By Graham Barnstaple
May 8 2012
Preferred bidder Bill Miller has pulled out of the race to become Rangers owner after carrying out due diligence.
Only four days after being appointed as the preferred American tycoon Bill Miller has pulled out of the race to own Rangers. He has cited two reasons for doing so; one was the reaction of the fans who were hostile to his bid, and also the financial situation was worse than he had been told.
This has prompted administrators Duff and Phelps to come out and say there are three more bidders interested in buying the club, not including the Blue Knights. Two are international bids and one from theUK.
The administrators are also convinced they can sell the club by the end of the season. As far as I know the season finishes on Sunday, and therefore would be surprised if that is possible.
For long enough this whole process has appeared to be a farce or a shambles, and today has sent this into a tail spin.
If a deal isn’t concluded by Sunday, the money is meant to run out at the end of the season and with no more home games, no season ticket money coming in etc will it be liquidation?
Will they now also be made to pay for not making high earners redundant back in February? While it was great they reduced the wage bill with players taking up 75% wage cuts, but those cuts will come to an end in the coming weeks and the wage bill will spiral once again. Will this either mean the club will be forced to liquidate or make players redundant?
Just as we all thought the appointment of the preferred bidder to Bill Miller we are now back to square one with no end of the saga in sight.