Gers delay naming bid choice
Administrators forced to put announcement on hold
Last Updated: April 11, 2012 4:34pm
Ibrox: Administrators are mulling over four offers for the SPL outfit
Rangers administrators Duff and Phelps have been forced to delay the announcement of a preferred bidder for the Scottish Premier League club.
With the Glasgow giants having slipped into administration and seen Old Firm rivals Celtic snatch the SPL crown, it was hoped that the first step towards a brighter future could be taken on Wednesday.
Four offers for the financially-crippled club are currently being mulled over, with it imperative that the right decision is taken at this juncture.
Duff and Phelps are determined to ensure that they bring in the right men for the present and future and will take as long as necessary to make that call.
They had hoped to be in such a position by now, but admit matters out of their control have led to a delay.
Paul Clark, joint administrator, told the club's official website: "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.
"Regrettably, this is not now possible as we were informed over the Easter holiday period that the SPL is proposing to consider at a general meeting on April 30, significant rule changes in relation to clubs which find themselves in an insolvency situation.
"The effect of such revised measures being considered at this juncture is that we, as administrators are duty bound to inform those parties who have submitted bids of the proposed resolutions the SPL intends to consider. Failure to do so would constitute material non-disclosure on our part, which is a serious matter.
"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.
"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. We hope to issue a further update by the end of this week."