Rangers fans advance takeover plan

28 March 2010 12:56
But they refused to reveal whether Jim McColl was involved in the scheme following reports the Trust had held talks with the entrepreneur, who - with an estimated fortune of £800million - is said to be Scotland's richest man.[LNB]Any RST plan would involve some degree of fan ownership, which is the ultimate aim of the Trust.[LNB]But a takeover of the club, who are £31million in debt, would need to be underwritten by either a wealthy individual or consortium.[LNB]RST spokesman David Edgar said: "At this point, it's an exploratory document only.[LNB]"We can't comment on speculation over any names mentioned with regard to underwriting or backing the scheme.[LNB]"And we stress that all discussions must remain private and are at a very early stage."[LNB]Describing talks both with the club and potential backers as "positive", Edgar insisted it was "too early to say" whether the RST proposal would ultimately end in a takeover bid.[LNB]"Rangers find themselves in extraordinary circumstances and, at the moment, it's pertinent to assess all options," he added.[LNB]"Anything the Trust does, we study to make sure it's viable before we go down that path."[LNB]London-based property tycoon Andrew Ellis was this month revealed to be considering a bid for Rangers.[LNB]Edgar insisted Ellis' interest had no effect on the Trust's plans, adding: "At the moment, discussions are ongoing with all parties who would be involved with the scheme.[LNB]"This is another step towards what the trust has been working on and continues to work towards, which is full supporter ownership.[LNB]"It hasn't come about overnight."[LNB]Last year saw the RST invite representatives of Espanyol and Hamburg to Ibrox to discuss their members-run models.[LNB]Rangers have been working to a business plan in conjunction with Lloyds Banking Group since Murray stepped down as chairman in August.[LNB]The influence of Lloyds has sparked protests from supporters at some matches this season.[LNB]Manager Walter Smith and his backroom staff have been working without contracts since January in a bid to ease the financial pressure on the club.[LNB]The Ibrox boss has also not recruited any new players since August 2008.[LNB][LNB]

Source: Team_Talk