American set to become Rangers owner

American set to become Rangers owner

European Soccer

American set to become Rangers owner

Rangers (Getty Images)

All signs point to another American joining the fold at Rangers, only this one won't be playing on the field. He'll be sitting in the owner's box.

After a drawn out process that has seen the legendary Scottish club go into administration and reach the brink of liquidation, the club's administrators have approved the sale of the team to American Bill Miller, a Tennessee-based businessman. The completion of the sale has not yet taken place, but Miller and the club are hopeful of the takeover of the club that employs Americans Carlos Bocanegra, Maurice Edu and Alejandro Bedoya happening by season's end.

Miller, whose £11.2 million, unconditional bid was preferred to that of a group led by former Rangers director Paul Murray, is tasked with taking the club out of its darkest time. In addition to going into administration and owing up to £135 million in taxes (depending on a court ruling), Rangers were hit with a year-long transfer ban and could see a mass exodus of players this summer, despite the takeover. 

"What Rangers, which includes supporters, players, staff and anyone with the club at heart, have been put through, particularly in recent months, is a travesty, and from what I can see they have been badly let down by a number of individuals," Miller said in a statement. "This will not happen on my watch should I become the custodian of this great club.

"Under my stewardship, Rangers will be managed with fiscal discipline such that the club not only conforms to UEFA Financial Fair Play regulations, but also such that Rangers will never have to suffer this kind of anguish again. From now on, Rangers will live within its means – no excuses."

According to a club statement, the assets that Miller purchases will be put into a new company for shelter purposes, and he will work with the club's creditors to ensure that all debts are paid and order is restored going forward.

"The bid submitted by Mr. Miller is substantially greater than any other proposal and provides the best return to creditors, a fundamental part of our duties as administrators," the club's administrators wrote in a statement. "Importantly, the structure provides a stable platform through which new investment can be deployed to ensure that the club thrives again in the future."

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