Blog // Latest news and discussions

“I have been lucky – lucky in those who were around me from the boardroom to the dressing-room. In time of stress, their unstinted support, unbroken devotion to our club and calmness in adversity eased the task of making Rangers FC the premier club in this country.”

“To be a Ranger is to sense the sacred trust of upholding all that such a name means in this shrine of football. They must be true in their conception of what the Ibrox tradition seeks from them. No true Ranger has ever failed in the tradition set him.”

“Our very success, gained you will agree by skill, will draw more people than ever to see it. And that will benefit many more clubs than Rangers. Let the others come after us. We welcome the chase. It is healthy for us. We will never hide from it. Never fear, inevitably we shall have our years of failure, and when they arrive, we must reveal tolerance and sanity.”

“No matter the days of anxiety that come our way, we shall emerge stronger because of the trials to be overcome. That has been the philosophy of the Rangers since the days of the gallant pioneers.” - Bill Struth

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

Paul Clark, joint administrator, said: “We would like to thank all parties for their efforts in seeking to submit bids which preserve the long history and success of the Club.

“We are delighted to announce that today we have received an unconditional bid for the business and assets of Rangers Football Club plc from Mr Bill Miller which has been accepted and he is now the preferred bidder. Mr Miller now proposes to complete his transaction by the end of the season.

“After many weeks of negotiation and deliberation we believe that the structure of the bid from Mr Miller provides not only the most deliverable outcome but preserves the history of the Club. Rangers Football Club will continue as the football club it has been for 140 years.

“Furthermore, Mr Miller and his team have sought clarity in relation to potential footballing sanctions and the place of Rangers Football Club plc within the Scottish Premier League. Significant progress has been made and discussions will continue throughout the period which Mr Miller now enjoys as preferred bidder.

“Very importantly, the bid also avoids the need for liquidation. All too often the term liquidation has been bandied about during the process without a clear understanding of what it actually means.

“Liquidation means selling off the assets of a business individually to raise cash and therefore bringing about the closure or winding up of that business. This has never been on the table from any party in any form. There is no liquidation involved in this strategy and we cannot stress that strongly enough.

“As we stated at the outset, one of the prime objectives of the administration was to achieve a CVA which would deliver a return to creditors. Mr Miller’s bid meets this criteria.

“In recent weeks there has been much debate about Rangers exiting from administration through a stand-alone CVA. However, the barriers to a proposed stand-alone CVA are now too high.

“These barriers include, in particular, the absence of any bidder proposing unconditionally sufficient funds to enable a stand-alone CVA to take place.

“Crucially a stand-alone CVA would take so long now to effect, the Club could not survive in administration.

As a consequence, no party has been able to submit an unconditional bid in a stand-alone CVA scenario.

“We confirm that discussions with the two final bidding parties for the Club included the possibility, as part of the proposals, the formation of a new company in addition to the preservation of the Rangers Football Club plc.

“Mr Miller’s proposal involves the use of a specially created newco in addition to the retention of the Rangers Football Club plc. The business and assets he proposes to purchase will be sheltered in a newco and returned to the plc once the plc has been ‘cleaned up’.

“He sees this route as a necessity rather than a choice and in our view this is an entirely workable strategy. Indeed to ensure the continuing operation of the Club beyond the end of May it is in our view a very compelling strategy.

“For the avoidance of any doubt as administrators we can only accept ultimately an unconditional bid – and Mr Miller’s proposal is the only unconditional bid we have received.

“The bid submitted by Mr Miller is substantially greater than any other proposal and provides the best return to creditors, a fundamental part of our duties as administrators. Importantly, the structure provides a stable platform through which new investment can be deployed to ensure that the Club thrives again in the future.

“The bid from Mr Miller creates the most suitable framework to deal with the issue of the majority shareholding in Rangers Football Club plc.

“Mr Miller will be making his own statement in due course and we can confirm that it is envisaged that the sale of the Club will be completed by the end of the current season.

“We hope fans will now support and appreciate the commitment made by Mr Miller. His approach has been consistent throughout the process and on two occasions he has stepped back from the fray to enable other parties to submit an unconditional bid.

“Mr Miller’s proposal can provide the opportunity for the Club to return to success on and off the field. We have no doubt that the fans will continue to provide the tremendous support to the club necessary to continue the Club’s long history of success and tradition.

“Despite the competitive nature of the bidding scenario, we are hopeful that now a bidder has been chosen for the Club, all parties involved in the process will act in the best interests of the Club by lending their full support to the prospective new owner. We expect to enter into a binding agreement very soon.”

via Rangers.

DUFF AND PHELPS, the administrators of Rangers Football Club, issued the following statement today.

David Whitehouse, joint administrator, said: “We have continued intensive discussions with interested parties over the weekend.

“The Blue Knights and Bill Miller have asked for a further short period of time to finalise their plans for the club prior to any announcement on a preferred bidder.

“At this stage neither party has currently made an offer that is capable of acceptance by the administrators and we can only move forward when we have an offer on the table that can be concluded following a period of final due diligence.

“In broad terms, the Blue Knights are trying to resolve issues regarding the structure of their proposed funding partnership with Ticketus as well as conducting further analysis of player contracts.

