Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

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

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.

--------------------------------------------------------------------------------------------------- 

Advertisement - KABA Turnstiles

 

RETURN TO LATEST NEWS SECTION

 

SUBSCRIBE TO THE F.C. BUSINESS RSS FEED

 

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

Massimo Cellino Leaves Leeds After Takeover

Wed 24th May 2017 | Clubs Ownership

Andrea Radrizzani has completed his takeover of Leeds United after purchasing Massimo Cellino’s 50% stake in the club. Radrizzani, who purchased 50% of the club in January, has acquired the...

EFL Approve Chinese Investment At Reading

Wed 17th May 2017 | Clubs Ownership

EFL approval granted as Chinese investors Dai Yongge and Dai Xiu Li take majority shareholding of club. Reading Football Club has confirmed Chinese brother and sister, Dai Yongge and Dai Xiu Li, have...

Hartlepool United Chairman Announces Resignation

Thu 4th May 2017 | Clubs Ownership

Hartlepool United’s Chairman, Gary Coxall has announced his resignation from the League Two club. The club faces relegation from the Football League for the first time in their history this...

Sam Rush Sacked By Derby County

Thu 4th May 2017 | Clubs Ownership

Sam Rush, President and Chief Executive Officer of Derby County has been sacked by the club it was announced yesterday. A brief statement released by the club read: “Derby County Football Club...