Rangers newco: Charles Green spent £2.75m to buy contracts of players

CHARLES Green’s £5.5million purchase of Rangers’ assets included a £2.75m payment to purchase the contracts and registrations of the club’s players, according to a report by the club’s administrators.

Duff and Phelps, appointed by the Court of Session on 14 February, have broken down all the “asset realisations”, the majority of which relate to its sale of the Ibrox club to Sevco Scotland Limited.

Green’s consortium paid for the club’s employees to transfer to his company under TUPE regulations, which protects employees’ terms and conditions of employment when a business is transferred from one owner to another. On the advice of their union, PFA Scotland, however, numerous players have rejected the opportunity to transfer their contracts from Rangers to Sevco.

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Green rejects the claim that the players are free agents and the former Sheffield United chief executive sent letters to clubs across the UK warning them that the players were in breach of contract. International clearance for the transfers of Steve Davis, Kyle Lafferty, Jamie Ness, Steven Whittaker and 
Steven Naismith has been put on hold as Green continues to 
dispute the players’ status.

The document, issued to the old company’s creditors, shows Green paid £1.5million for “heritable properties”, which 
include Ibrox Stadium and Murray Park training ground. Meanwhile, Rangers have reached an agreement with midfielder Juanma Ortiz that has seen the Spaniard’s contract 
terminated by mutual consent.

The 30-year-old moved to Ibrox last summer from Almeria but returned to the club on loan for the second half of last season.

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