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Former Sheffield United CEO in bid to buy Rangers

Football News 24/7
According to the BBC, former Sheffield United chief executive Charles Green has agreed a deal to buy Scottish Premier League side Rangers.

Green, 59, whose bid has Singaporean backing, is outlining his plans at a media conference to exit administration through a Company Voluntary Arrangement (CVA), a key issue with fans.

Administrator David Whitehouse added that, should creditors reject the CVA, then Green would form a "newco".

Green plans to watch Sunday's final SPL match of the season at St Johnstone.

A statement from Whitehouse  said: "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.

"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."

Green said his group "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," he said.

"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."

Green joined the race to rescue the crisis-hit club last week before previous favourite Bill Miller withdrew his bid citing a worse-than-expected set of financial figures and inhospitable fan reaction.

Since the American tow-truck manufacturer pulled out, the Blue Knights, led by former director Paul Murray, and Sale Sharks owner Brian Kennedy had hoped to be named preferred bidder on Friday.

Kennedy said he had spent three hours at Rangers owner Craig Whyte's castle last week discussing the crisis at the club and that Whyte had agreed to transfer his 85% shareholding to him.

He had flown from New York to Glasgow overnight on Thursday expecting to get the nod from administrators Duff & Phelps to complete a period of due diligience and to proceed with the CVA.

However, Green's late bid proved to be more attractive to the administrators, whose role is to secure the best deal for the club's creditors, of whom HMRC and Ticketus are the key players.

KV

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