Rangers takeover: Brian Kennedy offer ‘well-meaning but unacceptable’

The battle for control of Rangers has developed into a long and uncomfortable saga for Duff & Phelps, who have encountered delay after delay as they seek to find a preferred bidder for the club, which was placed in adminsistration by owner Craig Whyte on 14 February.

This week alone, they have had to deal with the Blue Knights consortium – spearheaded by former Ibrox director Paul Murray – announcing on Monday it was “stepping back” from the process, to allow a group led by Singapore businessman Bill Ng to complete a deal. American businessman Bill Miller also still remains in the running. The Blue Knights have since indicated they may re-enter the picture.

The waters were then muddied further on Wednesday when Scottish tycoon Kennedy, who had his initial bid rejected, made it public that he was back with a renewed offer – two weeks after the deadline for best and final offers.

It has frustrated Duff & Phelps in their objective to have a preferred bidder in place by close of business today, and last night a spokesman insisted: “The administrators haven’t received a revised written offer and have informed Brian Kennedy his best verbal offer is not capable of acceptance.”

Kennedy claimed he had doubled his first offer to a “double digit million pound bid” last night and implored administrators to act swiftly. They have done so with regards his offer but there remains no decision on a preferred bidder.

In a statement released by Rangers last night, joint administrator David Whitehouse added: “We have had a series of constructive discussions with bidders. We have made it crystal clear to them all that to announce a preferred bidder we need definitive, unconditional bids on the table.

“It is also important to let fans know that at this stage there is a world of difference between people indicating their intentions – even though they are well meaning – and putting them in black and white.

“We understand there are complex issues for bidders to deal with and we do not doubt that all parties want to attain control of the football club. We understand also that those interested in buying the club are working hard to resolve all outstanding issues.

“We are continuing to make representations to all stakeholder groups – including the football authorities – to give clarity on outstanding issues which will help existing bids move to unconditional status.”

Such rhetoric suggests Duff & Phelps are unable to accept any offers currently on the table having considered written bids from the Blue Knights consortium, Miller and Ng.

There are numerous areas of uncertainty in the process including the rights of Whyte, who bought his 85 per cent shareholding for £1. Duff and Phelps have dismissed him as an “irrelevance” but Whyte insists he has £30 million on the line.

Other outstanding issues include the outcome of the “big tax case”, money owed to Ticketus, who have a contract giving them £27 million worth of season tickets over three years, and the 30 April vote on the Scottish Premier League’s financial fair play proposals.

The Blue Knights were also involved in discussions yesterday after reconsidering their decision to step back from the process on Monday.