Charles Green consortium has funds to rescue Rangers

[the gunslinger 3,366]

The would-be buyers of Rangers â?? a shadowy consortium fronted by the former Sheffield United chief executive, Charles Green â?? have more than enough cash to keep the club trading after Friday, when it would otherwise run out of money.

 

That was the position outlined on Saturday night by Paul Clark, of Duff and Phelps â?? the administrators who have run the club since Feb 14 â?? and who negotiated wage cuts of between 25 per cent and 75 per cent of playersâ?? salaries to ensure that Rangers could fulfil the seasonâ??s fixtures.

 

That deal expires at midnight on Thursday when the squadâ??s wages are restored but Clark said: â??Weâ??ve seen proof of funds very significantly in excess of the funds needed to conclude the CVA â?? easily in excess of double. Iâ??m doing the numbers in my head because I donâ??t have it in front of me, but in excess of double.â?

 

When pressed on how the administrators can be confident that the Green consortium is not a house of cards, as was the case with Craig Whyte, who ran Rangers into the ground within nine months of his takeover last May, and that the backers and lawyers involved are all people of substance, Clark replied: â??We have seen both confirmation in writing and access to bank statements that show funds.

 

â??Theyâ??ve got their own lawyers and Iâ??m not going to say who that is, working on the deal and weâ??ve been in fairly detailed discussions with them in Scotland and England. The lawyers were not involved in confirming the proof of funds, but I would not expect them to be involved, thatâ??s more for banking institutions.

 

â??Weâ??ve got letters with confirmation of what funds would be available, and visibility of the bank accounts showing those funds.â?

 

Telegraph Sport understands that £8.5 million will be available to the creditors pot â?? with a lower sum earmarked for a newco, should a creditorsâ?? agreement not be forthcoming â?? but it is still entirely unclear who is most likely to control the club after the processes are concluded.

 

Given the lack of transparency that accompanied Whyteâ??s takeover, both the clubâ??s supporters and the Scottish football authorities are concerned about the anonymity of most of the investors said to be funding the current bid.

 

â?There are a number of backers that weâ??ve seen, some of whom weâ??ve seen their details in writing, others who have been verbally mentioned to us,â? said Clark. â??I donâ??t think Charles Green has ever suggested to us that he would be the controlling force, I think heâ??s actually said that he will strive to have 10 per cent or 15 per cent of the maximum, which would suggest that there would be nine or 10 investors at least.

 

â??On that basis I find it difficult to see how someone could suggest that all nine or 10 would be of the same mind to have another Craig Whyte-type situation. How could there be a single person operating this?â?

 

As to the administratorsâ?? own position, following a BBC Scotland documentary that suggested there might be serious conflicts of interest because David Grier, a Duff and Phelps partner, had acted as an adviser to Whyte during his takeover, Clark said: â??Regarding the BBC allegations, weâ??ve refuted them forcibly.

 

â??What I would also say is that David Grier is away on business and is not back until early next week, but we have had some discussions with our solicitors. Weâ??re just not going to put up with false allegations that are used to throw stones and brickbats at us.

 

â??We can however understand that following the Craig Whyte tenure and our involvement with the his takeover, that thereâ??s mistrust, but our concern is that led to an open hostility that is not based on the true facts. We need to get those facts out there and thatâ??s something weâ??re discussing with out solicitors.

 

â??Weâ??ve now brought the club to a point of sale which is where everybody wanted it to be, through a CVA process â?? which is what the fans wanted â?? and we want to move things on as best we can on that basis. I very much hopefully believe that Monday will be the important milestone when that proposal is issued.â?

 

http://www.telegraph.co.uk/sport/foo...e-Rangers.html

[the gunslinger 3,366]

probably trying to isolate themselves from the impending clustercuss.

 

but perhaps not in fairness.

[forlanssister 3,050]

â??We can however understand that following the Craig Whyte tenure and our involvement with the his takeover, that thereâ??s mistrust

 

That's a wee bit of an understatement there!

[Zappa 0]

Note how he's now saying "our involvement with the his takeover" after having previously denied any involvement....

[the gunslinger 3,366]

he talks a lot about the evidence of funds. sounds a bit desperate to me.

[der Berliner 3,263]

Note how he's now saying "our involvement with the his takeover" after having previously denied any involvement....

 

Ain't that a bit of word-pinching? As the saying goes: If you look hard enough, you will find *enter your horror-story of choice*

[chilledbear 16]

'The shadowy consortium', I love spy thrillers, never thought I would get my fill through supporting Rangers.

 

I know I'm a nobody when it comes to all this, but no owner will get my support until they name all of the consortium.

 

I've had enough of secrets where Rangers are involved.