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Fri Apr 18 12:37:55 SAST 2014

Rangers takeover deal accepted

Sapa-AFP | 13 May, 2012 13:120 Comments
Woes Continue Foe Rangers As They Are Handed A 12 Month Transfer Ban
A general view of the gates at Ibrox Stadium home to Glasgow Rangers Football Club on April 24, 2012 in Glasgow, Scotland
Image by: Jeff J Mitchell / Getty Images

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 on 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.

"The structure and quantum of the offer from Mr Green is such that it is acceptable to us as administrators and, having been in discussions with major creditors throughout the process, 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 to Rangers 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.

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