Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

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.


Advertisement - KABA Turnstiles






If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk


Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Ossett Albion Takeover Brings Readymade Academy

Wed 13th Sep 2017 | Clubs Ownership

The founders and directors of Unita, a local based facilities management company, have taken the reigns at Ossett Albion in a move which sees the EVO-Stik North club inherit a ready-made football...

Southampton Secures Chinese Investment Partners

Mon 14th Aug 2017 | Clubs Ownership

Southampton Football Club has announced the formal conclusion of talks which will see Chinese businessman Mr Jisheng Gao take a stake in the Premier League club. In a letter to fans issued on Monday...

Altrincham FC Seek New Investment

Thu 13th Jul 2017 | Clubs Ownership

At a recent Extraordinary General Meeting, the shareholders of Altrincham Football Club passed a series of motions which will now allow the club to bring in new investors. A new controlling share in...

Hartlepool United Announced Club Restructure

Wed 28th Jun 2017 | Clubs Ownership

Hartlepool United Chairman, Pam Duxbury has announced the first phase of the club’s restructure following relegation to the National League and subsequent resignation of Gary Coxall. Coxall...