SCOTTISH PREMIER LEAGUE:THE ADMINISTRATORS of Rangers have agreed to sell the stricken club to a newly formed company, Sevco 5088, of which the only director is Charles Green, formerly the chief executive at Sheffield United.
Green (59), has said he is backed by a consortium of investors which includes Jude Allen, described as an Indonesian hotel designer, Mazen Houssami, a lawyer from the Middle East, “offshore trusts” and a Singapore family trust.
The proposal for the takeover, detailed by Duff Phelps, Rangers’ administrators, is that Green’s company will take over the club for £1 plus a loan of £8.3 million (€10.4 million). That loan will then be repaid, with interest, by Rangers, by December 31st 2020.
Duff Phelps said the £8.3 million will give the club’s creditors a better return for their combined debts than any other offer the administrators have received.
Duff Phelps also welcomed a court of session decision that the Scottish Football Association was not entitled to impose a transfer embargo on the club in April. Lord Glennie proposed that the case go back to the SFA appeal tribunal that upheld the initial decision by a judicial panel to impose a 12-month ban on registering players aged 18 and over.
However, Rangers could face even stronger punishment from any reconvened SFA appeal panel as the only stated punishments above the maximum £100,000 fine already administered are suspension or expulsion from participation in the game, ejection from the Scottish Cup or termination of membership.
Guardian Service
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