Three bids for rescue of Rangers to come under further scrutiny
GLASGOW: Rangers’ administrators are making progress in their attempt to find a path to financial sanity for the debt-stricken Glasgow giants.
Duff and Phelps has said it will be giving further consideration to three of the four bids submitted for the club on Wednesday. As well as bids from the Blue Knights and Ticketus, it is believed other offers lodged before the 5pm deadline were from groups based in Germany, Singapore and the United States.
One proposal has been ruled out but the administrators still believe that an exit from administration before the end of the season is “achievable”.
David Whitehouse, joint administrator, said: “Following the outcome of the bidding process, I can confirm today that we will be considering further three of the four bids submitted yesterday.”
Administrators believe the most likely exit from administration will be via a Company Voluntary Arrangement (CVA), despite recent speculation the company could be liquidated.
Whitehouse said: “We have had a number of discussions with the interested parties today and have stressed the benefits to them of engaging openly with the club’s fanbase. We can now see light at the end of the tunnel whereby the club can exit from administration and focus upon success on the pitch.
“While we cannot be precise on timescale, exit from administration does look achievable by the end of the season. We also hope to announce next week acceptance of one bid, which would then be subject to a period of due diligence and exclusivity.
“Most importantly, following the bidding process, we believe that the most likely exit from administration will be the successful implementation of a CVA. Much has been speculated over recent weeks about the form of exit which the club will take from administration. This is an extremely complicated case, not least because of the requirements to meet insolvency legislation, the rules of the various football authorities and the contractual requirements of key business partners of the club.”
It has been reported that the extent of Rangers’ debts could be around £130m.
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