Friday, April 27, 2012

Two Rangers Bids In, McCoist Resigned To Fate...???

((HT: goal/RangersTV))

Duff and Phelps says officially that there are two bids in house for Glasgow Rangers...

One is from towing magnate Bill Miller and the other is a joint effort now with Brian Kennedy and the Blue Knights. The Kennedy-Knights bid is contingent on an agreement wit all creditors and the purchase of Craig Whyte's shares on the board...

David Whitehouse, joint administrator of Rangers from Duff and Phelps, said in a prepared release:

"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."

Meanwhile, in an interview with Rangers TV, team manager Ally McCoist seems somewhat resigned to the idea that, maybe, dropping down a few divisions may not be such a bad idea while the Gers try to come up out of administration...

Wouldn't Celtic love that...???

The larger question now involves Ticketus and their stake in Rangers. They have pulled out of the consortium bid, but are still on the take for 27-million pounds as Rangers largest creditor. they could try and chase Whyte outside of Rangers debt and try and reclaim their money from him directly or Whyte could, simply, hand over his stake and Ticketus would assume those percentages.

Her Majesty's Royalty and Customs (the Crown's IRS) may supercede Ticketus as the Number One Creditor when all of the outstanding revenues are computed.

And that would get everyone in a lather...

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