In 2012, a consortium of investors put forward a bid for Rangers Football Club plc. The bid details were as follows: £5,000,000 in cash; cancellation of an existing Rangers debt worth £8,000,000; an additional sum of £500,000 payable for the shares of the major owner; the assumption of the football debts (up to a maximum of aggregate amount of

£1,000,000) owed by the company to Scottish football clubs; on Rangers Football Club successfully qualifying for the group stages of the UEFA Champions League competition to be held in seasons 2012/13 and/or 2013/14, an additional £500,000; and on Rangers Football Club successfully qualifying for the quarter final stages of either of the UEFA Champions League competition to be held in seasons 2012/13 or 2013/14, an additional £1,000,000.

How much cash was actually offered? Why do you think the bid was structured in this way?

What are the benefits to the bidders? What are the benefits to the sellers?