caseyjones 0 Posted April 6, 2012 Share Posted April 6, 2012 http://www.dailyrecord.co.uk/football/spl/rangers/2012/04/06/rangers-in-crisis-us-tycoon-in-running-for-ibrox-takeover-has-history-of-sporting-flops-86908-23814963/ THE American tycoon who has launched a bid to buy Rangers has a history of failed sporting ventures and bankruptcy. Record Sport can today reveal Georgia-based businessman Bill Miller is the money man behind the US bid that yesterday became one of three front-runners for control of the stricken SPL champions. Miller â?? who has amassed a fortune from a vehicle towing company â?? had originally been part of a 12-man Chicago based consortium, including Club 9 Sports, that had been preparing to bid for Craig Whyteâ??s shares. But the consortium unexpectedly backed out at the 11th hour on Tuesday night. And now sources in America have confirmed the wealthy 64-year-old â?? who impressed administrators by providing proof of â??substantialâ? personal wealth â?? is heading up a splinter group determined to follow through on the original plan. But Rangers fans, still reeling from damage done by Whyteâ??s shamed regime, will be alarmed by some of Millerâ??s previous exploits. As will administrators Duff and Phelps, who are determined to ensure the clubâ??s next owner will be a fit and proper person. Miller is known in the US as the financial muscle behind Club 9 Sports and has forged close links with the men running its parent company, Prometheus, Jon Pritchett and John Prutch. Record Sport can reveal Pritchett and Prutch were the leaders of the original consortium Miller had agreed to back until the decision to pull the plug. This followed a furious reaction from Rangers fans to Club 9â??s involvement and the overall American plan to liquidate the club and reform as a new company. It is not yet clear if Miller plans to stick to the same strategy or if pals Pritchett and Prutch remain in the picture. But they have been involved in a string of previous deals, one of which saw Miller and Pritchett at the centre of a £32million law suit. Miller is described in a document from the original US group as a â??highly successful business leader, entrepreneur, investor and philanthropistâ?. But there is no mention of his disastrous move into motor racing 11 years ago when he was appointed by one of Pritchettâ??s companies to head up a new stock car league billed in the US as a potential rival to NASCAR. The ambitious Team Racing Auto Circuit (TRAC) project crashed and burned before its first race. In February 2004, Miller and Pritchett faced a massive legal action by shareholders who claimed to have been duped to the tune of £32m. Named in the suit were Miller, ex-chief executive of Team Sports Entertainment, and Pritchett, ex-president. More than a year later and after a great deal of legal wrangling, the case was settled out of court for an unknown amount. Shareholder Edward Garland said of Miller: â??The company and its directors thought they were getting an experienced CEO. â??Instead it got a man full of greed who wanted control of the company for himself.â? Team Sports Entertainment changed names but is now bankrupt. But Millerâ??s main empire was going from strength to strength. He has been CEO and chairman of Miller Industries since the mid 1990s. Known as the â??towing tycoonâ?, Miller has amassed a personal fortune from his companies which boast a £253m turnover. More recently, Miller agreed to fund another of Pritchettâ??s schemes, a Club 9 Sports plan to relocate a minor league hockey side. But the plan fell through because they could not strike a deal to set up a local sporting arena that would have required a £700,000 up-front investment. Now Miller is eyeing his next move. And yesterday his chances of completing a successful Rangers takeover were enhanced when the administrators made his bid one of three remaining front runners, along with Paul Murrayâ??s Blue Knights and a Bill Ng led consortium from Singapore. Record Sport tried to contact Miller several times last night but he was unavailable for comment. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,665 Posted April 6, 2012 Share Posted April 6, 2012 I think it's safe to say the American bid is the least appetising... Interesting to see David Hillier list its positives though. 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted April 6, 2012 Author Share Posted April 6, 2012 I think it's safe to say the American bid is the least appetising... Interesting to see David Hillier list its positives though. Which are? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,665 Posted April 6, 2012 Share Posted April 6, 2012 Which are? He tweeted the following about each bid which sounds reasonable to me: US RFC Bid: access to N.American market, weak sports business success, lack of UK market know how, strong asset base, funding strong. Singapore RFC Bid: access to Asian markets, good sports experience, entrepreneur, UK Board. PM RFC Bid: lower funding requirements, understanding of RFC fanbase, long term agenda, lower post-admin revenue, need stronger overseas exp 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted April 6, 2012 Author Share Posted April 6, 2012 A fair enough assessment of each bid. 0 Quote Link to post Share on other sites More sharing options...
biggordy 0 Posted April 6, 2012 Share Posted April 6, 2012 Does anyone think Miller may have made his "millions" from only being party to failed businesses. I have to laugh at the record. It constantly tries to humiliate anyone who has come in to bid; remember the "Ashley Madison" bollox for example. I don't know anything about Miller other than what I've read above. All those failures, dearie me!!! Pass me a pinch of salt. How has he any cash at all??? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted April 6, 2012 Share Posted April 6, 2012 http://www.reuters.com/finance/stocks/overview?symbol=MLR Market cap of $184m iirc Miller owns circa 10% 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,679 Posted April 6, 2012 Share Posted April 6, 2012 I don't see much being made from overseas markets. Perhaps a bit from North America but not millions. SE Asia practically none as we are not down south. It's not really an area that should be of prime importance when we are assessing bids. 0 Quote Link to post Share on other sites More sharing options...
Bears 0 Posted April 6, 2012 Share Posted April 6, 2012 Be aware it was him that tried to buy Sheff Weds and Tranmere 0 Quote Link to post Share on other sites More sharing options...
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