TWO Glasgow property developers, including one who has been banned as a company director, say they are to make an audacious double-your-money bid to buy "stuck in quicksand" Rangers.
Allan Stewart, 55, and Stephen McKenna, 45, who claimed to have made £134million after their firm sold off 14,000 flats all over the world, say they want to speak to Charles Green's Sevco consortium in the next few days about their reported £11m bid.
Mr Stewart, a partner in the now liquidated housebuilders Stewart & McKenna, was banned from acting as a company director for seven years in the 1990s and twice declared bankrupt.
Two years ago Stewart & McKenna went bust owing the taxman £78,000.
The duo's company vehicle they are using for the buyout, Aleftav, is named after a biblical term which conceptually means the first and last. It was previously known as Payment Protection Rebates Ltd.
They say they want to run Rangers for three or four years before floating the company on the Stock Exchange and eventually handing the club over to the fans.
Mr McKenna told the Evening Times they would bring in other unnamed businessmen to run the club.
He said: "At the end of the day Charles Green is running on empty. I don't care what anybody says, I don't see a million investors.
"We have to get it off the owners who are there just now because the fans don't believe in them.
"It's stuck in quicksand at the moment and they need to go. If it's not us it will be someone else.
"It is a serious potential bid."
Mr McKenna told the Evening Times they had been working on the bid for three months and needed a couple of days to finalise their offer.
Asked if they could go forward with it if Mr Stewart were deemed not to be a fit and proper person to run the club, he said: "It doesn't mean we will be directors. We are not football guys.
"We will bring people in to run it. We've got a team of professionals we would bring in from well-to-do companies.
"It will be football people to do the football side."
Asked if they had any Celtic connections, Mr McKenna said: "No, we don't go to football or anything like that. I mean, I'm not saying we haven't been to a football match. Me and Allan have been to both stadiums over the years."
He said the motive was to "get it back on its feet and let the Rangers fans buy it back ... then we walk away."
He added: "Fans might not have money but we can set a target of three or four years for it and let them buy it and once they reach the target we will leave and they can have it.
"We are business guys – anyone who wants to invest money in Rangers, even the nicest guy in the world, is only there to make money.
"We can invest money elsewhere. We don't have to put it in the football club. Yes, we will make money. We will make money during and at the end. It won't be significant.
"And yes we are committed.
"Once I get my legal situation sorted we can prove funds. And the funds are there."
He ruled out any possibility of joining forces with the Sevco consortium.
Asked about working capital, he added: "It's private. It's all private."
The club's fans have raised concerns about the prospect of the bid. John MacMillan, general secretary of the Rangers Supporters Association, said: "We have to be very careful. We've been bitten twice and may be a third time, who knows?
"I think there has to be a very serious look into this.
"We can't dismiss it out of hand but if one has been banned as a company director, it excludes him.
"The last thing we want is another upset. We have enough turmoil at the moment. We don't need any more."