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Lloyds Bank standing in the way of Rangers takeover

Mon 28th Mar 2011 | Clubs Ownership

Rangers prospective new owner must pay Lloyds Bank an 'exit payment' if he is to complete his takeover of the Scottish Premier League club

Craig Whyte's protracted bid to take over Rangers enters a critical stage this week with the Bank believed to be the main stumbling block to the deal being concluded.

According to reports from the Press Association Sport, the £33m bid 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.

However, it’s understood that the bank's desire for an 'exit payment' of more than £1million is one of the key stumbling blocks.

Rangers are expected to announce that the club's debt has been slashed to around £21million from the £27.1million figure announced in June 2010.

Whyte will continue takeover talks this week but is desperate for the deal to be done by Thursday, with the following day, April 1, being ruled out.

The takeover plans include vows to wipe out the debt and invest £25million in the team over a five-year period.

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