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Rangers negotiations 'very advanced'

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11 May 2012 20:16:57

Rangers negotiations 'very advanced'

Rangers administrators Duff and Phelps have stated that negotiations with two interested parties were at a "very advanced stage" as they hit back at claims made by the Blue Knights.

The Blue Knights withdrew their offer for the club after claiming time had run out for them to effect a Company Voluntary Arrangement.

David Whitehouse, joint administrator, said in a statement: "The most important information for Rangers supporters is that discussions with two bidding parties are at a very advanced stage and we hope to reach agreement with one at the earliest opportunity."

One of the groups involved in discussions is reported to have links with former Sheffield United chief executive Charles Green.

Brian Kennedy, who has latterly spearheaded the Blue Knights bid along with former Rangers director Paul Murray, warned Duff and Phelps would have "blood on their hands" if the club failed to survive after their ultimatum passed without action.

Kennedy - who had secured a deal to acquire Craig Whyte's shares - valued their bid at £11million, including £5.5million up front, conditional on a CVA being agreed by creditors.

The Sale Sharks owner added that another £2million could be put into the CVA pot dependent on European success while they would pay off the £3.5million owed to football clubs. Kennedy and Murray also accused Duff and Phelps of "spin" and misrepresenting their bid.

Whitehouse responded: "It is most unusual for us to comment publicly on individual bids but due to the allegations made by Mr Kennedy and Mr Murray with the regard to our conduct as administrators we feel compelled to reveal important facts in relation to the various Blue Knights attempts to buy the club.

"For the avoidance of doubt some of the comments made at (Friday's) press conference were grossly misleading. First I would state unequivocally that every opportunity was afforded to these parties.

"The fundamental reason we could not proceed with the Blue Knights/Ticketus combination was that we were advised there was not agreement within the consortium in relation to the funding of their bid. Throughout the process Mr Kennedy told us repeatedly he would be the 'last man standing'."


PA

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