Rangers postpone bid announcement

11 April 2012 16:47

Rangers administrators Duff and Phelps have been forced to delay the announcement of a preferred bidder for the Ibrox club due to proposed changes to Scottish Premier League rules.

They had hoped to announce the acceptance on Wednesday in principle of an offer for the purchase of the Glasgow giants, with Paul Murray's Blue Knights, American businessman Bill Miller and a Singapore consortium fronted by Bill Ng still in the running.

However, the SPL have revealed that clubs will vote on a number of resolutions relating to financial fair play at a general meeting on April 30, which could result in tougher sanctions for clubs in administration and those facing liquidation.

Paul Clark, joint administrator, said: "As administrators we had hoped to announce today the acceptance in principle of an offer for the purchase of Rangers Football Club, which would be followed by a period of exclusivity while due diligence is undertaken.

"Regrettably, this is not now possible as we were informed over the Easter holiday period that the SPL is proposing to consider at a general meeting on April 30, significant rule changes in relation to clubs which find themselves in an insolvency situation."

Source: PA