Source: FOOTYMAD
Is There Still Hope Of A Rangers Buyout?
Ellis says he is still interested despite Johnston's scepticism Andrew Ellis and his consortium insist they are still interested in making an offer to take over Rangers. However, Rangers chairman Alastair Johnston has already expressed his doubts regarding the takeover after he felt frustrated over the lack of progress, and he felt also that all the signs show that the Ellis consortium are not interested.Rangers are reportedly facing possible administration after the club could face debts of over £80 million after being hit by a huge tax bill. This is the result of an investigation over offshore payments made to players over the last ten years.This bill is made up of a tax assessment of £24 million combined with interest of £12 million and other penalties which could amount in total to £54 million. That along with the current debt of over £30 million could be in excess of £80 million.Johnston said of the lack of progress: “I don’t see any imminent resolution of a new owner for Rangers. So I believe we are going to have to plan a budget on a ‘no change in ownership’ basis going into next season. The situation regarding Mr. Ellis’s proposed buying of Rangers has gone on way too long - so let’s just say I am sceptical about it."Walter Smith warned during the season that Rangers’ cash crisis was getting progressively worse and that things would be a lot worse come the summer. However, he would never elaborate on what he meant. I think now we can all see the implications. If no buyer is found soon, Rangers will have to cut their budget drastically or face total collapse. Editor Ger Harley (ger@scottishfitba.net)Admin Team (admin@scottishfitba.net)This is Scottish-Fitba.Net
