Duff and Phelps have admitted that ‘time and money for Rangers is running out quickly’.
Four days after announcing Bill Miller as preferred bidder Duff and Phelps were left picking up the pieces after the Tennessee trucking tycoon decided to walk away from a deal.
With no sign of income from season tickets arriving and players about to return to full pay there seems to be no prospect of Rangers surviving beyond this month.
David Whitehouse of Duff and Phelps revealed: “As in any company takeover, the selection of a preferred bidder does not guarantee the completion of the sale.
“In this case, with time and money for Rangers running out quickly, it was essential to move the process forward with urgency. Mr Miller’s bid was deliverable to creditors and was the only deliverable bid on the table at that time. We had no other unconditional bid.
“Given the fact that Mr Miller did not enter into an exclusivity agreement, we informed all other known potential bidders at the time the door was not closed.
“As a consequence of Mr Miller’s bid being accepted, three other bidders have come forward to express their interest in buying the Club and these offers are being evaluated with the utmost urgency.
“There is every opportunity for these bidders to now complete the purchase of the Club prior to the end of the season.”
The prospect of any fresh bidder coming in to rescue Rangers over the next three weeks are remote.
For five years David Murray tried to find a Rangers minded individual to take over his shareholding in the club, eventually he sold out to Craig Whyte a year ago for £1.
The prospect of any group now coming in to pay £11+m for a business riddled with debt and the shadow of a £75m tax bill hanging over their head looks bleak leaving Scottish football in line for the most dramatic summer in it’s history.
CLICK HEREÂ for Rangers request SPL delay newco vote
Follow Video Celts on Twitter, Facebook and YouTube
So Miller had a look at the books and legged it. Basically Duff and Phelps were trying to scam the guy for half a million quid.
Duff and Duffer should be wearing masks.
Not much time to carry out a thorough scrutiny process of any bids or conduct a thorough due diligence to ensure that whoever is bidding will be accepted as a proper person etc.
With the time running out in the next 7-10 days then it is more likely that the Administrators will simply accept whatever bid is put on the table and offer it to the Creditors.
However just like the offers from the last 2 bidders, the creditors Can get a better return from the individual sale of all the Assets in the club.
The Administrators have or will run out of money in the next 7-10 days according to a previous statement, and will then have to liquidate the assets as they cannot get credit from the bank.
The Administrators need to ACT for the Creditors and stop trying to simply save a dead duck.
Who owns “The Big Hoose”? That is the question!
Craig White makes his money from liquidating companies .He will have been astute enough to have ibrox,the training ground,and the car park in his name.Love him or loathe him he is good at what he does.
As Murray to nearly 3 months to run due diligence checks on Crook Whyte….it is clear Duff & Dumber will be unable to do anything remotely like a full check. Any new bidders are very unlikely to match Miller’s lowball offer of £ 11.2m so why waste more time.
Admit the club is finished and put the assets up for sale to the highest bidder. Creditors will not accept even less than the pitiful offer on the table from Miller…meanwhile they continue to LOSE another £ 1m a month…tick tock