Rangers take-over talks at ´advanced´ stage

A consortium bidding to buy Rangers have announced they are in “advanced negotiations” to gain control of the Scottish football champions.

RFC, a consortium led by the former chairman of English lower league Northampton, Andrew Ellis, issued a statement on Wednesday.

The statement stressed no timeline was in place for RFC to buy out current Rangers owner Sir David Murray.

But should they agree terms, RFC will be obliged by law to make an offer on the remaining share capital of the Glasgow club.

“RFC, which is controlled by Andrew Ellis, notes today’s (Wednesday’s) press reports regarding discussions between the company and Sir David Murray,” the statement said.

“The company confirms 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.”

Rangers won last season’s Scottish Premier League title despite financial constraints that meant manager Walter Smith could only sign players on free transfers or loan deals.

The Ibrox club’s debts are estimated at between 25-30million pounds.

Ellis, a property developer, has made it clear he wants Smith to stay on should RFC take over Rangers even though the former Scotland and Everton manager has indicated next season will be his last in charge of the club.