Green completes Rangers purchase

Charles Green has completed his purchase of Rangers' assets - shortly after former manager Walter Smith announced an 11th-hour bid.

Green completed his £5.5million newco acquisition after his Company Voluntary Arrangement was formally rejected.

Green, who made no mention of Smith's bid in a lengthy statement, said: "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 former Sheffield United chief executive stressed he wanted Ally McCoist to stay following reports that the manager was on the verge of quitting after apparently discovering that Green planned to replace him.

The statement added: "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."

Smith had earlier confirmed he was leading a bid - believed to be worth about £6million - and urged Green to step aside. Green could make a quick profit by agreeing to sell Rangers to Smith's group immediately but his statement pointed to a longer-term involvement.

The Yorkshireman named several of his investors and addressed the future of McCoist, who has remained tight-lipped.

"Our consortium wants Ally McCoist to remain as manager and we firmly believe he is the man to take Rangers forward," Green said. "He embodies everything that is great about the club and without question we want him to continue as the Rangers manager.

Green added: "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."

But Hart said he was not part of the Green consortium and restated his support for Douglas Park, who is part of the group led by Smith. He stressed that he has not put new money into Green's Sevco consortium, and was in fact one of the Blue Knights, who were involved in a previous bid for the club.