• SPL

Sale Sharks owner set to make second Rangers bid

ESPN staff
April 3, 2012
It remains to be seen whether Rangers will avoid going into liquidation © Getty Images
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Sale Sharks owner Brian Kennedy is weighing up whether to launch a fresh bid for Rangers, with the SPL club's administrators expecting up to five bids by 5pm on Wednesday.

Duff and Phelps, who are currently exploring the consequences of liquidation with football authorities, have set April 4 as the deadline for all bids for Rangers, with Chicago-based Club 9 Sports, the Blue Knights - led by former Rangers director Paul Murray - and a Singaporean consortium all in the running to take over at Ibrox.

Kennedy has already had one bid rebuffed, which led to him pulling out of the running and lending his support to the Blue Knights. However, he is believed to have renewed his interest and is expected to submit a second bid.

Co-administrator Paul Clark issued the following statement on the current situation at the club: "As administrators we are obliged, as part of our statutory duties, to put forward our initial report and statement of proposals to creditors by April 5. The report will be uploaded to the Rangers Football Club website [www.rangers.co.uk] from that date.

"All creditors will have the opportunity to vote on the proposals. In essence, the proposals consist of a set of legal and technical resolutions which relate to routine housekeeping matters, for which the Joint Administrators are required to seek creditors' approval. The proposals if approved, will allow the Joint Administrators to continue the administration process until an appropriate exit from administration can be found.

"Advertisements will be placed in relevant newspapers tomorrow, giving notice of a meeting of creditors. This will not be a physical meeting of creditors. The meeting is to be held solely by correspondence in accordance with Rule 2.28 of the Insolvency [Scotland] Rules 1986. Voting forms and statutory notices along with the Joint Administrators' statutory proposals will be available from April 5, 2012, from the website www.rangers.co.uk.

"Votes by correspondence must be submitted by 12pm on April 20 and the process is part of standard administration procedure. For clarification this is not a creditors' meeting at which a Company Voluntary Arrangement will be proposed, nor will any other form of exit from administration be determined at this juncture. Such matters will be formally considered once the sale process has reached a conclusion."

© ESPN Sports Media Ltd.
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