Smith group withdraws bid to buy Rangers

Smith group withdraws bid to buy Rangers

GLASGOW - Agence France-Presse
Smith group withdraws bid to buy Rangers

Celtic’s Kris Commons (R) celebrates scoring against Glasgow Rangers. REUTERS Photo

A consortium led by former Rangers manager Walter Smith announced on Tuesday they have withdrawn their bid to buy the new company that has replaced the liquidated Scottish club from Charles Green.

Smith said an offer of 6 million pounds ($9.4m) to the Green consortium through Zeus Capital had been rejected, and confirmed his group have now pulled out of attempts to own the “newco” club.

“Our offer has been rejected and they have made a counter-offer inviting us to join their consortium,” a statement from Smith read.

“However, the current business plan is not in accord with our understanding of the present circumstances of the club and the way forward, but we would prefer to leave them to proceed in their own way and we wish them good luck in their endeavors.” Green bought out the assets of the cash-strapped Glasgow giants and created a new company with the aim of replacing Rangers in the league.

Rivals to decide on Rangers’ fate

Rangers was forced into liquidation when British tax officials -- chasing debts of more than 21 million pounds ($32.6m) -- refused to accept a proposal by Green to repay only a small portion of monies owed.

Scottish Premier League (SPL) clubs will vote on July 4 on whether to allow the “newco” Rangers to keep the 140-year-old Glasgow giants’ place in the top flight.

Only then, just a month before the season starts, will matches for the new campaign be finalized after Rangers was omitted from the SPL fixture list announced on Monday, with its place taken by a yet-to-be decided “Club 12.”