THE BLEAK outlook for Rangers’ future has taken a further turn for the worse, after the American businessman Bill Miller withdrew his offer to buy the Glasgow club.

Miller was awarded preferred-bidder status by Rangers’ administrators last Thursday, since when he has undertaken a rapid period of due diligence. Upon completion, the 65-year-old took a swipe at Duff and Phelps, the administrators, and claimed supporter opposition to his plans played a part in his move.

Miller said in a statement: “As soon as I was announced as preferred bidder for Rangers, my team began to press ahead with our due diligence.

“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from Rangers supporters and fans loud and clear (“Yank go home!”), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward.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 honor 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.”

Club 9 Sports were initially involved in a consortium with Miller before announcing they had pulled out and the company’s chief executive, Jon Pritchett pointed to three reasons behind the decision to pull out.

Pritchett said: “It would be a hard time turning things around and implementing structural changes and discipline. Such changes would have made Bill very unpopular given the way things have operated.

“The second factor is some of the contingency liabilities: are the players coming or going? What are the final decisions with regard to the SFA and SPL and sanctions?

“The third factor was more about the environment. It was a fairly inhospitable environment for Bill. He was getting hundreds of emails every day – vitriol and expletive-filled.”

The administrators responded with an unspecific claim that they have had three fresh notes of interest in Rangers since they named Miller as a preferred bidder.

The Blue Knights consortium, in conjunction with the Sale Sharks owner Brian Kennedy, remain in the frame but Duff and Phelps have said that group needs to up its funding promises in order to satisfy Rangers’ creditors.

David Whitehouse, Rangers’ joint administrator, said: “Given the fact that Mr Miller did not enter into an exclusivity agreement, we informed all other known potential bidders at the time the door was not closed. There is every opportunity for these bidders now to complete the purchase of the club.”

Guardian Service