Monday, 14 May 2012

Rangers may be bought by Charles Green

The administrators at Duff and Phelps have accepted a bid from a consortium headed by Charles Green the former Sheffield United Chief Executive to buy Glasgow Rangers.  He will try and get some of the £55m debts written off by proposing a company voluntary arrangement.  The administrators are confident that the proposal will be accepted especially as Green will have pledged £8.5m.   Who the actual investors are is unknown at this stage but they are from around the world and no one owns more than 15%.  Green has said that if the CVA is approved on the 6th June then they will release the names.   If the CVA is approved then the club can come out of administration in time for the next season.  If it is not then the club will have to start as a newco.  Please see earlier blog on how this would work.

In a statement on the club's website, the joint administrator David Whitehouse 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 6 June.

For details of how a CVA creditors meeting might work and how the votes are cast see our detailed page on CVAs

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