Rangers have denied that they are facing liquidation after announcing Bill Miller as preferred bidder for the stricken club.
The announcement is a hammer blow to Paul Murray and the Blue Knights who had mounted a very public campaign to avoid liquidation.
Miller’s solution of forming an incubator company is dependent on no footballing sanctions from the SFA and SPL.
If those conditions aren’t granted Miller’s bid won’t progress any further.
Paul Clark of Duff and Phelps announced: “”We are delighted to announce that today we have received an unconditional bid for the business and assets of Rangers Football Club plc from Mr Bill Miller which has been accepted and he is now the preferred bidder. Mr Miller now proposes to complete his transaction by the end of the season.
“After many weeks of negotiation and deliberation we believe that the structure of the bid from Mr Miller provides not only the most deliverable outcome but preserves the history of the Club. Rangers Football Club will continue as the football club it has been for 140 years.
“Furthermore, Mr Miller and his team have sought clarity in relation to potential footballing sanctions and the place of Rangers Football Club plc within the Scottish Premier League.
“Significant progress has been made and discussions will continue throughout the period which Mr Miller now enjoys as preferred bidder.
“Very importantly, the bid also avoids the need or liquidation. All too often the term liquidation has been bandied about during the process without a clear understanding of what it actually means.
Clark explained:”Liquidation means selling off the assets of a business individually to raise cash and therefore bringing about the closure or winding up of that business. This has never been on the table from any party in any form. There is no liquidation involved in this strategy and we cannot stress that strongly enough.
“As we stated at the outset, one of the prime objectives of the administration was to achieve a CVA which would deliver a return to creditors. Mr Miller’s bid meets this criteria.”
HMRC and Ticketus are both owed more than 25% of Rangers current debt and can walkaway from any CVA not to their liking.
The latest from Paddy Power.
They will just continue as before. Scotland will ignore the liquidation and they will continue as Rangers. But if they do are they liable for the debts of the club? Genuine question. If they continue to describe themselves as Rangers without being a new entity surely they have to pay the bills.
My offer is contingent upon the regulatory bodies agreeing that the club will begin play in the 2012/13 season in the SPL and that they will do so without any loss of points and with all historic titles intact. I will not acquire the club unless I receive written assurances from both regulatory bodies to this effect.
This is lifted directly from Millers statement two weeks ago.
Given his status now as preferred bidder, should we be seeking explanations from the SFA / SPL as to whether these assurances have been sought and granted?
The SPL are keeping very quiet about their talks with Bill Miller, no comment yet from the SFA.
http://videocelts.com/2012/05/blogs/spl-confirm-secret-talks-with-bill-miller
Joe,
I think everyone who goes to their polling stations tonight should put all the political parties under pressure to force a resolution to this sad saga and recover what belongs to the people of Scotland.
Alex Salmond should be knocking on the door of the SFA and SPL demanding that no deals be done that will prevent recovery of the missing millions.
If anyone is brave enough to fight the corner for Rangers to be absolved of their misdeeds then they should be made to pay at the ballot box.