American businessman set for Rangers takeover
Wednesday, May 2, 2012
GLASGOW, Scotland (AP) -- Administrators controlling Rangers say American businessman Bill Miller has been named the "preferred bidder" for the financially stricken Scottish club, paving the way for a takeover by the end of the season.
Miller has had an unconditional bid for Rangers "accepted in principle."
In a statement released by Rangers, joint administrator Paul Clark says the chairman of a Tennessee-based towing and recovery equipment company "proposes to complete his transaction by the end of the season."
Rangers, a 140-year-old club that has won a record 54 domestic titles, entered financial administration in February following a long-running dispute with the tax authorities.