Two Horse Race
Updated Monday, 30th April 2012
The never ending saga of who will end up helping Rangers out of their financial quagmire continues with a new bid offered by the Blue Knights
Kennedy was told at the weekend that the offer delivered by himself and the Knights on Friday, reported to be worth £5million, would not be commercially acceptable to creditors. Rangers' liabilities are said to be around £60million with a potential additional problem of £75million claimed by HMRC in the coming days or weeks when a tribunal outcome is delivered. The Blue Knights offer is subject to a Company Voluntary Arrangement being accepted and Craig Whyte handing over his 85% shareholding.
Joint-administrator David Whitehouse said Miller's £11.2million bid, which involves transferring the club's assets to a new company, was acceptable and claimed there could be clarity early this week over whether the American could proceed. He added that Miller could theoretically take control before the end of the season. However, Miller's bid is dependent on getting assurances that his newco club would not be penalised by the football authorities. A new club would be banned from Europe for three years and SPL clubs will be making decisions next week on points and financial penalties for such a club. Meanwhile, Rangers have appealed against a £160,000 fine and 12-month transfer embargo handed out by the SFA.