SPL rule changes force Rangers to wait on new owner

Possible Scottish Premier League rule changes is delaying the announcement of who will take over at embattled Rangers FC.

Possible Scottish Premier League rule changes is delaying the announcement of who will take over at embattled Rangers FC.

Four bids are being considered to take majority shareholdings from owner Craig Whyte in a bid to get the club out of administration and back on the right path.

A decision was expected this week but administrators Duff & Phelps have been forced to postpone because of a SPL meeting at the end of April which could see a rule regarding clubs and insolvency altered.

"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,” joint administrator Paul Clark told Rangers’ official website.

"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."

 
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