US tycoon and Blue Knights both bid for Rangers

By Andrew Warshaw

April 28 – The administrators running beleaguered Scottish giant Glasgow Rangers have confirmed they have finally received two formal bids for the club – one from the Blue Knights consortium controlled by former director Paul Murray and the other from American tycoon Bill Miller.

The Blue Knights have joined forces with Brian Kennedy, owner of the Sale Sharks rugby club, to submit a “substantial” written offer to purchase Rangers.

Their bid is subject to a Company Voluntary Agreement (CVA) being agreed with creditors and the acquisition of current owner Craig Whyte’s shares.

Miller has long been interested in buying the club, albeit with conditions relating to recently imposed sanctions by the Scottish football authorities.

Rangers have for weeks been looking for new owners after being plunged into administration with debts of £9 million ($14 million/€11 million) in unpaid taxes.

The search has been hindered after the club were banned for a year by the Scottish Football Association (SFA) from bringing in new players over the age of 18 and fined £160,000 ($260,000/€196,000).

In addition, Whyte, who bought the club last May, was given a lifetime ban from Scottish football for bringing the game into disrepute.

David Whitehouse, joint administrator of Duff and Phelps, said: “We can confirm this afternoon that we are in receipt of two formal bids for control of Rangers Football Club.

“Both bids at this stage remain conditional.

“We are in receipt of a bid from Bill Miller, whose bid is conditional on securing greater comfort and clarity from the football authorities in relation to sanctions against Rangers.

“Clearly, the events of last Monday night when the SFA’s Judicial Panel imposed severe and, in our view, unwarranted penalties on the club had a destabilising effect on the sale process.

“However, since then, Mr Miller’s bid team have worked to develop a structure which enables the wishes of creditors to be taken into account whilst ensuring that the club is taken forward well-capitalised and the requirements of the footballing authorities are met.

“Mr Miller hopes a solution to all regulatory issues can be found and his team has been in constructive discussions with all relevant parties this week.

“This afternoon Brian Kennedy and Paul Murray submitted a bid which is conditional on a CVA being approved by creditors and we will seek guidance from prominent creditors.

“It is also conditional on the acquisition of the shares of Craig Whyte in the football club and we have asked for this and other points in the bid to be clarified.

“What should be clarified is that neither bid involves liquidation of the football club.”

On his joint approach with Kennedy, Murray said: “I have been talking to Brian almost every day for the last three months.

“We have a very common purpose.

“I think it adds real muscle to the whole thing.

“This is the best and final bid and I just want some clarity now.

“Choose one party and move on because time has run out.

“We are ready to go now and we can complete this very, very quickly.

“And that’s what the club needs.”

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