Headline NewsConsortium deal tempts Ibrox giantsRangers to have new owners by
The prospective buyers, led by property developer Andrew Ellis, reportedly bid £33 million for the runaway SPL leaders last week. That figure is well below the club’s original asking price of £75 million. That figure was quoted by majority shareholder Sir David Murray when he first spoke of selling three years ago. Owe £30 million However, in today’s economic climate, and with Rangers owing their bank around £30 million, it may be the best offer on the table. In effect it would value the club at around £65 million. Rangers have already posted a £13 million profit for the six-month period to December 2009. This was due mainly to their Champions League involvement, although £9 million of that was used to pay off outstanding transfer fees to other clubs. With no income from European football coming in for the rest of the season, profits are likely to be much lower. However, last weekend’s victory over bitter rivals Celtic and yesterday’s win over St Mirren have left Rangers 13 points clear at the top of the Scottish Premier League. These results make it highly unlikely they will be overtaken in the race for the title. By winning the SPL Rangers will automatically qualify for the group stages of next season’s Champion League and will earn £10 million. The money from Europe is seen as a major inducement to buyers and those recent results may have influenced the timing of the bid. Under pressure Sir David, who owns around 90 per cent of the club’s shares, is under pressure from the bank to reduce the debt. Despite that he’s held out for what he considers a fair price and an assurance that new owners will invest in the team. It would appear Mr Ellis and his partners in Marlborough Investments largely fulfil those conditions. Although neither party was available for comment last night, it’s understood their valuations are not too far apart and, if Mr Ellis pledges cash to rebuild the squad, serious negotiations are expected to progress quickly. Rangers issued a statement yesterday that said, “Rangers directors are aware of recent speculation and refer shareholders and supporters to a statement issued in October 2009. “The club’s board has been advised by its principal shareholder, Murray International Holdings Ltd, that it is considering options and this may or may not lead to MIH disposing of some or all of its stake in Rangers to a third party. “The directors will keep shareholders advised but the board is unable to comment further at this time.” |
© All copyright D.C. Thomson & Co. Ltd., 2010 |
By
Ron Scott
 |
 |
 |
 |
 |
|
|
