Rangers takeover latest

Good afternoon and welcome to our live text coverage on the latest at Rangers.

Rangers' administrators have granted Bill Miller preferred bidder status and hope the club will be in his hands later this month.

The America-based businessman announced plans to form an "incubator" company that would see the assets of Rangers transferred to a new company.

Miller's initial bid was dependent on the Scottish football authorities not imposing further sanctions on the club.

But Duff & Phelps have described the offer as "unconditional".

Bill Miller has been vying for control of the club with the Blue Knights, led by former Rangers director Paul Murray and backed by Sale Sharks owner Brian Kennedy.

Rangers have been in administration since 14 February. The club were deducted 10 points and they lost the SPL title to Old Firm rivals Celtic for the first time in four years.

Players and management at Ibrox agreed wage cuts to enable season's fixtures to be fulfilled.

The deadline for securing Uefa licence was missed but the club have applied to play in Europe next season.

For those of you just joining us, I'll run through the Duff & Phelps statement from lunchtime...

"Bill Miller has got sufficiently comfortable in terms of the football authorities to go unconditional with his bid, and on that basis we can proceed.

"Mr Miller now proposes to complete his transaction by the end of the season."

Now, the "incubator" idea would leave an "old company" saddled with the club's debts and aiming to deal with its creditors via a Creditors Voluntary Arrangement [CVA].

Administrator Paul Clark explained that the two entities would later reunite, saying he thought it was an "entirely workable strategy".

Clark also revealed that Miller's bid was "substantially greater" than that offered by The Blue Knights.

Clark stressed that the bid "avoids the need for liquidation" but did not address what would happen in the event of a failure to agree a CVA.

Rangers are facing a 12-month transfer embargo, pending an appeal against the Scottish Football Association's decision.

Following last night's 5-0 win over Dundee United, Rangers boss Ally McCoist urged stability at Ibrox.

"I think everybody has got to be given a chance, whether it's Bill Miller or whoever it may be.

"We would all be wrong to sit and be judge and jury immediately before anything could happen.

"I don't think we are in a position other than we have to be supportive of somebody that will hopefully come in and take the club forward.

"People will have their own opinions on things and ideas of who they want.

"But, from within the club, we just want somebody who will come in and give us a little bit of stability again and hopefully take the club forward."

Former Celtic manager Gordon Strachan has expressed his view on the Rangers situation...

"You must keep Rangers in the SPL, but they have to pay the penalty for their misdemeanours.

"It is unfair that Rangers players at the moment; coaching staff and supporters are blamed or punished for something that went on maybe decades ago.

"There has to be punishments but you cannot kill a club with history like that.

"Celtic will enjoy winning more if Rangers are there and vice versa: trust me."

Former Rangers defender Sandy Jardine has pleaded with the football authorities to be "measured" in their punishment of the Ibrox club.

The Fans Fighting Fund figurehead, speaking on Wednesday, said: "We know we've done wrong, but it has to be measured," said Jardine.

"We've been decapitated. When Craig Whyte came in, basically all the senior directors were dismissed and Craig Whyte has vanished, along with his people.

"I realise that the players did nothing wrong, the supporters did nothing wrong, the staff did nothing wrong.

"But we have to have some sort of punishment because it has to be a deterrent."

BBC Scotland's senior football reporter Chris McLaughlin is outside Ibrox preparing for his live insert into Reporting Scotland on BBC One at 1330 BST.

I'll bring you his thoughts shortly...

"It's the first step forward. We must accept it and get on with it. There are a lot of question marks over Bill Miller, he's still an unknown. He has to engage with the supporters. The three main supporters groups were behind Paul Murray, but they (The Blue Knights consortium) have fallen away.

"The bottom line is Bill Miller is the preferred bidder and we need to find a way to work with him."

I'd mentioned former Celtic manager Gordon Strachan had expressed his robust views on the Rangers situation.

Strachan, who believes the Ibrox club should remain in the top flight, also praised Rangers boss Ally McCoist.

"He is a strong minded character, but he has also got a sense of humour to see him through things. You need that," Strachan said.

"They don't show you that in coaching courses or in the management course.

"He's had as hard a job as any Old Firm manager's had with what's been going on.

"He's handled it well because he's had to answer questions on every subject."

At a lunchtime media conference, administrators Duff & Phelps revealed that they had granted Bill Miller preferred bidder status.

They hope the club will be in his hands by the end of the season.

Miller's initial bid was dependent on the Scottish football authorities not imposing further sanctions on the club.

But Duff & Phelps now describe the offer as "unconditional".

Bill Miller had been vying with the Blue Knights consortium for control of the Ibrox club.

The Scottish Football Association and Scottish Premier League both say they intend to hold further talks with Miller, who made his money from a tow truck business.

Any newco club would need to request permission from the SPL board to acquire Rangers' share in the competition.

The "incubator" idea would leave an "old company" saddled with the club's debts and aiming to deal with its creditors via a Creditors Voluntary Arrangement [CVA].

Administrator Paul Clark explained that the two entities would later reunite, saying he thought it was an "entirely workable strategy".

