This ongoing scramble for solvency and/or existence at Scottish giant Rangers really is an amazing thing.
There isn’t an American parallel that does justice to the financial depths to which this once majestic worldwide brand, 140 years old, has fallen.
Imagine if the L.A. Dodgers had traversed their financial gymnastics – and then add it up five-fold. Layer in threats that the proud Major League Baseball club would need to sell off its top “assets,” meaning pretty much all of its starting talent, in the long term. In the short term, players may be asked to take 75 percent pay cuts. Fat chance, right?
Add in threats that the team could soon be playing Triple A ball. And then attach the bleak risk a nuclear option: that the entire operation could simply cease to exist.
How did it come to this lowly state? Break down to its simplest elements, and it’s all about banks lending too much money and the club accumulating too much debt. Sounds familiar, no?
The group of administrators now charged with salvaging the Protestant institution’s solvency has three bids under official consideration, including one from American investment giant Bill Miller.
From The Herald in Scotland, this is a quality piece on the three bidders and where the process now stands.