(CNN) -- British businessman Charles Green has agreed a deal to take over Scottish Premier League side Glasgow Rangers, the club's administrators said on Sunday. The former Sheffield United chief executive is leading a global consortium made up of 20 investors from the Middle East, Asia and the Far East. "We are very pleased to announce that we have accepted an offer from a consortium headed by Mr. Charles Green for the purchase of Rangers," said David Whitehouse of administrators Duff and Phelps. "Mr. Green has secured, via a substantial financial commitment, a period of exclusivity to complete the purchase of the club and this is expected to be finalized at a creditors' meeting on June 6."
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Former Sheffield United chief executive Charles Green agrees Rangers takeover deal
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His consortium is made up of investors from the Middle East, Asia and the Far East
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Takeover consortium wants to exit administration by Company Voluntary Arrangement
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Green promises no investor will owns more than 15% in the Scottish club
Company Voluntary Arrangement
"Mr. Green, through a corporate vehicle, has entered into a binding commitment to inject funds into the Rangers Football Club plc so that the administrators can propose a @placeholder which, if approved by creditors, will result in their claims being compromised for specific amounts and the company exiting administration free of the historic debt and with new owners.