Green beats Smith's offer to complete Rangers buy

Walter Smith's bid came too late (Getty Images)

Former manager Walter Smith's late bid to take control of Rangers failed yesterday as Charles Green completed the purchase of the club.

Green was all set to take control at Ibrox for £5.5m when Smith issued a statement calling for the former Sheffield United chief executive to step aside, allowing "people from the Rangers family to stabilise the club."

The astonishing twist ultimately came too late for Smith on the same day that Her Majesty's Revenue and Customs voted against a Company Voluntary Arrangement (CVA), forcing Rangers into liquidation. Green had already been informed that would happen earlier in the week and has set up a newco, re-applying for Scottish Premier League status.

"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," Green said.

"This day is bittersweet for the consortium I represent. From our first involvement we made it clear we would have preferred to acquire this great club through a CVA."

Reports yesterday suggested that manager Ally McCoist was ready to resign amid speculation that he was to be sacked as soon as Green got his feet under the table. Those proved to be incorrect and the former striker "embodies everything that is great about the club," according to the new chief executive.

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

PFA Scotland say that existing players have no obligation to stay, but Mr Green insists that if players don't join the newco, they would be in breach of contract, also confirming that Malcolm Murray will be chairman.