Rangers takeover: Blue Knights refuse to rule out fresh offer

THE Blue Knights consortium headed by Paul Murray and Brian Kennedy have refused to rule out making a fresh bid for Rangers, despite apparently losing the battle for control of the Ibrox club.

Murray and his colleagues are aware that Bill Miller’s bid for Rangers has not been given exclusivity, which in theory makes it easier for alternative offers to be made to the administrators.

Murray released a statement earlier tonight to insist that he and Kennedy, who joined forces with him after initially planning to bid alone, had the best interests of Rangers at heart. And the former director of the club warned that Miller’s strategy could prove damaging, particularly as it implied a three-year absence from European competition.

“We believe that we have the best interests of Rangers Football Club at heart, and our motives reflect a thorough understanding of the position that Rangers holds in Glasgow and indeed Scottish football,” Murray said. “We believe that our bid was, and remains, the best bid for Rangers Football Club and its supporters.

“We were therefore surprised and disappointed to be informed earlier today that a preferred, non-exclusive bidder has been appointed which appears to entail the transfer of the assets and Rangers business into a newco structure. Whilst we acknowledge that the acceptance of a newco structure would be easier for Duff and Phelps to execute, we were not prepared to follow that course of action.

“We believe that the complexities of a newco process should not be underestimated and the likely loss of European football for a minimum period of three years may carry longer-term financial consequences to Rangers Football Club and its many supporters. Under our CVA-proposed transaction, these issues could have been addressed more easily.”

One key difference between the Blue Knights and Miller is in their attitude to Craig Whyte, the former Rangers chairman who still owns 85 per cent of the shares. Miller has created a mechanism which he believes will render that shareholding irrelevant, while the Knights hoped they could deal with Whyte in another way.

“Whilst we also acknowledge that the delivery of Craig Whyte’s shares created a degree of uncertainty, our frustration lies in the fact that only in recent days has this issue been seen as an impediment to overcome in enabling us to make an unconditional CVA offer to Duff and Phelps,” Murray continued.

“With the end of the current season now very close, the current uncertainty and delay in resolving matters has to be urgently resolved as there are many key decisions that need to be made to ensure that the club can plan properly for next season and beyond.”