Why Miller Deal Is RightJOINT administrator David Whitehouse insists that Bill Miller has the best interests of Rangers at heart, will satisfy creditors and has the passion to drive Rangers forward.
American tow truck tycoon Miller was announced today as the preferred bidder to takeover Rangers and Duff & Phelps want to conclude a deal within a matter of days.
Speaking to Blues News on RangersTV, Whitehouse said: "We very much hope the purchase can be completed at the end of the week. We can now see light at the end of the tunnel.
"This is a good move for Rangers both in a financial and playing capacity. Bill has spent a significant amount of time with Ally McCoist in recent days and Ally is very impressed with his plans and is supportive of the bid.
"In terms of the structure it is the only one that can deliver certainty in a short period of time so overall we think it is a great step forward.
"I can tell you that from the discussion we have had that he is passionate about the future of the club and the support base and he sees this as a magnificent opportunity to take the club forward.
"We have met with leaders of fans groups in the last week and I think across the board everyone accepts that Bill's bid is the right bid for the club in the right structure and in the right form.
"What effectively happens is that the assets and the trading operation are put into a new company and the old club is unwound through litigation so that that company can exit through a CVA.
"Whatever cash is raised will be paid to the creditors to leave a clean company which can then be merged with the acquisition vehicle.
"That way the history of the club can remain intact and the views of the fans have definitely been taken into account in this solution which provides Bill and his team with a stand-alone entity which isn't tarnished by the toxicity of the existing business but at the same time allows both to be brought back together at a later date.
"The major creditors - including HMRC - are aware of the structure of the deal that is being proposed and one of the advantages of this structure is that it is deliverable so we as administrators can conclude that deal."
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Rangers Football Club, Glasgow Rangers
