Rangers CVA 'set to be published'

Rangers administrators Duff and Phelps have said they will send out a Company Voluntary Arrangement proposal on Tuesday.

The document had initially been due to go out last Monday and Duff and Phelps said at the weekend that it should be sent on Monday, but they have assured fans the process is on track.

"A formal notice of the CVA meetings will be sent to all creditors and shareholders of the club tomorrow (Tuesday) providing further details of the CVA process," joint-administrator Paul Clark said in a statement.

"The proposal will offer the best return for all stakeholders given the position the club is in. If approved by the creditors, the CVA proposal will rescue the company and finally enable it to exit administration.

"Details of the CVA proposal have been finalised today and there has been additional consultation with certain stakeholders. We had hoped the results of this consultation would have enabled us to publish the proposal today but administrative alterations mean the document will be published tomorrow.

"Rangers supporters should be reassured the CVA process is on track. The creditors' meeting to consider, and hopefully approve, the CVA will be held on Thursday 14 June."

Creditors need at least two weeks to consider the proposal with a 75% majority needed to pass the plan. There would then be a further 28-day cooling-off period after the creditors' meeting before Rangers could come out of administration.

The fate of any offer effectively lies in the hands of both investment firm Ticketus, who are owed £26.7million, and Her Majesty's Revenue and Customs, who are due at least £14million but potentially several times more.

Charles Green's Sevco consortium offer for the club pledged £8.5million with another £3.5million coming from transfer fees due to the club. Litigation over Craig Whyte's takeover deal could provide further funds at a later date.

The delays mean Green's group could have to fund a £1million-plus monthly trading loss when the players revert to their normal wages on Friday after accepting cuts of up to 75% for three months. Rangers are also open to losing key players for reduced fees after the transfer window opens, also on Friday, as several negotiated exit clauses in their varied contracts.