Rangers Administrators Announce Preferred Bidder
Thu 3rd May 2012 | Clubs Ownership
Rangers Administrators Duff & Phelps have announced Bill Miller as the preferred bidder for the Scottish Premier League side.
Paul Clark, joint administrator announced the American businessman’s £11.2m bid had been successful this afternoon: "We are delighted to announce that today we have received an unconditional bid for the business and assets of Rangers Football Club plc from Mr Bill Miller which has been accepted and he is now the preferred bidder. Mr Miller now proposes to complete his transaction by the end of the season.
"After many weeks of negotiation and deliberation we believe that the structure of the bid from Mr Miller provides not only the most deliverable outcome but preserves the history of the Club. Rangers Football Club will continue as the football club it has been for 140 years.
Progress over the sale of the club slowed when the Scottish Premier League (SPL) placed Rangers under a 12 month transfer embargo following a disciplinary hearing at the end of last month. But Miller had been unperturbed by the situation.
“Mr Miller and his team have sought clarity in relation to potential footballing sanctions and the place of Rangers Football Club plc within the Scottish Premier League. Significant progress has been made and discussions will continue throughout the period which Mr Miller now enjoys as preferred bidder.
"Very importantly, the bid also avoids the need for liquidation. All too often the term liquidation has been bandied about during the process without a clear understanding of what it actually means.
Miller will set up an ‘incubator’ which will leave the "old company" saddled with the club's debts and aim to deal with its creditors via a Company Voluntary Arrangement [CVA].
"As we stated at the outset, one of the prime objectives of the administration was to achieve a CVA which would deliver a return to creditors. Mr Miller's bid meets this criteria,” Clark added.
"In recent weeks there has been much debate about Rangers exiting from administration through a stand-alone CVA. However, the barriers to a proposed stand-alone CVA are now too high.
"Mr Miller's proposal involves the use of a specially created newco in addition to the retention of the Rangers Football Club plc. The business and assets he proposes to purchase will be sheltered in a newco and returned to the plc once the plc has been 'cleaned up'.
"He sees this route as a necessity rather than a choice and in our view this is an entirely workable strategy. Indeed to ensure the continuing operation of the Club beyond the end of May it is in our view a very compelling strategy.
"The bid submitted by Mr Miller is substantially greater than any other proposal and provides the best return to creditors, a fundamental part of our duties as administrators. Importantly, the structure provides a stable platform through which new investment can be deployed to ensure that the Club thrives again in the future.
Miller told the club’s official website he was honoured to have been given the chance to buy Rangers: "It is a great honour and privilege to have the opportunity to buy Rangers Football Club.
"I respect the club as one of the world's great sporting institutions and one of the UK's most venerable football clubs.
"What Rangers, which includes supporters, players, staff and anyone with the club at heart, have been put through, particularly in recent months, is a travesty and from what I can see they have been badly let down by a number of individuals.
"Under my stewardship, Rangers will be managed with fiscal discipline such that the club not only conforms to UEFA Financial Fair Play regulations but also such that Rangers will never have to suffer this kind of anguish again. From now on, Rangers will live within its means - no excuses.
"I have fought hard to try and offer Rangers a fresh start and I hope all Rangers fans will continue to rally round the club as we endeavour to leave behind this distressing chapter in the club's history.
Posted by: Aaron Gourley
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