Administration Statement
Thu, Jun 14, 2012
DUFF AND PHELPS, the administrators of Rangers Football Club, issued the following statement today.
Paul
Clark, joint administrator, said: "A meeting of creditors was held at
Ibrox Stadium today at which creditors voted on a proposal for a Company
Voluntary Arrangement issued on May 29, 2012.
"Due to a vote against the proposal by the principal creditor, HM Revenue and Customs, the proposal was rejected.
"The decision was relayed to shareholders of the company at a subsequent meeting at the stadium.
"As a result of that decision, which was known in advance of today's
meeting, the consortium led by Charles Green is obliged to buy the
club's business and assets and that transaction will be completed
imminently.
"As announced previously, a liquidator will undertake the liquidation
of The Rangers Football Club plc but this process will not begin until
the period of administration is brought to an end formally in due
course.
"The decision of the creditors' meeting has been a major
disappointment for Rangers supporters and this was not our preferred
outcome as administrators.
"However, we should make it clear that Rangers Football Club will
continue within a new company structure and the Club survives and will
continue playing football at Ibrox."
http://www.bbc.co.uk/sport/0/football/18413384
http://www.bbc.co.uk/news/uk-scotland-g ... t-18418513