Rangers Reveal Four Bids Received Ahead Of Deadline

By iSportconnect | April 5, 2012

Glasgow Rangers have confirmed that club administrator’s Duff and Phelps have received four takeover bids by Wednesday’s deadline, drugs with the intention of completing a deal before the end of the season.

Although the identity of the bidders are still being speculated, herbal the Blue Knights group headed by former Rangers director Paul Murray, American and Singapore-based parties and a German group are believed to be in the running to take control of the financial-stricken club.

Rangers joint administrator David Whitehouse said: “The bids are structured in various ways but I would describe them as positive and constructive,” he said. “The administration team will now analyse these bids over the forthcoming days and hold discussions with relevant parties to gain further understanding of the details of their bids. It will be our intention to accept an offer next week and this will be followed by a period of due diligence and exclusivity. At this stage, we cannot be precise in timescale but estimate that an exit from administration before the end of the season is achievable. We appreciate the need to conclude this process as quickly as possible. It is, however, most important to secure the best possible outcome for creditors, Rangers Football Club and its supporters.”

The reigning Scottish Premier League (SPL) champion entered administration in February as a result of an unpaid tax bill of reportedly £15 million, which had been accrued since owner Craig Whyte acquired Sir David Murray’s majority stake in the Glasgow club. Whitehouse, speaking ahead of Wednesday’s announcement, said the options on the table include an exit from administration through a Company Voluntary Arrangement (CVA), but also an asset sale which would result in a new limited company taking over the club. Whitehouse confirmed that this approach would not result in the closure of the club in its current guise, but admitted that it could entail domestic sanctions and possible exemption from European football.