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Rangers back in crisis as buyer backs out

red cardDebt-riddled football club Glasgow Rangers are once more facing an uncertain future, as the preferred bidder, who was due to take over before the end of the season, has withdrawn his bid.

American tycoon, Bill Miller, has indicated he is no longer willing to take over the club, due to the financial information he has now received, as well as opposition from the fans.

Administrators, Duff & Phelps, had previously said that Miller’s bid was the only viable option they had received and had hoped to complete the deal by the end of the season. However, having entered into due diligence, Miller has now revealed that the club is in a far worse financial state than previously described and admitted he was not prepared to take on such a huge responsibility.

Miller has also blamed opposition from the fans as one of the reasons he got cold feet, with one of his advisors claiming ‘vitriolic’ emails had been pouring in, since the US businessman got the nod ahead of fans favourite, the Blue Knights. In announcing his u-turn, Miller said he had ‘heard the message’ from the fans ‘loud and clear.’

Duff & Phelps must now find a new buyer as a matter of urgency, if they are to save the club. Three bids are now on the table, one from the UK and two from overseas. None of these is believed to be the original bid which had previously been discounted.

The head of Rangers’ Supports Assembly, Andy Kerr, has called for Duff & Phelps to act ‘very, very quickly’ and move with ‘the utmost haste.’ Mr Kerr refused to admit defeat yet, but said that he feared that unless a speedy solution was found, the 140 year old club could be staring down the barrel of liquidation.

For advice on going bankrupt, speak to Baines & Ernst.

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