Duff and Phelps reject Blue Knights/Brian Kennedy bid to save Rangers
The latest offer described on Friday by Paul Murray as ‘pretty powerful’ was quickly rejected by Duff and Phelps. The bid was conditional on the transfer of Craig Whyte’s shares and a CVA of £5m being accepted by the clubs creditors.
Bids from the Blue Knights/Brian Kennedy and Chicago based Bill Miller are both on the table but neither is capable of providing an acceptable CVA increasing the likelihood of the club going into liquidation.
Less than 24 hours after tabling the bid David Whitehouse of Duff and Phelps said: “It’s been publicised that the Blue Knights bid in quantum terms is £13m. That is not correct.
“It’s very substantially lower than that. We’ve been in ongoing dialogue with Brian Kennedy on behalf of the Blue Knights during the course of today and we understand that he may be revising his bid.
“The Blue Knights bid needs to be increased so that it is more value to creditors. They need to increase it significantly. Bill Miller’s position is clear. The Blue Knights position is not clear.
“We are in detailed discussions with the Blue Knights to see if their offer can be increased to a level which will be acceptable to creditors. We would encourage both bidders to focus on finalising their bids in terms of deliver-ability rather than seeking to discredit the other.
“We only have two bids and therefore it is important that the removal of one of those does not make liquidation actually more likely. We are not in a position of supporting one over the other.
“Bill Miller has made it very clear that he values the support of the Rangers fans tremendously. He sees the fans as his customers in support of his bid. We would encourage the fans’ groups, therefore, to embrace both bids at this stage to keep alive the prospects of a successful outcome.”
Ticketus and HMRC are the two main creditors at Rangers and with over 25% of the total debt are able to reject a CVA regardless of the opinion of other creditors
Discussing the future of Rangers on Radio Scotland on Friday Murray warned: “A lot of people should be careful of what they wish for, in my view if Rangers do go out of business it will finish Scottish football.
“Lets be clear on that, I think that people need to get a grip on reality.”
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