Administrators: No HMRC deal yet

Sun, 27 May 12:24:04 2012

Rangers' administrators have played down claims that a deal has been reached with Her Majesty's Revenue and Customs over the club's debt.

Charles Green, who is fronting the consortium who have signed an exclusive contract to buy the club, said HMRC had "given us the nod". However, Duff and Phelps said nothing can be certain until the Company Voluntary Arrangement (CVA) is in place.

Joint-administrator Paul Clark told several newspapers: "There has been an ongoing dialogue with HMRC and we wouldn't have got to such an advanced stage if we didn't feel there was more than a strong possibility of a CVA being approved.

"But there is no deal and that can't happen until there is a meeting of the creditors."

That meeting could take place on June 11 or shortly afterwards if administrators issue the CVA proposal on Monday, seven days later than initially planned.

Clark said: "We're on track. Relative to other football admins, there's been a good amount of swift progress. It's very rare these things are resolved in three or four months. Getting the CVA proposal is a major milestone and that will happen on Monday."


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