Four Bids Submitted For Rangers FC

Duff & Phelps, the administrators of Rangers Football Club, have revealed that four best and final bids for the club were made by its 5pm Wednesday deadline.

Former Rangers director Paul Murray’s Blue Knights consortium is joined by interested parties from Germany, the United States and Singapore, while Sale Sharks owner Brian Kennedy said he would only bid if he thought the winner would put the club into liquidation.

However, the administrators now believe it is possible to come out of administration by the end of the season, through a company voluntary agreement rather than through liquidation and the subsequent formation of a so-called newco.

Joint administrator David Whitehouse said: ‘Following our announcement on 30 March, that best and final bids for control of Rangers Football Club should be submitted by 5 April, I can confirm we have received four bids by close of business.’

‘The bids are structured in various ways, but I would describe them as positive and constructive.’

‘The administration team will now analyse these bids over the forthcoming days and hold discussions with relevant parties to gain further understanding of the details of their bids.’

‘It will be our intention to accept an offer next week and this will be followed by a period of due diligence and exclusivity.’

‘At this stage, we cannot be precise in timescale but estimate that an exit from administration before the end of the season is achievable.’

‘We appreciate the need to conclude this process as quickly as possible. It is, however, most important to secure the best possible outcome for creditors, Rangers Football Club and its supporters.’