Football: indonesian among consortium set to buy rangers – Cosmetic Plastic Packaging

GLASGOW: Indonesian businessman Jude Allen has been named as one ofthe members of the ‘Sevco’ consortium set to take over financiallystricken Scottish giants Rangers. Former Sheffield United chief executive Charles Green is headingthe consortium trying to buy the Glasgow club, who went intoadministration with massive debts earlier this year. Green had been coy over his financial partners but he revealed onFriday that Allen and Middle Eastern lawyer Mazen Houssami areinvolved in the bid, along with a Singapore family trust. Green said at the weekend that 20 individuals and families havepledged support and he claimed on Friday that interest in joiningthe consortium he fronts is growing on a daily basis. PBL Tube

“I can now provide two names – as I have clearance to do so ontheir part – of investors who are on the list,” Green told RangersTV. “One guy is Jude Allen, who is an Indonesian investor, and thesecond is a lawyer from the Middle East, Mazen Houssami. These twoare 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 theRangers brand into these areas. Cosmetic Plastic Packaging

“There are other names but, for today, they are two very prominentbusinessmen who are backing the football club. And, in addition tothese two previous names, there is also a Singapore family trust.” Green’s consortium would put up 8.5 million pounds ($13.4 million)to pay administrators Duff and Phelps’ fees and secured creditorsfirst, before using whatever is left to fund a company voluntaryagreement (CVA) offer to the club’s unsecured creditors includingBritish tax authorities. However, a CVA agreement is far from certain as the club will offera small fraction of up to 134 million pounds owed to creditors. If it failed to receive 75 percent support of creditors, Rangerswould be liquidated and the club’s assets, including their IbroxStadium, would be sold to a new business entity, which is known asa ‘newco’ switch. Flat Oval Tube Manufacturer

“I have to balance which of the investors are going to be best forthis football club,” Green added. “I can assure fans that it is very easy to raise money, even inthis financial market we are in, for an institution like Rangers. “I have to raise the real best type of money that’s going to helpus expand the club, develop the club in the Asian markets.” – AFP/de.

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