Takeover: Murray in talks to sell
Rangers have confirmed that Sir David Murray’s Murray International Holdings (MIH) has entered into talks with London-based property developer Andrew Ellis about a takeover of the Glasgow Club.
Potential buyer Ellis, a former director at Queens Park Rangers, is at the forefront of a consortium, RFC Holdings, who served notice of their interest in buying the club reportedly for £33 million.
Rangers released a statement on Saturday revealing principal shareholder MIH, who own a 92 per cent share of the Ibrox side, were “considering options regarding its shareholding in the Club and this may or may not lead to MIH disposing of some or all of its stake in the Club to a third party.”
An independent committee of the board - which includes Ibrox legend John Greig - has been set up to consider any offers for Rangers.
Murray stepped down as chairman in August, with the Rangers board now working to a business plan in conjunction with Lloyds Banking Group.
The club have been under pressure financially and are currently £31 million in debt. Consequently they have been unable to bring new players in to their side since August 2008.
Rangers manager Walter Smith and his backroom staff have been working without contracts since January in a bid to ease the financial pressure on the club.
However, despite the set-backs Rangers are currently en route to take the SPL title for the second year running and lead Glasgow rivals Celtic by 10 points with a game in hand.
Smith revealed he has been kept in the dark over the potential takeover, but the players are optimistic that a new owner would save the club from the brink of financial ruin, including Damarcus Beasley who hopes new money could land him a new contract at the side.
Ellis was just one of three parties to express interest in taking over Rangers after an Asia-based group and South African exile David King.
Ranger have released an official statement on the early disussions being entered into between the club and Ellis.
