An international consortium headed by former Sheffield United chief executive Charles Green has agreed a deal to take Rangers out of administration. The consortium has 20 participants from the UK but also from the Middle East, Indonesia and China. A consortium of this size should be able to raise the funds the club needs. It certainly represents its best last hope.
An international consortium headed by former Sheffield United chief executive Charles Green has agreed a deal to take Rangers out of administration. The consortium has 20 participants from the UK but also from the Middle East, Indonesia and China. A consortium of this size should be able to raise the funds the club needs. It certainly represents its best last hope.
The consortium would like to take Rangers out of administration through a company voluntary arrangement that would avoid further penalties being imposed on the club. However, that requires the agreement of the creditors, including Revenue and Customs. It really needs to be in place by the end of the month. If it cannot be secured, the consortium will then form a newco.
There are still many uncertainties surrounding the club. One is the upcoming appeal against the transfer ban imposed by the Scottish football authorities which many neutral commentators thought was unduly harsh. The appeal will be held on Wednesday with the panel members appointed after consultation with the police.
There is also the question of the tax tribunal decision on the employee benefit scheme which could land the club with a further large bill, although less than the £75m that has been cited.
In a BBC TV interview Green made it clear that it was his view that Rangers would not be in their current position if they had properly run in the last decade. Although overshadowed by other events, not least the outspoken disappointment of the Blue Knights consortium at the actions of the administrators, a report by the Scottish Football Association (SFA) makes it clear that it is not only Craig Whyte who has a lot to answer for.
However, it should be noted that former Rangers chairman Alastair Johnson has hit back hard at the SFA report.