We're expecting a statement from Bill Miller later and are also awaiting reaction from the Blue Knights consortium, led by Paul Murray.

John MacMillan, General Secretary of Rangers Supporters Association, said questions remained regarding Bill Miller's intentions for the club.

However, MacMillan added: "The bottom line is Bill Miller is the preferred bidder and we need to find a way to work with him."

"The administrators say they understand Bill Miller has assurances that #Rangers will continue in the SPL with no further points deductions..."

Kenny, from Northern Ireland. on 80295: "What I can see & hear fans of other clubs don't want Rangers in the SPL instead of going the the 3rd div why not apply to the Conference Premier that way we will be in the English League; six years should see us up in the english premier and that would sort out the SFA."

"Administrators say they understand #Rangers will retain all previous titles and continue in SPL with no points deductions."

Send me your thoughts via Twitter to @bbcthomasmcg via the hashtag #bbcsportsound or text via 80295.

"It is a great honour and privilege to have the opportunity to buy Rangers Football Club.

"I respect the club as one of the world's great sporting institutions and one of the UK's most venerable football clubs.

"What Rangers, which includes supporters, players, staff and anyone with the club at heart, have been put through, particularly in recent months, is a travesty and from what I can see they have been badly let down by a number of individuals."

"This will not happen on my watch should I become the custodian of this great club.

"Under my stewardship, Rangers will be managed with fiscal discipline such that the club not only conforms to UEFA Financial Fair Play regulations but also such that Rangers will never have to suffer this kind of anguish again. From now on, Rangers will live within its means - no excuses.

"I have fought hard to try to offer Rangers a fresh start and I hope all Rangers fans will continue to rally round the club as we endeavour to leave behind this distressing chapter in the club's history.

"Finally, and perhaps most importantly, we have worked hard to ensure that there is no loss of history, no loss of tradition and no liquidation of Rangers Football Club. I wouldn't have it any other way."

Interesting stuff from Bill Miller, pledging to bring "fiscial discipline" to Rangers and offering a "fresh start" with "no loss of history, tradition and no liquidation".

Give me your views: on Twitter @bbcthomasmcg using the hashtag #bbcsportsound or via text on 80295.

We're receiving a lot of texts and tweets about possible league reconstruction. Some suggest this is the time to revamp Scotland's top flight. Thoughts?

We're still waiting to hear from Paul Murray/Brian Kennedy and the Blue Knights consortium...

Joint administrator Paul Clark has explained to BBC Scotland that Craig Whyte, who bought Rangers for \u00a31 last year, will receive nothing from Bill Miller, saying it was "not necessary to get his approval". In effect, it is Duff & Phelps selling the club's assets to the American.

Will creditors such as Her Majesty's Revenue and Customs and investment firm Ticketus accept a CVA? Joint administrator Paul Clark tells BBC Scotland that discussions with creditors will continue and that it could be "some months" before any offer is made.

BBC Scotland's business editor Douglas Fraser has blogged on the latest developments at Ibrox.

"Bill Miller's statement last month said he was offering \u00a311.2m," Douglas writes.

"It seems (though confirmed details are hard to find on this) that would be applied to paying off a share of debts. However, those debts are proving to be a moving target.

"The administrators say liquidation has been much misunderstood. We still don't know if Rangers will be required to pay the "big tax bill" which remains stuck in tax tribunal limbo. That makes a big difference to the pay-out other creditors can get, and gives HM Revenue and Customs a pivotal role in any CVA."

"We believe that we have the best interests of Rangers Football Club at heart and our motives reflect a thorough understanding of the position that Rangers holds in Glasgow and indeed Scottish football.

"We believe that our bid was and remains the best bid for Rangers Football Club and its supporters.

"We were therefore surprised and disappointed to be informed earlier today that a preferred, non- exclusive bidder has been appointed which appears to entail the transfer of the assets and Rangers business into a NEWCO structure.

"Whilst we acknowledge that the acceptance of a NEWCO structure would be easier for Duff and Phelps to execute, we were not prepared to follow that course of action."

"We believe that the complexities of a NEWCO process should not be underestimated and the likely loss of European football for a minimum period of three years may carry longer term financial consequences to Rangers Football Club and its many supporters. Under our CVA proposed transaction, these issues could have been addressed more easily.

"Whilst we also acknowledge that the delivery of Craig Whyte's shares created a degree of uncertainty, our frustration lies in the fact that it is only in recent days has this issue been seen as an impediment to overcome in enabling us to make an unconditional CVA offer to Duff and Phelps.

"With the end of the current season now very close, the current uncertainty and delay in resolving matters has to be urgently resolved as there are many key decisions that need to be made to ensure that the club can plan properly for next season and beyond."

So, the Blue Knights "are surprised and disappointed" at the administrators' decision to name Bill Miller as preferred bidder. What do you think?

Tweet me @bbcthomasmcg using #bbcsportsound or text via 80295.

I'll keep our live text coverage of the Rangers takeover rumbling along to include the first hour of BBC Radio Scotland's Sportsoundfrom 1810 BST before bringing it to a close and turning attention to tonight's SPL game between Celtic and St Johnstone.

