Hibernian managing director Rod Petrie has dismissed Old Firm claims that the renegade 10 SPL clubs have walked away from a �60m securitisation deal.

Rangers had claimed in a statement that they had approached the SPL general meeting "in conciliatory manner" with "news of a securitisation deal for the SPL channel which would minimise the risks involved in such a venture."

Celtic and Rangers had vetoed the SPL TV channel last week to leave the other 10 facing an uncertain financial future.

But the 10 renegade clubs turned the tables on the Glasgow giants by announcing their intention to quit the SPL after serving a mandatory two years' notice period.

"To suggest that the clubs would walk away from a �60m deal is laughable," said Petrie.

"The Old Firm killed the channel. They voted against it, undermined it and took a decision that meant the channel was massively damaged.

"We were all aware that a securitisation deal might have been possible a part of the channel."

A statement on behalf of the 10 other clubs insisted the idea of securitisation was too risky for all the clubs.

The statement said: "Securitisation is a complex financial instrument which would be subject to due diligence. It involves the transference of risks and rewards.

"It is foolish to think that a remote third party institution would be happy to go ahead when the two largest clubs had publicly stated their grave reservations about the viability of the channel."

The statement added: "The clubs stressed there was no new information before the 12 SPL clubs at the Hampden Park meeting on Tuesday beyond an e-mail from the UK subsidiary of an overseas bank expressing concern at the events of last week.