caseyjones 0 Posted May 9, 2012 Share Posted May 9, 2012 (edited) http://www.bbc.co.uk/news/uk-scotland-glasgow-west-18010212#?utm_source=twitterfeed&utm_medium=twitter US businessman Bill Miller has dropped his bid to buy Rangers after taking more time to examine the financial state of the club. It is understood that his team was looking at a figure amounting to about £30m, simply to turn around the Glasgow club. Why did Bill Miller walk away from Rangers? Speaking on the BBC's Newsnight Scotland programme, Mr Miller's adviser Jon Pritchett said that when the millionaire looked at the detailed figures the financial situation showed "the hole is maybe a little deeper and the length of time is a little farther" than expected. This is the key reason for the American businessman deciding not to invest in the club. Why did the man from Tennessee want the club in the first place? Bill Miller's business history includes turning around distressed assets. He was originally invited to invest in a consortium considering a bid for Rangers. The consortium failed but Mr Miller's interest was aroused and he decided to pursue the club alone. His strategy was to turn Rangers around so that it was in a position to break even. The thinking was that sporting assets accumulate in value even if they do not return large profits annually. If Mr Miller could acquire Rangers at a suitable price he would then be in a position to exit with a healthy return. But key to that calculation was the amount of money needed to get Rangers to a position in which the club could break even. Neither Mr Pritchett nor Mr Miller have commented on how big the financial "hole" was - but a ball park figure of about £30m has been suggested to the BBC. If accurate, and his plans are replicated by others, that could represent a significant commitment for any future successful bidder. So he wasn't interested in football? Mr Miller is said to be a sports fan but no-one suggests he has any long-standing affinity for Rangers Football Club. He is, however, from a country which is showing an increasing interest in soccer. Mr Miller noted this trend and it helped him decide to pursue the purchase of a football club. Friends, who are supporters of both Celtic and Rangers, then told him of the fierce Old Firm rivalry. It was something which he had planned to witness personally, but that now looks very unlikely. Will he return? There is little chance. Bill Miller has recently taken delivery of a new yacht and had been putting off a long trip on his new purchase. His concentration in future months is likely to be on nautical, not footballing matters. Edited May 9, 2012 by caseyjones 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 9, 2012 Share Posted May 9, 2012 these are numbers tbk seem to agree with from what I can see. 0 Quote Link to post Share on other sites More sharing options...
tango 0 Posted May 9, 2012 Share Posted May 9, 2012 Looking for a quick in and out with a nice profit,when what we need is people who are in for the long hall.Not a big fan off the way tbk have conducted there business ,but they know the problems and would have our best interests at heart 0 Quote Link to post Share on other sites More sharing options...
stewarty 1,896 Posted May 9, 2012 Share Posted May 9, 2012 I was reading on twitter that it turns out the £30m number was made up. Who'd have thunk? 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted May 9, 2012 Share Posted May 9, 2012 Looking for a quick in and out with a nice profit,when what we need is people who are in for the long hall.Not a big fan off the way tbk have conducted there business ,but they know the problems and would have our best interests at heart What's wrong with any buyer coming in getting us running within our means and selling for a profit it's a win/win. 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted May 9, 2012 Author Share Posted May 9, 2012 I was reading on twitter that it turns out the £30m number was made up. Who'd have thunk? It says so in the article, so probably anyone who read it. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted May 9, 2012 Share Posted May 9, 2012 I was reading on twitter that it turns out the £30m number was made up. Who'd have thunk? Not like the Pacific Quay CSC to paint false pictures regarding Rangers! 0 Quote Link to post Share on other sites More sharing options...
tango 0 Posted May 9, 2012 Share Posted May 9, 2012 What's wrong with any buyer coming in getting us running within our means and selling for a profit it's a win/win. Not a thing ,but it will take a while to steady the ship ,in the mean time the buyer will have to put in some funds which Bill Miller wasn't able or couldn't afford to do 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted May 9, 2012 Share Posted May 9, 2012 Not a thing ,but it will take a while to steady the ship ,in the mean time the buyer will have to put in some funds which Bill Miller wasn't able or couldn't afford to do I agree mate he obviously couldn't make a profit on the timescale he wanted in and out by. But you can get the finances under control really quick if they have the stomach to cut quick and deep. 0 Quote Link to post Share on other sites More sharing options...
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