Rangers Football Club no longer 'for sale'
Wed 16th Jun 2010 | Clubs Ownership
Scottish Premier League Champions Rangers Football Club is no longer for sale according to principal shareholder Sir David Murray.
In a statement on the club website says they have been unable to find a deal that benefits the club itself, its shareholders and its fans.
The news comes after Andrew Ellis and his company, RFC Holdings, informed the Stock Exchange that they were in "advanced negotiations" with Murray over the potential sale of the club.
Rangers' who are £30m in debt issued its annual report last November, showing the club’s deficit had risen sharply from £10m the previous year.
Murray stepped down as chairman in August 2009 and relinquished his place on the board. His replacement, Alastair Johnston, was tasked with finding a buyer for his predecessor's stake, about 90% of the club's shares.
Johnston, directors John McClelland, Martin Bain and Donald McIntyre and former Ibrox captain John Greig formed a committee to consider bids. But interest in the club has been limited, with the bid from Ellis's consortium the most public and, at three months, the most enduring.
The Rangers statement says: "Murray International Holdings Limited (MIH) has received interest in its controlling stake from a number of parties.
"At this time, however, the board of MIH has not been able to secure an offer which it considers to be in the best interests of the club, its shareholders and its fans.
"Following on from the success of winning the 2009/10 SPL title and thereby securing participation in the group stages of the Champions League during 2010/11, the club recently announced that the football management team had signed new contracts.
"At the same time the board of directors of the club announced improvements in its financial position compared to the previous year, stating:
"'We believe the outcome of our recent positive discussions with the bank gives us a real platform for operational stability at the club and we thank Lloyds for their support.
"'We have a clear business plan in place and will continue to maximise efficiencies and endeavour to increase our non-playing income.'
"The board of directors of MIH therefore considers that the interests of stakeholders are presently best served by providing the football management team and board of directors with an opportunity to implement its business plan which is supported by Lloyds Banking Group.
"In these circumstances, MIH hereby announces that it is no longer actively marketing its controlling stake in the club for sale."
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