Former Rangers manager Walter Smith launches last-ditch bid to buy club

Walter Smith: The former manager launched a last-ditch bid for the club.SNS Group

Former Rangers manager Walter Smith has launched a last-ditch bid to buy the crisis-hit club.

On Thursday, after the company voluntary arrangement (CVA) offer funded by Charles Green’s consortium was formally rejected, the new bid emerged.

Mr Smith, who stood down from his second management spell last year, is fronting the attempt to scupper the newco purchase by the Sevco group.

He confirmed in a statement hours after the conformation of a major formal step towards the liquidation of Rangers FC plc, that he had submitted a bid.

A spokesman for administrators Duff and Phelps said he was not aware of any other bid for Rangers and that Mr Green's takeover was now effectively a "done deal".

Mr Green released a statement on Thursday claiming his purchase of Rangers had been completed.

He said: "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."

Mr Smith said his newco bid, which is believed to offer around £6m to pay off administrators and buy the club’s assets, was to ensure that the “magical” elements of Rangers are "protected and nurtured back to good health and provide a platform for Rangers for generations to come.”

The former manager added: "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.”

He described the consortium as being made up of “prominent Scottish businessmen” who will “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.”

His statement did not go into more detail, but he added: "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."

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