Administrators Duff & Phelps now have to subject two bids for Rangers to a process of due diligence. Sale Sharks owner Brian Kennedy came together with the Blue Knights consortium to mount a joint bid. The merit of this is that Kennedy has more financial resources while the Blue Knights have more knowledge of the club.
Administrators Duff & Phelps now have to subject two bids for Rangers to a process of due diligence. Sale Sharks owner Brian Kennedy came together with the Blue Knights consortium to mount a joint bid. The merit of this is that Kennedy has more financial resources while the Blue Knights have more knowledge of the club.
Bill Miller’s bid of £11.2m stands. There is some uncertainty about which bid is the larger. However, it appears that the Blue Knights would pay £5m in cash and also remove £8m owed to debenture holders from the club’s debt mountain. However, Miller would also do that, so his bid appears to be the larger one.
This has to be a major consideration for the administrators, but there are larger issues and Brian Kennedy has initiated a war of words by claiming that the Miller bid represents a threat to the future of the club. Meanwhile the clock is ticking.