Administrators' preferred bidder withdraws Rangers offer

Duff and Phelps, the administrators overseeing the operation of Glasgow Rangers Football Club, has confirmed that preferred bidder Bill Miller has withdrawn his offer for the club.

The US businessman was named as preferred bidder last week, with David Whitehouse of Duff and Phelps describing his offer as "the only deliverable bid on the table at that time".

However, Whitehouse said "a number of issues" had led to Miller's decision to withdraw from the process. Miller's bid was not subject to an exclusivity agreement.

Whitehouse said: "As a consequence of Mr Miller's bid being accepted, three other bidders have come forward to express their interest in buying the club.

"There is every opportunity for these bidders to now complete the purchase of the Club prior to the end of the season."

Meanwhile, Portsmouth Football Club's creditors have accepted resolutions put forward by administrators from PKF for a Company Voluntary Arrangement (CVA).

PKF partner Trevor Birch said: "A sale of the club as a going concern and subsequent CVA will result in the best possible outcome for everyone involved, including the creditors."

Details: www.rangers.co.uk (Rangers)

Details: www.portsmouthfc.co.uk (Portsmouth)