Rangers CVA proposal due by Monday

Rangers' administrators David Whitehouse and Paul Clarke
Rangers' administrators David Whitehouse and Paul Clarke will submit the CVA proposal

Rangers' administrators are expected to submit a proposal to bring the club out of administration via a Company Voluntary Arrangement by Monday.

The club must notify the Court of Session first, with creditors then having two weeks to accept followed by a 28-day cooling off period.

The approval of 75% of the creditors is required for a CVA to proceed.

Rangers have been in administration since 14 February, with players agreeing substantial wage cuts.

Those salaries are due to revert back to normal levels in June.

A consortium fronted by former Sheffield United chief executive Charles Green have had a bid for the Ibrox club accepted by the administrators, Duff & Phelps.

The proposal will be an initial pence in the pound offer made up from purchase funds from Green's consortium and other monies raised by the administrators.

The proposal will also make it clear that other funds may be available to the creditors' pot in the future; primarily from Duff & Phelps's claim of £25m against current club owner Craig Whyte's lawyers.

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