Source: FOOTYMAD
Rangers Sale Takes A Step Forward
No secrets from the stock exchange Former Northampton chairman Andrew Ellis' consortium, RFC, are in "advanced negotiations" to buy a controlling interest in Rangers, according to an announcement released to the stock exchange tonight. There has been plenty of speculation that a deal with Gers owner Sir David Murray was about to be completed, with speculation that money used is being provided by investors from Dubai and Qatar. RFC's message stated that no firm timeline is in place to finalise their negotiations with Murray, but should terms be agreed between the parties the consortium will be obliged by law to make an offer on the remaining share capital of the Glasgow club. Although the move has been mooted for some time, the release made it clear that the process is far from complete. The statement read: "RFC, which is controlled by Andrew Ellis, notes today's press reports regarding discussions between the company and Sir David Murray. The company confirms that it is in advanced negotiations with Sir David Murray to acquire a controlling interest in Rangers Football Club Plc, however no price has been agreed and no timing has been established for the conclusion of the talks. If a deal is concluded between Sir David Murray and RFC, the company would be required under Rule 9 of the City Code on Takeovers and Mergers immediately to make an offer for the remaining issued share capital of Rangers. It is emphasised that this announcement does not amount to a firm intention to make an offer and there is no certainty that any offer will be forthcoming or as to the terms of such an offer." Editor Ger Harley (ger@scottishfitba net)Admin Team (admin@scottishfitba net)This is Scottish-Fitba.Net
