Indonesian among consortium set to buy Rangers

Indonesian businessman Jude Allen has been named as one of the members of the 'Sevco' consortium set to take over financially stricken Scottish giants Rangers.

Former Sheffield United chief executive Charles Green is heading the consortium trying to buy the Glasgow club, who went into administration with massive debts earlier this year.

Green had been coy over his financial partners but he revealed on Friday that Allen and Middle Eastern lawyer Mazen Houssami are involved in the bid, along with a Singapore family trust.

Green said at the weekend that 20 individuals and families have pledged support and he claimed on Friday that interest in joining the consortium he fronts is growing on a daily basis.

"I can now provide two names -- as I have clearance to do so on their part -- of investors who are on the list," Green told Rangers TV.

"One guy is Jude Allen, who is an Indonesian investor, and the second is a lawyer from the Middle East, Mazen Houssami. These two are very prominent in their areas.

"It's a great opportunity for us to build on their experience, their connections in those regions, because we want to take the Rangers brand into these areas.

"There are other names but, for today, they are two very prominent businessmen who are backing the football club. And, in addition to these two previous names, there is also a Singapore family trust."

Green's consortium would put up £8.5 million ($13.4m) to pay administrators Duff and Phelps' fees and secured creditors first, before using whatever is left to fund a company voluntary agreement (CVA) offer to the club's unsecured creditors including British tax authorities.

However, a CVA agreement is far from certain as the club will offer a small fraction of up to £134m owed to creditors.

If it failed to receive 75 percent support of creditors, Rangers would be liquidated and the club's assets, including their Ibrox Stadium, would be sold to a new business entity, which is known as a 'newco' switch.

"I have to balance which of the investors are going to be best for this football club," Green added.

"I can assure fans that it is very easy to raise money, even in this financial market we are in, for an institution like Rangers.

"I have to raise the real best type of money that's going to help us expand the club, develop the club in the Asian markets."


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