Further Rangers chaos as Miller withdraws bid

Rangers Football Club has been thrown into further turmoil with preferred bidder Bill Miller withdrawing his plans to take over.

The US businessman was named as Rangers’ administrators Duff & Phelps’ number one bid to take majority shareholding from Craig Whyte but the tow-truck tycoon has performed a massive about-face today by stepping away from the bidding process.

"As soon as I was announced as preferred bidder for Rangers, my team began to press ahead with our due diligence,” read a statement from Miller.

"Until then, information had been limited to what was made available in the internet data room and questions addressed to the administrators and their staff.

"In addition, I had preliminary discussions with the Scottish Footballing Authorities and limited discussions with Ally McCoist.

"Upon being named preferred bidder, discussions with Rangers staff started and discussions with all interested parties intensified.

"We continued to work through the holiday weekend in order to meet a very compressed schedule.

"By late Monday night, it became clear to me that preliminary information, discussions and analysis were, unfortunately, more optimistic than reality.

"Having no intention of negatively affecting the potential outcome of the club's future and after hearing the message from Rangers supporters and fans loud and clear ("Yank go home!"), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward.

"I am deeply disappointed as I had considered the opportunity to bid for one of the most historic football clubs in the world, an honour and a privilege.

"I wish Rangers fans, supporters and employees my very best. I hope all your dreams and wishes come true. You certainly deserve it.

"I am most disappointed that I won't have the opportunity to walk into Ibrox Stadium on the day of an Old Firm match as my friends tell me the hair on my arm will stand up and I will never witness such passion and spirit at any sporting event.

"God Speed, Rangers!"

 
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