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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."

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