Rangers takeover: Charles Green lifts the veil of secrecy on investors

CHARLES Green has named two of the investors in the consortium he is leading for the purchase of Rangers and claimed it will be “very easy” to raise the funds required to successfully take the Ibrox club out of administration.

Indonesian businessman Jude Allen and Middle Eastern lawyer Mazen Houssami were revealed by Green as two of the key figures in his Sevco consortium who have signed a contract for £8.5 million to purchase Rangers. The former Sheffield United chief executive had previously declined to identify those involved in the consortium, insisting they would remain anonymous until after a proposed CVA meeting with creditors on 6 June he still hopes will prevent Rangers being liquidated.

“The reluctance to reveal investors initially was because a lot of these investors are offshore trusts and individuals who didn’t want their name in the press and media because they, like everyone else in the world, have been watching the Rangers story unfold through the media since February and indeed before that and these people are not publicity seekers,” Green told Rangers’ official website.

“They want to invest in the football club for the right reasons and the other problem is that we have got an extensive list of interested parties and that list is growing daily. Since the announcement was made, we have had a number of people who were not in my original contact list and some of those are local people that we are speaking to.”

Green admits uncertainty over the outcome of a CVA, along with the failure of Rangers’ appeal against a 12-month transfer embargo imposed by the SFA, will significantly influence the approach of his consortium. But he insists they are committed to the takeover regardless of circumstances and have a long-term plan for Rangers.

“Unfortunately for us, we don’t know if the CVA will go through,” added Green. “We don’t know if we can get the transfer embargo overturned and these two things have a material impact on budget.

“As an outsider looking in, as I have been, I felt that the original (SFA) ruling was wrong but I felt it would have been difficult for them to over-turn it. We have got to now see the written report from the judge and sit down with our legal advisors and see what the best step is for this football club. If that remains in force, we

understood that there was a likelihood when we made the purchase, then we will deal with it and we will work with Ally and his team to come out of it the best we can.

“We’ve approached this with complete flexibility and we have approached it on the basis that this not a one-year or two-year deal, this is a five-ten year plan. So I have to balance which of the investors are going to be best for this football club.

“I can assure fans that it is very easy to raise money, even in this financial market we are in, for an institution like Rangers.

“Raising the real best type of money that’s going to help us expand the club, develop the club in the Asian markets.”

Green expressed his confidence that Rangers can retain the services of the bulk of the current first-team playing squad whose contracts will revert to their original terms on 1 June, having taken across-the-board wage cuts after the club went into administration.

“My understanding is that a number of players reached agreements with the administrators to take reductions in salaries and vary their contracts,” said Green.

“The payment, shall we say, in agreeing those variations is that they would be allowed to leave at a lower price.

“What I would expect, notwithstanding those agreements are in place, is that these players will have the opportunity to sit down with myself and the manager so that we can explain what the plans are for the club, what we plan to do over the next two or three years.

“Alistair (McCoist) has done a fantastic job this season with a ten-point deduction. To my mind, if we can’t sign anyone but we can keep the existing players, why wouldn’t we win the league?

“So we need the chance to speak with the players. Of course the big problem in all of this is the agents.

“I think the players respect Ally, they love the club and they have enjoyed playing here. We are going to do whatever Ally wants to do. We are backing Ally and he knows that.

“It’s about building up trust. Whether it is the fan on the street or the manager of the club, everyone is suspicious of anyone who comes through these big front doors at Ibrox and I would be exactly the same.”

Green earlier revealed he would freeze season ticket prices following talks with fans and that administrators Duff and Phelps had written to Ticketus to terminate their contract, which gave the investment firm the rights to sell £26.7 million worth of the tickets over three years.

Ticketus described the move as a formality after already being informed they would be treated as unsecured creditors in Green’s attempts to secure a CVA.