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Bill Miller named preferred bidder

Updated: May 3, 2012, 12:45 PM ET
Associated Press

GLASGOW, Scotland -- The American businessman on the verge of buying Rangers vowed on Thursday to end the culture of financial mismanagement that brought one of Britain's biggest clubs to the brink of closure.

Bill Miller, the chairman of a Tennessee-based towing and recovery equipment company, was named as the preferred bidder for Scotland's most successful team after weeks of negotiations with its administrators.

The takeover is reportedly worth $18.1 million and should prevent ...

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