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Blue Knights prepare Rangers offer
Published : 10 Mar 2012 08:47:12
Rangers administrators will push ahead with attempts to sell the club after securing cost cuts - and an unlikely consortium quickly emerged as a candidate.
Little over an hour after a players' wage-reduction deal was announced, former director Paul Murray confirmed he had joined with fans to formulate an offer - with the company that facilitated Craig Whyte's takeover.
Ticketus, whose Â£24million cash injection in return for rights to sell future season tickets was used by Whyte to pay off the bank debt he himself had pledged to settle, are now attempting to help finance the Blue Knights consortium.
Administrators Duff and Phelps revealed the wage deal, which sees some players lose 75% of their pay until the end of the season, had prevented redundancies among staff at Ibrox and Murray Park.
The Â£1million monthly savings will allow Rangers to finish the Clydesdale Bank Premier League season and provide "breathing space" for sale attempts.
Joint administrator Paul Clark said: "We have set a date of next Friday that the buyers should prove their worth and place indicative bids so we can decide which of the parties are really serious about acquiring Rangers Football Club.
"The plan from the outset is to avoid any talk of liquidation."
The newly-expanded Blue Knights group are determined to avoid liquidation, which would break up 140 years of continuous existence and put Rangers out of Europe for three years.
Ticketus backed Murray's bid as the most viable and, more surprisingly given the investment firm's role in Whyte's buyout, the main fans' groups are happy with the Ticketus involvement. There has been no clarification that Ticketus are entitled to season tickets but sources close to the company are adamant their legal advice shows they are.
Three Rangers supporters groups - the trust, assembly and association - have joined the consortium.