Rangers takeover: Green adamant season-ticket cash won’t fund takeover

CHARLES Green has told Rangers fans he will not “abuse” their money and insists he will not use cash from season ticket sales to fund his takeover.

The former Sheffield United chief executive – who is leading the consortium in place to buy the administration-hit club – was responding to comments made by Ibrox director Dave King.

On Thursday, King urged fans to reject the Company Voluntary Arrangement (CVA), which will be voted on by creditors next Thursday, while calling on supporters not to renew their season tickets until Green reveals the details of his plans. Craig Whyte completed his own takeover of Sir David Murray’s majority shareholding last May with money from the sale of future season ticket income to investment firm Ticketus.

Green told Rangers’ official website last night: “On the basis the receiver is already holding cash and we haven’t put the season tickets up for sale yet, I struggle to see how I can use season ticket money to buy the club. The season ticket renewal letters are actually going out today and I have already deposited money with the administrator to buy the club. We have provided the money to buy the club and we have documented the fact we are going to raise another £20-30million on top of that.

“The important thing - which is in the letter I’ve sent out to fans - is that season ticket money, when it comes in, will actually be sat in an account specifically to hold it there. For legal reasons, there is a 28-day cooling period after next Thursday should the CVA go ahead. Until that period ends, any monies that come into the club are held in a secure account and I have no access to that money.

“The season ticket money is crucial. The very suggestion we would be using it to buy the club is ridiculously untrue. The more season tickets any club sells, the more that can be invested back into the club and into players. If we are looking and speaking to the real, true Rangers fans, I’d say to them if there was ever a time to support the club it is now. They will know for the first time in many, many years that their money will not be abused the way it was before.”

Green is adamant his consortium will complete its purchase of Rangers, whether the CVA is accepted or whether the club has to opt for a newco route instead. Green says King’s comments were “disruptive” at a time when he is attempting to gain the trust of a disillusioned Rangers support.

He said: “Dave is someone I’ve never met but I contacted him last Friday in South Africa and we had a conversation. I sent him a copy of the presentation we’ve made public to tell him what our vision was. He owns five per cent of the club and I felt it was important he had a chance to buy into it. I was expecting some reply but clearly the comments he made were outrageous and I’m disappointed.”