Duff and Phelps fail again with their own ‘deadline’
Despite claiming that they’d be ready to announce a preferred bidder today the Ibrox administrators are no closer to finding a solution that when they were appointed on February 14.
Half a dozen obstacles make an unconditional bid for the business impossible with the clock ticking away on Rangers faint hopes of avoiding liquidation.
Chicago based trucker Bill Miller and the mysterious Blue Knights have enjoyed plenty of media attention but have failed to come up with the fine detail to take the stricken club forward.
With both bids looking for a helping hand from the SFA and SPL the saga will continue at least until after next week’s SPL vote to allow a newco direct entry into the SPL- a move that UEFA are certain to frown upon.
David Whitehouse of Duff and Phelps admitted: “We fully understand and share the frustration of the fans. However, we cannot ignore the fact that while they wish to see an exit from administration there is a not a bid on the table now that will deliver that.
“Everyone should also bear in mind that if that is not achievable then we have to look at all options to keep the club going.
“What would be the worst outcome is neither party deciding they wish to carry on. It is therefore not in the club’s interest for people – failed bidders and concerned supporters – to be generating hostility to bidders who are trying to secure the club’s future.”
Whitehouse explained: “Because of what has happened at Rangers, the football authorities too have a difficult task as there are many unprecedented issues to deal with.
“This is a complicated administration due to recent and historical events at Ibrox and while everyone wants to see a solution brought about quickly there is a need to grasp the reality of the situation.
“It is all very well for some parties to talk in terms of delivering a Company Voluntary Arrangement. That is an administrator’s primary objective.
“However, that can only be delivered successfully if it is agreeable to creditors and it is fair to say that certain bids that have been submitted may not have been approved by creditors.
“It is deeply regrettable that some parties have continued to present their bid as being a solution when it clearly was not the case.
“In terms of timing, we believe that should an unconditional bid be made that would meet creditors’ approval and a CVA process could begin, the club could emerge from administration within a period of two months and certainly prior to the commencement of next season.
“If we proceed with an offer that is based on a sale of the business and assets, then we would expect the football club share to be transferred within a matter of weeks, with a preference of prior to the end of the current season.”
With another deadline passing without any developments the role, and cost, of Duff and Phelps will increasinlgy be questioned.
The prospects of agreeing a CVA with HMRC for this season’s unpaid bills as well as coming to a deal with Craig Whyte and Ticketus in order to put together a team for next season appear increasinlgly remote and unlikely.