Should there be any further updates regarding Rangers later this evening, we'll mark it in our SPL live text.

"What Bill Miller's connection is, or what his attraction is to Rangers has yet to be fathomed. We simply don't know, we haven't met the man, he hasn't turned up here. I gather he does have some Scottish blood somewhere.

"Whatever his motive is, he is the preferred bidder, although to my knowledge, he hasn't paid the \u00a3500,000 exclusivity fee Duff & Phelps, the administrators, were hoping to prize out of somebody at some stage during these proceedings.

"I think what's happened is that now we are down to a deadline with only two possible bidders, it's the one with the most money who has said: 'Either take me or don't take me'.

"Between now and May 11 (the deadline for Miller to complete the purchase of the club), because he's the preferred bidder rather than exclusive, it is possible for Brian Kennedy to step up his bid. If he provides the same sort of structure as Miller is proposing, plus extra money, then he could get the club. In other words, he could gazump Miller.

"Alternatively, it's also possible if no one else comes in with a bid, Miller could reduce his offer, there's nothing to stop him doing that. I think we're in the end-game, but I don't think we're in the last play."

We've published video of BBC Scotland senior football reporter Chris McLaughlin's interview with administrator Paul Clark.

Anonymous text to 80295: "Cannot recall any Old Firm supporters worrying about the future of Scottish football or the welfare of other clubs when they were doing everything the could to get into the EPL. I'm moved that RFC supporters are now so concerned about the survival of the SPL."

Please remember to put your name at the end of the text!

Regarding Neil Lennon's six-match touchline ban following his confrontation with referee Euan Norris, the Celtic boss won't receive punishment for rule breaches relating to comments made on Twitter after the Scottish Cup defeat.

The SFA ruling stated: "The judicial panel found Mr Lennon in breach but imposed no further sanction based on the fact he was not responsible for the posting of the actual tweet."

Rangers defender Steven Whittaker has been speaking about the players at Ibrox coming to terms with the prospect of no European football next season.

"We always knew as soon as we went into administration that we weren't going to get out of it quickly enough so it was going to be the case that we were not going to be in Europe next year.

"We knew that and Motherwell have got that position.

"A club like Rangers should be in Europe and, of course, we want to play in Europe.

"But the circumstances of next season are out of our hands and it's been decided that we're not going to be there.

"What the boys will decide, I think the club needs to sort itself out first before the guys make decisions."

"It's certainly disappointing times what's happening at Ibrox at the moment.

"The sooner that gets sorted out the better, not just for Rangers but for the SPL in general. After Craig Whyte's disaster, I think everyone's just hoping this guy (Bill Miller) comes in and is true to his word. I think the club can only go up from here.

"They've gone through terrible times. Coisty's a good friend of mine, he's done a remarkable job keeping it all together. For Scottish football in general, you need a Rangers in the league. Hopefully it gets sorted quickly."

Ian Crook: "If a newco or whatever is formed Rangers must go down to Div 3. If any non OF club was in same position no favours would arise"

The Blue Knights' bid was conditional on the administrators delivering Craig Whyte's 85% shareholding in the club.

The Knights' membership comprises: Paul Murray, Paul Mackenzie, Douglas Park, Ian Hart, Scott Murdoch and Brian Kennedy.

Bill Miller says it's "a great honour and privilege" to have the opportunity to buy Rangers Football Club.

"I respect the club as one of the world's great sporting institutions and one of the UK's most venerable football clubs.

"We have worked hard to ensure that there is no loss of history, no loss of tradition and no liquidation of Rangers Football Club. I wouldn't have it any other way."

The Scottish FA and SPL both say they will hold discussions with Bill Miller.

Paul Murray and his Blue Knights - rival bidders for the club - are "surprised and disappointed" at the administrators' decision to name Bill Miller as preferred bidder.

"We believe that our bid was and remains the best bid for Rangers Football Club and its supporters," the Blue Knights said.

BBC Radio Scotland's Sportsound on 810 MW, from 1810 BST, will have the very latest on the Rangers takeover.

I'll keep our live text going until 1900 BST; after which my colleague Keir Murray will host the live text for tonight's SPL clash between Celtic and St Johnstone.

"We have agreed to nothing because nothing has been put to us.

"We will consider our position when any package is put to us."

"Paul Murray and the Blue Knights are understandably disappointed at missing out"

"I don't think the Blue Knights are completely out of this..."

Pass the cold compress, please! Nurse!

"We refused to go down the Newco route (advised by the administrators). I'm not prepared to accept some of the criticisms made."

"All I want is the club to be saved; if Bill Miller is the right guy then I've got no problem with that.

"I don't want to get in the way of the process."

So, the vexed issue of Rangers' takeover rumbles on. Bil Miller is named as preferred bidder by administrators Duff & Phelps; who are confident a deal can be pushed through before the end of May.

Thanks for your texts and tweets this afternoon. We'll keep you up to date with any further developments at Ibrox through tonight's SPL live text commentary.

Cheers.