Charles Green has appealed to Rangers' creditors to approve the Company Voluntary Arrangement to allow him to get on with restoring the club's reputation.
Green's prospective ownership consortium has pledged £8.5million although in a statement released on Tuesday on the Ibrox club's website, it was claimed the final amount available to creditors could be in excess of £25million, depending on the outcome of litigation.
However, the outcome of a tax tribunal could send the club's debt above £134million.
Rangers will publish their CVA proposal on Tuesday but ahead of that, in the statement, Green said: "Today is an extremely important milestone for Rangers to begin the journey back to where the club belongs - as a leading sporting institution that can hold its head high both on the field and off it.
"I have great sympathy with creditors, particularly small local businesses in the community around Ibrox, who have suffered in the lead-up to administration. However, I fervently hope that creditors will form the view that the best interests of everyone will be served by Rangers continuing as the successful club it is and recovering as a business in the forthcoming seasons.
"The consortium I am leading can only do so much to heal the wounds of the past, but we can do something about the future and that is where our main focus must lie. I hope creditors will approve this proposal and we can begin the task of rebuilding Rangers in earnest."
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Duff and Duffer says that creditors should vote on the CVA without knowing how much they would receive.."They don't have to know." Has he never heard the advice not to buy a pig in a poke? Hopefully, HMRC will say "No." Following Lord Glennie's ruling in the High Court, the SFA has no alternative but to kick Rangers out of Scottish Football as FIFA could ban Scottish clubs from European competition and even the national team from international games.
Michael, the whole of Ibrokes should be a Listed Building as it looks like it was built pre War, ( First WW ), compare that to Paradise the Stadium of Choice for the Opening Ceremony of the Commonwealth Games and the surrounding areas at each ground and you can instantly recognise which club has no MONEY and is in ADMINISTRATION. Remember the Rugby Sevens are supposed to be held at Ibrokes, Out of date Blue Pakora and Loyal Burgers for sale buy one get a player for free.
The only part of the stadium that is a listed building is the front the rest is not. As for accepting what the BBC is being told is £10 million £5 million of which is going to Duff and Duffer for their fees as they are a secured Creditor then they are offering 8 to 9 pence in the pound which could be reduced to nothing if the Big Tax Case is lost. You couldn't expect this to be accepted in a million years.
While secretly hoping for a newco as it would save fekkin £££millions the sensible idea..
Stadium is a listed building and thankfully all the creditors are in the same Lodge as Mr. Green.
I really had to laugh at that, green want rangers to hold there heads up high once more. After everything we found out about the true face of rangers, the lies, the years of backdoor deals, the sectarianism, the shame they brought on scotland with moments like the riot at the nu camp, manchester, the shear hatred the fans have shown on many occasions, the hatred they show for Scotland every game by the songs they sing and flags they fly. I would like to see rangers in the english league, just so they can see how small a club they really are.
Come on Rob, it might say £120M on the balance sheet but estimates value it at no more than about £35m. Still more than the £25m they are potentially offering though.
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