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Glasgow Rangers takeover deal agreed

updated 1:05 PM EDT, Mon May 14, 2012
Scottish club Rangers' slide into administration in February was related to an unpaid tax bill.
Scottish club Rangers' slide into administration in February was related to an unpaid tax bill.
STORY HIGHLIGHTS
  • Former Sheffield United chief executive Charles Green agrees Rangers takeover deal
  • His consortium is made up of investors from the Middle East, Asia and the Far East
  • Takeover consortium wants to exit administration by Company Voluntary Arrangement
  • Green promises no investor will owns more than 15% in the Scottish club

(CNN) -- British businessman Charles Green has agreed a deal to take over Scottish Premier League side Glasgow Rangers, the club's administrators said on Sunday.

The former Sheffield United chief executive is leading a global consortium made up of 20 investors from the Middle East, Asia and the Far East.

"We are very pleased to announce that we have accepted an offer from a consortium headed by Mr. Charles Green for the purchase of Rangers," said David Whitehouse of administrators Duff and Phelps.

"Mr. Green has secured, via a substantial financial commitment, a period of exclusivity to complete the purchase of the club and this is expected to be finalized at a creditors' meeting on June 6."

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Neither Rangers, who have been Scottish champions 54 times, nor the administrators disclosed financial details of the offer from Green's consortium, but reportedly the deal is worth £$13.6 million.

"Mr. Green, through a corporate vehicle, has entered into a binding commitment to inject funds into the Rangers Football Club plc so that the administrators can propose a Company Voluntary Arrangement which, if approved by creditors, will result in their claims being compromised for specific amounts and the company exiting administration free of the historic debt and with new owners.

This is a great football club with a tremendous history and we will preserve that while building a solid platform for the future
Charles Green

"If the creditors do not approve the Company Voluntary Arrangement, the agreement obliges Charles Green's purchasing vehicle to acquire the business and assets of the club on agreed terms, through a newco structure. It is Mr. Green's strong preference to achieve a CVA."

The Glasgow team's slide into administration in February was related to an unpaid tax bill of $14 million, incurred after businessman Craig Whyte bought the club in June 2010, but the UK government is also seeking $118 million allegedly owed in back taxes.

"I can assure you that there will not be any investor who owns more than 15%. I don't believe that any one person should own a football club," Green said.

"I think when we look around at certain clubs where one individual is in control there is no contingency and things are driven by their ability to sign a check."

After entering administration, Rangers had 10 points deducted and will suffer a further points deduction if the club does not emerge from administration by the time the 2012-2013 season kicks off.

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