Rangers deal possible this week

Rangers administrators Duff and Phelps have confirmed that all three parties bidding for Rangers have the financial resource to a complete a deal – and they have reiterated that they want to get it done by this weekend.

The remarkable Rangers takeover story took a stunning new twist on Tuesday when Bill Miller withdrew his offer to save the debt stricken club.

The administrators are now in major discussions with all three bidders and insist they want business to be concluded before the end of campaign on Sunday.

Sarah Bell from Duff and Phelps told rangers.co.uk: “We have three previously undeclared bidders, one of which is seeking a stand-alone CVA and the other two following the same plan as Bill Miller, ie an asset sale to a newco with the old company exiting through CVA.

“Of course if it is a stand-alone CVA then that will take several weeks to do and one of the aspects of that will be funding over that longer period but if a party was willing to fund that period then we could extend the deadline.

“The three main deciding factors for selection of the best bid are deliverability of the deal, quantum of a CVA and timing.

“In terms of expediency then going down an asset sale or newco route would be quicker.

“We are, of course, very conscious that the season ends this weekend and we hope to be running with one of the parties in the next few days.

“The three bidders have been doing very sophisticated research into the situation so they are well aware of what is involved. That was encouraging for us.

“Some fans may wonder why three bidders have suddenly emerged when Bill Miller was in preferred bidder status and then withdrew but they had been studying the situation.

“What we can say is that without going into exact figures we are satisfied that all three parties have the financial wherewithal to complete a deal.

“We have also taken the decision not to send out renewals for season tickets so that any party coming in to take over the club would have that funding.

“I can say that HMRC are interested to see the merits of each one of the offers and they are open to further discussion with us.

“We want to try to reassure supporters that while our duty as administrators is to secure the best deal for creditors this is not just about the survival of the club but giving it the ability to thrive.

“As I said we hope to be in running with one party by the end of this week.”