McCoist's Rangers future uncertain
Rangers manager Ally McCoist faces an uncertain future
Charles Green could complete his purchase of Rangers' assets today after a Company Voluntary Arrangement (CVA) proposal was formally rejected at a meeting of creditors.
But Green's hopes of building a vibrant Ibrox club have been hit by speculation over his relationship with manager Ally McCoist. Reports claimed McCoist was set to resign after discovering Green planned to replace him.
McCoist was present at Ibrox during both the creditors' meeting and a subsequent shareholders' meeting - which both lasted less than 10 minutes - but looked grim-faced and refused to comment when asked about his future outside Ibrox. Green told Sky Sports News that he "100%" wanted McCoist to stay.
"We want Ally McCoist and all the players to remain with the club," he said. Players are free to depart under employment law.
After confirming the CVA had been rejected, joint administrator Paul Clark faced anger from about 150 shareholders who have lost their stake in the football club.
Clark, who admitted on Tuesday that Green had not lodged the full £5.5million newco sale price with Duff and Phelps, said: "We had a dual strategy in relation to Charles Green's offer. In the event the CVA was rejected we would proceed with sale of business and assets.
"That has not yet been concluded but we do have agreed documents and funds from Mr Green. It is our intention to complete that sale at the earliest opportunity, and probably during the course of the afternoon."
McCoist had earlier left Ibrox through the main door and shook his head when asked about his future, before driving away. He returned for the second meeting and received a standing ovation from shareholders as he walked along the side of the Ibrox pitch, but did not sit with the administrators at the top table. Green only attended the first meeting.
The CVA was doomed to failure after Her Majesty's Revenue and Customs informed Duff and Phelps on Monday that they would vote against the proposal, thus ensuring it did not receive the 75% backing required to move the club out of administration.
Rangers Football Club will now move towards liquidation while Green's newco club bids to secure entry to the Clydesdale Bank Premier League.
related stories on msn
Why should Rangers be treated any differently than Livingston, or Airdrie Utd, or Gretna or, going further back than that, Clydebank or Third Lanark? You go bust you close down. That's the nature of business. Start a new club then work your way up from basement level.
my team deserves to be punished but they better go after the people who are to blame for this shambles because they have destroyed one of the most succesful clubs in the world. i would prefer someone who knows rangers would takeover but these administrators are hopeluss.
IN ALLY WE TRUST
LONG LIVE THE BEARS
Football clubs, and any other business should be forced to pay all tax and national insurance to the government every month, before paying out any other expenses.
it should be conpulsary that VAT, tax and Ni be paid instantly.
Sorry i have no time for comapnies that do not pay their way. Football is only 22 men running around a field everyweek. The fans are just noisy and unruely. Perhaps if Rangers go into liquidation, other football clubs will learn a lesson.
With no players the only option to suit the mighty Gers would be struggling it out in the 3rd Division and working our way back to the top. Two fingers up to the rest of the SPL!!
why does every one seem to think that Celtic is a Scottish team if they are Scottish why the Irish flag give me the thistles against the shamrock any time . there will always be the red white and blue in Scottish football
Its a sad day when the other teams cannot see this could be the start of their own downfall when they dont get the gate revenue playing the Gers generates for them, so effectively this is the first domino to fall but at least this domino has the support to be helped back up but what about your Aberdeens, Ross County,Hibs etc etc once they fall then they fall for good. Then well see who can kick who when their down shall we. W.A.T.P.......!
As a Celtic supporter I respect Ally McCoist sticking by his team, but I would love to see the end of the sectarian history behind his club.
No to newco in SPL.
As for Green purchasing assets worth £105million for possibly just over £1million is just not right. This leaves creditors and shareholders with absolutely nothing and he walks away with all that money before liquidation and before anyone can offer larger sums of money ... Murrary, Whyte, Green, Duff n Phelps, HMRC and 'independent' liquidators ... it all smells.
NO TO NEWCO IN SPL - follow follow Airdrieonians United and Livingstone down to the bottom or even better ... Green to sell assets for a nice earner before leaving dust behind. At least no European fooball for 3 years and hopefully a fair ban from SFA.
Get the taxmen on David Murray !! He is the man to blamed on Rangers's money problem. He will have to pay up cash to help to clear up the debt. I hope Ally will stay at Ibrox.
once again everyone is on the band wagon , rangers this , rangers that, the support and the fans didn't have a clue as to what was happening internally at ibrox , only a few david murray being the main culprit new what the real deal was. we are all being punished bye the wrongs of a few . so yes wrong's were done , the perpatrators are still out there not anything to worry them at the moment , but the entire club is now being destroyed bye the very people who have lived of our fans for years. the support we carry to every ground in scotland and financial income we generated for these clubs is now on the verge of being lost . let's see how they cope without the added revernue of rangers visiting them .
To those out there that hate Rangers no matter what, I say – “grow up”.
To those Rangers fans that totally ignore the issues and focus on the past success of the club, even when such success had been corruptly gained, I say “grow up”.
Let’s have a grown up debate and talk about the main issue which is – shall greedy, corrupt executives get away with bringing the football game to its knees? Mark my words, not ONE fat cat will end up in court because of this.
Rangers football club should be relegated - I honestly have total sympathy for the supporters; as a supporter myself I would be sickened if my club were to go down the same road. However, this is all about greedy executives yet again abusing their financial powers, players happily evading tax while earning over inflated wages and the corrupt action of team executive owners allowing them to buy their way into success in the SPL. So we should stand together and admit that; A) without corrupt executives stacking up huge debts, B) without greedy overpriced players the club wouldn’t have won cups and league titles, C) without cups etc. the TV companies wouldn't have shown the same interest in RFC and/or given the same level of sponsorship / coverage. It’s all a case of money corrupts and no smarmy executive should ever be allowed to get away with this ever again… enforcing the regulations equally and fairly to all clubs is the only way forward and to think or do otherwise will encourage other fat cats from thinking they will get away with it. I definitely won’t want to see this happening ever again, and I am sure no Rangers fan would either!
more on msn sport
latest sport videos
A wax figure of Jose Mourinho from Madame Tussauds is placed outside Fulham Broadway tube station amid rumours he could be making a return to Chelsea.
Date 11 hrs ago, Duration 1:18, Views 294
msn sport poll
Who will triumph in the Champions League final?
Thanks for being one of the first people to vote. Results will be available soon. Check for results
- Borussia Dortmund
- Bayern Munich