Deadline set for Gers bids

Rangers’ administrators have asked three bidders to submit “best and final offers” for the club by Wednesday, April 4th.

Five parties notified Duff and Phelps of their interest in a takeover of the Scottish Premier League champions, although Sale Sharks owner Brian Kennedy has since dropped out of the running after being informed his bid was too low.

The administrators indicated they have yet to identify a preferred bidder from the short-list at this stage in the process.

Duff and Phelps have confirmed the bidding process remains open until Wednesday next week where the successful bidder could then have a period of exclusivity to finalise due diligence thereafter.

David Whitehouse, joint administrator, said on the club’s official website: “The direction from Lord Hodge in the Court of Session in Edinburgh last Friday clarified important issues relating to the status of the arrangement between Ticketus and Rangers Football Club and our powers as administrators in relation to contractual rights.

“This has allowed the bidding process for the Club to move away from the previous uncertainty the issue caused. The direction has also enabled us to have intensive and constructive discussions throughout this week to confirm the levels of interest and the structure of any offers.

“It would be inappropriate for us to comment on the merits of individual bids but, in general, several parties have pursued their declared interest in the Club and five bids submitted have been subject to greater scrutiny.

“We fully understand the desire of supporters to see the bidding process concluded as soon as possible and have asked three bidders to submit best and final offers by Wednesday April 4. It is likely that a successful bidder will require a period of exclusivity to commit to final due diligence thereafter.

“Bids have inevitably been the subject of widespread comment and speculation but at this stage it would be unwise to perceive any particular party to be a preferred bidder, and the bidding process remains open for all parties until April 4.”