Bill Miller's 'newco' proposal for Rangers has potential, says administrator

Duff and Phelps believe the American businessman's idea is promising but insists that no deal has been struck because due to potential Scottish Premier League sanctions

Rangers' joint administrator Paul Clark believes the structure of Bill Miller's 'newco' proposal has potential and says the Blue Knights must make progress in their talks with Ticketus by Monday.

Miller, an American businessman, has offered to purchase the club for £11.2 million, and has proposed to create ‘incubator’ company to buy Rangers’ assets to bring them out of administration via a Company Voluntary Arrangement (CVA).

But, administrators Duff & Phelps revealed that Miller’s bid was dependent on whether the Glaswegian club receives a 10-point deduction for the following two Scottish Premier League seasons.

In a statement, Paul Clark said: “We have read the statement by Mr Bill Miller that sets out a vision for the club, but acknowledges it as being dependent on possible SPL sanctions. We can however say that if these issues could be addressed the structure of the bid has potential.”

The Blue Knights Group, another potential bidder, had announced earlier in the week that they were “stepping back” from the process after their financial backers Ticketus agreed a deal with a Singapore-based group interested in taking over.

But the South-East Asian bidders, led by businessman Bill Ng, have also withdrawn their bid, opening the door for the Blue Knights Group and Ticketus to re-negotiate and launch a new offer.

And Clark hopes the pair can put together a deal by Monday.

He added: “It should be reiterated, however, that no unconditional bid has been tabled by any party.

“There have been a number of complicating factors in recent weeks, not least the cloud of possible further SPL sanctions against the Club and the withdrawal of one of the parties last week when it emerged they had no formal agreements in place with their partners.

 “This, combined with uncertainty regarding the role of Ticketus in any future ownership, has led to delays that we and all Rangers supporters would prefer not to have occurred.

“Despite suggestions to the contrary, it is not a case of the administrators refusing to nail down their choice - we can only accept a bid that is unequivocal.

"As things stand tonight, the Blue Knights have informed us they are in discussion with Ticketus. We will consider what progress they are making with a view to making a final decision at the beginning of next week.”

Rangers went into administration in February and are battling to keep the club afloat after winding up an unpaid tax bill of £75 million.

And Clark had much praise for manager Ally McCoist and the staff during a difficult spell for the club.

He said: “We realise the frustrations of the Rangers fans who want this process to come to a swift conclusion.

“In Rangers’ case, we have been in administration just more than two months. However, not every Club in administration will have had to deal with the complex issues that Rangers face – the present owner, Ticketus and sanctions from football authorities.

“Ally McCoist spoke at his press conference today about the need to build for next season – we are keen to see this happen as soon as possible.

“The team have been tremendous during this difficult time, as has the wonderful support of the fans."