Administrators confirm Bill Miller as preferred bidder for Rangers

Rangers administrators have revealed American tow-truck businessman Bill Miller has been named preferred bidder for the club.

Administrators for the crisis-hit club informed non-playing staff of the development at Ibrox on Thursday morning.

Duff and Phelps selected the US businessman as their preferred bidder, which now gives him 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 Brian Kennedy was the only other offer on the table for the club.

Mr Miller’s bid involves selling the club’s assets – including Ibrox, Murray Park and the playing squad – to a new company for £11.2m before most likely liquidating Rangers FC plc.

The owner of Miller Industries tow-truck company claims he will perform a newco switch where the original company will not be liquidated, but a company voluntary arrangement (CVA) will be completed on it before it is merged with the new company.

He previously stated that London ticketing agency Ticketus, which would be owed around £27m should it become a creditor, would be an obstacle to this attempt, while Rangers owe up to £134m in unpaid bills.

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.”