football
Latest News:

Another twist in the Rangers saga


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.

View a Printer Friendly version of this Story.

Bookmark or share this story with:

Another twist in the Rangers saga
Flower of Scotland (IP Logged)
08/05/2012 17:52
What do you think? You can have your say by posting below.
If you do not already have an account Click here to Register.

Sorry, only registered users may post in this forum.
We record all IP addresses on the Sportnetwork message boards which may be required by the authorities in case of defamatory or abusive comment. We seek to monitor the Message Boards at regular intervals. We do not associate Sportnetwork with any of the comments and do not take responsibility for any statements or opinions expressed on the Message Boards. If you have any cause for concern over any material posted here please let us know as soon as possible by e-mailing abuse@sportnetwork.net
 

Scottish Football Poll

What size of top division should we have

See results > Submit >>