((HT: SkySports.com))
Well, if this doesn't throw everything into a tizzy...
Bill Miller, the Tennessee towing magnate, released a statement that, in part, dropped the bombshell that he wasn't going to be pursuing Glasgow Rangers after all- especially after growing sentiment against it...
"Having no intention of negatively affecting the potential outcome of the club's future and after hearing the message from Rangers supporters and fans loud and clear ("Yank go home!"), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward."
Remember, administrators Duff and Phelps had labelled Miller's bid as the preferred bid over the local consortium bid of Brian Kennedy and the Blue Knights.
Here was the background on Miller and the Rangers deal, thanks to our friends at STVScotland...
And here's how Sky Sports looked at Miller's removal...
Here was part of how the mess started and Craig Whyte's dodging of the issues...
((HT: SkySports))
And here's the response from Duff and Phelps joint administrator David Whitehouse:
"We can confirm that Mr Bill Miller has decided not to complete his purchase of Rangers Football Club.
"Since Mr Miller was announced as preferred bidder on Thursday of last week, it is regrettable that more progress could not be made to further the sale of the Club.
"We have been informed by his advisors that there were a number of issues with which he felt uncomfortable including legacy contracts, the limitation of potential revenue streams and the expectation of required investment.
"As in any company takeover, the selection of a preferred bidder does not guarantee the completion of the sale. In this case, with time and money for Rangers running out quickly, it was essential to move the process forward with urgency. Mr Miller's bid was deliverable to creditors and was the only deliverable bid on the table at that time. We had no other unconditional bid.
"Given the fact that Mr Miller did not enter into an exclusivity agreement, we informed all other known potential bidders at the time the door was not closed.
"As a consequence of Mr Miller's bid being accepted, three other bidders have come forward to express their interest in buying the Club and these offers are being evaluated with the utmost urgency.
"There is every opportunity for these bidders to now complete the purchase of the Club prior to the end of the season."
So, now we're back to three bids- none of them preferred, and a team that runs out of money at the end of the month...
THURSDAY UPDATE: Craig Whyte has now announced that he will sell his controlling percentage of shares to two of the three groups now being considered by Duff and Phelps as a suitable new owner.
Apparently, one of the groups actually has experience dealing with clubs on the Premier League and Championship level and Whyte thinks their bid is the only credible one on the table. That group, apparently, talked with D&P two days ago.
Here was the Lap of Honour Rangers took after their home finale of the season...
((HT: SkySports/youtube))
Showing posts with label Bill Miller. Show all posts
Showing posts with label Bill Miller. Show all posts
Tuesday, May 8, 2012
Friday, May 4, 2012
Miller Gets Preferred Bid For Rangers
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))
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))
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...
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...
Monday, April 23, 2012
Rangers Update: Whyte Gets A Ban, So Do Rangers
The administrators from Duff and Phelps broke out the word "draconian" in describing the decision that came down today from the Scottish Football Association...
The SFA decided that owner Craig Whyte was to be fined 200,000 pounds and was the proud owner of a lifetime ban after being deemed unfit to own or manage an SFA franchise.
Whyte's response to the sanctions...?
"Tell me how it is going to affect me? I couldn't care less. It makes no difference to my life whatsoever - and good luck collecting the money.
"It's a joke."
But that wasn't all... much like what the NCAA does when they hand out sanctions to schools, the SFA acted in the same manner- a 160,000-pound fine and a 12-month embargo on any player signings for Rangers...
D&P wasn't pleased at all... here's their response in full...
Paul Clark is given credit for the statement...
"All of us working on behalf of the Club are utterly shocked and dismayed by the draconian sanctions imposed on Rangers in respect of these charges.
"It appears that on one hand the disciplinary panel accepted our central argument that responsibility for bringing the Club into disrepute lay with the actions of one individual - Craig Whyte - as is evident from the unprecedented punishment meted out to him.
"During this hearing the Club produced compelling evidence from a number of sources that following his takeover, Craig Whyte ran the Club in a thoroughly unaccountable manner, rather than adhering to a long-established and proper form of corporate governance.
"The thrust of the charges against the Club focused on non-payment of payroll taxes and evidence was produced that all such decisions in this area were taken by Craig Whyte during his tenure.
"Given this evidence, it is difficult to comprehend that the disciplinary panel has seen fit to effectively punish the Club even more heavily than Mr Whyte. As everyone knows, it has already been decided he is not a fit and proper person to run a football club and any further punishment on him will have little or no impact.
"However, for Rangers, a ban on signing players will seriously undermine the Club's efforts to rebuild after being rendered insolvent.
"Furthermore, we do not know how bidders for the Club will react to these sanctions and what affect they will have on their proposals.
