Businessmen to launch new bid for Rangers

Senior News Reporter

Thursday 21 June 2012

TWO Glasgow property developers – including one banned as a company director – say they are to make an audacious double-your-money bid to buy "stuck in quicksand" Rangers.

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MARTIN WILLIAMS

Allan Stewart, 55, and Stephen McKenna, 45, who claimed to have made £134 million after their firm sold 14,000 flats around the world, say they want to speak to Charles Green's Sevco consortium in the next few days about their buyout.

Mr Stewart, a partner in the now-liquidated housebuilders Stewart & McKenna, was banned in the 1990s from acting as a company director for seven years and was twice declared bankrupt.Two years ago Stewart & McKenna went bust, owing the taxman £78,000. The duo's company vehicle they are using for the buyout, Aleftav, was previously known as Payment Protection Rebates Ltd.They say they want to run Rangers for three or four years before floating the company on the Stock Exchange and eventually handing the club over to the fans. Mr McKenna said they will bring in other unnamed businessmen to run the club.He told The Herald: "At the end of they day, Mr Green is running on empty. I don't care what anybody says. I don't see a million investors."We have to get it off the owners that are there just now because the fans don't believe in them. "It's stuck in quicksand at the moment and they need to go. If it's not us it will be someone else. It is a serious possible potential bid." The move came as Mr Green, whose consortium took control last week, urged top-flight clubs to consider the best interests of Scottish football as a whole when they vote on whether or not to grant newco Rangers entry to the Scottish Premier League. The 12 member clubs will meet on July 4 to cast their votes.

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Businessmen to launch new bid for Rangers

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