BDO on Rangers continuing as a club

Malcolm Cohen, BDO business restructuring partner, will be appointed joint liquidator of the old company.

On Tuesday, he said: "CVA proposals have been rejected, so the next step for the Company will be to exit administration and enter liquidation. Once BDO is formally appointed, the joint liquidators will be seeking to protect any remaining assets, maximise recoveries for the benefit of creditors, and investigate the reasons behind the failure of the company.

"The joint administrators intend to complete a transfer of the business and assets to a new company in the coming days, putting the future of the club on more secure footing. Once this is done, BDO will determine what can be recovered from the remains of the existing company.

"It is important to understand that the appointment of liquidators will not mean the end of football at Ibrox - only the end of the company that ran the club. This is the structure that BDO will investigate. It is right that there is a full and robust investigation into why the company failed, together with concerted efforts to recover monies for creditors and the taxpayer. This may include pursuit of possible claims against those responsible for the financial affairs of the company in previous years."

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"only the end of the company that ran the club"

"The joint administrators intend to complete a transfer of the business and assets to a new company in the coming days, putting the future of the club on more secure footing."

That puts that one to bed then.