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Hours left for Glasgow Rangers bids 16 March 2012

*Administrators at Duff & Phelps have given potential buyers of Glasgow Rangers until the end of today in order to submit their official bids. *
Details of an individual or business’s funding capabilities are required in submitted proposals together with resolutions for the current financial and legal issues troubling the Scottish club.

The BBC today confirmed former Rangers’ director Paul Murray with a known supporting consortium is believed to be among the interested parties looking to table a bid. Sky news reported this afternoon that namesake Sir David Murray had ruled himself out of buying the club once more.

Glasgow Rangers officially entered administration on 14 February 2012, triggering an automatic 10-point deduction.

Paul Clark and David Whitehouse of Duff & Phelps – which was originally brought in to assist with the club’s restructuring – were immediately named joint administrators.

It followed an unprecedented duel between HM Revenue and Customs (HMRC) and Rangers which forced the club to enter administration earlier than expected.

But the taxman forced the club’s hand early by making its own legal bid at the Court of Session in Edinburgh to appoint its own administrator.

The petition for administration presented to the court by HMRC was the result of the non-payment of some £9m PAYE and VAT following the takeover of Rangers in May last year.

The club is still being challenged by HMRC over an unpaid £49m tax bill dating back to 2001 which could potentially cost the club £79m.



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