Rangers liquidation: How drama unfolded at Ibrox

SINCE Rangers entered adminsistration on 14 February the club has experienced many tumultuous days, but yesterday was one of the most dramatic. Supporters awoke to a front-page newspaper headline that manager Ally McCoist was on the verge of leaving, then learned that the liquidation of Rangers had been rubber-stamped, and finished the day digesting the news that a consortium led by former manager Walter Smith wants to take over from Charles Green.

10am: Administrators Duff & Phelps meet with creditors at Ibrox to vote on the proposal for a Company Voluntary Arrangement. Proposal is rejected and consortium led by Charles Green cleared to buy the club’s business and assets. Confirmation of liquidation of The Rangers Football Club plc, but process will not begin until the period of administration is brought to an end formally in due course. Meeting takes just nine minutes.

10:50am: Ally McCoist emerges and leaves Ibrox without comment, only to return later for shareholders’ meeting.

1pm: Shareholders attend meeting at Ibrox and are told by Duff & Phelps of decision taken by creditors. Paul Clark of Duff & Phelps heckled during proceedings.

1:13: Meeting closes, with supporters booing. Duff & Phelps say adminsistration will last for another eight to ten weeks.

2:16: Duff & Phelps release statement in which Clark says: “The decision of the creditors’ meeting was not our preferred outcome as administrators.”

2:24: McCoist breaks his silence to say speculation of him leaving is “paper talk”.

2:57: Former manager Walter Smith announces he is to head a consortium leading a new bid to buy the club “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.”

4:22: Green releases statement to confirm he has completed purchase of busines and assets of Rangers. Confirms he wants McCoist to remain as manager and adds: “To date our investors include Chris Morgan, a UK-based businessman representing family trusts; Glenmuir, the renowned Scottish clothing company; Ian Hart a Glasgow-based businessman; Alessandro Celano of Blue Pitch Holdings and Zeus Capital.”

4:52: Further statement from Ibrox confirms Green as CEO on the company or plc board, Malcolm Murray as chairman, Brian Stockbridge as financial director and Imran Ahmad as non-executive director.

5:10: Hart denies he is part of Green consortium and pledges support to Smith-led consortium.

5:39: Green questions timing of Smith bid, but offers him position of chairman on football club board.

6:18: McColl issues “public appeal to Charles Green to strongly consider selling the club to the Walter Smith consortium”.