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A deal to sell Rangers to a consortium headed by Charles has been signed and sealed

Updated: Sunday, 13 May 2012 11:44

Former Sheffield United chief executive Charles Green heads a consortium which has had a bid for Rangers Football Club accepted
Former Sheffield United chief executive Charles Green heads a consortium which has had a bid for Rangers Football Club accepted

A deal to sell Rangers has been signed and sealed after a consortium fronted by former Sheffield United chief executive Charles Green saw an unconditional offer accepted by administrators.

Green's group has an "irrevocable" contract after paying an exclusivity fee and, unlike former preferred bidder Bill Miller, cannot now back out.

The group plan to put a Company Voluntary Arrangement (CVA) proposal to creditors this month with a target date of 6 June for it to be decided.

Administrators Duff and Phelps believe it will succeed with £8.5million on the table from Green's group.

If so the club could then come out of administration after a 28-day period and well before the start of next season. If the deal does not succeed, the group will push for a newco arrangement, the plan favoured by Miller.

Green spoke at length at a media conference at Rangers' Murray Park training ground this morning where he revealed the structure of his team.

Green said: "There are 20 individuals and families who have pledged support. The cash is in a bank account.

"No investor will own more than 15%. There are some investors from the UK, the Middle East, Asia and the Far East.

"If we get the CVA through we will release the names."