Rangers confirm takeover talks
Monday, 8 March 2010Rangers have confirmed that majority shareholder David Murray has begun discussions with London-based property developer Andrew Ellis regarding a takeover.
The Glasgow giants, who are £31million in debt, say discussions with 'interested parties' are at an early stage.
An independent committee of the board, which includes former Ibrox player John Greig, has been set up to consider any offers for Rangers. Murray stepped down as chairman in August 2009.
Murray has been seeking a buyer for some time and Rangers have been working to a business plan in conjunction with Lloyds Banking Group.
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 and the Ibrox boss has not bought any new players since August 2008.
A statement released by Rangers read: 'Following press speculation over the weekend, the board of Rangers Football Club plc confirms that it has been advised by Murray International Holdings Limited that MIH has entered into discussions with certain interested parties, including Andrew Ellis, about the interests of MIH in RFC that may lead to an offer or offers for the entire issued share capital of the club.
'The board of RFC understands that discussions are at an early stage and there can be no certainty that any offer will be made for the issued shares of RFC. RFC has been in an offer period since its announcement of 26 October, 2009.
'In order to ensure the complete independence of the assessment of the merits for RFC of any possible offer, the board of RFC has set up an independent committee of the board comprising the chairman Alastair Johnston, John McClelland, Martin Bain, Donald McIntyre and John Greig to consider the full implications of any future offer for RFC.
'The independent directors will ensure that any possible offer for RFC is assessed on the merits for RFC, its shareholders and all other stakeholders in RFC including supporters.'
