Supporters trust call for clarity

28 March 2011 17:00

The Rangers Supporters Trust have called on Lloyds Bank to make clear their plans for the Ibrox club as Craig Whyte's takeover bid became wrapped in confusion and contradiction.

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. Sources close to the deal told Press Association Sport on Sunday that the bank's desire for an 'exit payment' of more than £1m is just one of the key stumbling blocks.

However, a spokesman for Lloyds Banking Group responded by telling Press Association Sport: "I can categorically deny the existence of any exit or 'redemption' fee."

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.

The on-going saga is set to take some twists and turns over the next few days but the RST chairman Stephen Smith believes 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."

Lloyds later released a general statement which read: "Any potential takeover is a matter for Rangers Football Club and its shareholders. Suggestions that Lloyds Banking Group is blocking a deal to acquire the club are baseless and without foundation. We understand the concerns of Rangers' supporters, given recent media speculation.

"Lloyds Banking Group recognises the importance of Rangers FC to its supporters, shareholders and to the wider football industry in Scotland. We are committed to supporting the Board of Rangers FC in their plan to ensure the financial stability of the club."

Smith, though, was unimpressed. He said: "The last sentence in that statement cannot be taken seriously. That's not what we are being told. We believe Lloyds have hampered the club and there is still major concern that they are accountable to no one. Talk is cheap, it's action we want to see."

Source: PA