UK tax authorities push for Rangers' liquidation

Published Jun. 12, 2012 9:26 a.m. ET

foxsports

An English businessman trying to buy Scottish football club Rangers says British tax authorities have rejected a deal that would save one of the country's biggest football clubs from bankruptcy.

Charles Green, who is leading the Sevco consortium that was given preferred bidder status last month says he is ''hugely disappointed'' at the failure to approve the deal that could prevent the 140-year-old club from going into liquidation.

Rangers entered bankruptcy protection in February following a long-running dispute with British tax authorities, which are owed 21 million pounds ($32,5 million).

Their statement Tuesday says the decision to force liquidation does not ''prejudice the proposed sale of the club,'' but allows them to pursue individuals for the debt.

Green says he will now push ahead with plans to buy the club's assets and form a new company.