Rangers Back Up for Grabs Following Miller’s Exit

May 8, 2012

Following Bill Miller’s decision to end his bid for Rangers Football club, the SPL clubs administrators have revealed three other bidders who have expressed an interest in buying the stricken club after Bill Miller withdrew his offer.

American businessman Miller, who was named preferred bidder on Thursday, informed Duff and Phelps he no longer wanted to buy the club on Tuesday afternoon.

The stricken Glasgow giants, who were plunged into administration in February and have been battling to avoid liquidation, looked to have turned a corner until the latest setback.

Miller had won preferred bidder status ahead of the Blue Knights, while Sale Sharks owner Brian Kennedy has also been linked with the Scottish Premier League outfit.

A statement from Duff and Phelps read: “Since Bill Miller was announced as preferred bidder on Thursday of last week it is regrettable that more progress could not have been made for the sale of the club.

“We were informed by his advisors that there were a number of issues that he felt uncomfortable with, including legacy contracts, the limitations of potential revenue streams and the expectation of required investment.

“Given the fact that Mr Miller did not enter into an exclusivity agreement, we have informed all known potential bidders at the time that the door is not closed.

“As a consequence of Mr Miller’s bid being accepted, three other bidders have come forward to express their interest in buying the club.

“These offers are being evaluated with the utmost urgency.”