Rangers bid could be liquidation in disguise

Almost three months after Rangers FC went into administration the American businessman Bill Miller has been granted preferred bidder status.

The truck tycoon will now move forward with his £11.2m takeover of the Scottish Premier league giants. His plan is to split the club, dividing its debt and its assets.

The debt will remain in the old company and be managed through a CVA which is an agreement between creditors to accept a pence in the pound return for what they are owed.

The assets of the club - Ibrox stadium, the Murray Park training ground - will be put into a new company (newco). Many see this as liquidation in disguise.

It could be difficult to negotiate a CVA on the debt with HMRC and Ticketus as major creditors. HMRC are currently owed £15m by the club with a potential further £75m in the pipeline.

It's not certain at this point whether Bill Miller has even visited Glasgow.

More details soon.