Singapore tycoon withdraws Rangers bid

Football: Singapore tycoon withdraws Rangers bid

Singapore businessman Bill Ng scrapped his 20 million pounds (US$31.7 million) attempt to take over crisis-hit Scottish football club Glasgow Rangers Friday, citing concerns over the bidding process.

"Recent developments in the bidding process, with unwarranted and unexplained delays, have prompted our withdrawal from the bidding process," Ng said in a statement.

"After lengthy negotiations with a number of key stakeholders, we have serious concerns over the deliverability of the shares on offer to gain control of the club."

Ng said his consortium had become "increasingly uncomfortable and frustrated" with dealing with administrators Duff and Phelps, and "noted the ever-increasing uncertainties and complexities in the bidding process".

The "situation has made the bidding process untenable" and there are "great uncertainties," he said.

However, Ng also said he may relaunch his bid if the administrators failed to reach an agreement with other buyers.

A consortium fronted by former Rangers director Paul Murray stepped aside late Monday, but American businessman Bill Miller remains in the running for the 140-year-old club, according to reports.

~News courtesy of Channel Newsasia~