Rangers takeover clears debt hurdle

30 March 2011 16:00
Scottish tycoon Craig Whyte appears to have moved closer to a takeover of Rangers after an agreement over the club's debt was reached with Lloyds Banking Group, Press Association Sport understands. The path seems to be clear for the protracted deal, reportedly worth £33million, to finally go ahead following months of negotiations. Whyte will take over 75% of Sir David Murray's shareholding, with London-based property developer Andrew Ellis becoming a 25% partner, once the buy-out is rubber-stamped by the current owner. A source close to the deal told Press Association Sport: "An agreement has been reached between Lloyds Banking Group and Craig Whyte. "The debt is no longer an obstacle or an issue."

Source: PA