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JOB FEARS AS MONEY RUNS OUT.

Byline: Keith Jackson

ANXIOUS Rangers office staff were warned by administrators yesterday there may be as little as 24 hours left for the club to find a saviour.

Record Sport understands the 77-strong workforce was called to a meeting with the men from Duff and Phelps, sparking immediate fears that a tidal wave of job cuts was on the way.

And although the axe didn't fall, worried staff were told the club has less than five weeks' cash left to cover wages and operating costs.

And with a four-week cooling-off period legally required if the club is to escape administration through a CVA, Duff and Phelps want to strike a deal immediately.

With the timescale now critical, workers were told administrators David Whitehouse and Paul Clark could have settled on a preferred bidder by this morning. Bill Miller has not given up and the American is still hopeful of clinching an pounds 11.2m newco-based takeover. But last night crucial talks were held between Clark and Sale Sharks owner Brian Kennedy, above, in Manchester.

His bid for control was merged last week with that of Paul Murray and the Blue Knights but it was deemed nowhere near good enough to match Miller's money.

An improved offer was submitted yesterday but it became clear more work was needed and Kennedy arranged to see Clark in Manchester.
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Publication:Daily Record (Glasgow, Scotland)
Date:May 1, 2012
Words:225
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