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 Posted by ESPN Staff
May 13, 2012

Bid accepted for ailing Rangers

A consortium headed by former Sheffield United chief executive Charles Green has had an offer accepted for Rangers.

Rangers administrators Duff and Phelps confirmed on the eve of the club's final game of the season, that the group fronted by Green had been given the nod.

In a statement on the club's official website, joint administrator David Whitehouse 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.

"Mr Green, through a corporate vehicle, has entered into a binding commitment to inject funds into the Rangers Football club plc so that the administrators can propose a Company Voluntary Arrangement which, if approved by creditors, will result in their claims being compromised for specific amounts and the company exiting administration free of the historic debt and with new owners.

"Work on issuing a CVA proposal has already started and will proceed with utmost urgency. If the creditors do not approve the Company Voluntary Arrangement, the agreement obliges Charles Green's purchasing vehicle to acquire the business and assets of the club on agreed terms, through a newco structure. It is Mr Green's strong preference to achieve a CVA.

"We would like to thank Rangers supporters for their patience as a purchaser for the club has been found and hope they will now support a bid that has the capability to take the club forward.

"We would also like to thank the professionalism and dedication all the staff at Rangers have shown throughout the sale process. Furthermore, we thank again the Rangers players who made a major financial sacrifice to ensure the club could continue to function.''

Sunday's news looks to have finally settled the long-running doubt over the Ibrox club's future.

They entered administration in February, and players agreed to defer wages up to 75% in order to keep the club going, while they have also been hit with a points deduction and a 12-month transfer ban, though they have appealed against the second of those sanctions.

Potential bidders have come and gone, with American tycoon Bill Miller being named the administrators' preferred bidder before withdrawing from the process, while the Blue Knights, the apparent supporters' choice, have entered a war of words with the administrators over their bid.

Their failure to secure preferred bidder status has opened the door for Green, and he said on Sunday morning: "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. 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.

"At all times we will make decisions that are in the best interests of the club. Not every decision at a club can be popular but I can tell every Rangers fan now that whatever decision is taken they will always be told the truth.

"We will do everything in our power to achieve a CVA and we already have a detailed written commitment from Mr Craig Whyte for the transfer of his shareholding.

"I look forward to working with everyone at Rangers, staff, players and supporters, in building a better future. It's what this great club deserves.''

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