The Rangers Supporters Trust have called on Lloyds Bank to make clear their plans for the Ibrox club as Craig Whyte's takeover bid hangs in the balance.
The £33million deal will see the Scottish tycoon take over 75% of Sir David Murray's shareholding, with London-based property developer Andrew Ellis becoming a 25% partner. However, sources close to the deal have told Press Association Sport the bank's desire for an 'exit payment' of more than £1m is just one of the key stumbling blocks and patience is fast running out.
Whyte has targeted Thursday for the deal to be concluded by which time Rangers supporters are expected to be told the club's debt has been slashed to around £21m from the £27.1m figure announced in June. RST chairman Stephen Smith feels the Light Blues fans deserve to be informed of Lloyds' position. "Lloyds Bank can be a convenient whipping boy," Smith said.
"It is very easy to paint them as the bad guy in this situation and there are some who may feel excuses are being put in place for the deal not happening. However, our main concern is with the way that the bank is treating Rangers. We are living in extraordinary financial circumstances where Lloyds Bank have been kept afloat by the taxpayer.
"Yet it appears they are refusing to accept a deal which will give them all their money back. It just doesn't make sense.
"If anything, it appears that the bank is trying to devalue the club. So we would like Lloyds to tell us about their strategy.
"We are not talking about breaching commercial confidences, or asking them to come out with figures and percentages.
"We want to know their plans for the club and for them to confirm that they are operating normal commercial arrangements with a company the size of Rangers with the turnover of £50m plus.
"They should be able to do that but we have asked on a number of occasions and have been met with a wall of silence.
"But as Rangers fans and taxpayers, we are surely entitled to know what's going on. Anything else is not acceptable in the 21st century."
Source: PA
