Tag Archives: voluntary

Sam Tomkins named Super League Man of Steel 2012

Wiggins hands Tomkins Man of Steel award as Wigan ace crowned Super League's best

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UPDATED:

22:56 GMT, 1 October 2012

Man of Steel: Tomkins (right) is presented his award by Tour de France winner Bradley Wiggins

Man of Steel: Tomkins (right) is presented his award by Tour de France winner Bradley Wiggins

Wigan full-back Sam Tomkins was on Monday night crowned Super League Man of Steel at a glittering awards ceremony in Manchester.

The England international, twice a winner of the young-player-of-the-year award, won the prestigious prize ahead of St Helens hooker James Roby and Warrington second row forward Ben Westwood.

Both Tomkins and Roby, who won the award in 2007, were short-listed for the award last season but lost out to Rangi Chase, the Castleford and England half-back.

This time Tomkins emerged top of a secret ballot of his fellow Super League players as the man deemed to have made the biggest impact on the season.

Leeds full-back Zak Hardaker was named young player of the year after a hugely impressive first full season in Super League in which he will cap an ever-present record in Saturday's Grand Final against Warrington.

The 20-year-old former Featherstone
player was at centre in last year's Grand Final win over St Helens but
has deputised so superbly for injured full-back Brent Webb that he is
set to keep the spot next season.

Star of the future: Leeds full back Zak Hardaker

Star of the future: Leeds full back Zak Hardaker

Hardaker was chosen by a specially-convened panel ahead of Bradford second rower John Bateman and St Helens centre Josh Jones, the others on the shortlist.

Mick Potter's dedication to Bradford was recognised when he was named Super League coach of the year.

The Australian stayed on at Odsal in a voluntary capacity after being made redundant by the club's administrators in July and would have taken the Bulls to the play-offs for the first time in four years had the club not been docked six points for breaching the Rugby Football League's solvency regulations.

Fine form: Tomkins starred for Wigan this season

Fine form: Tomkins starred for Wigan this season

Potter, who has returned home to Australia to seek a new job after turning down the offer of a new contract from the new Bradford club, was chosen by a secret ballot of the other 13 Super League coaches.

Former England captain Jamie Peacock, who will make a record 10th Grand Final appearance on Saturday, received the Mike Gregory State of Rugby League Award for lifetime achievement.

Portsmouth "could be liquidated" today, August 10

D-Day for Pompey with cash-strapped club set to be liquidated

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UPDATED:

06:47 GMT, 10 August 2012

Portsmouth could be liquidated today after 114 years as a football club – although administrator Trevor Birch remains 'cautiously optimistic' they will survive.

Birch set the deadline of August 10 to clear all the senior players off the wage bill or he would have to close the club down.

A major obstacle was removed on Thursday when defender Tal Ben Haim – on a reported 36,000 a week – reached a compromise agreement and left Fratton Park.

The end Portsmouth could be put out of business after 114 years

The end Portsmouth could be put out of business after 114 years

Midfielder Liam Lawrence is therefore the only senior player left on Pompey's books and Birch hopes to make an announcement on his future soon, while talks are ongoing with former striker Kanu after he left with a year remaining on his contract.

Therefore, negotiations with former owner Balram Chainrai's company Portpin over their takeover should take place over the next few days.

'We expect to make an announcement on Liam Lawrence's future later and, whilst the situation with Kanu has not yet been resolved, we are cautiously optimistic about our prospects,' said Birch.

Contract dispute: Kanu

Contract dispute: Kanu

'The progress we have made over the past 24 hours means there is now a much better prospect of meeting the conditions of the CVA (company voluntary agreement), completing the sale of the club and avoiding liquidation.

'As a result, we will now push on with our negotiations with Portpin, with a view to finalising a deal in the next few days.

'There is still more to do, and the club's future is not yet guaranteed, but we're in a stronger position and will now take some additional time to try to conclude matters.'

It also emerged that Portsmouth Council have agreed to loan rival bidders, the Pompey Supporters' Trust, 1.45million towards their proposal to buy the club.

