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Rangers still looking for a saviour

Hopes of a solution to Rangers’ financial woes hit another setback when the preferred bidder, American investor Bill Miller, withdrew his interest. Due diligence revealed the club’s situation to be more complicated than he had anticipated.

Rangers now face another period of uncertainty, with fans unsure whether their club will be able to resume next season. Many first-team players are also uncertain of their futures, and may be considering moves during the summer.

Part of the reason for Miller’s withdrawal was Rangers fans’ hostility to his takeover. Miller said, "After hearing the message from Rangers supporters and fans loud and clear ('Yank go home!'), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward."

Miller explained that, "it became clear to me that preliminary information, discussions and analysis were, unfortunately, more optimistic than reality." Miller’s withdrawal follows that of Singapore businessman Bill Ng, who expressed frustration with the way the administrators were managing the sale of the club.

The administrators, Duff and Phelps, responded with an announcement that fresh bidders were interested. The company’s David Whitehouse said, "Three other bidders have come forward to express their interest in buying the club and these offers are being evaluated with the utmost urgency."

What remains unclear is the financial basis on which Rangers would resume next season, and whether they will be allowed to remain in the Scottish Premier League. There have been suggestions that a new company would have to start in the lowest division of Scottish football, although that is unlikely. Clubs will vote on the penalties Rangers will face.

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