Gers confirm takeover talks

Ellis could buy Sir David Murray's majority shareholding

Last updated: 8th March 2010   Subscribe to RSS Feed

Gers confirm takeover talks

Gers: Holding takeover talks

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Rangers have confirmed that principal shareholder Murray International Holdings has started discussions with Andrew Ellis regarding a possible takeover.

Ellis, a London-based property developer, tried to buy Queens Park Rangers in 2001 but his bid, which included plans to move the stadium from Loftus Road to Heathrow Airport, proved unsuccessful.

His consortium did buy Northampton Town the following year, however, the unpopular appointment of Terry Fenwick as manager meant his stay was short-lived.

Rangers are currently under the financial control of Lloyds Banking Group with the SPL giants struggling to finance their massive £31million debt mountain.

Early stage

The Glasgow giants say discussions with "interested parties" for Sir David Murray's majority shareholding are at an early stage.

"The board of RFC understands that discussions are at an early stage and there can be no certainty that any offer will be made for the issued shares of RFC," read a club statement.

An independent committee of the board - which includes Ibrox legend John Greig - has been set up to consider any offers for Rangers.

Murray stepped down as chairman in August 2009.