Former director could emerge as saviour of beleaguered Glasgow Rangers

By Andrew Warshaw

April 23 – The future of Scottish giants Glasgow Rangers continues to hang in the balance with former director Paul Murray re-emerging as one of the likeliest parties to table a formal takeover bid.

Murray’s Blue Knights consortium is working towards a possible fresh offer being made to Duff and Phelps, the administrators running the club, today.

According to reports in Scotland, the two parties are negotiating over an exclusivity fee, with Duff and Phelps seeking £500,000 ($805,950/€610,000) in return for naming the Blue Knights consortium, led by Murray (pictured below), as the preferred bidder, and granting it two weeks to carry out due diligence and begin talks with players whose contracts contain escape clauses.

Joint administrator Paul Clark welcomed Blue Knights’ renewed attempts to assume control of the 54-times Scottish champions.

“We’ve never ruled out the Blue Knights – it was they, of course, that stepped back from the position earlier in the week,” Clark said.

“We’d had an agreement with them in relation to a financial commitment on exclusivity terms and there was a decision, by Ticketus, in fact, as opposed to the Blue Knights consortium, to withdraw that financial commitment.”

Clark added: “That was a real setback at the time because had it not been for that withdrawal of financial commitment we would have been about ready to name them as the preferred bidder.

“Another week’s gone by, it’s unfortunate, but [I’m] delighted to have Paul and the guys back in the frame.”

The administrators have also been in discussions with potential owners from Singapore until they pulled out, leaving American businessman Bill Miller as the sole interested party from overseas.

Miller is expected to offer £11.2 million ($18 million/€13.7 million) for the club and has urged other prospective owners to “put up or shut up”.

Rangers has already been deducted 10 points for going into administration while the Scottish Premier League (SPL) will, later this month, discuss strict new penalties for clubs that fall into debt and then try to relaunch as new companies.

The protracted negotiations led Duff and Phelps to issue a statement over the weekend explaining to fans why there had been no firm movement.

“It should be reiterated that no unconditional bid has been tabled by any party,” stressed Clark.

“There have been a number of complicating factors in recent weeks, not least the cloud of possible further SPL sanctions against the club and the withdrawal of one of the parties last week when it emerged it had no formal agreements in place with its partners.

“This, combined with uncertainty regarding the role of Ticketus in any future ownership, has led to delays that we and all Rangers supporters would prefer not to have occurred,” said Clark.

“Despite suggestions to the contrary, it is not a case of the administrators refusing to nail down their choice – we can only accept a bid that is unequivocal.”

In a message to Rangers supporters, he said: “We realise the frustrations of the fans who want this process to come to a swift conclusion.

“Unfortunately, we cannot wave a magic wand and make these issues go away.

“Even beyond our role, the strategy of each bidder in addressing these matters is of vital importance.

“We would ask the fans to remain patient for a few more days.”

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