BusinessBusiness RecoveryRangers FC administrators put sale on hold

Rangers FC administrators put sale on hold

Scottish Premier League rule changes on insolvent clubs halts disrupts sale process for Rangers administrators

ADMINISTRATORS TO RANGERS FC have put the sale of the club on hold following an announcement by the Scottish Premier League.

Paul Clark and David Whitehouse, both partners at Duff & Phelps, were appointed on 14 February.

Clark said in a statement: “As administrators we had hoped to announce today the acceptance in principle of an offer for the purchase of Rangers Football Club, which would be followed by a period of exclusivity while due diligence is undertaken.”

However, Clark added the SPL is proposing to changes its rules on insolvent clubs at its next annual general meeting on 30 April which could affect Rangers.

As part of their duty as administrators Clark and Whitehouse have to inform any parties that have submitted a bid for the club of the proposed changes so they have time to consider its ramifications before a deal can be made.

“Inevitably, bidders are now considering this information and will have to take a view as to whether it will affect their individual bids as they now stand. The result is a delay in the sale process. We hope to receive feedback from bidders as soon as possible in order for us to take the sale process forward as quickly as we can,” Clark said.

“We fully respect the right of the SPL to review its own rules and regulations and will not comment on the detail of what is being proposed for the meeting on April 30 at this stage. However, the fact that such measures are being considered at such a sensitive point in the sale process at Rangers is disruptive and regrettable.”

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