The chances of Rangers avoiding liquidation have been drastically reduced by the withdrawal of the offer for the club from Bill Ng from Singapore.
Earlier this week Ng seemed to have emerged as the favourite to buy Rangers after Paul Murray’s Blue Knights took a step back.
Like Brian Kennedy the Blue Knights position seems to change on a weekly basis but it now seems that Chicago-based ‘trucking magnate’ Bill Miller is the only serious bidder for the club.
Administrators Duff and Phelps are likely to find themselves under increasing pressure following the withdrawal of Ng’s interest in the club.
Ng claimed to be a lifelong fan of Rangers and had gone on record as wanting to win a European trophy for the club who will not be allowed to compete in UEFA competitions next season.
Pointing the finger of blame towards Duff and Phelps a statement from Ng claims: “Recent developments in the bidding process, with unwarranted and unexplained delays, have prompted our withdrawal from the bidding process.
“After lengthy negotiations with a number of key stakeholders, we have serious concerns over the deliverability of the shares on offer to gain control of the club.”
Despite being well into the third month of administration it appears that Duff and Phelps are no closer to resolving Rangers’ problems.
Craig Whyte’s shareholding remains a major obstacle, HMRC have still to deliver their verdict on the big tax case, the status of Ticketus is unclear as well as a number of unresolved footballing issues including money owed to clubs in Scotland, Sweden, France, Italy and Austria.
Earlier today the SFA issued a statement that they will announce their verdict on charges faced by Whyte and Rangers early next week.
Whyte has already gone on record as stating he won’t deal with Miller since he believes that the Miller deal involves liquidation of the club.
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Of course Ng is a fan, as he was also quoted as knowing nothing about football!!
And then there was 1 or is it 2 av lost count the number of people fighting for control of the buns. Time to end this joke of a club NO ONE LIKES YOU, NO ONE WANTS YOU AND NO ONE WILL MISS YOU YA SCUMMY KNUCKLEDRAGGING GOAT ABUSING CxNTS. TAL HAIL HAIL
Pay yer bills ya scummy bigoted cheats. Sell yer players, yer stadium and yer training ground and pay the people you owe money to. Its the only DIGNIFIED thing to do.
I have just read the statement made earlier by Bill Miller and his plans to buy Rangers. He claims that he will start up an ‘incubator club’, transfer the financial management to the administrators, then buy back the club, a new corporate entity, when it has recovered, for a nominal fee. He proposes to do this for 11.2 million plus 500,000 deposit. He also proposes to do this without dealing with Mr Whyte, only by buying the control of Rangers from the administrators.
I know I am not the brightest but how the hell is this possible? He has issued this proposal at exactly the same time that Mr Ng has withdrawn because Duff and Phelps can do absolutely nothing about the sale of Mr Whytes’s shares! As Whyte values his shares at 30 million how is Miller going to buy them for nearly 19 million less and, ingenuisely, withour speaking to him. Will all negotiations be through the medium of mime?
This is a genuine question to anyone of more intelligence than me (believe me that is almost everyone) but can you explain this for those of us who are smelling a strong whiff of Craig Whyte.
any rangers supporter reading this who is still hopeful of this happening is welcome to explain from a ‘blue-tinted’ glasses viewpoint.
I see Mr Miller dictating to spl/sfa no more sanctions or he will walk also not for liqudating his heads up his arse typical big mouth yank
Liquidation is a formal procedure whereby a liquidator is appointed to ‘wind-up’ the affairs of a limited company, which involves selling the company’s assets and paying creditors. When all the assets have been sold and the money distributed, the company is dissolved, which means that it no longer exists.
Perhaps the yank “Mr Miller” intends to buy the assets cheaply? But it is the liquidators legal duty to get the most money from the assets to pay back as much as possible to the creditors.
To muddy the water even further, remember the official sale of strips rights were sold off – would a Newco be allowed to start selling the jerseys so-to-speak and would a Newco have no obligation to ticketus?
I can see lawyers getting involved – the whole thing is very messy – the liquidation process could take over a year to conclude.
Jez it’s still comedy playhouse at the bigotdome.What in under ***k is an “Incubator bid” Miller the wank, sorry the yank, willing to put up 11.2 million , that would’nt pay for fat sally’s pork pies.
Keep er lite haha
I tell you this. I will buy rangers for 50 million if the 10 points that were deducted from our tally is returned thus allowing us to win the title which we would have anyway.
But you are 18 points behind at the moment so how do you win the title?
At ibrox we don’t do taking away.
I know a couple of Immigration Lawyers that just became Loan Modification Expert. You figure 9 million to 15 million Mods multiply that by $4,00o to $7000 fee that’s a lot of money. I guess just ask the lawyer what he use to practice before he became a Loan Mod expert.