A new bid to buy Rangers has been announced by former manager of the side, Walter Smith. The offer is thought to be approximately £6m and Mr Smith will put part of the money in alongside other Scottish businessmen, to include Douglas Park and Jim McColl. Mr Smith has asked the previous leading bidder, Charles Green, to stand aside. Mr Green and his consortium were about to complete their £5.5m purchase.
Mr Smith has confirmed in a statement that he is leading a bid for the club, saying that he and his partners want the club to be in the capable hands of Rangers people, to help stabalise the club. He continued by saying that he had asked Mr Green to step aside so the deal could proceed, saying that the new deal would be in the best interests of the clubs employees, the fans, the creditors and all other stakeholders of Rangers F.C.
This development came on the day the CVA (company voluntary arrangement) was rejected. This failed after Revenue and Customs told the club’s administrators that it would not vote in favour of the proposal. The club required 75% backing to move it out of administration. Rangers Football Club now moves towards liquidation and Mr Green will soon acquire the business and assets of Rangers Fc on a newco basis. On Thursday the administrators confirmed an ‘imminent’ newco deal, following the rejection of the CVA.
Mr Smith, who was at the Ibrox helm for two successful spells, said that the motivation behind the 11th hour bid was simply to save the club, and not because anyone in the group wanted to own Rangers Football Club. The consortium hope to make the club self-sufficient, and stress that long term sustainability is essential.