Rangers takeover deal accepted

by AFP on May 13, 2012

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Administrators for crisis-hit Scottish giants Rangers have accepted an offer from a consortium headed by former Sheffield United chief executive Charles Green, it was announced Sunday.

Duff and Phelps, who were given the task of getting the 140-year-old club back on the rails after it entered administration in February, 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.

"... we believe this presents the best prospect of financial recovery for creditors."

News of the takeover was made public just hours before Rangers' final Scottish Premier League (SPL) game of the season, with Green saying: "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."

The go-ahead for Green's takeover at Ibrox came just five days after US tow-truck tycoon Bill Miller, the original preferred bidder, pulled out over concerns about the exact nature of Rangers's finances and anti-American sentiment from some of the club's fans.

Administrators were called in on February 14 after British tax authorities went to court to seek payment of an unpaid bill that had built up since current owner Craig Whyte took charge at Ibrox in May last year.

Entering administration meant Rangers were docked 10 points - a move that effectively handed the SPL title to arch Glasgow rivals Celtic, who were recently crowned champions.