Rangers administrators: No HMRC deal yet

Sun, 27 May 12:25:48 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."

Former Sheffield United executive Green told the Daily Record: "HMRC have given us the nod but we need it in writing. We are in the very final stages of completing the CVA and that's expected very, very shortly."

Green's next move would be to meet with Celtic counterpart Peter Lawwell ahead of a summit of SPL clubs on Wednesday, at which possible sanctions for Rangers if they fail to agree a CVA will be discussed.

As he prepares to take control of the club, Green criticised the management of the previous two owners, Craig Whyte and David Murray while outlining how he would do things differently by appointing independent directors to the board.

He said: "The problem with the club historically is there has been no corporate governance. There was no accountability, no corporate balance. What we need to do is get people who haven't got shares on the board so they are not influenced by the share holding."

 

Not already a Yahoo! user ? to get a free Yahoo! Account