Mon, 14 May 2012 | BUSINESS SALE
A deal has been agreed to sell Rangers Football Club out of administration, it has been confirmed.
Charles Green, former Sheffield United chief executive, has agreed to buy the Scottish Premier League side with an £8.5 million bid backed by a global consortium.
The news should mean that Rangers can exit administration through a Company Voluntary Arrangement (CVA). However, if creditors reject the CVA, administrator David Whitehouse from Duff and Phelps stated that Mr Green would form a new company.
A media conference at Murray Park confirmed the deal, as Mr Green revealed that there are 20 individuals in the backing consortium, from areas as far flung as Asia and the Far East.
“We want to develop the brand in these areas where there's an appetite," said Green.
"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."
Before Mr Green made his bid, the favourite had been Bill Miller. However, he withdrew citing worse-than-expected financial figures and an inhospitable fan reaction. While fans may continue to quibble over the ownership of the club, the sale is likely to be welcomed for the fact that it will do away with the immediate need for staff and player cuts.
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