Rangers: Businessmen prepare £11m bid for control at Ibrox

By Chris McLaughlinSenior Football Reporter, BBC Scotland
Ibrox Stadium

Two Glasgow businessmen are preparing a bid to take control of Rangers.

Housebuilders and property developers Allan Stewart and Stephen McKenna plan to bid about £11m for the club.

They hope to run Rangers for two to three years before floating the company on the Stock Exchange and handing the club over to the fans.

The pair plan to meet current owner Charles Green, who bought the club's assets for £5.5m, in the coming days.

The Glasgow-based company being used for the takeover is called ALEFTAV but Stewart and McKenna are land developers.

A source close to the bid said: "The money is in place, it's now up to the owners.

"I believe people who know Scottish football should be in charge of the club. The plan is to run Rangers for a few years before handing the club and the stadium back to the fans."

Meanwhile, a new document released by administrators Duff & Phelps has revealed which parties voted for and against the ultimately rejected company voluntary arrangement proposal that preceded Green's consortium's purchase of Rangers' assets to relaunch the club.

Major creditor HM Revenue and Customs said in advance of the formal vote they would not support the proposal and, because the debt due to them represented more than 25% of the total amount owed, Rangers Football Club plc began the process of being liquidated.

The document states the total debt due to HMRC could be almost £95m, with the result of a recently concluded tax tribunal still pending.

However, another of Rangers' main creditors, Ticketus, voted in favour. The ticket firm, whose cash advance funded Craig Whyte's takeover of the club in 2011, are listed as being owed over £27m - another total still in dispute.

Several clubs understood to be owed transfer fee money are also listed with Arsenal and St Etienne voting in favour of the pence in the pound deal being offered and Orebro and Palermo voting against.

The total potential debt is listed as more than £124m.

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