A ‘newco’ option to exit administration is looking increasingly likely for Rangers, even though Brian Kennedy, associated with one of the two bids on the table, insists that an exit via a company voluntary arrangement is still feasible.
A ‘newco’ option to exit administration is looking increasingly likely for Rangers, even though Brian Kennedy, associated with one of the two bids on the table, insists that an exit via a company voluntary arrangement is still feasible.
A newco could dump the club’s load of toxic debt and then re-apply for admission to the Scottish Premier League. Rangers manager Ally McCoist insist that such a scenario would not mean liquidation and wiping out the club’s history, although possibly they might have to call themselves Rangers 2012. McCoist is hopeful that administrators Duff & Phelps will name a preferred bidder by the end of this week.
One difficulty, however, is the distinctly unhelpful attitude shown by the Scottish football authorities towards the plight of ‘Gers. Rangers are essential to the viability of the Scottish competition, not least for the number of away fans they take to smaller clubs. However, the ‘leaders’ of the Scottish game seem determined to enforce their rules in a relentlessly bureaucratic way regardless of the wider consequences.