If they still exist, Portsmouth will begin the npower League One campaign next weekend on minus 10 points and are due to start their season with a Capital One Cup clash against Plymouth on Tuesday.

Sir David Murray denies Rangers cheating allegations

There was no cheating! Former Rangers owner Murray denies financial allegations

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UPDATED:

15:30 GMT, 6 August 2012

Fantasy football 2012

Former Rangers owner Sir David Murray has denied cheating took place during his stewardship of the club after the Scottish Premier League appointed an independent commission to investigate alleged undisclosed payments to players.

Murray sold his majority shareholding in Rangers to Craig Whyte for 1 in May 2011, before the club was forced into administration in February of this year over an unpaid tax bill accrued during Whyte's tenure.

Failure to exit administration via a Company Voluntary Arrangement meant the club were consigned to liquidation over the summer, before a consortium fronted by Charles Green purchased the business and assets of Rangers.

Statement: Sir David Murray has spoken his mind

Statement: Sir David Murray has spoken his mind

The Ibrox side will play in the Irn-Bru Third Division this season after SPL clubs rejected the newco's application for entry to the top-flight.

Murray said: 'I have decided to issue this statement because of the concerns which I have at the continuing attempts to inflict further punishment on Rangers Football Club.

'While the 'Newco' Rangers was rejected for membership of the SPL on the publicly stated grounds of sporting integrity, I would question whether this was the underlying motive for many who took this decision.

'I am not totally convinced by the explanation that they were reacting to the opinions of the supporters of their individual clubs.

'This, in my opinion, is a suitable answer to cover many other agendas.

'I applaud the decision of the SFL to accept Rangers for membership and respect the decision of the member clubs of the SFL to admit Rangers to its Third Division.

'The problems at Rangers have brought no credit to Scottish football and are a tragedy for the club and for all those connected with it and who support it.

'They cannot be condoned and it is appropriate that there should be a proportionate penalty for the club for the events over the last year.

'However, I urge all those connected with Scottish football to bring this sad affair to a close – now. Bayoneting the wounded is neither justified nor proportionate.

'Nevertheless, I cannot be anything other than angered at the suggestion that Rangers should be stripped of titles or other competition victories.

'This suggestion is an insult to the staff and players who achieved these successes thanks to skill, hard work and commitment and for no other reason.

'It is also an insult to the thousands of Rangers supporters who spent their hard-earned money to support the club they love.

'I hope that those presently in charge of Rangers show sufficient resolve when it comes to resisting this move, despite the incentives being offered to do otherwise.'

FULL MURRAY STATEMENT

I have decided to issue this statement because of the concerns which I have at the continuing attempts to inflict further punishment on Rangers Football Club.

While the 'Newco' Rangers was rejected for membership of the SPL on the publicly stated grounds of sporting integrity, I would question whether this was the underlying motive for many who took this decision.

I am not totally convinced by the explanation that they were reacting to the opinions of the supporters of their individual clubs.

This, in my opinion, is a suitable answer to cover many other agendas.
I applaud the decision of the SFL to accept Rangers for membership and respect the decision of the member clubs of the SFL to admit Rangers to its Third Division.

The problems at Rangers have brought no credit to Scottish football and are a tragedy for the Club and for all those connected with it and who support it. They cannot be condoned and it is appropriate that there should be a proportionate penalty for the Club for the events over the last year.

However, I urge all those connected with Scottish football to bring this sad affair to a close – now. Bayoneting the wounded is neither justified nor proportionate.

Nevertheless, I cannot be anything other than angered at the suggestion that Rangers should be stripped of titles or other competition victories.
This suggestion is an insult to the staff and players who achieved these successes thanks to skill, hard work and commitment and for no other reason.

It is also an insult to the thousands of Rangers supporters who spent their hard-earned money to support the Club they love.

I hope that those presently in charge of Rangers show sufficient resolve when it comes to resisting this move, despite the incentives being offered to do otherwise.

