RANGERS ADMINISTRATORS CONFIRMED yesterday that they are actively considering three of the four bids submitted to take control of the club.
In addition, Duff and Phelps reiterated their desire to withdraw their services come the end of the Scottish Premier League season and feel these latest developments give the club the opportunity to regain sound financial footing sooner rather than later.
“Following the outcome of the bidding process, I can confirm today that we will be considering further three of the four bids submitted yesterday,” joint administrator David Whitehouse said.
“We have had a number of discussions with the interested parties today and have stressed the benefits to them of engaging openly with the club’s fanbase. We can now see light at the end of the tunnel whereby the club can exit from administration and focus upon success on the pitch.”
Though the administrators would not be drawn on the exact timetable they had put in place, it appears that speed is of the essence.
“While we cannot be precise on timescale, exit from administration does look achievable by the end of the season. We also hope to announce next week acceptance of one bid, which would then be subject to a period of due diligence and exclusivity.”
Despite speculation that Rangers could be liquidated, Duff and Phelps now believe a Company Voluntary Arrangement (CVA) is the most probable outcome. This arrangement would see the Glasgow club come to a voluntary arrangement with its creditors regarding payment of debts.
“Our focus continues to be achieving the best solution for the club, its supporters and its creditors and we continue to believe this will be deliverable,” Whitehouse said.
The news of a possible solution to the club’s crisis comes ahead of plans by some fans to stage a protest during Saturday’s home fixture with St. Mirren, a move the administrators are not keen to encourage.
“We understand their deep concern on this issue but the bidding process is at a critical and sensitive stage and, as administrators, we cannot support action – even though we favour a CVA – that may be interpreted as ultimately detrimental to the club’s prospects of emerging from the administration process successfully.”
