Ex-Rangers manager Walter Smith to bid for club

Ex-Rangers manager Walter Smith to bid for club

Published Jun. 14, 2012 4:38 p.m. ET

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 21 million pounds ($32.5 million) among other liabilities.

Smith called on the Sevco consortium which was 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 that the purchase of ''the business and assets of Rangers'' had been completed, likely meaning that Smith's takeover bid is too late.

British tax authorities rejected a deal Tuesday to save Rangers from bankruptcy as they seek to pursue individuals for money owed.