I believe that there is a misconception which may lie behind this suggested penalty and accordingly it is my duty to clarify certain matters.

During my stewardship of Rangers no rules were breached or circumvented and I reject and resent any suggestion that anything was done which amounted to cheating.

As was required of a PLC, all accounts were fully audited and made available to all entitled parties. All football rules were complied with. All enquiries from entitled parties or organisations were answered.

To those who criticise certain actions undertaken on behalf of the Club, I suggest that they familiarise themselves with all relevant rules before they come to any conclusions or express any opinions.

This is particularly relevant to the SPL rules where it would appear that there are efforts to retrospectively rewrite laws to incorporate items not previously covered.

The SPL rules variously required disclosure of all contract of service matters and all payments from a club to a player.

It would now appear that these are to be rewritten to incorporate non-contractual loans from independent third parties and other non-contractual matters.

If this is the case then press comment over the past few years would appear to indicate that several clubs other than Rangers may well have fallen foul of the soon to be changed historic laws.

It would also appear that the SPL is once again seeking to invest itself with a power of retrospective penalty beyond that prescribed in its own rules.

Much has been said and written about EBTs.

It should be noted that the tax treatment of these is an issue as yet unresolved and it is wrong to prejudge the outcome.

It must be stressed that the tax tribunal will determine the appropriate tax treatment in respect of the arrangements operated.

This is not a criminal matter and there is presently no question as to the legality of these schemes.

Rangers agreed contracts of employment with its players (and staff). The EBT scheme involved the contribution of funds into an offshore discretionary trust managed by independent trustees.

The trustees could and did make loans to individuals carrying interest with scheduled repayment dates.

There was no contractual or beneficial entitlement to the funds on the part of any individual and the monies paid to EBTs were not “remuneration” in terms of any rules applying to the Club.

Since 2001 when the EBT scheme was introduced, the amounts contributed were disclosed in the audited financial statements of the Club. These audited accounts were provided to the SFA and SPL as required.

As the law stands, it is the right of every taxpayer to minimise his tax liability.

For example, taxpayers are entitled to maximise contributions to pension funds and benefit from the resultant tax allowances. Tax AVOIDANCE is a right. It is tax EVASION which is a crime.

In December 2010, as a result of legislation changes introduced by HMRC, EBTs were rendered tax inefficient. Thereafter the Club made no further contributions to EBTs.

For the avoidance of doubt, many thousands of employees in many areas of business and commerce have benefited from EBTs.

Rangers sought only to provide financial security for players (and staff) within the rules of law and football. To suggest that this amounted to cheating in the sporting context is an allegation which is without any foundation.

I, of course, wish the 'new' Rangers every success for the future. I have no doubt that the present generation of players and staff will make a positive and beneficial contribution to the SPL and, in due course, return the Club to a position of pre-eminence in Scottish football.

However, I am determined to support those who served the Club with such dignity and integrity during my stewardship.

Warrington 50 Bradford 22: Mick Potter considers exit

Warrington 50 Bradford 22: Do or die for Bulls as Potter feels pinch

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UPDATED:

22:17 GMT, 29 July 2012

Mick Potter admitted he will be forced to walk away from Bradford if a rescue deal is not concluded early this week.

Potter has been working on a voluntary basis for Bradford’s last three games, but conceded that he can no longer afford to work for nothing after this nine-try defeat.

Potter said: 'It's nearly that time. We’re coming to the point where everyone needs to make a call.

Blown away: Warrington thrashed crisis club Bradford

Blown away: Warrington thrashed crisis club Bradford

'I think it's coming to a climax as far as the people who are talking to the RFL and the administrators, so it’s coming to a head all round.

'A decision will be made formally as to what’s happening, and then I can go from there. It won’t be too far in the distant future.'

Two different parties are believed to be interested in buying the crisis-hit club, but the RFL have already rejected an offer from the ‘ABC Consortium’ after declaring conditions attached to the deal as ‘unacceptable’.

Potter said: ‘I know they’ve been speaking over the weekend and I imagine it’s a priority for the RFL and for Bradford. I’m an optimistic person and I’m hopeful, but I honestly don’t know what’s going on.

