Rangers administrators claim Green bid stands despite liquidation move

Duff and Phelps claim the agreement to sell the club was a 'done deal'.

Rangers FC

Rangers administrators are adamant that prospective owner Charles Green's bid for the club stands despite the inevitability of liquidation.

Duff and Phelps claimed that they had entered into a "binding contract" that will see the Sevco consortium led by Mr Green acquire the club's assets for £5.5m, before Rangers FC plc is liquidated by neutral insolvency firm BDO.

Joint administrator Paul Clark told STV News that he did not believe any party involved in the Ibrox club would attempt or be able to block the sale to Mr Green's group.

He also claimed that the fact that HM Revenue and Customs (HMRC) had refused to accept a company voluntary arrangement (CVA) offer from Rangers because the years of financial mismanagement at the club breached its policy on taking such pence in the pound deals.

Mr Clark said: "I don't think there's any ability to anyone to challenge that [the newco sale]. It's a done deal, a contractual arrangement we've entered into and that process will be completed later this week."

In relation to the make-up of Mr Green's consortium, the insolvency practitioner said that he did not believe any of the mystery backers had pulled out of it as a result of the CVA failure. The Yorkshire businessman leading the takeover bid had previously stated some members of his group would only back one of either the CVA or newco options.

Mr Clark told STV News: "As far as I'm aware there's no change to the finances [of the consortium]. Certainly he's paid the monies over to us that he was due to pay over and I don't know of any changes. As far as I know there's no changes there."

The administrator, who was appointed at Rangers on February 14 after the club had built up a £14m debt to HMRC in unpaid PAYE and VAT following Craig Whyte's May 2011 takeover, said he was "not prepared to give precise details" about the amount of the £5.5m the Sevco consortium had been paid over to Duff and Phelps.

He claimed that Duff and Phelps had received the "vast majority" of the remaining cash from Mr Green, but stated that a further payment would be made by the group on Wednesday that would give the insolvency firm "more than enough" to complete the newco switch.

Duff and Phelps are due to receive £3m of the newco cash, while £1m is the estimated fee of neutral insolvency firm BDO, which has been appointed to become liquidators of Rangers FC plc once the club's assets are sold to the new company, most likely Sevco 5088 Ltd, which Mr Green is the sole director of and is registered to the London office of the lawyers advising the takeover.

Mr Green told STV News: "We're still negotiating with the SFA and SPL to reach an aimicable conclusion for the benefit of Scottish football.

"I think we need to carry on talking sensibly and get something that works for everyone."

Asked if Thursday's CVA meeting was a formality, Mr Green replied: "Well, I've learned very quickly that there's no formalities at this club."

One account. All of STV.

This field is required. That doesn't look like a valid e-mail format, please check. That e-mail's already in our system. Please try again.
ShowHide
Forgot password?
This field is required. At least 6 characters please. Did you enter your details correctly?
If you've forgotten your details then use the 'Forgot password?' link.
Need to reset your password?

We'll send a link to reset your password to

We've sent you details on how to reset your password

Please check your email and follow the instructions.

Forgotten your email address?

Have you forgotten the email address that you previously joined with? Don't worry, by emailing enquiries@stv.tv we can help.

One account. All of STV.

This field is required. Please enter at least 2 characters
This field is required. Please enter at least 2 characters
At least 6 characters please
ShowHide
This field is required. At least 6 characters please.
You have to be 16 or over to join
This field is required. This doesn't appear to be a valid date
Type your full postcode and select your address This field is required. It doesn't look like you've entered a valid postcode. Can't find your address? Confirm the details you've given us are correct by clicking here

By continuing you agree to our Terms of Use, including our Privacy Policy and Cookie Policy. Any issues contact us.

Upload Profile Picture

Please make sure your image is under 2mb in size and a valid JPG, PNG or GIF.

Are you sure?

Unfortunately, you'll be unable to access our premium content. We’ll be sorry to see you go, but if you change your mind you can rejoin us at any time.

Please verify your STV account

Please verify your STV account using the email we sent you. If you have lost the email, we can send you another one, just click the button below.

Thanks

We've sent you a new verification email.
Please check your email and follow the instructions to verify your account.

Welcome to STV
Thanks for joining us.

Oops!

Sorry, you must be at least 12 years old to place a vote for your Real Hero.

Please review our Voting Terms of Use for more information.

Oops!

Sorry! It seems that you are using a browser that is incompatible with our voting service.

To register your vote please copy the below URL in to your regular mobile browser. We recommend Google Chrome, or Safari.

http://shows.stv.tv/real-heroes/voting

Oops!

Sorry, you seem to have already voted in this category.

Thanks for voting

Now share your vote with friends on your social network

Share on twitter Share on facebook

Cast your vote

Please register or sign in to continue.

Cast your vote

This field is required. This doesn't appear to be a valid date

Cast your vote

Please fill out this form to cast your vote. As you are under 16 years old you will not create an STV account. Why do we need these details?

This field is required. Please enter at least 2 characters
This field is required. Please enter at least 2 characters
This field is required. That doesn't look like a valid e-mail format, please check.
Location This field is required.
Parental Consent This field is required.

That's you. All that's left is to click the 'Submit Vote' button below. By doing so, you confirm that you and your parent or guardian have read and accept our Voting Terms of Use, Privacy Policy and Cookie policy, and that the details you have entered are correct. We'll look after them as carefully as if they were our own.