New Rangers owner announced

Charles Green has succeeding in securing Rangers for his broad ownership group.

Charles Green has succeeding in securing Rangers for his broad ownership group.

The former Sheffield United chief executive has signed an "irrevocable" contract with administrators and majority shareholder Craig Whyte after several weeks of negotiations.

Green aims to take Rangers out of administration through a Company Voluntary Arrangement (CVA) by early July with his group pledging £8.5million for creditors.

The Yorkshireman, said: "There are 20 individuals and families who have pledged support, evidenced by cash in a bank account that the administrators have seen sight of.

"The money is ring-fenced exclusively for the purchase of Rangers Football Club.

"There are some investors from the UK, the Middle East, Asia and the Far East.

"The reason I selected some of these people is because they have fantastic connections. My vision for Rangers is to develop the brand in those areas - Asia, Indonesia, Hong Kong, China, the demand for football is insatiable."

Rangers' debts could reach £135million but Green insists it is possible to turn the business completely around.

"Some football clubs can make money," he said. "Look at Reading, some clubs are run very well.

"Clubs will not make profits like Tesco but there is no plaque on the wall that says football clubs can't be run profitably.

"What we will have is all the historical debt is gone. We bring in new cash and if we can get Rangers playing in Europe then the club makes profit every year.

"We know what it takes to run the club from a business point of view. I've sat with (manager) Ally (McCoist) and talked about where we are.

"What we are committed to do is fund this club to the maximum.

"The people who fund the club, if I go with a piece of paper and say, 'Ally would like to spend x million on these three, that's what we need to get us into Europe and by the way European football makes the difference of £20million a year to this club', why would we not support that?"

Administrator David Whitehouse said: "That by some considerable margin is the best financial deal for creditors.

"We have been in regular discussion with major creditors for the last couple of weeks.

"They are aware of the nature of that proposal, they are aware it is the best deal and we have agreed it will be put forward at a creditors meeting.

"We can't get a commitment until they have an opportunity to consider it at senior level."

When asked if he was confident about the CVA's prospects, Green said: "We can't be confident. But my view and my upbringing in life is something's better than nothing.

"If they turn down the cash then the alternative is they will get nothing.

"It wouldn't be logical, however we have all seen many things that are not logical.

 
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