Rangers takeover: Charles Green continues talks with SPL officials
CHARLES Green continued talks with the Scottish football authorities today in a bid to secure a future for his new Rangers.
• Green needs seven SPL clubs to accept his application to acquire the share of liquidated club if his asset purchase goes through
• SPL refused to comment on the issue, and the SPL board are due to meet on Monday
• £55 million is owed to unsecured creditors and 26000 shareholders have lost their stake in the club
• Liquidators have already been lined up to wind up the existing company and pursue avenues to recover cash for creditors
Green began discussions with Scottish Premier League officials yesterday after Her Majesty’s Revenue and Customs announced they would reject his Company Voluntary Arrangement proposal.
The former Sheffield United chief executive will have to convince seven other SPL clubs to accept his application to acquire the share of the liquidated Rangers if he pushes through with a £5.5million purchase of the assets.
But he is attempting to lay the groundwork by holding talks with SPL chief executive Neil Doncaster.
Green told reporters outside Ibrox today: “We are still negotiating with the SFA and SPL to reach an amicable conclusion to the benefit of Scottish football.
“We need to carry on talking sensibly and get something that works for everyone.”
The SPL again refused to comment on the issue today. The SPL board are due to meet on Monday, after next season’s fixtures are published, with two weeks’ notice required to hold a general meeting to vote on a newco application.
Green would also have to seek approval from the Scottish Football Association and Rangers’ punishment for bringing the game into disrepute over unpaid tax remains an ongoing issue.
The SFA referred the matter back to their appeal tribunal stage after Rangers overturned a 12-month transfer embargo in the Court of Session, but the alternative sanctions are either ejection from the Scottish Cup or suspension or termination of membership.
Green has not ruled out accepting the transfer ban after all and he has until next Tuesday to consider the situation before the expiry of a 21-day court appeal deadline, which would allow the SFA to schedule a new hearing.
The former Sheffield United chief executive has promised to make “further announcements” after tomorrow morning’s creditors meeting and subsequent shareholders’ meeting at Ibrox.
The CVA meeting is something of a formality given HMRC’s rejection means it cannot proceed, while Rangers have told shareholders the second meeting will only last five minutes.
But with a confirmed £55million owed to unsecured creditors and 26,000 shareholders having lost their stake in the club, Green is taking nothing for granted.
“I’ve learnt very quickly that there’s no formalities at this club,” he said.
Nevertheless, two liquidators from accountants BDO have already been lined up at the behest of HMRC to wind up the existing company and pursue avenues to recover cash for creditors.
In a statement, joint-liquidator Malcolm Cohen said: “Once BDO is formally appointed, the joint liquidators will be seeking to protect any remaining assets, maximise recoveries for the benefit of creditors, and investigate the reasons behind the failure of the company.
“The joint administrators intend to complete a transfer of the business and assets to a new company in the coming days, putting the future of the club on more secure footing.
“Once this is done, BDO will determine what can be recovered from the remains of the existing company.
“It is right that there is a full and robust investigation into why the company failed, together with concerted efforts to recover monies for creditors and the taxpayer.
“This may include pursuit of possible claims against those responsible for the financial affairs of the company in previous years.”
Green has also previously promised to name the investors in his Sevco consortium having so far confirmed only two - a Malaysian hotelier and Middle Eastern lawyer.
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