GLASGOW: Rangers’ complex financial chickens started coming home to roost when one of the remaining credible bidders said his solution to their debts crisis would be the creation of ‘incubator company.’
Bill Miller, the latest American risking dipping a financial toe in British football, was unveiling plans for an £11.2m bid which challenges the Creditors Voluntary Arrangement solution preferred by administrator Duff and Phelps.
Miller said he would suspend his offer until Monday to allow other bidders to “put up or shut up”.
A statement of his sought to explain his project thus: “To preserve the club’s history, records, championships and assets, I will put the heart of the club into an ‘incubator’ company while Duff and Phelps works to make the sick patient healthy through a CVA process that effectively works to radiate the toxicity of past administrations’ sins out of the patient while the healthy heart is preserved and moves forward.”
Earlier Singapore businessman Bill Ng has withdrawn his group’s offer to buy Rangers. He was reported by the Straits Times as saying he had become “increasingly uncomfortable and frustrated with the process of dealing with club administrators.”
The chairman of Singapore top-flight club Hougang United had previously expressed frustration with Ticketus which has a contract to sell £27m worth of season tickets over the next three years.
Ng has claimed Ticketus increased its demands from £10m to £17.5m but he expressed most disappointment with Duff and Phelps, accusing the administrator of “moving the goalposts”.
As well as the Ticketus liability, areas of uncertainty around Rangers include the rights of majority shareholder Craig Whyte, an outcome on the tribunal over their potential £75m tax bill and Scottish Premier League proposals on financial fair play.
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