13/05/2012 10:46 BST | Updated 13/05/2012 10:50 BST

Rangers Bid By Ex-Sheffield United CEO Charles Green Accepted

A deal to sell Scottish Premier League side Rangers has been agreed.

An unconditional offer from a consortium fronted by former Sheffield United chief executive Charles Green has been accepted by administrators.

Green's group has an "irrevocable" contract after paying an exclusivity fee and, unlike former preferred bidder Bill Miller, cannot now back out.

The group plan to put a Company Voluntary Arrangement (CVA) proposal to creditors this month with a target date of June 6 for it to be decided.

Administrators Duff and Phelps believe it will succeed with £8.5 million on the table from Mr Green's group.

If so the club could then come out of administration after a 28-day period and well before the start of next season. If the deal does not succeed, the group will push to set up a "new company", the plan favoured by Miller.

Green told a news conference at Rangers' Murray Park training ground today: "There are 20 individuals and families who have pledged support. The cash is in a bank account.

"No investor will own more than 15%. There are some investors from the UK, the Middle East, Asia and the Far East.

"If we get the CVA through we will release the names."

Rangers manager Ally McCoist told BBC Sportsound: "I really am relieved. For the sale of the club to go through this step had to be taken.

"We are not out of the woods yet. Once the complete sale goes through prior to 6 June, I will be the most relieved man in the country."

Green revealed that he had signed an exclusive deal with Craig Whyte to buy his 85% shareholding for £1, the price Mr Whyte had paid Sir David Murray.

"I gave him a pound out of my own pocket too, so he has made a 100% profit," Green added.

Green dismissed reports of previous links between himself and the businessman.

"It was complete rubbish," he said. "I met Craig Whyte for the very first time a week last Tuesday in London."

Administrator David Whitehouse said they had held discussions with Her Majesty's Revenue and Customs, who are expected to overtake Ticketus as the main creditors.

A report by administrators revealed the total debt could rise to £135 million with most of that sum dependent on a tax tribunal.

As well as the £8.5 million from Mr Green's consortium, there will be around £3.5 million going into the creditors' pot from football debtors, mainly from Everton for the sale of Nikica Jelavic.

More money could come at a later date subject to the success of a near £30 million claim brought against Mr Whyte's former lawyers, Collyer Bristow.

Whitehouse said: "That by some considerable margin is the best financial deal for creditors.

"We have been in regular discussion with major creditors for the last couple of weeks.

"They are aware of the nature of that proposal, they are aware it is the best deal and we have agreed it will be put forward at a creditors' meeting.

"Now we have a period of drafting and the intention is the CVA proposal goes out on May 21. The headline detail of the proposal has been discussed.

"We can't get a commitment until they have an opportunity to consider it at senior level.

"There is a backdrop strategy such that in what we believe is the unlikely event it is not accepted, the deal would then revert to a newco strategy."