Rangers crisis: Walter Smith's consortium bid to buy club is rejected

A consortium headed by former Rangers manager Walter Smith has failed in its attempt to buy the club.

Mr Smith confirmed on Tuesday that his group had met new Rangers chief executive Charles Green over the takeover attempt.

Last week, Mr Smith's consortium submitted a £6m bid. This would have would have bought the same assets of the club, such as training ground Murray Park and Ibrox stadium, which were transferred to the Rangers 'newco', Sevco 5088 Limited, last week.

Former Scotland manager Mr Smith said he had the backing of one of Scotland's richest men, Jim McColl, among others, in his bid to take over Rangers.

However in a statement released on Tuesday, Mr Smith confirmed his consortium had failed to buy the club from the Sevco group for £500,000 more than what it paid for the assets.

Mr Smith said: "The offer was made to the administrators before the Charles Green consortium had concluded their transaction to acquire the assets at £5.5m from the administrators. We felt it necessary to have a fall-back position to secure the club’s future. We have since made the same offer of £6m to the Green consortium through Zeus Capital.

"Our offer has been rejected and they have made a counter-offer inviting us to join their consortium. However, the current business plan is not in accord with our understanding of the present circumstances of the club and the way forward, but we would prefer to leave them to proceed in their own way and we wish them good luck in their endeavours."

In a statement announcing the bid last week, Mr Smith claimed it was in the "best interests" of the newco Rangers and the hundreds owed up to £134m by the financial mismanagement of the soon-to-be-liquidated Rangers FC plc, incorporated in 1899.

He added: "We are therefore withdrawing completely from the process to enable Charles Green and his consortium to move forward.

"We very much hope the verbal assurances they provided to us - and the public statements made - are adhered to and that the club will therefore be financed and managed with appropriate governance and can go forward in a sustainable manner. We wish the new Rangers Football Club every good fortune."

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