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Home » Sport » Football

Administrators see light for Rangers

Administrators are confident they can see "light at the end of the tunnel" in Rangers' quest to emerge from administration - despite revelations the club's debt could rise to £134million.

Duff and Phelps believe the Scottish champions could be out of administration by the end of the season, after confirming they will give further consideration to three of the four bids submitted for the club earlier this week.

As well as a bid from the Blue Knights and Ticketus, it is believed other offers lodged were from groups based in Germany, Singapore and the United States. Reports claim the German group are no longer contenders.

David Whitehouse, joint administrator, said: "We can now see light at the end of the tunnel whereby the club can exit from administration and focus upon success on the pitch.

"While we cannot be precise on timescale, exit from administration does look achievable by the end of the season. We also hope to announce next week acceptance of one bid, which would then be subject to a period of due diligence and exclusivity.

"Most importantly, following the bidding process, we believe that the most likely exit from administration will be the successful implementation of a CVA."

Duff and Phelps have discussed alternative options with bidders in the event that a Company Voluntary Arrangement (CVA) is not possible.

Whitehouse added: "We would stress, however, that if a CVA could not be achieved, bidders have discussed with us the next best alternative being the sale of the business to a new legal entity which would continue to trade as Rangers Football Club."

The update on the bidding process was provided as Duff and Phelps also published a joint administrators' report and proposals statement to creditors, which showed that monies owed by the Glasgow giants stands at £55.4million.

Rangers also owed £4million to Her Majesty's Revenue and Customs for the 'Small Tax Case' and could face a further bill of £75million, including interest and penalties, if they lose a dispute with the tax authorities, widely known as the 'Big Tax Case'.

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