Charles Green commits to £8.5m Rangers rescue

Club to exit bankruptcy protection before next season as group signs 'irrevocable' takeover deal

A consortium headed by former Sheffield United chief executive Charles Green has agreed to buy financially stricken Rangers. Administrators yesterday confirmed the deal, an American takeover of the club having collapsed on Tuesday.

The administrators also announced that an "irrevocable" contract had been struck and the group – unlike the former preferred bidder Bill Miller – cannot now back out.

Under the plans for the £8.5m takeover, Rangers should exit bankruptcy protection before the start of the new season.

"There are 20 individuals and families who have pledged support – the cash is in a bank account," said Green. "No investor will own more than 15 per cent. There are some investors from the UK, the Middle East, Asia and the Far East."

Green said the names of the investors would be released if the club is granted a Company Voluntary Arrangement – a legal procedure which helps rescue a struggling firm by agreeing to deals with creditors over the repayment of debt. Rangers entered bankruptcy protection in February following a long-running tax dispute.

Gers' already narrow hopes of retaining the Scottish Premier League title were ended by a 10-point deduction that was automatically triggered by going into administration. The full takeover is expected to go through at the start of June.

"We are not out of the woods yet," Rangers manager Ally McCoist told the BBC. "Once the complete sale goes through prior to 6 June, I will be the most relieved man in the country."

On the pitch yesterday, Sone Aluko claimed a hat-trick as Rangers cruised to a win at St Johnstone in their final SPL game of the season.

Lee McCulloch set the ball rolling at McDiarmid Park before Aluko netted three second-half goals, with the hosts failing to find the win that would allow them to claim a Europa League spot.

Their great rivals, Celtic, had an even more emphatic win, smashing Hearts 5-0 at Parkhead, Gary Hooper helping himself to all five goals as the champions ended the season in style.

The former Scunthorpe striker grabbed a first-half hat-trick, one coming from the spot, as Neil Lennon's men demolished the much-changed visitors. Hooper struck twice more after the break, his fifth from a Georgios Samaras cross with three minutes remaining, taking his tally for the season to 29 and joining Kenny Miller and Kris Boyd as players who have scored five goals in an SPL game.

The romp confirmed Celtic's supremacy this season, with Neil Lennon's men finishing on 93 points, one more than last season when they came second behind Rangers.

Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

The long walk west: they fled war in Syria, only to get held up in Hungary – now hundreds of refugees have set off on foot for Austria

They fled war in Syria...

...only to get stuck and sidetracked in Hungary
From The Prisoner to Mad Men, elaborate title sequences are one of the keys to a great TV series

Title sequences: From The Prisoner to Mad Men

Elaborate title sequences are one of the keys to a great TV series. But why does the art form have such a chequered history?
Giorgio Armani Beauty's fabric-inspired foundations: Get back to basics this autumn

Giorgio Armani Beauty's foundations

Sumptuous fabrics meet luscious cosmetics for this elegant look
From stowaways to Operation Stack: Life in a transcontinental lorry cab

Life from the inside of a trucker's cab

From stowaways to Operation Stack, it's a challenging time to be a trucker heading to and from the Continent
Kelis interview: The songwriter and sauce-maker on cooking for Pharrell and crying over potatoes

Kelis interview

The singer and sauce-maker on cooking for Pharrell
Refugee crisis: David Cameron lowered the flag for the dead king of Saudi Arabia - will he do the same honour for little Aylan Kurdi?

Cameron lowered the flag for the dead king of Saudi Arabia...

But will he do the same honour for little Aylan Kurdi, asks Robert Fisk
Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Humanity must be at the heart of politics, says Jeremy Corbyn
Joe Biden's 'tease tour': Could the US Vice-President be testing the water for a presidential run?

Joe Biden's 'tease tour'

Could the US Vice-President be testing the water for a presidential run?
Britain's 24-hour culture: With the 'leisured society' a distant dream we're working longer and less regular hours than ever

Britain's 24-hour culture

With the 'leisured society' a distant dream we're working longer and less regular hours than ever
Diplomacy board game: Treachery is the way to win - which makes it just like the real thing

The addictive nature of Diplomacy

Bullying, betrayal, aggression – it may be just a board game, but the family that plays Diplomacy may never look at each other in the same way again
Lady Chatterley's Lover: Racy underwear for fans of DH Lawrence's equally racy tome

Fashion: Ooh, Lady Chatterley!

Take inspiration from DH Lawrence's racy tome with equally racy underwear
8 best children's clocks

Tick-tock: 8 best children's clocks

Whether you’re teaching them to tell the time or putting the finishing touches to a nursery, there’s a ticker for that
Charlie Austin: Queens Park Rangers striker says ‘If the move is not right, I’m not going’

Charlie Austin: ‘If the move is not right, I’m not going’

After hitting 18 goals in the Premier League last season, the QPR striker was the great non-deal of transfer deadline day. But he says he'd preferred another shot at promotion
Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

How Isis profits from destruction of antiquities

Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

'If we lose touch we’ll end up with two decades of the Tories'

In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea