A Singapore businessman bidding to take over Scotland's crisis-hit Glasgow Rangers has expressed frustration over negotiations, a report said Friday, prompting speculation he may pull out.
Bill Ng's consortium is considered in pole position to be named as the preferred bidder after a consortium fronted by former Rangers director Paul Murray stepped aside late Monday.
However, hardball tactics employed by investment firm Ticketus -- which helped finance current owner Craig Whyte's takeover last year -- have drawn out talks, according to Singapore's The New Paper.
"Yes, I am frustrated with Ticketus because it keeps increasing its demands from £10 million ($16.1 million) to £12 million, then £17.5 million, but I don't blame it," Ng was quoted as saying.
"I understand that as the main creditor, it wants as much as it can get.
"What I am most displeased and disappointed about is how the administrators -- Duff and Phelps -- can allow the goalposts to keep moving when they are supposed to be like the referee and be firm during discussions," he added.
"But they have been weak so far. Even if I agree to Ticketus' price, there is no guarantee we will land 85 percent of Craig Whyte's shares."
According to the report Ng, who is the director of a private equity firm and chairman of Singapore's Hougang United, did not rule out scrapping his bid. He was not immediately available to confirm the article.
Last week Ng told AFP his consortium had placed a £20 million ($31.7 million) bid motivated mainly by his passion for Rangers, which he said he has supported since his youth.
Murray's Blue Knights consortium had been invited to enter into exclusive talks with administrator Duff and Phelps to conclude a deal, but it was unable to match the terms offered by Ng's group.
American businessman Bill Miller remains in the running for the 140-year-old club, according to reports.
Administrators were called in to Rangers after British tax authorities went to court to seek payment of an unpaid bill of £9 million ($14 million) built up since Whyte took charge last May.
That meant Rangers were docked 10 points -- a move that effectively handed the Scottish Premier League title to arch-rivals Celtic. Administrators also released a report saying Rangers' total debt could amount to £134 million.
Ng's bid is the second time investors from wealthy Singapore have tried to buy a British club. In 2010, Singapore billionaire and well-known Manchester United fan Peter Lim made an unsuccessful £320 million offer for Liverpool.
Source: AFP
