Bill Miller has unveiled plans for an £11.2million bid for Rangers which would create what he described as an 'incubator' company while Duff and Phelps bid to take the club out of administration through a Creditors Voluntary Arrangement.
In a statement, US-based Miller revealed he would suspend his offer until Monday to allow other bidders to "put up or shut up". After deciding a straight CVA would be too risky and prolonged, Miller claims he has found a new solution.
The American businessman said: "In order to preserve the club's history, records, championships and assets, I will put the heart of the club into an 'incubator' company while Duff and Phelps works to make the sick patient healthy through a CVA process that effectively works to radiate the toxicity of past administrations' sins out of the patient while the healthy heart is preserved and moves forward."
Source: PA
