Details of Charlie Green’s investment plan for Rangers have been leaked on the day that the club hopes to publish it’s CVA proposals.
Few facts have emerged since the former Sheffield United chief appeared on the scene on May 12 promising a great new future with the club playing in the Champions League on a regular basis.
Only two investors have so far been named with former Sheffield United chairman Mike McDonald ending his interest when the SFA upheld a 12 month transfer embargo on the club.
The CVA proposals are already eight days late and can’t be agreed until June 10 in the unlikely event that HMRC and Ticketus accept a pennies in the pound deal for their debts.
Despite those obstacles Green believes that he can offer investors in the club the chance to double their money by the end of the year!
According to a report in the Daily Record the investment brochure claims: “Founding investors who put up the first £10,000,000 will receive 10,000,000 additional shares at a value of £1 per share on a pro rata basis effectively doubling their contributions.”
The document also claims: “In the very unlikely event a CVA is not agreed by creditors Sevco will pick up Ibrox and Murray Park at a knock down £5.5m.”
The document also describes ‘advantages’ to a Newco being banned from Europe for three years, including slashing the first-team wage bill from £18m to around £11m.
Green has a deal to buy Craig Whyte’s 85% shareholding in the club for £2 but that is dependent on the CVA being accepted. Rangers director Andrew Ellis claims that he is entitled to 25% of Whyte’s Rangers shares while another director, South African based Dave King claims to have a verbal agreement with Whyte for first option on his Rangers shares.
With those disputes likely to result in court action it’s highly unlikely that there will be a Rangers share issue this year as Green’s Investment document claims.
CLICK HERE for Rangers CVA to be published on Tuesday
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