Rangers attempt to buy time from club's creditors

 

Rangers' administrator, Duff and Phelps, will present a report to the club's creditors tomorrow and ask them to vote on a series of proposals.

All creditors will have the opportunity to vote on the proposals, with a deadline of noon on 20 April. The administrator said yesterday this was standard administration procedure and that the report and proposals are not a creditors' meeting at which a Company Voluntary Arrangement (CVA) or any other form of exit from administration will be determined.

Paul Clark, joint administrator, said in a statement: "In essence, the proposals consist of a set of legal and technical resolutions which relate to routine housekeeping matters, for which the Joint Administrators are required to seek creditors' approval.

Duff and Phelps has asked would-be buyers to submit "best and final offers" for the club by today.

Blue Knights, headed by the former Rangers director Paul Murray, American investors Club 9 Sports and a Singapore-based group are expected to make formal bids, before a preferred bidder is chosen.

Murray said he had struck a deal with Ticketus that will see the investment company write off "very significant sums" it believes are owed by Rangers. Deals agreed between owner Craig Whyte and Ticketus over the sale of future season tickets were worth £30.5m, with £27m still owed on them. Reports suggested the London-based firm is willing to accept just £10m.

Murray said: "Our original aim was to get Ticketus on board so we could restructure the original deal and assist our efforts to secure a CVA. This deal does both.

Meanwhile, the Sale Sharks owner Brian Kennedy has not submitted a revised bid for Rangers, amid reports of fresh interest. A spokesperson for Kennedy said: "I have just spoken to Brian Kennedy who is on business in New York and he has advised me that he has not issued a revised bid."

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