Rangers are set to start the new season in the Irn-Bru Third Division and they are currently speaking with the Scottish Football Association for the newco to gain membership of the governing body.
Green has revealed he will travel to Athens to secure a friendly against Olympiacos at Ibrox before moving on for talks with UEFA.
He told Sky Sports News: "Part of the conditions for the newco to meet to satisfy SFA membership is that there are certain old club debts to European clubs.
"It is not inconsiderable, it is about £3million that has been accumulated as part of the historical baggage.
"These are oldco debts newco has got to face up to and this is the frustration we've had as a group where at times we are newco so we have to sit in this particular box.
"However when it is convenient we are still oldco so we have to suffer the sins of the fathers.
"Nevertheless what I want to go and say to these clubs as well as UEFA is that we are here for the long haul, we want to be honourable, we are people who face up to responsibility but we want some help in meeting these because we do want to get Rangers back to the top of the pile and when we do get back into Europe - whether it's five or 10 years or 20 years - we want to walk back with our heads held high.
"We don't want them to be waived, we don't expect them to be waived and part of me says why should a club waive its debts when it's done its thing honourably.
"Equally I think I would like the clubs and UEFA to recognise these are not my debts, this is a gesture and for them to work with us where we can come to some amicably agreeable settlement and move forward together as friends."
Green also believes there has been a change in attitude from the fans towards him and revealed they can ultimately own up to 50% of the club.
"I am trying to do a job that rescues Rangers for the fans and for the people who own this club.
"They can own up to 50% of this and again if fans choose not to buy shares then that is their right.
"The opportunity is there, we will have fulfilled our promise to fans and that is the next step."
Green's Sevco colleagues, including chairman Malcolm Murray, are meeting the SFA to discuss other potential stipulations of their membership.
Green revealed last night that, as well as the football debts, he might have to take on the transfer embargo and £160,000 fine handed to Rangers before he bought the club's assets.
Rangers fans have backed Green's assertion that the Ibrox club should be given a fresh start.
Andy Kerr, president of the Rangers Supporters Assembly, told Press Association Sport: "Enough is enough. I have been contacted by Rangers supporters from all over the world, from places like Canada, Australia, America and Hong Kong and that's what they are saying - enough is enough.
"The fans are saying that we cannot tolerate any more sanctions and we can't be held to ransom over a transfer embargo.
"It is a total farce that the membership discussions are taking place at this stage anyway but there is a feeling in a lot of quarters that it has almost become vindictive.
"Losing most of our first-team players is bad enough but to go into the Third Division with our arms and legs tied together does not bear thinking about.
"But is clear where we are now and where we are going to be playing next season so we would urge the SFA to give us a favourable decision and allow us to get on with playing football and try to get back to where we were."
The SFA said: "Now that the Scottish Football League have made a conditional acceptance of Rangers FC in Irn Bru Division Three we will now consider the club's application for membership transfer this week.
"The Scottish FA has been in dialogue with Rangers FC in respect of the outstanding disciplinary sanction.
"The decision of the Court of Session to set aside the 12-month registration embargo was complicated by Rangers FC's administration and subsequent request from Sevco Scotland for a transfer of membership of the Scottish FA.
"Again, now that the club's status has been confirmed by the SPL and SFL, we will consider the award of transfer once Rangers FC satisfy the necessary criteria."