/ Soccer

Walter Smith fails in 11th hour bid

Updated: Thursday, 14 Jun 2012 16:51 | Comments

The assets of Rangers FC have been sold to Charles Green
The assets of Rangers FC have been sold to Charles Green

Charles Green today completed his purchase of Rangers` assets - shortly after former manager Walter Smith announced an 11th-hour bid.

Green completed his £5.5million newco acquisition after his Company Voluntary Arrangement was formally rejected.

The former Sheffield United chief executive stressed he wanted Ally McCoist to stay following morning reports that the manager was on the verge of quitting after apparently discovering that Green planned to replace him.

Green said: "Following the formal decision of the creditors' meeting at Ibrox Stadium today, the consortium I represent has fulfilled its agreement with the administrators and has completed the acquisition of the business and assets of The Rangers Football Club plc.

"The transfer of the business and assets to a new company structure has taken effect immediately and the new company is The Rangers Football Club.

"An application has already been made by the company to register with the Scottish Football Association and to participate in the SPL."

Smith had earlier confirmed he was leading a bid - believed to be worth about £6million - and urged Green to step aside.

Green could conceivably make a quick profit by agreeing to sell Rangers to Smith's group immediately but his statement today pointed to a longer-term involvement.

The Yorkshireman named several of his investors and addressed the future of McCoist, who has remained tight-lipped today.

"Our consortium wants Ally McCoist to remain as manager and we firmly believe he is the man to take Rangers forward," Green said.

"He embodies everything that is great about the club and without question we want him to continue as the Rangers manager.

"I fully understand that other people have courted Ally who do not wish to see my consortium succeed, however I believe time for decision and rancour is over now that the club has been sold and everyone with the interests of Rangers at heart should unite.

"The rebuilding of the Club will happen from today."

Green added: "In terms of investors in the company, to date our investors include Chris Morgan, a UK-based businessman representing family trusts; Glenmuir, the renowned Scottish clothing company; Ian Hart a Glasgow-based businessman; Alessandro Celano of Blue Pitch Holdings and Zeus Capital."

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