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Miller withdraws Rangers bid

SoccerNews in Scottish Premier League 9 May 2012

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Bill Miller has withdrawn his offer to buy Scottlish Premier League side Rangers, leaving the club in limbo.

Administrators Duff & Phelps named the American businessman as the preferred bidder last Thursday, ahead of the Blue Knights and Brian Kennedy offer.

However, in a statement released, Miller said he would no longer pursue the offer.

“By late Monday night, it became clear to me that preliminary information, discussions and analysis were, unfortunately, more optimistic than reality,” he said.

“I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward.

“I am deeply disappointed as I had considered the opportunity to bid for one of the most historic football clubs in the world, an honour and a privilege.

“I wish Rangers fans, supporters and employees my very best. I hope all your dreams and wishes come true. You certainly deserve it,” he added.

“I am most disappointed that I won’t have the opportunity to walk into Ibrox Stadium on the day of an Old Firm match as my friends tell me the hair on my arm will stand up and I will never witness such passion and spirit at any sporting event.”

“God Speed, Rangers.”

Rangers fans displayed anti-Miller banners at last week’s comprehensive victory over Dundee United.

And Miller was clearly affected by the negativity surrounding his bid.

“Having no intention of negatively affecting the potential outcome of the club’s future, and after hearing the message from Rangers supporters and fans loud and clear (‘Yank go home!’), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward,” he said.

The Blue Knights consortium, who have joined forces with Kennedy, are now seemingly in a one-horse race but still need to increase their funding if they are to be successful.

Joint administrator David Whitehouse said: “We have been informed by his advisors that there were a number of issues with which he felt uncomfortable including legacy contracts, the limitation of potential revenue streams and the expectation of required investment.

“In this case, with time and money for Rangers running out quickly, it was essential to move the process forward with urgency.

“As a consequence of Mr Miller’s bid being accepted, three other bidders have come forward to express their interest in buying the Club and these offers are being evaluated with the utmost urgency.

“There is every opportunity for these bidders to now complete the purchase of the Club prior to the end of the season.”

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