Whyte set to knock-back Kennedy/Murray bid
Duff and Phelps have already stated that they haven’t received any acceptable offers for the club with the latest offer conditional on aquiring Craig Whyte’s shareholding.
Whyte re-iterated his position to retain his 85% shareholding in the club with Duff and Phelps powerless to intervene.
A statement anouncing the latest development read: “We are pleased to announce that the Blue Knights, led by Paul Murray and Brian Kennedy, have joined forces and at 3pm today have submitted a written offer to the lawyers of the administrators to purchase Rangers Football Club.
“This offer we consider to be substantial and is conditional on a CVA being approved by the creditors, and Mr Whyte’s shares being acquired.
“We hope this is accepted so that we may proceed with due diligence forthwith and make a start to the task of rebuilding Rangers Football Club of 1872.”
While some of Rangers’ smaller creditors may accept a pennies in the pound deal through a CVA that sort of offer won’t be accepted by HMRC.
Earlier today Ticketus withdrew their backing for Murray’s Blue Knights group meaning that the London based agency will also be a creditor if their season ticket deal is cancelled.
Despite the popular support for Murray and Kennedy the conditions attached to their joint bid are certain to be rejected by Duff and Phelps who know that there is no chance of being able to deliver an acceptable CVA or hand over Whyte’s shareholding.
Whyte’s former business partner Andrew Ellis is taking legal action over a 24.9% stake in Whyte’s shareholding.
Follow Video Celts on Twitter, Facebook and YouTube