Assuming Yorkshire businessmen Green comes up with the funds to complete his purchase of the new club, the assets of the old club - including Ibrox Stadium and the Murray Park training ground - could be transferred to the 'newco' before the weekend with liquidation of the old club certain after HMRC yesterday threw out the prospect of a CVA being agreed.
Despite reaching agreement with administrators Duff and Phelps to buy the club via a CVA or a newco route, doubts remain over whether Green has access to the required funds to carry the business forward outside of season-ticket sales.
Having bought the club in administration, a 'newco' Rangers will be debt-free presenting Green's consortium with the opportunity to move aside for another buyer to become involved.
Green will now push ahead with plans to buy the club's assets for £5.5million in the coming days with both HMRC and Ticketus, the other majo creditors, not expected to challenge the newco purchase deal he has struck with administrators Duff and Phelps. But there is no guarantee the new entity will be able to play in the Scottish Premier League.
SPL clubs would themselves decide on any application to acquire the club's share and could impose sanctions.
A 'newco' Rangers would not be allowed to play in Europe for three years and Green faces the prospect of losing players.
HMRC, whom Rangers are listed as owing more than £21million, believe their decision allows them to pursue individuals in the courts. The tax authority forced Rangers into administration in February over millions of pounds of unpaid tax under Craig Whyte and could also pursue former owner Sir David Murray over a tax case, which could result in a £75million bill.
