Charles Green has outlined his vision of Rangers as a profit-making exercise able to exploit its name across the globe after succeeding in securing the club for his broad ownership group.
The former Sheffield United chief executive has signed an “irrevocable” contract with administrators and majority shareholder Craig Whyte after several weeks of negotiations and due diligence completed largely under the radar.
Green aims to take Rangers out of administration through a Company Voluntary Arrangement (CVA) by early July with his group pledging £8.5million for creditors.
If the CVA is rejected, the group will push through a newco option but Green claimed he wanted to “retain and preserve the history”.
The Yorkshireman, who left Sheffield United before the turn of the century, said: “There are 20 individuals and families who have pledged support, evidenced by cash in a bank account that the administrators have seen sight of. The money is ring-fenced exclusively for the purchase of Rangers Football Club.
“There are some investors from the UK, the Middle East, Asia and the Far East.
“The reason I selected some of these people is because they have fantastic connections. My vision for Rangers is to develop the brand in those areas — Asia, Indonesia, Hong Kong, China, the demand for football is insatiable.”
Rangers’ debts could reach £135million but Green insists it is possible to turn the business completely around.
“Some football clubs can make money,” he said. “Look at Reading, some clubs are run very well.
“Clubs will not make profits like Tesco but there is no plaque on the wall that says football clubs can’t be run profitably.
“What we will have is all the historical debt is gone. We bring in new cash and if we can get Rangers playing in Europe then the club makes profit every year.’’
Green, who will not name his colleagues before a CVA is complete, spoke of introducing a sustainable corporate structure following the all-powerful and ill-fated reigns of David Murray and Whyte.
“No investor will own more than 15%,” he said. “I don’t believe any one person should own a football club. If (Roman) Abramovich leaves Chelsea tomorrow, how does it run?
“We will have a PLC board and will also have a football club board and will appoint people who understand this football club much better than I do.”
The plans are dependent on major creditors Ticketus and Her Majesty’s Revenue and Customs agreeing a lesser return.
Ticketus are owed £27million but have begun legal action to pursue Whyte for the remainder. The tax authority is owed anything from around £17million to more than £90million, depending on the outcome of a tax tribunal.
As well as the £8.5million from Green’s consortium, there will be around £3.5million going into the creditors pot from football debtors, mainly from Everton for the sale of Nikica Jelavic.
More money could come at a later date subject to the success of litigation against Whyte’s former lawyers.
The CVA will be put to creditors around May 21 and an answer is expected by June 6. Approval will be followed by a 28-day period when challenges are allowed.
Administrator David Whitehouse said: “That by some considerable margin is the best financial deal for creditors.
“We have been in regular discussion with major creditors for the last couple of weeks.
“They are aware of the nature of that proposal, they are aware it is the best deal and we have agreed it will be put forward at a creditors meeting.’’
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