Statement by Duff and Phelps on rejection of CVA by Rangers' creditors

Administrator: Paul Clark says Charles Green's consortium is now obliged to purchase the club's assets.© STV

Following the rejection of the CVA by Rangers' creditors, joint administrator Paul Clark, of Duff and Phelps, posted the following statement on the club's website:

A meeting of creditors was held at Ibrox Stadium today at which creditors voted on a proposal for a Company Voluntary Arrangement issued on May 29, 2012.

Due to a vote against the proposal by the principal creditor, HM Revenue and Customs, the proposal was rejected.

The decision was relayed to shareholders of the company at a subsequent meeting at the stadium.

As a result of that decision, which was known in advance of today's meeting, the consortium led by Charles Green is obliged to buy the club's business and assets and that transaction will be completed imminently.

As announced previously, a liquidator will undertake the liquidation of The Rangers Football Club plc but this process will not begin until the period of administration is brought to an end formally in due course.

The decision of the creditors' meeting has been a major disappointment for Rangers supporters and this was not our preferred outcome as administrators.

However, we should make it clear that Rangers Football Club will continue within a new company structure and the Club survives and will continue playing football at Ibrox.

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