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Rangers takeover clears final stumbling block

Thu 31st Mar 2011 | Clubs Ownership

Craig Whyte’s protracted takeover of Rangers Football Club appeared to move closer on Wednesday after an agreement over the club's debt was reached with Lloyds Banking Group.

Reports suggested that the bank was insisting on a ‘exit payment’ thought to be in the region of £1m but it now seems an agreement has been reached  which will allow the £33million deal to finally go ahead following months of negotiations.

It’s expected that Whyte will take over 75% of Sir David Murray's shareholding, with London-based property developer Andrew Ellis becoming a 25% partner, once the buy-out is rubber-stamped by the current owner.

According to the Press Association Sport; "An agreement has been reached between Lloyds Banking Group and Craig Whyte.

"The debt is no longer an obstacle or an issue."

Rangers' debt stood at £27.1million in June and is expected to be slashed to around £21million when the club's interim results are announced.

Lloyds Bank insisted their was never any exit or redemption fee demanded.

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