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Has Charles Green scored an own goal over Rangers funding?

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Charles Green newsFormer Sheffield United owner Mike McDonald has outlined plans to pump ‘hundreds of millions’ into Rangers at the same time as prospective owner Charles Green is hoping to put together a pennies in the pound CVA to take the club out of administration.

Green was granted preferred bidder status by Duff and Phelps on Sunday and is believed to be offering around £9m for a CVA with HMRC alone believed to be owed around £15m.

The would-be Rangers chief has admitted that getting approval for a CVA is outwith his hands with plans in place to go down the newco route dependent on approval from the SPL and SFA.

McDonald worked alongside Green at Brammell Lane and is described by the Daily Express as one of his backers although Green is reluctant to reveal the identity of any of his business partners.

Speaking to the Express McDonald said: “It is pointless to get involved if we weren’t going to invest in the playing side right away.

We see that as a major priority, although, obviously, that is dependent on the Scottish Football Association’s transfer embargo. We know that Ally McCoist needs to strengthen his team and also to keep some of the players he already has at the club.

We have got all our funding together for every aspect of the take over and now it is just a case of sorting it out. Charles has had a good conversation with Ally McCoist and we want him to carry on managing the team.

“Charles has brought significant funds to the table because we know we need hundreds of millions to be successful at this level. There are a lot of people who are in this game for the publicity and think they can run a football club on a shoestring but it just isn’t possible, I know that.

“We will not be throwing silly money at things like Manchester City but we know we have to have enough money to carry our plans out.

It is a massive club and it should be at the forefront of British and European football. Why can’t that be done? I know it can’t be achieved overnight but we have a long-term plan to achieve that goal. We have to sort the club out and to get them back on a stable and sound financial footing. Charles is definitely in it for the long haul.”

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  • john says:

    I thought he said he was not in it for the long haul. Green said he was in it to save them. Something smells a bit here?
    How will creditors react if these dodgy characters pay them a tiny fraction of what they are owed and then start chucking money at the team? Surely this is illegal? Are HMRC listening to this? What about Ticketus? The SFA and UEFA?
    Is everyone who comes in to contact with this organisation basically toxic and extremely dodgy?
    Pay your bills you reprobates.

    • martin kennea says:

      What lowlifes . I hope the world over knows about their cheating , fraudulent ways.

    • Brian02 says:

      It’s not Green and Whyte (no pun intended) we need to worry about. It’s the S.P.L. and the S.F.A. who hold all the aces. If they allow a Newco to climb straight into the S.P.L. then U.E.F.A. should be called in and investigate the very core of Scottish Football.

      We know it is riddled with Anti Irish bigotry and hate so showing Rascism the Red Card is a total Joke. What other organisation gets away with blatent texts and emails about the Pope and the Irish, even down to their head of refereeing. Please U.E.F.A. investigate now before you also lose all credability.

  • williebhoy says:

    Talk is cheap…He can’t reveal his investors UNTIL he knows if the CVA is acceptable – ergo some will walk away as a Dodo FC would face the 3rd division, no european football and various other levies such as no credit / bond with HMRC / all players being free agents.

    Does he think people are stupid, ditch ALL your debts for pennies and then suddenly find mega millions to invest in the club…dream on

  • paranoidandroid says:

    “Hundreds of millions”, eh ? I’m not sure whether I should be shaking in my boots or rolling around slapping my thighs.

    There are a couple of questions that come to mind: Would anyone pay that sort of money for European success ? And, of course, is this offer genuine or just the ramblings of another couple of BS merchants ?

    McDonald’s statement is very reminiscent of Sir Minty: “For every fiver they spend, we will spend a tenner… er, of the taxman’s”.

