Rangers Accept Takeover Bid From Charles Green-Led Consortium
By Community | May 13, 2012
A consortium headed by Charles Green has agreed to buy Rangers Football Club administrators Duff and Phelps confirmed today.
With support from backers in the UK, Middle East and Far East, the bid from the former Sheffield United chief executive was confirmed as the best of the four on offer.
The statement on the club’s website from 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 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.
“Mr Green, through a corporate vehicle, has entered into a binding commitment to inject funds into the Rangers Football Club plc so that the administrators can propose a Company Voluntary Arrangement which, if approved by creditors, will result in their claims being compromised for specific amounts and the company exiting administration free of the historic debt and with new owners. Work on issuing a CVA proposal has already started and will proceed with utmost urgency.
“If the creditors do not approve the Company Voluntary Arrangement, the agreement obliges Charles Green’s purchasing vehicle to acquire the business and assets of the Club on agreed terms, through a newco structure. It is Mr Green’s strong preference to achieve a CVA.
“We would like to thank Rangers supporters for their patience as a purchaser for the Club has been found and hope they will now support a bid that has the capability to take the Club forward.
“We would also like to thank the professionalism and dedication all the staff at Rangers have shown throughout the sale process. Furthermore, we thank again the Rangers players who made a major financial sacrifice to ensure the Club could continue to function.”
Successful bidder Green commented: “I am delighted our proposal to purchase Rangers has been accepted and we are working night and day to finalise matters.
“This is a great football club with a tremendous history and we will preserve that while building a solid platform for the future.
“Rangers supporters have every right to believe their Club should be a success on and off the pitch and that is exactly what we will strive to achieve.
“At all times we will make decisions that are in the best interests of the Club. Not every decision at a club can be popular but I can tell every Rangers fan now that whatever decision is taken they will always be told the truth.
“We will do everything in our power to achieve a CVA and we already have a detailed written commitment from Mr Craig Whyte for the transfer of his shareholding.
“I look forward to working with everyone at Rangers, staff, players and supporters, in building a better future. It’s what this great Club deserves.”