‘I’ve had two brief conversations with both (consortia). I’m hopeful, but we’ll wait and see. It’s not right for me to talk about those conversations, but touch wood something positive will happen for Bradford.’

There was little that was positive about this performance from the Bulls, who trailed 32-0 before half time after Warrington made a sensational start.

The emotion that has carried Bradford in recent weeks appeared to run dry during a four-try, nine-minute spell inside the first quarter that killed off any hopes of a shock away win.

With Brett Hodgson rested, Stefan Ratchford took his chance at full back with a superb four-try haul. Wolves’ assistant coach Richard Marshall said: ‘Stefan’s found his feet there. He contributed really well, and not just with his tries.’

Former Australia winger Joel Monaghan got Warrington off to a flyer when he touched down from Rhys Evans’ pass inside the first minute.

Further scores from Richie Myler, Chris Riley and Simon Grix complemented Ratchford’s first two tries as the hosts built a 32-6 half-time lead.

Bradford rallied through Danny Addy (two), Elliott Whitehead and Karl Pryce, but David Solomona kept the Wolves ticking over before Ratchford claimed his third and fourth.

Portsmouth hit with 10-point deduction

More misery for Pompey as League One club are slapped with another 10-point deduction

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UPDATED:

16:21 GMT, 12 July 2012

Portsmouth have been told they must start next season in npower League One with a 10-point deduction.

The Football League said it will accept Pompey's membership provided whoever buys the club complies with a number of conditions, notably another points deduction.

Portsmouth were also docked 10 points last season after entering administration for the second time in two years and were eventually relegated from the Championship.

Crisis: Portsmouth have been hit with another 10-point penalty

Crisis: Portsmouth have been hit with another 10-point penalty

Last month they moved a step closer to coming out of administration after creditors voted in favour of former owner Balram Chainrai's Company Voluntary Arrangement proposal, while the Pompey Supporters' Trust are also bidding to take over the cash-strapped club.

As well as starting next term on minus 10, the Football League say Portsmouth must agree that only a limited proportion of the secured debt from the previous club can be carried forward into the new company as secured debt.

They must pay all their football creditors in full, unless mutually acceptable compromise agreements are put in place.

Cash-hit: Portsmouth are still in administration

Cash-hit: Portsmouth are still in administration

Finally, Pompey will also face a range of other restrictions on playing budgets, future borrowing and loan repayments for the next five seasons.

A Football League statement read: 'The Board of The Football League has agreed to make an offer of membership to the eventual purchaser of Portsmouth Football Club.

'The offer is subject to the successful bidder accepting a number of conditions that seek to ensure the sporting integrity of league football and the financial viability of the club going forward.

'The Football League Board has absolute discretion as to whether to admit any new company as a member of The League. In doing so, it has to strike a balance between giving a club another chance and the effect this has on sporting competition between clubs.'

Police investigate Craig Whyte"s Rangers takeover

Rangers rocked again as police investigate Whyte takeover

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UPDATED:

14:06 GMT, 25 June 2012

The Crown Office has ordered a criminal investigation into Craig Whyte's takeover of Rangers and the subsequent financial management of the club.

Rangers went into administration on February 14 and were consigned to liquidation earlier this month.

A statement read: 'The Crown Office has today instructed Strathclyde Police to conduct a criminal investigation into the acquisition of Rangers Football Club in May 2011 and the subsequent financial management of the club.

Police probe: Former rangers owner Craig Whyte

Police probe: Former rangers owner Craig Whyte

'The investigation into alleged criminality follows a preliminary police examination of information passed to them in February this year by the club administrators.

'The Procurator Fiscal for the West of Scotland will now work with Strathclyde Police to fully investigate the acquisition and financial management of Rangers Football Club and any related reports of alleged criminality during that process.'

Whyte bought an 85 per cent shareholding in Rangers for 1 from the Murray Group and made several pledges in terms of future investment and paying off the club's bank debt.

