Tennessee towing magnate Bill Miller has been given preferred negotiating status for Glasgow Rangers- which means he now has two weeks to exclusively get his affairs in order with the Scottish Premier League...
Rangers administrator David Whitehouse addressed the decision:
"We believe the bid from Mr Miller provides not only the best deliverable outcome but preserves the history of the club.
"Rangers Football Club will continue as the football club it has for some 140 years. Mr. Miller and his team have sought clarity in relation to any potential footballing sanctions.
"Very importantly the bid avoids the need for liquidation. All too often the term liquidation has been bandied about during this process without a clear understanding of what it actually means.
"There is no liquidation involved in this strategy and we cannot stress that strongly enough."
"Mr Miller's proposal is the only unconditional bid we have received. The bid proposed by Mr Miller is greater than any other and provides the best return to creditors."
Paul Murray, who only recently combined with Brian Kennedy for a consortium bid, was naturally disappointed. In a statement released, he warned of the idea of the "newco" and how it could deliver long-term damage to Rangers future...
"We believe that we have the best interests of Rangers Football Club at heart and our motives reflect a thorough understanding of the position that Rangers holds in Glasgow and indeed Scottish football.
"We believe that our bid was, and remains, the best bid for Rangers Football Club and its supporters.
"We were therefore surprised and disappointed to be informed earlier today that a preferred, non-exclusive bidder has been appointed which appears to entail the transfer of the assets and Rangers business into a newco structure.
"Whilst we acknowledge that the acceptance of a newco structure would be easier for Duff and Phelps to execute, we were not prepared to follow that course of action.
"We believe that the complexities of a newco process should not be underestimated and the likely loss of European football for a minimum period of three years may carry longer term financial consequences to Rangers Football Club and its many supporters.
"Under our CVA-proposed transaction, these issues could have been addressed more easily.
"Whilst we also acknowledge that the delivery of Craig Whyte's shares created a degree of uncertainty, our frustration lies in the fact that it is only in recent days has this issue been seen as an impediment to overcome in enabling us to make an unconditional CVA offer to Duff and Phelps.
"With the end of the current season now very close, the current uncertainty and delay in resolving matters has to be urgently resolved as there are many key decisions that need to be made to ensure that the club can plan properly for next season and beyond."
So, now we get closer to the end of the line if the Miller bid is approved...
Think "two weeks..."
The UK version of PTI discusses if the SPL punishments fit the crime of Rangers in the first place...
((HT: ESPNUK))
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