"The Club has asked for full written reasons for these decisions and intend to appeal against the findings."
Let's go back to the original adminstration presser for a reminder to the SFA what the Rangers actually are going through at the moment...
((HT: BBCNews/youtube))
Spaeking of one of the guys chasing after Rangers...
Towing major domo Bill Miller is proceeding with his 11.2-million pound deal to create two separate but operating equally Rangers franchises. He says he has had conversations with the SFA and the SPFA (the player's union), but wants to still talk to head coach Ally McCoist when he can between now and the time of the team's next game this weekend against Hearts.
The plot thickens...
The SFA decided that owner Craig Whyte was to be fined 200,000 pounds and was the proud owner of a lifetime ban after being deemed unfit to own or manage an SFA franchise.
Whyte's response to the sanctions...?
"Tell me how it is going to affect me? I couldn't care less. It makes no difference to my life whatsoever - and good luck collecting the money.
"It's a joke."
But that wasn't all... much like what the NCAA does when they hand out sanctions to schools, the SFA acted in the same manner- a 160,000-pound fine and a 12-month embargo on any player signings for Rangers...
D&P wasn't pleased at all... here's their response in full...
Paul Clark is given credit for the statement...
"All of us working on behalf of the Club are utterly shocked and dismayed by the draconian sanctions imposed on Rangers in respect of these charges.
"It appears that on one hand the disciplinary panel accepted our central argument that responsibility for bringing the Club into disrepute lay with the actions of one individual - Craig Whyte - as is evident from the unprecedented punishment meted out to him.
"During this hearing the Club produced compelling evidence from a number of sources that following his takeover, Craig Whyte ran the Club in a thoroughly unaccountable manner, rather than adhering to a long-established and proper form of corporate governance.
"The thrust of the charges against the Club focused on non-payment of payroll taxes and evidence was produced that all such decisions in this area were taken by Craig Whyte during his tenure.
"Given this evidence, it is difficult to comprehend that the disciplinary panel has seen fit to effectively punish the Club even more heavily than Mr Whyte. As everyone knows, it has already been decided he is not a fit and proper person to run a football club and any further punishment on him will have little or no impact.
"However, for Rangers, a ban on signing players will seriously undermine the Club's efforts to rebuild after being rendered insolvent.
"Furthermore, we do not know how bidders for the Club will react to these sanctions and what affect they will have on their proposals.
"The Club has asked for full written reasons for these decisions and intend to appeal against the findings."
Let's go back to the original adminstration presser for a reminder to the SFA what the Rangers actually are going through at the moment...
((HT: BBCNews/youtube))
Spaeking of one of the guys chasing after Rangers...
Towing major domo Bill Miller is proceeding with his 11.2-million pound deal to create two separate but operating equally Rangers franchises. He says he has had conversations with the SFA and the SPFA (the player's union), but wants to still talk to head coach Ally McCoist when he can between now and the time of the team's next game this weekend against Hearts.
The plot thickens...
Friday, April 20, 2012
Friday Rangers Update: Down To One Bid
Singapore businessman Bill Ng was looked at as one of the clubhouse leaders for the new ownership for Glasgow Rangers...
He's not any more...
Concerned over the "deliverability of shares on offer" Ng is removing his Singaporean consortium from consideration, which now leaves only American businessman Bill Miller to talk things over with administrator Duff and Phelps.
Here's the new special report on the status of Rangers with Alex Thomson on just how in debt Rangers are...
((HT: Channel4 Scotland))
Brian Kennedy and his Sale Sharks group said they had put another bid together, but D&P turned it away saying that the new paperwork hadn't been filed in the first place.
The hook with the Miller group is that he apparently favors liquidation since debts could reach 135-million pounds. That would create another new group of headaches- players could walk without Rangers being compensated, Rangers starts the season with a 10-point deduction, and they would only get 25-percent of their normal league revenue share.
Miller's plan in full thought is hyah, thanks to the Daily Mail...
He's not any more...
Concerned over the "deliverability of shares on offer" Ng is removing his Singaporean consortium from consideration, which now leaves only American businessman Bill Miller to talk things over with administrator Duff and Phelps.
Here's the new special report on the status of Rangers with Alex Thomson on just how in debt Rangers are...
((HT: Channel4 Scotland))
Brian Kennedy and his Sale Sharks group said they had put another bid together, but D&P turned it away saying that the new paperwork hadn't been filed in the first place.
The hook with the Miller group is that he apparently favors liquidation since debts could reach 135-million pounds. That would create another new group of headaches- players could walk without Rangers being compensated, Rangers starts the season with a 10-point deduction, and they would only get 25-percent of their normal league revenue share.
Miller's plan in full thought is hyah, thanks to the Daily Mail...
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