Source: Team_Talk
Bank demands were 'excessive' - King
Rangers director Dave King has revealed how he ditched plans for a takeover because of the club's bankers, Lloyds Banking Group.[LNB] The South Africa-based businessman has already invested £20million in the Scottish champions and had considered a buy-out.[LNB]"I looked at buying the club in the third financial quarter last year," he told the Daily Record.[LNB]"I felt the position adopted by the bank was inflexible and commercially aggressive against the club. Their demands were excessive.[LNB]"It provided no opportunity for me to sensibly come in and put money into the club knowing the new money would not be going into Rangers but to protect the bank's position. It would have been throwing good money after bad."[LNB]Rangers were taken off the market this month by owner Sir David Murray after a potential takeover by a consortium fronted by London-based property developer Andrew Ellis failed to materialise.[LNB]King added: "I knew the Ellis deal would not be concluded as soon as it was announced. I have my own ability to do due diligence and that deal would only have happened under very silly circumstances.[LNB]"I don't think he's a silly investor but my assessment told me there was no possibility of Ellis structuring a deal that could have made sense for him."[LNB]King - who revealed fears Rangers could have been plunged into administration had they not won the title last term - has refused to rule out the possibility of further investment in the future.[LNB]Meanwhile, Madjid Bougherra has played down reports linking him with a move to Hamburg.[LNB]The German outfit are reportedly preparing to bid £5.25million for the defender, although Rangers says they have received no offer.[LNB]"I'm aware of the speculation about Hamburg," Bougherra told the Scottish Sun.[LNB]"It's only speculation right now and I will go on holiday then report back to Rangers.[LNB]"I've always said I'm happy at Rangers and any deal would have to be right for them."