  • Hevghirl says:

    It does seem odd that they are saying they have hundreds of millions to spend and yet, they are putting a paltry c. £8m on the table for creditors – hardly fair or sporting for the people owed money – but not only that, they are waiting to find out if the CVA is acceptable. That seems to be at odds with having their “funding together for every aspect of the takeover”. It seems to me, if I’m reading between the lines correctly, that they want to shaft the taxpayer again. If they have hundreds of millions – why not pay all debts in full instead? That would start to make up for some of the damage RFC has caused all of the SPL and teams further afield. If they don’t get a CVA they will liquidate, shafting all of the creditors? Again, even with their hundreds of millions? The whole things seems mighty odd.

    One thing I’d be concerned about if I was the SPL is if they do have hundreds of millions as they are claiming, then what is it going to do to Scottish football? The idea that any team can do a Man City (£980m spent) or a Chelsea horrifies me. I don’t want it for Celtic let alone any other team. It’s hard enough for teams to compete against the like of us in the SPL. I would hope that the SPL learn the lessons of the Murray saga. You can’t just throw money at a team, and certainly not in a league when there is already a huge disparity. Why would any club want that in a league that is already dominated by just two teams year in year out? There can’t be any money to be made from that. I don’t get it.

    One thing I don’t believe though, is that they are simply asset stripping. I could perhaps understand it, if it were one or two people, but for a consortium of 20 people to strip what are not massive assets doesn’t make sense to me either. I think there is much more going on here, but I’m left not having a clue as to what.

  • teels says:

    Talk is cheap and whiskey costs money.This guy needed a police escort to get away from Sheffield united.The fact he said he would make Rangers a billion is laughable….take what this clown says with a pinch of salt

  • Robert D Bruce says:

    WALTER MITTY:

    An ordinary, often ineffectual person who indulges in fantastic daydreams of personal triumphs.

    Does this ring any bells?

  • seaney67 says:

    2012-2013 reposessed fc look`s like it`s gonna continue to make scottish football a laughing stock again.ineptly assisted by the genius mind`s at the sfa and spl.how many genarations of young fans are they willing to lose to the epl with this fiasco.

  • pat says:

    From the statements by the consortimum the SPL and SFA shouldn’t then worry about puttig financial penalties in place against the NewCo as those penalties will not affect them really.

    The 3 or 4 years reduction in SPL payments if they let them back in would be peanuts compared to their £Billion that this guy is claiming.

    The SPL should therefore look at having bigger penalty points deductions instead.

  • mick f says:

    He sounds like David Murray with the “at the forefront of British & European football”.
    All these dodgy characters lurking in the shadow the best part is gers fans are picturing a huge group of wealthy beyond their imagination people but in reality there’ll be the usual smoke & mirrors then the now common embarrassing red faces when the truth is exposed.

  • Gerry says:

    Abhorrent!

    We’ve got stacks of money but we’ll not be giving it to HMRC.

    So two fingers to teachers, nurses, doctors, carers & their beloved armed forces.

    Arrogant selfish currants!

  • PB says:

    No individual or group will pour “hundreds of millions” into any club like this (Celtic included)and a league like this that can’t promise a return on investment to payback with interest.

    That sort of payback doesn’t exist

    The people who pop up as “spokesmen” for Rangers talk complete nonsense.

  • Brian02 says:

    It’s not Green and Whyte (no pun intended) we need to worry about. It’s the S.P.L. and the S.F.A. who hold all the aces. If they allow a Newco to climb straight into the S.P.L. then U.E.F.A. should be called in and investigate the very core of Scottish Football. We know it is riddled with Anti Irish bigotry and hate so showing Rascism the Red Card is a total Joke. What other organisation gets away with blatent texts and emails about the Pope and the Irish, even down to their head of refereeing. Please U.E.F.A. investigate now before you also lose all credability.

  • Thai Tim says:

    Who owns Ibrox and the Murray Park training ground? That is the most important question. Have these assets already been “stripped”?

    • martin kennea says:

      craig white might be a lot of things,but, he isnt silly. He will have they assets secured.

Comments are closed.