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Administrators admit fresh Rangers sale delay

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23 Apr 2012 21:17:08

Administrators admit fresh Rangers sale delay

Rangers' administrators urged fans for yet more patience after saying Monday two potential bidders for the Glasgow giants have still not made an offer "capable of acceptance".

US businessman Bill Miller and the Blue Knights group led by former Rangers director Paul Murray both have offers on the table after Singapore's Bill Ng scrapped his £20 million offer for the 140-year-old Scottish football institution last week in frustration at the bidding process.

It is a frustration shared by many Rangers fans, who have seen their club reduced to a state of 'suspended animation' since administrators were called in on February 14 after British tax authorities went to court to seek payment of an unpaid bill of £9 million ($14 million) built up since owner Craig Whyte took charge at Ibrox in May.

David Whitehouse of administrators Duff and Phelps insisted neither of the two bids still being considered involved the 'nuclear option' of liquidation.

However, he tried to re-assure fans who are become increasingly jaded by yet another broken deadline.

"We have continued intensive discussions with interested parties over the weekend," Whitehouse said in a statement.

"The Blue Knights and Bill Miller have asked for a further short period of time to finalise their plans for the club prior to any announcement on a preferred bidder.

"At this stage neither party has currently made an offer that is capable of acceptance by the administrators and we can only move forward when we have an offer on the table that can be concluded following a period of final due diligence.

"Both bidders have raised with us their strong desire to attain greater clarity on potential footballing sanctions the club may face and these remain issues to be resolved.

"We believe that both bidding parties have the best interests of the club in mind and, frustrating though it is for fans, it is better that these complex issues are addressed now rather than later.

"For the avoidance of doubt, neither bid involves liquidation."

Miller's bid is dependent on receiving written assurances from Scottish football authorities that a 'new' Rangers would not be punished next season.

The Scottish Premier League clubs are due to vote on April 30 on proposals that would see 'newco' clubs deducted money and points for several seasons, otherwise there will be a reduced incentive for sound financial management.

Entering administration meant Rangers were docked 10 points -- a move that effectively handed this season's Scottish Premier League title to arch Glasgow rivals Celtic, recently crowned champions.

Duff and Phelps released a report earlier this month saying Rangers' total debt could amount to £134m, with the club awaiting the outcome of a tax tribunal case that could cost them £75m.


AFP

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