Rangers' history will not be lost, claims McCoist as newco option moves ever closer
Manager Ally McCoist insists the history of Rangers will never be lost — even if the Ibrox club are reborn as a newco.
As another day passed without the appointment of a preferred bidder, McCoist expressed the view that a newco club, reapplying for membership of the SPL, now looks increasingly likely.
That was later denied by Brian Kennedy, one of the two bidders in the frame, who insisted that he and Paul Murray’s Blue Knights consortium still believe they can achieve their goal of a Company Voluntary Arrangement (CVA) with creditors and exit administration before next season.
History boy: Ally McCoist is not concerned about the effects of a newco
With time running out, however, Kennedy or American Bill Miller cannot rule out the possibility of dumping the toxic debts of old Rangers and buying up the assets to establish a new club, playing out of Ibrox.
Supporters remain opposed to losing the heritage and history of the existing club, but McCoist believes it wouldn’t be a disaster. He said: ‘If it happened, we would still have the history of the club, absolutely. I have done a bit of homework on it and newcos have happened at clubs like Plymouth and Crystal Palace.
‘I can imagine people would try to wind up supporters about it — that’s part and parcel of the game.
‘But, make no mistake, we wouldn’t lose our history at all. We wouldn’t allow that to happen.
‘If there is a team playing at Ibrox in blue shirts, it’s Rangers. I think I’m right in saying we only became a plc in 1899, which was 27 years after we were formed. Nobody really recognises that change, but there have been changes all the way down the years.
‘Rangers are Rangers and that would be the opinion of the vast majority of people.’
Still in the game: Brian Kennedy is waiting to hear from the adminstrators
Kennedy submitted a ‘materially increased’ conditional offer to the Rangers administrators on Saturday night and he awaits news of its fate from Duff & Phelps.
The Edinburgh-born businessman has said all along that his offer is conditional on the delivery of a CVA and Craig Whyte’s shares and that remains his stance, despite McCoist’s view both bids could feature a newco structure.
Kennedy told Sportsmail: ‘There is still time to do a CVA. That remains our preference, but it is very difficult.’
Miller has proposed setting up an ‘incubator company’ into which he would transfer the club’s assets. Asked if his plan involved a newco in any shape or form, Kennedy said: ‘The fact is that when people talk about a newco they don’t mean an investment vehicle.
‘They mean that the SPL share will transfer from Rangers’ old company into a new Rangers company — and that is why they need to be accepted into the SPL.
In the running: Bill Miller
‘It’s also why they can’t play in Europe for three years. That’s all it means.’
Kennedy had hoped to be given the green light to move forward by Tuesday night, but McCoist believes the process could drag on until the end of the week.
He added: ‘Two potential purchasers are still in heavy negotiations with the administrators.
‘They are really hopeful to have named preferred bidders very soon —certainly before the end of the week and maybe before that.’
‘I spoke to Bill Miller on Friday for an-hour-and-a-half. I also spoke with Brian Kennedy on Friday.
‘They are both seriously interested and they are certainly asking the right questions of myself and the administrators.
‘Right now, it’s looking like a newco. I’m told that both potential purchasers have newco as part of their plan, but it’s not liquidation.
‘That’s a very important point because I think the vast majority of the fans do not want liquidation. I would imagine there are some of them who won’t be happy with a newco.
‘I think if the newco is the best option without liquidation, then hopefully the fans will come round to it.’
Most watched Sport videos
- Coronavirus: Jack Grealish implores people to stay home
- Michael Carrick challenges his followers to beat his quarantine XI
- John Terry joins local community project during coronavirus outbreak
- Harry Kane admits he could leave Tottenham if they don't improve
- Coronavirus: How has sport been affected?
- Tottenham 2019/20: The season so far
- Jamie and Rebekah Vardy take part in the #ClapForNHS
- Manchester United 2019/20: The season so far
- David Beckham and his family join in the #ClapForNHS
- Arsenal 2019/20: The season so far
- Mikel Arteta praises Arsenal during coronavirus ordeal
- Mikel Arteta discusses his recovery from coronavirus