Rangers: Charles Green has debt-free vision for club

Charles Green insists a Rangers run under his consortium's stewardship "will never have debts again".

Green's group has agreed a deal to buy the club , whose administrator will start the process of offering creditors a Company Voluntary Arrangement.

And Green says a newco will be launched if the CVA is rejected.

"The ambition to play every season in the Champions League can be delivered with Rangers in a properly financed and properly structured manner," he said.

CHARLES GREEN DEAL

  • Green bid is binding
  • Backed by 20 individuals from the UK, Middle East, Far East and Asia
  • CVA is preferred route out of administration, with £8.5m in the pot for creditors
  • CVA proposals go to creditors on 21 May; if rejected, Green will seek newco
  • Green says he has spent £1m already on deal

"It's a huge club and the group of people who are putting money together to take this thing forward are an international group. Some are from the middle east, we've got investors from Singapore, Indonesia and China.

"They see the name, the reputation and taking that brand and that product outside of the UK.

"You won't always like what you hear from me but you'll definitely get the truth and you'll know exactly what our team are planning to do."

Green expects administrator Duff & Phelps to contact creditors "within seven-to-10 days", after which there will be 14 days for the various parties to reject or approve the offer before a 30-day coolling off period.

Rangers takeover media conference

Rangers have potential debts of over £134m with £27m owed to Ticketus, whose advance for season ticket revenues was used in part by Craig Whyte to settle the club's debt to Lloyds Bank.

It is believed that this allowed Mr Whyte to be assigned a security - or floating charge - over the Ibrox club's assets, which was previously held by the bank.

HM Revenue and Customs could be due around £93m, dependent on the outcome of a long-running tax tribunal, which concerns how Rangers paid employees over the last decade.

"The reality is we can't influence creditors, they'll make their decisions, but the two biggest creditors I'm sure everyone's aware are HMRC and Ticketus," said the former Sheffield United chief executive.

"They clearly would carry a voted creditors meeting if they vote in favour. And, whilst I understand that no-one wants to lose money, I always believe it's better to receive something than nothing.

"It has to be in the interests of the tax-payer for the Inland Revenue to accept the offer that's on the table from the administrator.

"It's difficult for all clubs to trade in football in good times. In these times, it's more difficult and I'm not convinced that making an example of Rangers Football Club [by rejecting the CVA] is in the best interests of recovering money for tax-payers.

"The contract that we've entered into with the administrator is aimed primarily at the CVA but if in fact the creditors turn that proposal down then the contract automatically defaults into the structure that Bill Miller tabled [a transfer of assets to a new company].

"There is no reverse gear, it's just we'd be going forward in a different way. We have had good advice and we intend to preserve all the history and tradition."

Rangers players celebrating

Rangers ended season 2011/12 with a 4-0 victory at St Johnstone

Another issue facing the club is the appeal of a 12-month transfer ban, punishment for several breaches of Scottish FA rules, and the threat of further sanctions from the Scottish Premier League, who are conducting their own investigation into how Rangers have paid players.

A proposed transfer of Rangers' share in the SPL to a newco is also likely incur penalties if it is accepted.

"We haven't spoken to the football authorities," said Green, who could meet governing bodies this week.

Rangers are ineligible for European participation next season but Green insists he has no plans to generate cash through sales of players, who agreed wage cuts early on in the administration process.

And the Yorkshireman praised manager Ally McCoist's "fantastic" acheivement of finishing second in the SPL during such a turbulent season.

"We certainly wouldn't be selling players to raise finance," added Green.

"Key players may leave the club because they've got either a free contract at the end of the season or, under the terms of the arrangement with the administrator, they can leave on reduced fees."