Rangers liquidation: Walter Smith attempts coup at Ibrox

Smith unveiled a £6 million bid for Rangers’ assets alongside Douglas Park and Jim McColl, urging Mr Green to stand aside.

The former Sheffield United chief executive said last night he had completed his £5.5million newco acquisition after a company voluntary arrangement (CVA) was formally rejected.

The Yorkshireman, who will become chief executive of the new club, immediately moved to quash rumours that manager Ally McCoist was on his way out.

But at least one of the men said to be investing denied involvement, saying he actually backed the rival bid from Smith.

Following another day of frantic developments, Smith unveiled a proposal which he claimed was in the best interests of creditors, employees and the club’s fans.

He was joined in his bid by Mr McColl, Scotland’s fifth-richest man worth an estimated £1 billion, and Mr Park, the owner and founder of Park’s motor group, who is thought to worth around £78m.

In a statement, Smith said: “I have been assisted by Jim McColl, Douglas Park and other prominent Scottish businessmen with a shared objective – that Rangers Football Club should be in the hands of Rangers people who will stabilise the club and protect it from future situations like we find ourselves in today.

“With this in mind, representatives have, on behalf of my group, made representations to [administrators] Duff & Phelps and indeed Charles Green, notifying them of our willingness to offer on the ‘newco’ basis on which Mr Green is proceeding.

“We would call on Mr Green to step aside and allow us to proceed with our deal, which is in the best interests of the creditors, the employees, the fans and the various other stakeholders of Rangers Football Club.”

Mr Green said his consortium had reached an agreement with administrators to complete the acquisition of the business, which will be known as The Rangers Football Club.

He said: “The transfer of the business and assets to a new company structure has taken effect immediately, and the new company is The Rangers Football Club.

“An application has already been made by the company to register with the Scottish Football Association and to participate in the SPL.”

Ayrshire-born pension fund manager Malcolm Murray, described as a “Rangers supporter since a boy and a season-ticket holder”, has been installed as chairman.

Mr Green has plans for a dual governance structure – with a football board and company board – offering to make Smith the chairman of the former.

He said: “These are early days, and there is a huge amount of hard work to be done to rebuild Rangers. It will take time and effort, passion and commitment. Rangers will rise again and that journey began in earnest at Ibrox today.”

Addressing the future of McCoist, who had been the subject of reports linking him with leaving the club, Mr Green said: “Our consortium wants Ally McCoist to remain as manager and we firmly believe he is the man to take Rangers forward.

“He embodies everything that is great about the club and, without question, we want him to continue as Rangers manager.”

Mr Green said his consortium included investors such as Chris Morgan, a UK-based businessman representing family trusts, Glenmuir, the Scottish clothing company, and Ian Hart, a Glasgow-based businessman.

But Mr Hart denied being part of the Green consortium, instead restating his support for Mr Park, who is part of the group led by Smith.

Mr Hart said in a statement: “A number of years ago I invested in the youth development department, and that money was lying in the youth development department.

“At the time when Charles Green was the preferred bidder and was going for the CVA, I allowed that money to be used in order to get a CVA, but I am not part of his consortium.

“That was on the basis that he was going for a CVA, for the simple reason of trying to help to save the club.

“But I am not part of his consortium, and I’ve been behind Douglas Park in the previous bid with the Blue Knights.

“I spoke with Douglas yesterday and today, and I was very happy to be involved in putting more investment into the bid by Douglas.

“I am not part of Green’s consortium. I remain in full support of Douglas Park.”

Mr Green also claimed his group had spent £10m putting a deal together and did not appear willing to sell the club.