The saga over the future of ailing Scottish giants Rangers inched closer to resolution on Thursday after US businessman Bill Miller was named as the preferred bidder by the club's administrators.
Tow-truck tycoon Miller was battling a rival bid by the Blue Knights consortium but is now in pole position to secure a takeover after the decision by administrators Duff and Phelps.
Miller last month outlined plans for an £11.2 million ($18.1 million) bid for Rangers which would involve setting up an "incubator" company while Duff and Phelps continued to steer the club out of administration.
"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 (Creditors Voluntary Arrangement) 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," he said.
The emergence of Miller's bid followed the withdrawal from the takeover battle by a Singapore-based consortium.
Administrators were called in to Rangers on February 14 after British tax authorities went to court to seek payment of an unpaid bill that had built up since Whyte took charge at Ibrox in May.
Entering administration meant Rangers were docked 10 points -- a move that effectively handed this season's Scottish Premier League title to arch Glasgow rivals Celtic, recently crowned champions.
Source: AFP
