Although Radio 5 carried a report earlier this morning that the takeover bid for Rangers by Andrew Ellis might be nearing completion, the view north of the border is that the whole deal could be close to collapse with Ellis unable to come up with the required funds.
Although Radio 5 carried a report earlier this morning that the takeover bid for Rangers by Andrew Ellis might be nearing completion, the view north of the border is that the whole deal could be close to collapse with Ellis unable to come up with the required funds.
There has been criticism of the delay in Ellis making a formal bid and both club officials and fans have questioned his motives. The whole situation is causing increasing concern to Rangers fans with the club heavily in debt and seeing its tax affairs investigated by HM Revenue and Customs.
A statement issued through the Stock Exchange by the RFC consortium stated: T’he 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.’
David Egar, spokesman for the Rangers Supporters Trust is reported as commenting that fans have been treated in a ‘scandalous’ way. ‘The longer it goes on, the more uncertainty and anxiety there will be. The fans want it resolved one way or the other. The loyalty of the fans can’t be questioned. We have stumped up the cash in huge numbers in recent years, there has not been no drop off in attendances in the way there has been at other clubs.’
Alex Kerr of the Rangers Supporters Assembly said that fans were being affected by the uncertaiinty. He said, ‘I’ve always believed that no news is good news but in this case I’m getting more anxious as the days go past.’ John MacMillan, general secretary of the Rangers Supporters Association said, ‘After winning the league last season you should be looking forward to next season but fans are asking, “where are we going to be?”‘
In today’s climate success on the pitch can be offset by concerns about a club’s finances.