“The proposed bid from Mr Bill Miller is, as he made clear on Friday, subject to specific conditions.

“Both bidders have raised with us their strong desire to attain greater clarity on potential footballing sanctions the club may face and these remain issues to be resolved.

“We believe that both bidding parties have the best interests of the club in mind and, frustrating as though it is for fans, it is better that these complex issues are addressed now rather than later.

“It is imperative that whichever offer is taken forward can be delivered. For the avoidance of doubt, neither bid involves liquidation.”

Paul Murray, of the Blue Knights, said: “Frustrating though this is for everyone with the interests of the club at heart, the Blue Knights are supportive of the administration process and we think it is right the administrators are giving parties left in the race the opportunity to finalise their plans.”

Ally McCoist said: “It has been a frustrating time for everyone associated with the club but I would ask our fans to stick with us for a few more days as we should have a clearer idea of where we are.

“The administrators are working hard behind the scenes in very difficult and complex circumstances to ensure the future of Rangers Football Club.”

Andy Kerr, President of the Rangers Supporters Assembly, added: “Our fans are frustrated by the further delay but hopefully the issues can be resolved in the next few days.

“I’m sure every effort is being made to make progress and it is vitally important that we have clarification soon. It would be helpful if supporters allow Duff and Phelps to get on with their work at this crucial time.”

David Whitehouse added: “Because of what has happened at Rangers, the football authorities too have a difficult task as there are many unprecedented issues to deal with.

“This is a complicated administration due to recent and historical events at Ibrox and while everyone wants to see a solution brought about quickly there is a need to grasp the reality of the situation.

“It is all very well for some parties to talk in terms of delivering a Company Voluntary Arrangement. That is an administrator’s primary objective.

“However, that can only be delivered successfully if it is agreeable to creditors and it is fair to say that certain bids that have been submitted may not have been approved by creditors.

“It is deeply regrettable that some parties have continued to present their bid as being a solution when it clearly was not the case.

“In terms of timing, we believe that should an unconditional bid be made that would meet creditors’ approval and a CVA process could begin, the club could emerge from administration within a period of two months and certainly prior to the commencement of next season.

“If we proceed with an offer that is based on a sale of the business and assets, then we would expect the football club share to be transferred within a matter of weeks, with a preference of prior to the end of the current season.

“We fully understand and share the frustration of the fans. However, we cannot ignore the fact that while they wish to see an exit from administration there is a not a bid on the table now that will deliver that.

“Everyone should also bear in mind that if that is not achievable then we have to look at all options to keep the club going.

“What would be the worst outcome is neither party deciding they wish to carry on. It is therefore not in the club’s interest for people – failed bidders and concerned supporters – to be generating hostility to bidders who are trying to secure the club’s future.”

via Rangers.

DUFF AND PHELPS, the administrators of Rangers Football Club, issued the following statement tonight.

Paul Clark, joint administrator, said: “At the end of a frustrating week we’d like to provide an update to the fans regarding the bidding process.

“It should be reiterated, however, that no unconditional bid has been tabled by any party.

“There have been a number of complicating factors in recent weeks, not least the cloud of possible further SPL sanctions against the Club and the withdrawal of one of the parties last week when it emerged they had no formal agreements in place with their partners.

“This, combined with uncertainty regarding the role of Ticketus in any future ownership, has led to delays that we and all Rangers supporters would prefer not to have occurred.

“Let me be clear – we could not have moved more quickly during the past week as there was not a bid capable of acceptance.

“Despite suggestions to the contrary, it is not a case of the administrators refusing to nail down their choice – we can only accept a bid that is unequivocal.

“Today, we have seen the Singapore consortium led by Mr Bill Ng issue a statement announcing withdrawal from the process whilst indicating the possibility of launching a bid again at a later time.

“This has been reflective of the changing position of bidders.

“We have also read the statement by Mr Bill Miller that sets out a vision for the club, but acknowledges it as being dependent on possible SPL sanctions.

“We can however say that if these issues could be addressed the structure of the bid has potential.

“As things stand tonight, the Blue Knights have informed us they are in discussion with Ticketus.

“We will consider what progress they are making with a view to making a final decision at the beginning of next week.

“We realise the frustrations of the Rangers fans who want this process to come to a swift conclusion.

“In Rangers’ case, we have been in administration just more than two months. A lot has been achieved during this time and in comparison to other British football clubs that have entered into administration, it has still been a relatively short spell that we have spent in administration so far.

“However, not every club in administration will have had to deal with the complex issues that Rangers face – the present owner, Ticketus and sanctions from football authorities.

“Unfortunately, we cannot wave a magic wand and make these issues go away. Even beyond our role, the strategy of each bidder in addressing these matters is of vital importance.

“Ally McCoist spoke at his press conference today about the need to build for next season – we are keen to see this happen as soon as possible.

“We are well aware of the problems that sustained delays may have upon the management and the team.

“The team have been tremendous during this difficult time, as has the wonderful support of the fans.

“We would ask the fans to remain patient for a few more days. Discussions will continue over the weekend and we will have an update as soon as there are notable developments.”

via Rangers.