BLUE KNIGHTS DENY NEWCO CLAIM

The Blue Knights claim their bid for Rangers is not conditional on a newco option.

Last Updated: 01/05/12 at 16:22 Post Comment

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Brian Kennedy: Has clarified his positio

Brian Kennedy: Has clarified his positio

Brian Kennedy and the Blue Knights have stressed that their bid for Rangers is conditional on a Company Voluntary Arrangement being agreed rather than a newco option for the stricken club.

Manager Ally McCoist said that he believed both offers submitted to administrators Duff and Phelps were likely to involve a newco situation but that neither bid involved liquidation.

American tycoon Bill Miller is the other interested party, with administrators hoping to name a preferred bidder this week.

Kennedy and the Blue Knights have moved to clarify their own position.

A statement from Kennedy's spokesman read: "Following inaccurate media reports, the Blue Knights/Brian Kennedy consortium wishes to clarify its position.

"Firstly, on Saturday evening 28 April 2012, we submitted a materially increased offer which will be confirmed by the administrators, Duff & Phelps.

"Secondly, and for the avoidance of doubt, our offer is conditional on a CVA and the delivery of Craig Whyte's shares.

"If successful, this will retain the SPL membership share in RFC 1899."Speaking in his pre-match press conference ahead of Wednesday's game against Dundee United, McCoist was "very hopeful" that administrators will name a preferred bidder for the club this week.

He said: "I would be very hopeful that we would have positive news in terms of a preferred bidder this week.

"We can't really afford to go any longer at all.

"I would be really, really hopeful from what I'm hearing, what I've been told, that there would be a preferred bidder named this week."

McCoist added on Wednesday: "I spoke to the administrators last night and they were still involved in ongoing discussions with two potential purchasers.

"I think there is no liquidation at all with any of the two parties involved.

"That's my reading into the situation, I just hope I'm correct in saying that.

"Not being totally business-minded, I think the two offers - certainly one and very probably the other - do consist of newcos but I have been told that does not involve liquidation."

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