Rangers FC to go into administration

[ziggy90]

Rangers FC 2013 Line up - Naismith, Naifuture, Naiclass, Naimoney, Naistadium, Naihope, Naitrophies, Naiprospects, Naifans, Naimanager, Naiplayers.

[thejuice]

Wouldn't it be hilarious now if some oil-baron bought them out and they won everything for the next 20 years.

[Lecale2]

Bill Miller is nearing a takeover of Rangers after an unconditional bid saw the American businessman granted preferred bidder status by administrators Duff and Phelps.

The tow truck tycoon was vying for control with the Blue Knights consortium led by former Rangers director Paul Murray and backed by Sale Sharks owner Brian Kennedy and now appears to have won the race to succeed Craig Whyte as owner.

Miller last month unveiled plans for an £11.2million bid for Rangers which would create what he described as an 'incubator' company while Duff and Phelps bid to take the club out of administration through a Creditors Voluntary Arrangement.
Breathing space? Bill Miller's bid has been given preferred status

Breathing space? Bill Miller's bid has been given preferred status


Joint administrator Paul Clark informed staff of the news at a meeting at Ibrox on Thursday morning.

Clark was quoted on the club's official website saying: '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 in principle and he is now the preferred bidder.
Saviour? Bill Miller could be the man to rescue Rangers

Saviour? Bill Miller could be the man to rescue Rangers

'Mr Miller now proposes to complete his transaction by the end of the season.'

David Whitehouse, of Duff and Clark, told a press conference that they hoped to complete an agreement with Miller and with the club's creditors before the end of the current season.

Whitehouse said Miller was seeking clarity over sanctions imposed against Rangers because of administration and that his bid was the best for the club and avoided the need for liquidation.

Whitehouse said: 'I'd like to announce that today we've received an unconditional bid from Mr Bill Miller which has been accepted and he is now the preferred bidder.

'Mr Miller now proposes to complete the transaction before the end of the season.

'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.'
Looking out: Administrators David Whitehouse (left) and Paul Clark (right)

Looking out: Administrators David Whitehouse (left) and Paul Clark (right)

Whitehouse revealed that Miller's bid would achieve the terms of a Creditors Voluntary Agreement which would guarantee creditors were not left empty-handed.

'Mr Miller's bid achieves that criteria,' he added.

'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.'

Miller's bid will also help resolve the issue of the majority shareholding in the club which is controlled by former owner Craig Whyte.

Whitehouse continued: 'The bid from Mr Miller provides the best framework to deal with the issue of Rangers' majority shareholding.

'We confirm that we envisage 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.

'We expect to enter into a binding agreement with Mr Miller very soon.'

[Ulick]

Wouldn't it be hilarious now if some oil-baron bought them out and they won everything for the next 20 years.

Even funnier if they were bought by a "tow truck tycoon" instead.

[deiseach]

It looks like the fix is in. They're planning to spin Rangers's debts off into a company with a revenue stream of zero pounds. Meanwhile the bits that have value are voted into the SPL as if nothing happened. I don't see it working. You have to have the agreement of 75% of creditors to get a CVA and HMRC cannot be seen to be agreeing to such a preposterous settlement, especially in the light of their craven bargain with Vodafone (amongst others). But they - and by 'they', I include the SPL - are clearly going to try.

[charlieTully]

Wouldn't it be hilarious now if some oil-baron bought them out and they won everything for the next 20 years.

as hilarious as meath winning nothing for the next twenty years.

[ludermor]

Poor, very poor.

[thejuice]

ouch 

[Arthur_Friend]

Miller withdraws his bid.

http://www.ft.com/cms/s/0/e8bf284e-9928-11e1-9a57-00144feabdc0.html#axzz1uJq7xFhR

[stew]

Miller withdraws his bid.

http://www.ft.com/cms/s/0/e8bf284e-9928-11e1-9a57-00144feabdc0.html#axzz1uJq7xFhR

some craic, can this shower of hoors stoop any lower? I don't want them to go under but feck me I love the embarrassment that is being meted out on a regular basis.

throw the cnuts in the lowest division, fine them a shit load of money, tell them they cant sign any players for a year (done already) and let them scrap to get back into the SPL.

So now the new preferred group will enter the fray, I hope to feck they tell them to feck away aff and then they would be on their merry way to the third best preferred owner.

One last thing, Rangers fans chanting at Miller 'yanks go home' is classic, well done Rangers fans, take a bow you idiots!

[deiseach]

Reading between the lines, I get the feeling what finally put Miller off is that The People will not tolerate Rangers being run on a profit-and-loss basis. Once this corrupt bargain had gone through and the Newco had picked up Ibrox for a song, which appealed to a smart businessman like Miller, he would be expected to stump up the money to buy Lionel Messi or face the wrath of the mob. Not so appealing. The ironic thing is that he was exactly what Rangers needed after the hubris of Murray and the sheer banditry of Whyte. Repel at haste, repent at leisure - and Rangers fans are going to have a lot of leisure ahead

[Main Street]

Miller probably discovered that he hasn't got the tow truck required for the task of dragging Old Rangers to New Rangers.

[johnneycool]

Has the big fund raiser at Windsor happened yet?

There'll be a few 100 thousand raised there.

[ziggysego]

Has the big fund raiser at Windsor happened yet?

There'll be a few 100 thousand raised there.

£80,000 I heard. Can't imagine how, only 7,000 turned up for it.

[stew]

Has the big fund raiser at Windsor happened yet?

There'll be a few 100 thousand raised there.

£80,000 I heard. Can't imagine how, only 7,000 turned up for it.

I am surprised that many turned up, that shithole is a deathtrap.

I wonder how many norn iron fans turned up, I am sure wee marty would claim not a one of them!