There are so many plot lines in the epic story that Scottish football has become it’s easy to lose track, especially when the chief executive of the SPL insists that he still doesn’t know if Rangers have a case to answer in connection with improperly registered football players – a completely untenable position on week 11 of the inquiry.
He should know. If he doesn’t, he should resign and allow someone else to pick up the baton.
While this drama has dominated headlines the important storyline happened off-stage. 11 days ago the Blue Knights consortium, fully aware of how time-critical events were, said their accountants needed to be place at 9am on Saturday 12 May for Rangers to achieve a CVA. Even more importantly, they also said that a Newco would not work.
If the Blue Knights men were in place on 12 May creditors could have voted on a CVA this time next week. As it is, creditors still have nothing to vote on, the prospective buyer has not been able to put a deal to them.
Green’s failure to produce an offer since being appointed nine days ago, alongside missing his own deadline to announce a creditor’s meeting on 6 June, are the most important acts in this month’s play, so far. He has to find funders who are able to see a return on investment which Paul Murray and Brian Kennedy tell us does not exist. It’s worth noting that both of these men will be far closer to the financial realities of running Rangers than anyone Green will find in Bangalore.
Unless a consortium can be pulled together that will offer money for the assets of Rangers FC, the company will expire next week when it runs out of money. No CVA, no Newco, no matter what Neil Doncaster does.
Don’t be surprised if Mr Green walks away soon.
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