Takeover talks for Rangers

Rangers are conducting talks with businessmen Andrew Ellis and Craig Whyte regarding a possible takeover of the Glasgow club.

It is believed the duo would invest considerable sums of money in the cash-strapped Scottish Premier League giants, eliminating their 27.1 million pound debt and paying Rangers’ owner Sir David Murray six million pounds for his majority share.

Ellis is a London-based property developer who has attempted to acquire the club previously, while Whyte is a 39-year-old venture capitalist and lifelong Rangers fan who grew up in the Scottish town of Motherwell.

Murray has owned Rangers since 1988, having acquired a controlling share from then-owner Lawrence Marlborough for six million pounds.

Whyte released a statement to the London Stock Exchange confirming he was in talks with Murray regarding the ownership of the Glasgow giants.

“Craig Whyte notes the articles in today’s press regarding discussions between him and Murray International Holdings Limited (MIH) with a view to him acquiring MIH’s majority shareholding in Rangers Football Club Plc (RFC),” the statement said.

“Mr Whyte confirms that he is considering making an offer for RFC and is in talks with MIH but that these are at an early stage and there can be no certainty that an offer will ultimately be made.”

“Mr Whyte has not yet approached the board of RFC. A further statement will be made in due course.”

Ellis’ previous bid to take over Rangers fell through earlier this year amid speculation he wanted to sell off their lucrative Murray Park training facility to make way for housing.

But Rangers Supporters Trust chairman Stephen Smith told BBC Scotland he felt this new proposal was a step in the right direction.

“I think we had concerns about the viability of Mr Ellis’ bid in terms of the due diligence process that went on,” Smith said.

“But our understanding is that this is a completely different animal and we don’t have the same concerns about the viability of Mr Whyte’s company or the organisations that he is involved in.”

“We are also very keen that the club’s finances are stabilised and that the Rangers fans are involved in the future direction and become major stakeholders in the football club.”