play at Ibrox Stadium.

"We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL.

"I, along with my investors who believe that Rangers can have a bright future, will fight tooth and nail to ensure the Club recovers from this catastrophic phase in its proud history.

"The fans deserve better and we will work tirelessly to realise their ambitions."

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By Andrew Dickson

CHARLES GREEN admits HMRC's decision to reject his consortium's CVA proposal left him speechless and has accused them of giving Rangers fans false hope it would go through.

The Yorkshireman's consortium will now look to formalise a takeover of the Light Blues via a NewCo route following a meeting of creditors this Thursday.

Green had hoped his group could take control whilst keeping the current company in operation and had been led to believe that was likely to happen.

But he feels the goalposts have been moved somewhat and is hugely frustrated by a move which leaves his investors with little option but to revert to an alternative plan.

Green was speaking exclusively to RangersTV.tv and you can see interviews with him and administrator Paul Clark from Duff and Phelps on a Blues News special for free tonight.

"It's massively disappointing and I think to some extent we have been misled by HMRC," Green said.

"Duff and Phelps have consistently said to me that they were in dialogue with HMRC and that they hadn't rejected the CVA route.

"Irrespective of what I was being told by HMRC, my own advisors at Deloitte have been in dialogue with them too.

"To see them today saying this is a 'policy decision' leaves me speechless. If that's the case, is that a policy that was invented this week?

"If not, why weren't we told that in February or March? We could have gone into a NewCo then and saved a huge amount of money and time.

"It would also have removed the false hope from Rangers fans. There is no possible way that this is better for creditors.

"I've read HMRC's statement which says they've chosen this route so that they can pursue former directors.

"I'm not a lawyer but if a former director has done something wrong, he should be pursued. I don't believe turning down a CVA is a price worth paying to pursue previous directors."

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thats just a boring comment now mate.These guys are fellow bears just like us.Change the record with that shit pleeeeeeeeeeeeze

They are maybe needing to act like it rather than act like cheerleaders for the TBK.

Maybe then they will get thought of in a better light.

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Anyone know how long the liquidation process takes? Or can the newco run alongside the oldco at the same time, if that makes sense?

I'd say the whole process will run along quite quickly if all goes to plan. Our SPL place is the 'hurdle' now although I'm struggling to see why it would be a hurdle at all. No brainer surely

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