Four Bids Made For Rangers
Thu 5th Apr 2012 | Clubs Ownership
Administrators for Rangers have received four bids for the club after setting a deadline of 5pm on Wednesday for best and final offers.
David Whitehouse, joint administrator, said: "Following our announcement on March 30, that best and final bids for control of Rangers Football Club should be submitted by April 5, I can confirm we have received four bids by close of business today.
"The bids are structured in various ways but I would describe them as positive and constructive.
"The administration team will now analyse these bids over the forthcoming days and hold discussions with relevant parties to gain further understanding of the details of their bids.
"It will be our intention to accept an offer next week and this will be followed by a period of due diligence and exclusivity.
"At this stage, we cannot be precise in timescale but estimate that an exit from administration before the end of the season is achievable.
"We appreciate the need to conclude this process as quickly as possible.
"It is, however, most important to secure the best possible outcome for creditors, Rangers Football Club and its supporters."
The Blue Knights consortium - headed by former Ibrox director Paul Murray - and Ticketus confirmed earlier on Wednesday they had tabled an offer.
A statement issued by Ticketus read: "The Blue Knights Consortium, led by Paul Murray and supported by fans' representatives (from the Rangers Supporters Assembly, the Rangers Supporters Association and the Rangers Supporters Trust) and Ticketus, confirms that it has this morning submitted its best and final bid for the acquisition of Rangers Football Club ahead of today's deadline, as requested by the Administrators.
"The members of the Consortium remain united in their belief that a collaborative approach is essential in securing the club's future through a successful and swift CVA process.
"The Consortium strongly believes that a CVA, not liquidation, is the best way to protect the club's value and legacy and consequently that is the approach presented in our offer."
Murray said: "We are determined to try and save the club in its current form.
"We strongly believe that there is value to be gained from the financial and football benefits that a CVA can deliver that would be immediately lost if the club went into liquidation.
"We are confident in the strength of our bid and the Consortium's unique ability to rapidly return financial stability to the club with the support of Ticketus.
"As a Rangers fan first and foremost, I want to bring a swift end to the current uncertainties that are clouding the club. Our bid can deliver this."
Posted by: Aaron Gourley
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