Rangers in takeover talks

(GSM) – Rangers are in “advanced negotiations” with RFC, according to a statement by the consortium.

The consortium, led by Andrew Ellis, are interested in buying a controlling state in the Glasgow club.

It has been speculated that a deal with Gers owner Sir David Murray is imminent, with reports indicating it is being part-funded by investment from Dubai and Qatar.

RFC’s message this evening stated that no firm timeline is in place to conclude their negotiations with Murray, but should terms be agreed between the parties the consortium will be obliged by law to make an offer on the remaining share capital of the Glasgow club.

Although the move has been mooted for some time, the release made it clear that the process is far from complete.

The statement read: “RFC, which is controlled by Andrew Ellis, notes today’s press reports regarding discussions between the company and Sir David Murray.

“The company confirms that it is in advanced negotiations with Sir David Murray to acquire a controlling interest in Rangers Football Club Plc, however no price has been agreed and no timing has been established for the conclusion of the talks.

“If a deal is concluded between Sir David Murray and RFC, the company would be required under Rule 9 of the City Code on Takeovers and Mergers immediately to make an offer for the remaining issued share capital of Rangers.

“It is emphasised that this announcement does not amount to a firm intention to make an offer and there is no certainty that any offer will be forthcoming or as to the terms of such an offer.”