Green to name consortium soon but will not rule out possibility of newco

Chief Sports Writer

Tuesday 15 May 2012

CHARLES GREEN, the leader of a consortium attempting to rescue Rangers, last night promised to reveal his backers soon but also raised again the spectre of the Ibrox club being the subject of a newco.

Charles Green at Murray Park

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Hugh MacDonald

The Yorkshireman, who sealed an £8.5m binding bid with the administrators of the club on Sunday, told the club's website that the ''fundamental reason'' he could not name members of the consortium was ''that some investors would like to wait until a CVA proposal is advanced or agreed before going public''.

He added: "What I can say to supporters is that there is a broad church of investors, from families in Singapore and India to individuals in the UK involved. They are good people who are united in their belief that a club such as Rangers can, should and will have a strong future."The identities of those involved will be revealed as we pursue the CVA and know what the outcome of that will be. I can assure supporters and the football authorities that is what is going to happen so everyone will know where the money is coming from.''The road to the CVA faces an obstacle in HMRC and a leading expert on football insolvency last night warned Rangers that the taxman was coming after the club with ''maximum prejudice''.Dr John Beech, who is senior research fellow and head of sport and tourism at Coventry Univerity, has written a prestigious paper on insolvency of football clubs for the Centre for the International Business of Sport.He said of HMRC: ''They do not hold back in issuing winding-up petitions.''Green said the club was ''committed'' to trying to achieve a CVA. ''That is our priority but it is in the gift of creditors,'' he said. ''If that cannot be achieved we will have to pursue the alternative route of a newco but that would be structured in such a way that the club would not lose its history.''Dr Beech accepts a CVA is the preferred route out of the crisis at Rangers but he added: ''HMRC consistently opposes CVAs and the only flexibility it has is if it recognises that a delay in proceedings will help them get their money.''He said bluntly: ''HMRC stick to a line rigidly. It is this: 'We want our money'.''Green, meanwhile, said he hoped to open talks with the Scottish Premier League and the Scottish Football Association before consulting supporters ''further along the road''.

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Green to name consortium soon but will not rule out possibility of newco

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