No go: It looks as if Rangers will be denied re-entry to the SPL

No go: It looks as if Rangers will be denied re-entry to the SPL

The club was forced into administration following court action from Her Majesty's Revenue and Customs.

Immediately after being appointed, administrators Duff and Phelps announced the club had failed to pay about 9million in PAYE and VAT since the takeover.

They soon revealed that the club had paid off Lloyds Banking Group from a 24.4m capital injection from investment firm Ticketus, which was secured on the back of future season ticket sales.

The debt to HMRC was most recently listed at more than 21m in the failed Company Voluntary Arrangement proposal to creditors.

More to follow…

Rangers crisis: Smith casts doubt on rival Green after abandoning bid to buy new club

Former Rangers boss Smith casts doubt on rival Green after abandoning bid to buy new club

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UPDATED:

13:55 GMT, 19 June 2012

A consortium led by former Rangers manager Walter Smith have withdrawn their bid to buy the club from Charles Green.

Smith said an offer of 6million to
the Green consortium through Zeus Capital had been rejected, and
confirmed his group have now pulled out of attempts to own the newco
club in order to allow the new owners to proceed in their own way.

Out of the running: Former Rangers manager Walter Smith

Out of the running: Former Rangers manager Walter Smith

A statement from Smith read: '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.'

The Smith-led consortium revealed a dramatic 11th hour bid for Rangers on Thursday, as failure to secure a Company Voluntary Arrangement (CVA) consigned the club to liquidation.

Green and his investors subsequently
completed the purchase of the business and assets of Rangers as a newco
for 5.5million and were urged to consider a quick sale by the veteran
boss.

However, Smith – who
stressed their initial offer to administrators Duff and Phelps was made
before Green`s acquisition was completed – is now prepared to step aside
following 'verbal assurances' provided by the new regime.

A statement from the two-times Rangers
manager read: 'I would like to clarify the background to the offer of
6million for the assets of the club which I announced on Thursday 14th
June 2012.

New man: Charles Green

New man: Charles Green

'The offer was made to the administrators before the Charles Green consortium had concluded their transaction to acquire the assets at 5.5million 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 6million 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.

'Members of our consortium had met with Charles Green and Zeus Capital prior to the CVA meeting and it had been agreed that we would be provided with significant information which would give us comfort as to the identity of the consortium members, their strategy and their funding capacity.

'This information had not been forthcoming by the date of our offer.

'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.'

Green will discover on July 4 whether the company now known as The Rangers Football Club will be granted entry into the Scottish Premier League.

All 12 top-flight clubs will vote on the issue at a general meeting convened after the football body confirmed an application for registration of transfer of Rangers' SPL share had been received.

Next season's fixtures were released yesterday morning with the stricken Glasgow giants replaced with 'Club 12' until the situation is clarified.

The SPL also announced disciplinary charges will be brought against Rangers when the future of the club is clarified, and before the start of the new season, following an investigation into player payments outside of contract in relation to Employee Benefit Trusts (EBTs).
end

The Rangers Football Club bought by Charles Green

Welcome to 'The Rangers Football Club'… new name for crisis club as Green beats late Smith bid to seal deal

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UPDATED:

16:20 GMT, 14 June 2012

Charles Green has completed his purchase of Rangers' assets – shortly after former manager Walter Smith announced an 11th-hour bid.

Green completed his 5.5million newco acquisition after his Company Voluntary Arrangement was formally rejected.

The former Sheffield United chief executive stressed he wanted Ally McCoist to stay following reports that the manager was on the verge of quitting after apparently discovering that Green planned to replace him.

We've won: Charles Green says he has bought Rangers

We've won: Charles Green says he has bought Rangers

The club have also appointed Ayrshire-born pension fund manager Malcolm Murray as chairman.

Green is chief executive of the new company, while Brian Stockbridge will be financial director while Imran Ahmad of Zeus Capital will join the board as a non-executive director.

