Charles Green, who is leading a consortium to acquire Rangers Football Club, issued the following statement today.
Mr Green said: "I am hugely disappointed by the decision of HMRC not to support the CVA proposal and that disappointment will be felt acutely by Rangers fans across the world.
"Frankly, I do not see what benefit will be achieved by this decision. My consortium's offer for a CVA amounted to a total of £8.5 million.
"Now that we will have to complete the purchase via the formation of a NewCo, the purchase price and therefore the amount available to creditors will be £5.5 million.
"I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years all that will happen is that there will be less revenue generated by the Club and consequently less money paid over to the taxman.
"Also, I do not believe that by opting to vote against the CVA proposal, HMRC will generate more cash by pursuing those they believe as responsible - but that is a matter for them.
"I am particularly saddened by the fact that this decision will mean that small shareholders will lose their shares in The Rangers Football Club plc, something which we were trying to avoid happening.
"We will be exploring ways for the 26,000 shareholders who have lost their shares to subscribe for shares in the new company. We expect to appoint a private client broker in due course to allow existing shareholders and fans to buy into the new company.
"We will, however, examine how to address this with regard to shares in the new company.
"The solemn promise I can make to Rangers fans today is that this Club will continue as Rangers Football Club and will continue to play at Ibrox Stadium.
"We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL.
"I, along with my investors who believe that Rangers can have a bright future, will fight tooth and nail to ensure the Club recovers from this catastrophic phase in its proud history.
"The fans deserve better and we will work tirelessly to realise their ambitions."
More About Focus on Rangers
- Rangers regime battling for control consolidates shares before AGM
- Rangers' largest shareholder pledges support to current board
- Rangers appoint Graham Wallace as the club's new chief executive
- Dundee's Scot Gardiner turns down chief executive role at Rangers
- Rangers appoint new director to oversee 'investment committee'
- Rangers' lawyers 'submit dossier to police on Craig Whyte document'
- Prospective Rangers board members 'bemused' over acting chairman
People who read this story also read
- Rangers liquidation now inevitable after CVA bid rejected by HMRC
- In full: Duff and Phelps statement on Rangers' CVA failure
- Street cordoned off overnight amidst ‘ongoing police incident’
- Live Q and A: STV fields your questions on what happens next for Rangers
- Rangers in crisis: How social media has reacted to liquidation