America-based businessman Miller nears takeover at Rangers

Rangers' administrators have granted Bill Miller preferred bidder status and hope the club will be in his hands later this month.

 

The America-based businessman announced plans to form an "incubator" company that would see the assets of Rangers transferred to a new company. Miller's initial bid was dependent on the Scottish football authorities not imposing further sanctions on the club. But Duff & Phelps describe the offer as "unconditional". "Bill Miller has got sufficiently comfortable in terms of the football authorities to go unconditional with his bid, and on that basis we can proceed," said Rangers joint administrator David Whitehouse. "Mr Miller now proposes to complete his transaction by the end of the season." The "incubator" idea would leave an "old company" saddled with the club's debts and aiming to deal with its creditors via a Creditors Voluntary Arrangement [CVA]. Administrator Paul Clark explained that the two entities would later reunite, saying he thought it was an "entirely workable strategy". Clark also revealed that Miller's bid was "substantially greater" than the rival offer from the Blue Knights consortium led by former Rangers director Paul Murray and backed by Sale Sharks owner Brian Kennedy. He added that it would provide "a stable platform" for the club and provide the best return for creditors. Clark stressed that the bid "avoids the need for liquidation" but did not address what would happen in the event of a failure to agree a CVA.

Rangers are facing a 12-month transfer embargo, pending an appeal against the Scottish Football Association's decision. And given PFA Scotland believe players are not legally obliged to join a newco, the American, who runs a tow truck business, may struggle to assemble a squad. Uefa also insist clubs are members of national associations for three years before they are allowed into European competition. Sections of the Rangers support have voiced opposition to Miller's proposed takeover. However, following Wednesday's 5-0 win over Dundee United manager Ally McCoist said: "I think everybody has got to be given a chance, whether it's Bill Miller or whoever it may be. "We would all be wrong to sit and be judge and jury immediately before anything could happen. "I don't think we are in a position other than we have to be supportive of somebody that will hopefully come in and take the club forward. "People will have their own opinions on things and ideas of who they want. "But, from within the club, we just want somebody who will come in and give us a little bit of stability again and hopefully take the club forward."












3 May 2012 Last updated at 11:36
http://www.bbc.co.uk/sport/0/football/17921616