Rangers considering three offers

Rangers administrators have confirmed that they are considering three of four bids submitted to take control of the club.

With a deadline of April 4 set for prospective buyers to register their interest with offers, administrators Duff and Phelps have wasted no time in evaluating those on the table.

In addition, Duff and Phelps reiterated their desire to withdraw their services come the end of the Scottish Premier League season and feel these latest developments give the club the opportunity to regain sound financial footing sooner rather than later.

“Following the outcome of the bidding process, I can confirm today that we will be considering further three of the four bids submitted yesterday,” joint administrator David Whitehouse said via official statement.

“We have had a number of discussions with the interested parties today and have stressed the benefits to them of engaging openly with the club’s fanbase.

“We can now see light at the end of the tunnel whereby the club can exit from administration and focus upon success on the pitch.

“While we cannot be precise on timescale, exit from administration does look achievable by the end of the season.

“We also hope to announce next week acceptance of one bid, which would then be subject to a period of due diligence and exclusivity.

Despite speculation that Rangers could be liquidated, the administration now believe a Company Voluntary Arrangement (CVA) is the most probable outcome.

“Our focus continues to be achieving the best solution for the club, its supporters and its creditors and we continue to believe this will be deliverable,” Whitehouse said.

“We would expect to complete our negotiations in relation to the current round of bids … over the next few days and we would hope that an announcement will be made during the course of next week with regard to the future ownership of the club.

“We are aware that some fans wish to stage a protest at the match on Saturday against any form of liquidation.

“We understand their deep concern on this issue but the bidding process is at a critical and sensitive stage and, as administrators, we cannot support action – even though we favour a CVA – that may be interpreted as ultimately detrimental to the club’s prospects of emerging from the administration process successfully.

“The last few weeks have been extremely turbulent and a difficult time for the football club and I would like to thank the fans, the players and all of the staff at the club for their tremendous continued support throughout this period.”