Green, who made no mention of Smith's bid in a lengthy statement, said: 'Following the formal decision of the creditors' meeting at Ibrox Stadium today, the consortium I represent has fulfilled its agreement with the administrators and has completed the acquisition of the business and assets of The Rangers Football Club plc.

'The transfer of the business and assets to a new company structure has taken effect immediately and the new company is The Rangers Football Club.

'An application has already been made by the company to register with the Scottish Football Association and to participate in the SPL.'

Smith had earlier confirmed he was leading a bid – believed to be worth about 6million – and urged Green to step aside.

Green could conceivably make a quick profit by agreeing to sell Rangers to Smith's group immediately but his statement pointed to a longer-term involvement.

The Yorkshireman named several of his investors and addressed the future of McCoist, who has remained tight-lipped on Thursday.

'Our consortium wants Ally McCoist to remain as manager and we firmly believe he is the man to take Rangers forward,' Green said.

End of the road Rangers boss Ally McCoist leaves Ibrox on Thursday morning

End of the road Rangers boss Ally McCoist leaves Ibrox on Thursday morning

'He embodies everything that is great about the club and without question we want him to continue as the Rangers manager.

'I fully understand that other people have courted Ally who do not wish to see my consortium succeed, however I believe time for decision and rancour is over now that the club has been sold and everyone with the interests of Rangers at heart should unite.

'The rebuilding of the Club will happen from today.'

Green added: 'In terms of investors in the company, to date our investors include Chris Morgan, a UK-based businessman representing family trusts; Glenmuir, the renowned Scottish clothing company; Ian Hart a Glasgow-based businessman; Alessandro Celano of Blue Pitch Holdings and Zeus Capital.'

Murraay's experience in football comes from his purchase and stewardship of a 25 per cent shareholding in Manchester United which led to him working closely with the executive management team.

End of an era: Rangers will be forced to reform as a new co after liquidation

End of an era: Rangers will be forced to reform as a newco after liquidation

Murray said: 'It is a great honour to be invited to become non-executive chairman of an iconic football club.

'I am intensely proud to have been a supporter since my father took me to Ibrox for my first match and Colin Stein scored a hat-trick on both our debuts.

'I was hooked from that moment on and as a supporter and season ticket holder I have been – like all Rangers fans – utterly appalled by what has happened to the club.

'Those responsible for bringing the club to its knees should start by apologising to supporters who have been left to face the consequences.

'I have spent most of my working life developing a long-term investment philosophy, taking stakes in companies and working closely with the boards while imposing the highest standards of corporate governance.

'It is my firm intention to ensure high standards of transparency and probity are adopted and the club will be managed with a prudent long-term strategy avoiding the fiefdoms and excesses of the past. With that approach I am sure that Rangers can look forward to better days.'

FULL CHARLES GREEN STATEMENT

Following the formal decision of the creditors' meeting at Ibrox Stadium today, the consortium I represent has fulfilled its agreement with the administrators and has completed the acquisition of the business and assets of The Rangers Football Club plc.

The transfer of the business and assets to a new company structure has taken effect immediately and the new company is The Rangers Football Club.

An application has already been made by the company to register with the Scottish Football Association and to participate in the SPL.

These applications will be considered over the next few weeks and I will continue to have discussions with the football authorities in relation to the club's position.

This day is bitter-sweet for the consortium I represent. From our first involvement we made it clear we would have preferred to acquire this great club through a CVA.

The decision by HMRC to vote against the proposal was, in my view, counter productive and did nothing but visit the sins of the past on the owners of the future and indeed the supporters who care so much for Rangers and deserve better.

It was however prudent for us to prepare for this outcome and we are proud and honoured to acquire Rangers and begin a new chapter in its illustrious history.

These are early days and there is a huge amount of hard work to be done to rebuild Rangers.

It will take time and effort, passion and commitment. Rangers will rise again and that journey began in earnest at Ibrox today.

First I must address the issue of the Manager's position at the club. Our consortium wants Ally McCoist to remain as Manager and we firmly believe he is the man to take Rangers forward.

He embodies everything that is great about the club and without question we want him to continue as the Rangers manager.

