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Two Formal Bids Received


bluepeter
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http://www.tv.rangers.co.uk/articles...254024_2752022

DUFF and Phelps, the administrators of Rangers Football Club, today issued the following statement.

David Whitehouse, Joint Administrator, said: "We can confirm this afternoon that we are in receipt of two formal bids for control of Rangers Football Club. Both bids at this stage remain conditional.

"We are in receipt of a bid from Bill Miller whose bid is conditional on securing greater comfort and clarity from the football authorities in relation to sanctions against Rangers. Clearly, the events of last Monday night when the SFA's judicial panel imposed severe and, in our view, unwarranted penalties on the Club had a destabilising effect on the sale process.

"However, since then, Mr Miller's bid team have worked to develop a structure which enables the wishes of creditors to be taken into account whilst ensuring that the Club is taken forward well-capitalised and the requirements of the footballing authorities are met. Mr Miller hopes a solution to all regulatory issues can be found and his team has been in constructive discussions with all relevant parties this week.

"This afternoon Brian Kennedy and Paul Murray submitted a bid which is conditional on a CVA being approved by creditors and we will seek guidance from prominent creditors. It is also conditional on the acquisition of the shares of Craig Whyte in the football club and we have asked for this and other points in the bid to be clarified.

"We note the statement today issued by Ticketus and its withdrawal as a potential partner for the Blue Knights.

"What should be clarified is that neither bid involves liquidation of the football club. In terms of quantum, there are significant differences between the two offers in terms of a prospective return to creditors and approach to future funding and these have to be evaluated. We will provide a further update as soon as possible."

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Shaking a wee bit reading that statement there.

Good knows that apparently neither involve liquidation of the club.

Nearing a conclusion I feel. Also, I take great interest in te fact that TBK condition, well one of them, is the "acquisition" of Shyte's shares. Has the term "aquisition" been branded about before? Are they now looking at paying Shyte?

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I still don't get how millers bid doesn't involve liquidation. It's the same thing although done in a strange manner. I'm glad the blue knights are back. Wasn't there biggest fan before but think they truely have the clubs interests at heard. Would like the process to speed up a bit now.

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I still don't get how millers bid doesn't involve liquidation. It's the same thing although done in a strange manner. I'm glad the blue knights are back. Wasn't there biggest fan before but think they truely have the clubs interests at heard. Would like the process to speed up a bit now.

I prefer the Blue Knights on account of Kennedy's association with them. From the offset he has been the bidder I believed to be most concerned with our survival - even if he didn't necessarily have the capital to make an attractive bid individually.

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I still don't get how millers bid doesn't involve liquidation. It's the same thing although done in a strange manner. I'm glad the blue knights are back. Wasn't there biggest fan before but think they truely have the clubs interests at heard. Would like the process to speed up a bit now.

It is because there is technically no liquidation of the oldco. Under Miller's plans, there would be a shifting of assets away from the club whilst the debts are sorted and then a move back if his plan is successful. It probably could be classed as a hybrid newco, but not really liquidation

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I prefer the Blue Knights on account of Kennedy's association with them. From the offset he has been the bidder I believed to be most concerned with our survival - even if he didn't necessarily have the capital to make an attractive bid individually.

Brian Kennedy makes me feel better aswell. Hasnt promised the world and only seems to get involved if things are realistic and viable in much of his sporting and buisness decisions. What role he has remains to be seen.

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Brian Kennedy makes me feel better aswell. Hasnt promised the world and only seems to get involved if things are realistic and viable in much of his sporting and buisness decisions. What role he has remains to be seen.

I dont know why but I am finding hard to trust the American bid

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I think it was the way he described his bid. We dont know anything about him really

Yea, plus I know tbk are defo againts the big L (not to say they are the best option) but it just feels better. Either way fingers crossed for a positive outcome :21:

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I still don't get how millers bid doesn't involve liquidation. It's the same thing although done in a strange manner. I'm glad the blue knights are back. Wasn't there biggest fan before but think they truely have the clubs interests at heard. Would like the process to speed up a bit now.

Told you before you left OZ it would be a nightmare, hope your well.

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