Walter Smith syndicate looks the ticket for Rangers but will Green walk away

(Updated) Former Manager of Rangers Football Club, Walter Smith, known to have been putting a possible bid together, stepped forward earlier to announce that he is leading a bid to secure the assets of the club, as a newco, for half a million more – £6 million – than the Charles Green offer.

Smith has named most of the members in his bid team, unlike Green and he seems to have the money in place, where Green seems not quite to be there yet.

Smith has called on Green to walk away – a necessary move since Green is legally in place as preferred bidder and cannot be dislodged unless he chooses.

Smith has named Jim McColl of Clyde Blowers and Douglas Park of Parks coach and motor car business, as amongst his team and has said that they have no interest in owning Rangers but have moved in the best interest of the club.

In a statement which must find heartfelt accord among Rangers fans, Walter Smith says: ‘Rangers Football Club should be in the hands of Rangers people who will stabilise the club and protect it from future situations like we find ourselves in today.’

A complication may be Charles Green has said he now owns the club.

Shortly after the meeting of creditors this morning (14th June) where, as anticipated, HMRC, the biggest creditor, voted down the  Company Voluntary Arrangement (CVA)  which would have saved the club from liquidation, Mr Green announced that he had completed the purchase of the assets for £5.5 million.

Update 17.55: Green has called a press conference where he said that Smith is too late. Will Green sell on to Smith and make a quick half million in the process?