I fully understand that other people have courted Ally who do not wish to see my consortium succeed however, I believe time for decision and rancour is over now that the club has been sold and everyone with the interests of Rangers at heart should unite.

The rebuilding of the club will happen from today.

As I have stated previously, it is our intention that no single investor or institution will own more than 10-15% of the shareholding.

One of the saddest aspects of the refusal by HMRC to support a CVA is that small shareholders have lost their shares in The Rangers Football Club plc.

However, supporters and shareholders will have the opportunity to invest in the new company.

My consortium has been determined from the outset that from now on Rangers will be run to the highest standards of corporate governance.

To that end, the club will have two boards in the future – a company or plc board and a football board with appointments announced in due course.

In terms of investors in the company, to date our investors include Chris Morgan, a UK-based businessman representing family trusts; Glenmuir, the renowned Scottish clothing company; Ian Hart a Glasgow-based businessman; Alessandro Celano of Blue Pitch Holdings and Zeus Capital.

We are looking to expand that investor base and are in discussions with a number of interested parties.

I have been greatly encouraged by the enthusiasm investors have shown and their belief that Rangers can have a great future. I believe that too and I, along with everyone at the club, will work tirelessly to make it happen.

Walter Smith launches Rangers bid

Step aside, Green! Former Rangers boss Smith launches bid for stricken club

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UPDATED:

14:36 GMT, 14 June 2012

Walter Smith has confirmed in a statement that he is leading a new bid to buy Rangers.

The former Ibrox boss will be assisted in the offer – believed to be in the region of 6million – by Scottish businessmen including Jim McColl and Douglas Park.

Smith has called on Charles Green, whose consortium is in place to complete their 5.5million purchase of Rangers on a newco basis, to stand aside.

Old boy: Former Rangers boss Walter Smith has launched a bid

Old boy: Former Rangers boss Walter Smith has launched a bid

Walter Smith

Smith said in a statement: 'I can today confirm that following talks over the last few weeks I am leading a new bid for Rangers Football Club.

'I have been assisted by Jim McColl, Douglas Park and other prominent Scottish businessmen with a shared objective – that Rangers Football Club should be in the hands of Rangers people who will stabilise the club and protect it from future situations like we find ourselves in today.

'With this in mind, representatives have, on behalf of my group, made representations to BDO, Duff and Phelps and indeed Charles Green, notifying them of our willingness to offer on the “Newco” basis on which Mr Green is proceeding.

'We would call on Mr Green to step aside and allow us to proceed with our deal which is in the best interests of the creditors, the employees, the fans and the various other stakeholders of Rangers Football Club.'

Step aside: Smith has called for Charles Green to move aside

Step aside: Smith has called for Charles Green to move aside

The surprise development came on the day that a Company Voluntary Arrangement (CVA) was formally rejected at a meeting of creditors.

The CVA was doomed to failure after Her Majesty's Revenue and Customs informed administrators 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, with Green set to acquire the business and assets on a newco basis.

The administrators released a statement on Thursday confirming the rejection of the CVA and 'imminent' newco deal.

More to follow.

What next Rangers face liquidation

What next Rangers face liquidation

FULL WALTER SMITH STATEMENT

'I can today
confirm that following talks over the last few weeks I am leading a new
bid for Rangers Football Club.

'I have been assisted by Jim McColl,
Douglas Park and other prominent Scottish businessmen with a shared
objective – that Rangers Football Club should be in the hands of Rangers
people who will stabilise the club and protect it from future
situations like we find ourselves in today.

'With
this in mind, representatives have, on behalf of my group, made
representations to BDO, Duff and Phelps and indeed Charles Green,
notifying them of our willingness to offer on the 'Newco' basis on which
Mr Green is proceeding.

'We
would call on Mr Green to step aside and allow us to proceed with our
deal which is in the best interests of the creditors, the employees, the
fans and the various other stakeholders of Rangers Football Club.

'None of our group has any desire to own Rangers Football Club but we have put this deal in place to save the club.

