Ex-Rangers manager Walter Smith to bid for club

Former Rangers manager Walter Smith launched a takeover bid on

Thursday for the 140-year-old Scottish club, which is on the verge

of bankruptcy with tax debts of $32.5 million among other


Smith called on the Sevco consortium, given preferred bidder

status last month to drop its bid, to ”allow us to proceed with

our deal, which is in the best interest of the creditors, the

employees, the fans and the various other stakeholders of Rangers

Football Club.”

However, the head of the Sevco consortium, Charles Green, later

said the purchase of ”the business and assets of Rangers” had

been completed, likely meaning that Smith’s takeover bid is too


British tax authorities rejected a deal Tuesday to save Rangers

from bankruptcy as they seek to pursue individuals for money