Relief for fans as Green vows to stay debt-free

Monday 14 May 2012

RANGERS fans have spoken of their relief that a buyer has been found for the Ibrox club, with Charles Green, the successful bidder, pledging a well-financed business and a debt-free future.

TAKING CHARGE: Charles Green's £8.5 million offer for Rangers has been accepted.

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Alison Campsie and Michael Grant

Mr Green's offer of £8.5 million has been accepted, and work will begin immediately on the terms of a Company Voluntary Arrangement (CVA) to move the club out of administration.

The former Sheffield United chief executive is heading up a 20-strong consortium of investors from the Far East, the Middle East and the UK, although he has not named any of the investors.

Mr Green appeared at a press conference yesterday morning with an administrator from Duff & Phelps to set out the detail of his binding bid following the exit of American Bill Miller and the Blue Knights consortium with Brian Kennedy from the process.The Yorkshire-born venture capitalist later took his seat to watch Rangers win 4-0 against St Johnstone in Perth.Andy Kerr, president of Rangers Supporters Assembly, said he met briefly with the businessman at the game and was reassured by his clear proposals for the future. He said: "We were all of the mind that if we didn't get sorted out by this weekend then we were potentially heading into a very grave situation. There is an element of relief today. He seems very straightforward, down-to-earth and very clear about the road ahead. "What we didn't know was that he has been involved in preparing a bid since the administrators arrived. There had been a feeling that Green emerged right at the last minute, but that is not the case. He has an understanding of the background to what has happened. He seems to have a very clear plan in trying to get the CVA to proceed and get agreed."Concerns have been raised by some fans and commentators over Mr Green's tenure at Sheffield United, during which key players were sold off after the club was floated on the stock exchange and manager Dave Bassett left the club. However, Mr Kerr said he was willing to support Mr Green's bid, adding: "He gave us his own very clear view about the circumstances in which he operated at Sheffield United and the various factors at work. "There will always be people looking to criticise. Let's hope this is the beginning of where we want Rangers to get to."Duff & Phelps is expected to contact creditors within the next 10 days with an outline of proposals.A creditors' meeting will be held on June 6 to vote on the terms of the CVA, with Mr Green confirming yesterday that hisconsortium will create a newco should the creditors' agreement fail. Duff & Phelps believes that is unlikely, having held a series of talks held with major creditors HMRC – which could be owed around £93m pending the outcome of a tax case – and Ticketus, which is due £25m for the advanced season ticket sales that funded Craig Whyte's takeover.As well as the £8.5m put up by the Green consortium, a further £3.5m will be going into the creditors' pot from unpaid player transfer fees.However, the money available for creditors will largely hinge on the outcome of the £25m damages claim being brought by administrators against Collyer Bristow, the London law firm that brokered Craig Whyte's Ibrox takeover. Insolvency experts claimed Mr Green's proposals were a positive step forward but the process could be thwarted if the legal action is unsuccessful. Crucially, Mr Green bought Whyte's 85% Rangers shareholding for £1 last week in a move that removes a major obstacle from the CVA process. Mr Green pledged to be straight with fans over his intentions at Rangers, saying: "You won't always like what you hear from me, but you'll definitely get the truth and you'll know exactly what our team are planning to do."He declined to name his fellow investors until the CVA is approved.

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Relief for fans as Green vows to stay debt-free

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