Rangers administrator Paul Clark last night told the Blue Knights they have until Monday to make a decisive move to buy the club – or they will proceed with Bill Miller’s “newco” proposal.
American businessman Miller has unveiled plans for an £11.2 million offer, explaining that he would form an “incubator” company to buy Rangers’ assets and the existing club would exit administration through a Company Voluntary Arrangement at a later date.
Miller claimed the plan would preserve Rangers’ history as the two companies would eventually merge. However, the towing tycoon left the door open for rivals by suspending his bid until Monday and Paul Murray’s Blue Knights consortium held further discussions with administrators and potential backers Ticketus yesterday.
And there is a huge amount of uncertainty about the feasibility of Miller’s bid given he has attached the condition that he receives written guarantees that his new Rangers would not be hit with penalties next season.
But, as Singapore businessman Bill Ng earlier withdrew his bid and Sale Sharks owner Brian Kennedy had a revised verbal offer rejected 24 hours earlier, it appears the Blue Knights are the only potential rival.
Clark said: “If there is no better offer we would be looking to proceed with Mr Miller very early next week.” The Blue Knights were set to be offered exclusivity seven days ago but could not immediately raise the £500,000 fee and stepped back from the process.
But Clark said: “We have been in ongoing contact with the Blue Knights. Monday really is the last day and we really will have to proceed one way or another. It really is a last-chance weekend.”