Rangers' administrators to scrutinise bid trio
Administrators said Thursday they would consider three of the four bids submitted for Scottish champions Rangers. They also said "exit from administration does look achievable by the end of the season", which will come as a relief to fans of the Glasgow giants amidst fears the 140-year-old club might go out of business completely. As well as a bid from the Blue Knights group fronted by former Rangers director Paul Murray, it is understood other offers lodged before Wednesday's 5pm local time (1600GMT) deadline set by administrators Duff and Phelps were from groups based in Singapore, Germany and the United States. David Whitehouse, joint administrator, said Friday: "Following the outcome of the bidding process, I can confirm today that we will be considering further three of the four bids submitted yesterday. "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." He added: "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." Administrators were called in to Rangers on February 14 after British tax authorities went to court to seek payment of an unpaid bill of £9 million ($14m) built up since owner Craig Whyte took charge at Ibrox in May. That meant Rangers were docked 10 points -- a move that effectively handed this season's Scottish Premier League title to arch Glasgow rivals Celtic, who now only need a point at Kilmarnock on Saturday to be crowned champions. However, the administrators released a report Thursday saying Rangers' total debt could amount to £134 million, with the club awaiting the outcome of a tax tribunal case that could them £75 million. Some Rangers fans, fearful of the uncertainty surrounding the club, have announced plans to hold a demonstration against any form of liquidation -- which would mean the end of the club as it is now known -- at Ibrox ahead of Saturday's league match at home to St Mirren. But Whitehouse urged them to call off their action, saying: "We are aware that some fans wish to stage a protest at the match on Saturday against any form of liquidation. "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... that may be interpreted as ultimately detrimental to the club's prospects of emerging from the administration process successfully." Administration is the process whereby a company that cannot pay its debts calls upon independent expert financial help in a bid to remain operational.
