A Singapore-based consortium edged closer to a takeover of ailing Scottish giants Rangers on Tuesday, following the withdrawal of a rival group bidding for the club.
The five-man grouping led by Singapore businessman Bill Ng is expected to be named as the preferred bidder for the Glasgow outfit after the Blue Knights consortium stepped aside late Monday.
The Blue Knights, fronted by former Rangers director Paul Murray, had been invited to enter into exclusive talks with administrators Duff and Phelps with a view to locking up a deal.
However Murray's group said they were unable to match the terms of a deal agreed by the Singapore consortium and investment firm Ticketus, who helped finance Craig Whyte's takeover last year.
The Blue Knights said in a statement to the BBC they were taking "a step back to enable Duff and Phelps, Ticketus and the Singaporeans to conclude a deal as quickly as possible or not.
"We stand ready to complete our offer of April 4 which included a deal in principle with Ticketus.
"We still believe that a partnership with Ticketus represents the best opportunity of the club exiting administration via a CVA (company voluntary agreement).
"We firmly believe that, in the best interests of the club, the whole process has to move forward as a matter of urgency.
"We are stepping back to assist with this but we stand ready to re-enter the process if a deal can not be reached," the statement added.
Ng, a director with a private equity firm, told AFP last week his consortium has placed a £20-million ($31.7-million) bid and said his move was motivated mainly out of love for the 140-year-old club.
"I have always been a fan of Rangers since my youth days," said Ng, who is the chairman of Singapore football club Hougang United.
Administrators were called in to Rangers on February 14 after British tax authorities went to court to seek payment of an unpaid bill of £9 million that had built up since owner Craig Whyte took charge at Ibrox last May.
Source: AFP
