Ibrox Stadium, home of Glasgow Rangers Football Club
Ibrox Stadium, home of Rangers Football Club Reuters

Former Sheffield United executive Charles Green has completed his purchase of the business and assets of Rangers Football Club.

Green completed his £5.5m "newco" acquisition after his Company Voluntary Arrangement was rejected by the taxman.

Green was the frontrunner to buy the debt-ridden Scottish club who have been struggling with financial troubles and tax headaches.

Confirmation of the deal going through came just hours after former Rangers manager Walter Smith confirmed he was going to make an 11th hour bid for the club.

Green has said he wants current manager Ally McCoist to remain at the club. The team will be renamed The Rangers Football Club when they reform under the new company following liquidation.

Charles Green Full 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 bittersweet 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."