Paul Murray's Blue Knights consortium are finalising an offer to buy Rangers with the shock backing of Ticketus.
Ticketus giving surprise backing to Murray-led consortium
Former Rangers director Paul Murray has confirmed his Blue Knights consortium are finalising an offer to buy the Ibrox club with the surprise backing of Ticketus.
The Blue Knights' bid is in partnership with supporters groups and Ticketus, the company which announced the statement on Friday evening.
Rangers went into administration in February and non-playing staff were facing mass redundancies before players on Friday agreed to substantial pay cuts.
Administrators Duff and Phelps also on Friday invited interested buyers in the club - of which there are thought to be several - to supply indicative bids by 16th March.
And Blue Knights - through the London-based financial firm Ticketus, who also had a key role to play in current owner Craig Whyte's takeover of the Scottish champions last May - are on the brink of a bid.
A statement read: "The "Blue Knights", led by Paul Murray, today confirm that they are finalising an offer for Rangers football club in partnership with fans' representatives (from the Rangers Supporters Assembly, the Rangers Supporters Association and the Rangers Supporters Trust) and Ticketus."
Resolution
The consortium are aiming for a situation whereby Rangers can emerge from administration via a Company Voluntary Arrangement (CVA) rather than see the club face the prospect of liquidation, and they are to hold talks with administrators on Monday.
Administrators have already confirmed there is no realistic chance of European football next season, because the club's finances would have to be in order by 31st March to gain a UEFA licence.
The Blue Knights want to avoid further exile from continental competition and are also determined to preserve the club's 140-year history - both of which mean avoiding liquidation.
The statement continued: "The members of the consortium are united in their belief that a collaborative approach is essential in securing the club's future through a CVA, thereby achieving a fair and fast resolution that will put the club on a secure financial footing.
"Through a CVA rather than liquidation, the club will benefit from being able to qualify for future European competition and access the significant revenues associated with this. Preserving this revenue stream, and the club's 140-year-old legacy, is paramount and in the best interests of all parties."
Murray said: "I believe that the Blue Knights, working in collaboration with the fans and Ticketus, are able to deliver an attractive solution that will see the club emerge from administration with a clear plan for the future that will bring the financial stability that the club needs.
Financial viability
"We firmly believe that a CVA is the best way forward and we are working hard to offer a solution that will enable this to happen.
"As the Administrators have stated, the alternative route of putting the club into liquidation is much less attractive for creditors, supporters and players, with its capacity to destroy value.
"Under current UEFA rules, a football club is banned from European competition for three years in the event of liquidation.
"Taking this route would have a significant impact on Rangers' future revenues and the overall financial viability of the club, so it is something we want to avoid."
Ticketus stated: "We believe that the Blue Knights understand very clearly what needs to be done to stabilise the club, and represent the most attractive long-term solution to Rangers' financial situation.
"We are therefore backing their bid and will be an active partner, contributing to a successful outcome. We believe working alongside the Blue Knights and fans' representatives offers the best chance of the club surviving and becoming a viable business."
Andy Kerr, president of the Rangers Supporters Assembly, said: "This is the only transparent bid just now.
Transparent
"The features of it are very much the sort of things regarded as priority bysupporters.
"We are very much supportive of it as we have got to get out of this mess.
"We know this is genuine and with other interested parties we haven't seen thecolour of their money.
"These people have been transparent with us and involved us.
"There is still a long way to go, there are things we will need assurances about."
He added: "I don't think Ticketus did anything wrong. Ticketus provided money up front in good faith.
"The discussions we have had, it will be a more favourable deal than the original one in terms of overall worth to the club, the period of repayment.
A spokesman for the Rangers Supporters Trust said: "Rangers fans have been waiting for a plan to clean up the mess left by Craig Whyte and these proposals could do just that.
"They also have the potential to pave the way for supporters holding a significant and meaningful stake in our club.
"The RST has been in regular dialogue with Paul Murray and the Blue Knights and will continue to work with them to deliver a package that returns financial stability to the club and puts supporters at the heart of its control."
