The administrators of Rangers Football Club have confirmed that American businessman Bill Miller has been named as preferred bidder for the club. Administrators for the crisis-hit club informed non-playing staff of the latest development at Ibrox on Thursday morning. Miller now has a two-week period of exclusivity in which both sides are expected to carry out due diligence.
The Blue Knights consortium led by ex-Rangers director Paul Murray and backed by Sale Sharks rugby club owner Brian Kennedy was the only other offer on the table for the club.
According to Miller, the owner Miller Industries, his bid involves moving the club’s assets - including Ibrox,
However, Duff and Phelps didn’t explain what would happen if a CVA was not agreed. Miller previously stated that
Paul Clark, of Duff and Phelps, told staff at a meeting at Ibrox: "We would like to thank all parties for their efforts in seeking to submit bids which preserve the long history and success of the Club.
"We are delighted to announce that today we have received an unconditional bid for the business and assets of Rangers Football Club plc from Mr Bill Miller which has been accepted in principle and he is now the preferred bidder. Mr Miller now proposes to complete his transaction by the end of the season."
A statement from Miller read: "It is a great honour and privilege to have the opportunity to buy Rangers Football Club. I respect the club as one of the world's great sporting institutions and one of the
The SFA said: “We have received formal notification from the Rangers FC administrators, Duff and Phelps, confirming that preferred bidder status has been granted to Bill Miller.It is our intention to enter into detailed discussions with Mr Miller to clarify his position and to establish his strategy to ensure a sustainable future for the club. We will make further comment when that process has been completed.”
The SPL added: "The Scottish Premier League notes that preferred bidder status has been granted to Bill Miller. The SPL will now continue discussions with Mr Miller and his team. No further comment will be made at this time."