Rangers takeover: Liquidation warning as crisis grows

THE Rangers crisis deepened last night when the club’s administrators accused the Blue Knights consortium of pursuing a strategy that had the potential to liquidate the club.

Administrators Duff and Phelps attacked the Blue Knights and co-bidder Brian Kennedy, the Sale Sharks owner, and disputed their claim that their offer was worth £11 million, arguing it was really nearer £2.5m.

“Their offer is just not enough, and to come out and say you’ve offered £11m is disingenuous to the fans,” said David Whitehouse of Duff and Phelps. “All I want to do here is put the record straight and to state categorically that their bid has a value to creditors of £2m-£2.5m and is too low. To say it’s £11m is misleading.”

Whitehouse claimed the Knights’ bid would not have a chance of getting past the tax authorities, He added: “He [Kennedy] is sure his tactics will remove everybody from the frame, but my concern is if his tactics were to achieve that, they could bring about the true liquidation of the club.”

Meanwhile, Rangers manager Ally McCoist questioned the timing of a highly critical SFA report on Rangers published on Friday, days before an appeal against a £160,000 fine imposed on the club. He said: “You would hope it [the timing] wouldn’t [be prejudicial] but you’d have to say the timing of it, at best, would be questionable.”