By Andrew Warshaw
May 8 – The future of Glasgow Rangers, one of the most iconic clubs in Europe, was plunged back into disarray today when American businessman Bill Miller withdrew his bid for the beleaguered Scottish giant.
Miller (pictured top) blamed fan opposition to having an American owner as well as fresh information that apparently revealed that the Scottish Premier League club’s finances were more serious than he had been led to believe.
In what has developed into one of the most protracted ownership sagas in recent years, administrators Duff & Phelps now claim three other bids have suddenly emerged – one from the United Kingdom and two from overseas.
Miller, who earned his money from the trucking business, had been named as the preferred bidder last week for debt-ridden Rangers which has been locked in administration for weeks.
However, in a lengthy statement he explained the reasons for his change of heart, insisting that “preliminary information” given by Duff & Phelps was “more optimistic than reality” and that he was no longer pursuing his offer.
“As soon as I was announced as preferred bidder for Rangers my team began to press ahead with our due diligence,” explained Miller.
“Until then, information had been limited to what was made available in the internet data room, and questions addressed to the administrators and their staff.
“In addition, I had preliminary discussions with the Scottish footballing authorities and limited discussions with [Rangers manager] Ally McCoist.”
He continued: “Upon being named preferred bidder, discussions with Rangers staff started and discussions with all interested parties intensified.
“We continued to work through the holiday weekend in order to meet a very compressed schedule.
“By late Monday night, it became clear to me that preliminary information, discussions and analysis were, unfortunately, more optimistic than reality.”
Duff & Phelps gave a different version of events, however.
“Mr Miller’s bid was deliverable to creditors and was the only deliverable bid on the table at that time,” said David Whitehouse, joint administrator.
But it quickly became clear that Rangers fans were not comfortable with having Miller as their new owner and some displayed anti-Miller banners (pictured above) at last week’s game against Dundee United.
“Having no intention of negatively affecting the potential outcome of the club’s future, and after hearing the message from Rangers supporters and fans loud and clear [“Yank, go home!”], I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward,” Miller said.
“I am deeply disappointed as I had considered the opportunity to bid for one of the most historic football clubs in the world an honour and a privilege.
“I wish Rangers fans, supporters and employees my very best; I hope all your dreams and wishes come true –you certainly deserve it.”
Quite where Rangers go from here is open to question.
Three bids have already been discounted by Duff & Phelps although it is not clear whether any of them have now returned to the negotiating table.
“Since Mr Miller was announced as preferred bidder on Thursday of last week it is regrettable that more progress could not be made to further the sale of the club,” said Whitehouse.
“We have been informed by his advisors that there were a number of issues with which he felt uncomfortable, including legacy contracts, the limitation of potential revenue streams and the expectation of required investment.
“As in any company takeover, the selection of a preferred bidder does not guarantee the completion of the sale.
“In this case, with time and money for Rangers running out quickly, it was essential to move the process forward with urgency.”
Whitehouse added: “As a consequence of Mr Miller’s bid being accepted, three other bidders have come forward to express their interest in buying the club and these offers are being evaluated with the utmost urgency.
“There is every opportunity for these bidders to now complete the purchase of the club prior to the end of the season.”
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