Darthter 542 Posted March 15, 2012 Share Posted March 15, 2012 From todays DR: RANGERS have become the target of a second American buy-out, Record Sport can this morning reveal.The crisis-ravaged Ibrox club are being lined up for a possible takeover involving Chicago firm Club 9 Sports who have held discussions with administrators Duff and Phelps this week. Club 9 Sports are an offshoot of parent company Prometheus Capital Partners, a private merchant bank who describe themselves as â??turnaround specialistsâ??. They have been circling British football for almost two years, looking for a chance to buy their way into the game. In May 2010 they failed in a bid to bail out Sheffield Wednesday. They tried again last year with a proposed takeover of Tranmere â?? but after almost five months of negotiations the Prenton Park outfit showed them the door also. Now Club 9 Sports believe they may have spotted another opportunity, in Glasgow, where the SPL champions are battling for survival. They have joined financial big-hitters the Fortress Investment Group, from New York, in indicating interest. But last night top brass from Duff and Phelps were thought to be unimpressed by either approach. The administrators have yet to receive any kind of direct contact from Fortress who, it has been claimed, are ready to blow some of their £27billion fortune on rescuing Rangers, despite no track record of investing in sport. This morning Duff and Phelps will be more concerned with events closer to home. Their legal team will appear at Edinburghâ??s Court of Session to seek a ruling on the £24.4million deal struck between shamed owner Craig Whyte and investment firm Ticketus. Duff and Phelps will ask a judge to examine the legality of the contract Whyte used to raise funds for his catastrophic £18m buy-out. A decision is not expected today. Paul Murray, the man who has put together the Blue Knights consortium, has struck an alliance with Ticketus. Like Murray, multi-millionaire Brian Kennedy is a serious contender and is expected to make an offer within the next 24 hours. A Singapore consortium, fronted by Glasgow-based businessman Shazad Bakhsh, is also thought to be putting a package together. 0 Quote Link to post Share on other sites More sharing options...
alexscottislegend 2,099 Posted March 15, 2012 Share Posted March 15, 2012 Just a quick question: how do the admins decide on a preferred bidder? Do they want proof of funds or is it just on a hunch about how serious they think they are? 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted March 15, 2012 Author Share Posted March 15, 2012 Just a quick question: how do the admins decide on a preferred bidder? Do they want proof of funds or is it just on a hunch about how serious they think they are? I think they would look at initial funding options - does the bidder have the cash to buy the club?? They would then look at the proposals for future development and ongoing funding plans I would thing that each bidder will have to submit something like a 5-yr business plan. The Admins can then make a decision on the best bidder to ensure the future of the club. 0 Quote Link to post Share on other sites More sharing options...
Max Rebo's Big Blue Nose 0 Posted March 15, 2012 Share Posted March 15, 2012 Isn't tomorrow only the deadline to state your interest? I'm sure if that is the case and these "bids" are the real deal there will still be a long, drawn out process to find the preferred buyer? 0 Quote Link to post Share on other sites More sharing options...
Bears 0 Posted March 15, 2012 Share Posted March 15, 2012 Isn't tomorrow only the deadline to state your interest? I'm sure if that is the case and these "bids" are the real deal there will still be a long' date=' drawn out process to find the preferred buyer?[/quote'] If a new bidder comes in after friday i doubt they'd knock them back. There could be other bidders no one knows about yet that are watching from the wings ready to pounce 0 Quote Link to post Share on other sites More sharing options...
Stefanovitch 0 Posted March 15, 2012 Share Posted March 15, 2012 Tomorrow is the deadline for indicitive bids and proof of funding. D&P will then select a preferred bid and along with that party approach HMRC regarding a CVA. 0 Quote Link to post Share on other sites More sharing options...
Guest Dutchy Posted March 15, 2012 Share Posted March 15, 2012 Tranmere don't want them, so we should dive in there. Given our recent record in high financial matters, somebody's sure to make a killing. I just hope it's not Rangers FC that die. Where were all these comapnies pre CW??? 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted March 15, 2012 Share Posted March 15, 2012 Tranmere don't want them, so we should dive in there. Given our recent record in high financial matters, somebody's sure to make a killing. I just hope it's not Rangers FC that die. Where were all these comapnies pre CW??? Running away from the 48 mill tax bill. now we are in administration it will be easier to get an agreement with the HMRC. 0 Quote Link to post Share on other sites More sharing options...
Guest Dutchy Posted March 15, 2012 Share Posted March 15, 2012 Running away from the 48 mill tax bill. now we are in administration it will be easier to get an agreement with the HMRC. slightly slimplistic pete as the tax case wasn't a forgone conclusion and it still doesn't answer question I mnade in another thread about what they're intentions are 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted March 15, 2012 Share Posted March 15, 2012 The difference pre CW is that we were being sold by the owner.... we are now being sold due to being in administration - possibly a "fire sale" if you will. Vultures will circle that scenario. Doesnt mean they wont do the right thing though. 0 Quote Link to post Share on other sites More sharing options...
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