May 9 2012
Rangers administrators remain hopeful of completing a sale of the club before the end of the season despite American businessman Bill Miller withdrawing his offer.
The Tennessee trucking tycoon - who was named preferred bidder last Thursday - confirmed on Tuesday that he would no longer be pursuing his interest in the stricken Glasgow giants.
Duff and Phelps will now consider with the "utmost urgency" offers from three other bidders who have expressed an interest in the club.
Press Association Sport understands the interested parties - two from abroad and one from the United Kingdom - are new bidders who came forward last week and do not include Sale Sharks owner Brian Kennedy and the Blue Knights consortium, who had presented a rival bid to Miller's £11.2million offer.
David Whitehouse, joint administrator, said: "Since Mr Miller was announced as preferred bidder on Thursday of last week, it is regrettable that more progress could not be made to further the sale of the club.
"We have been informed by his advisers that there were a number of issues with which he felt uncomfortable including legacy contracts, the limitation of potential revenue streams and the expectation of required investment.
"As in any company takeover, the selection of a preferred bidder does not guarantee the completion of the sale. In this case, with time and money for Rangers running out quickly, it was essential to move the process forward with urgency.
"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. As a consequence of Mr Miller's bid being accepted, three other bidders have come forward to express their interest in buying the club and these offers are being evaluated with the utmost urgency.
"There is every opportunity for these bidders to now complete the purchase of the club prior to the end of the season."
Miller had been hopeful of completing his own takeover by the end of the season, albeit he was seeking clarification over sanctions imposed on Rangers by the football authorities. But he described information he had received as being "more optimistic than reality" and also pointed out opposition to his takeover bid by Rangers fans.