Rangers Administrators Reveal Fourth Bid

By Community | March 20, 2012

Rangers administrators have received a late fourth conditional bid to buy the financially stricken Scottish Premier League (SPL) club.

The origin of the latest indicative offer for the team is not known but the BBC have reported it is likely the bid came from overseas, pills while the likelihood of further bids being submitted has not been ruled out by the insolvency firm in charge of Ibrox.

Duff and Phelps had previously set a deadline of last Friday for “indicative bids” to be submitted for the club.

The offers made so far for Rangers are non-binding and no pledges of investment from the bidders have been revealed yet.

Current owner Craig Whyte’s status as secured creditor and majority shareholder at Rangers remains unchanged, despite the administrators stating that they view him as an “irrelevance” in the process of selling the club.

Duff and Phelps have not launched any legal process yet to try and remove Mr Whyte from his position, while they are currently awaiting directions from the Court of Session over whether they can breach the £24.4m deal agreed by Mr Whyte with Ticketus for future season-ticket sales, which is expected to conclude later this week.

The administrators’ QC David Sellar has argued that the deal with Ticketus could hamper the sale of the club.

On Friday, the Blue Knights consortium, headed up by ex-Rangers director Paul Murray, lodged an indicative bid with the insolvency firm and revealed part of their proposals would be to include fan ownership in the future.

Edinburgh-born owner of Sale Sharks Rugby Union Club Brian Kennedy has also submitted an initial offer for Rangers, but he previously stated he had “no intention” of buying a football club and viewed his bid as a “fallback” option should the Blue Knights fail.

The third offer was made by private merchant bank Prometheus Capital Partners, based in Chicago, which has previously been unsuccessful in two attempts to buy into UK football. Through its subsidiary, Club 9 Sports, the group has tried to take over Tranmere Rovers and Sheffield Wednesday but its attempts to do so proved fruitless.

by Ismail Uddin