Bill Miller, founder of Miller Industries, poses in this file photo.Bill Miller, founder of Chattanooga-based Miller Industries, has withdrawn his bid to buy a top-tier Scottish soccer club facing bankruptcy.
Miller’s $18.1 million bid was given preference to buy Rangers Football Club, but Miller withdrew his offer Tuesday, saying the club was in worse shape than he thought.
“As soon as I was announced as preferred bidder for Rangers, my team began to press ahead with our due diligence. Until then, information had been limited to what was made available in the Internet data room and questions addressed to the administrators and their staff,” Miller said in a statement.
“Upon being named preferred bidder, discussions with Rangers staff started and discussions with all interested parties intensified,” he said. “It became clear to me that preliminary information, discussions and analysis were, unfortunately, more optimistic than reality.”
Miller also cited fan discontent over the team’s potential purchase by an American as a factor in his decision.