By Andrew Warshaw
April 24 – Hopes of finding a buyer for beleaguered Scottish giants Glasgow Rangers was further delayed today when administrators said they were still unable to name a preferred bidder.
Duff and Phelps said on Friday (April 20) that it would look to proceed with American businessman Bill Miller’s £11.2 million ($18 million/€13.7 million) bid for the multiple Scottish Premier League (SPL) champions (pictured top, supporters at Ibrox) if no other offers were forthcoming.
Former director Paul Murray’s (pictured below) Blue Knights consortium had been working towards a possible fresh offer being made today but both prospective bidders have now asked for more time.
David Whitehouse, of Duff and Phelps, explained: “We have continued intensive discussions with interested parties over the weekend.
“The Blue Knights and Bill Miller have asked for a further short period of time to finalise their plans for the cub prior to any announcement on a preferred bidder.
“At this stage neither party has currently made an offer that is capable of acceptance by the administrators.
“We can only move forward when we have an offer on the table that can be concluded following a period of final due diligence.”
Whitehouse added: “In broad terms, the Blue Knights is trying to resolve issues regarding the structure of its proposed funding partnership with Ticketus as well as conducting further analysis of player contracts.
“The proposed bid from Mr Bill Miller is, as he made clear on Friday, subject to specific conditions.”
Whitehouse continued: “Both bidders have raised with us their strong desire to attain greater clarity on potential footballing sanctions the club may face and these remain issues to be resolved.
“We believe that both bidding parties have the best interests of the club in mind and, frustrating as it is for fans, it is better that these complex issues are addressed now rather than later.
“It is imperative that whichever offer is taken forward can be delivered; for the avoidance of doubt, neither bid involves liquidation.
“This is a complicated administration due to recent and historical events and while everyone wants to see a solution brought about quickly there is a need to grasp the reality of the situation.”
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