Speaking on Radio 5 this morning the president of the Rangers Supporters Assembly warned that the club was a step nearer liquidation following the withdrawal of Bill Miller as preferred bidder. Player contracts revert to full wages on June 1st and the club is running out of cash.
Speaking on Radio 5 this morning the president of the Rangers Supporters Assembly warned that the club was a step nearer liquidation following the withdrawal of Bill Miller as preferred bidder. Player contracts revert to full wages on June 1st and the club is running out of cash.
Miller said that the process of due diligence had revealed that preliminary information and analysis was more optimistic than the reality revealed by due diligence. The truck tycoon from Chattanooga also took offence at anti-American sentiments expressed by fans at the recent game with Dundee United. One banner read ‘No thanks to asset-stripping Yanks.’ The businessman also received abusive e-mails from Rangers supporters.
Rangers fans will not be that sorry to see the back of Miller who perhaps did turn out to be the trusting but naive American from Hicksville, USA as some had portrayed him. He had never set foot in Scotland, let alone Glasgow so it is difficult to work out what his motivation was.
It has subsequently emerged that Miller never paid the required half million deposit and was wobbling over the weekend so the administrators did continue discussions with other prospective purchasers. The problem is that time is running out, particularly for a negotiated company voluntary arrangement and many Rangers supporters reasonably think that Miller has wasted valuable time.
His withdrawal came against the backdrop of some good news when it emerged that administrators Duff & Phelps had won the adjournment of an important Scottish Premier League meeting on Monday which was due to draw up new financial fair play rules.
Although the adjournment will no longer help with the Miller purchase, it does perhaps signal a shift of approach among the league’s clubs who have become increasingly concerned at the boneheaded response of the ‘leadership’ of Scottish football to the plight of Rangers. This is not motivated by sympathy, but by a concern about the income loss they would suffer if home games against Rangers disappeared.
Three bids are on the table and are being evaluated urgently in an attempt to conclude a deal before the end of the season. Two of the bids are from overseas and another from the UK, although not from the Blue Knights consortium. However, all three are lower than the Miller offer. One of them has been on the table before: possibly the Singapore consortium?