'However,
our overriding objective is to ensure that the stadium, the history and
everything else magical about Rangers Football Club is protected and
nurtured back to good health and provide a platform for Rangers for
generations to come.

'Let's be clear, this is an acquisition designed to stabilise the club and ensure history does not repeat itself.

'We are not in this to take money out
of the club but more so to do whatever it takes in a turnaround plan to
ensure within a few years the Club can be passed on intact and to the
right people.

'The
supporters should be under no illusion that it will be extremely hard
but with their support we can overcome financial hardship that lies
ahead by lending their support to what we feel is the correct way
forward – for Rangers people who know the club inside and out to control
its destiny.

'The
prominent Scottish businessmen involved have agreed to provide
acquisition funding to allow myself and a management team to take on
Rangers Football Club and make the business self-sufficient with long
term sustainability being essential.

'I would hope that this offer is
fully supported by everyone in the Rangers Family as without them the
club cannot and will not survive.

'We
therefore want to ensure honesty and transparency in everything we do.
We want to rebuild Rangers Football Club and in doing so return the
institution to the standards it is known for.'

Ally McCoist on the brink at Rangers

McCoist on the brink at Rangers as crisis club hurtle towards liquidation

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UPDATED:

10:28 GMT, 14 June 2012

Rangers' creditors meeting began on Thursday morning amid increasing uncertainty over the future of manager Ally McCoist in Charles Green's new regime.

The meeting is a formality given Her Majesty's Revenue and Customs had already rejected Green's reduced payments offer and the Ibrox crisis shifted to the future of boss McCoist.

McCoist could be poised to resign due to uncertainty over his future once Green completes his 5.5million newco purchase of the club's assets.

I'll get me coat: Ally McCoist could leave his post at Rangers after a torrid season

I'll get me coat: Ally McCoist could leave his post at Rangers after a torrid season

McCoist arrived at Ibrox without making comment while Green briefly told reporters he wanted the manager to stay as he arrived for the creditors meeting.

Green has held talks with Scottish Premier League officials after it emerged his Company Voluntary Arrangement was doomed to failure but his plans to stay in the top league suffered a blow this morning.

Aberdeen updated their position on a potential newco vote by stating that 'integrity' was their central criteria.

Dons chief executive Duncan Fraser told the club's official website: 'Yesterday's announcement that Rangers FC will reform as a new co brings a degree of clarity to the situation.

'However there are a number of other investigations ongoing. Like everyone we wish to see them resolved as soon as possible.

'A large number of our supporters have made their views and feelings very clear and as a club I can assure everyone that these are being taken into account.

'The integrity of sport in general and football in particular must be central to any decision.

'This issue has our full attention and
we will communicate any decisions we take in relation to this situation
with our supporters in a transparent way at an appropriate time.'

However,
fresh reports claimed that the SPL's broadcasting deal, which is due to
be renewed this summer, would be in serious doubt if Green's Rangers
are forced to start in the Irn-Bru Third Division.

End of an era: Rangers will be forced to reform as a new co after liquidation

End of an era: Rangers would be forced to reform as a new co after liquidation

Green would need seven other clubs to accept his application to acquire Rangers' share in the competition if he pushes through with his newco deal.

McCoist left Ibrox through the main door at about 10.45am and shook his head and said nothing when asked about his future by waiting reporters and fans, before driving away.

The creditors meeting is believed to have lasted less than 10 minutes with HMRC's decision to reject the CVA having already ensured Green would not receive the 75 per cent backing required.

Unsecured creditors are owed a confirmed 55million and the vast majority of Green's 5.5m payment will go to administrators Duff and Phelps and on legal costs, although liquidators will pursue other avenues to recover cash.

Some of the 26,000 small shareholders who have seen their stake in the club disappear with the failure of the CVA deal will also attend a subsequent meeting at 1pm, although the club have claimed it will last about five minutes.

Green has previously promised to name more of the investors in his Sevco consortium after the CVA meeting having so far confirmed only two – a Malaysian hotelier and Middle Eastern lawyer.