Post by Macmoish on Jun 16, 2010 6:32:48 GMT
Guardian
Rangers no longer for sale• David Murray will continue as the Rangers owner
• 'It is in the best interests of the club and the fans'
)Ewan Murray The Guardian, Wednesday 16 June
David Murray will continue as the Rangers owner for the foreseeable future after the club dramatically announced it is no longer in the market for a buyer.
Murray had effectively been seeking an offer for his 92% stake in the Ibrox club over the past two years. Murray International Holdings (MIH), the business through which Murray controls his shares, has been firmly in the grasp of the Lloyds Banking Group during that period.
Yet no formal offer has been forthcoming, prompting the following statement from Murray: "MIH hereby announces that it is no longer actively marketing its controlling stake in the club for sale.
"MIH has received interest in its controlling stake from a number of parties. At this time, however, the board of MIH has been unable to secure an offer which it considers to be in the best interests of the club, its shareholders and its fans."
Rangers will now proceed with a business plan as agreed with the Lloyds group. The club's debt is believed to sit at about £27m but that will be reduced by involvement in next season's Champions League. The Rangers borrowing figure, indeed, is miniscule compared to MIH's overall liabilities which swelled to £942m earlier this year, before a £150m debt for equity arrangement by Lloyds.
A group fronted by Andrew Ellis, reportedly including investment from Dubai and Qatar, was the most publicly and frequently linked with buying out Murray's stake in Rangers. However, the potential success of that deal was always clouded by scepticism, including from within Ibrox.
"The board of directors of MIH considers that the interests of shareholders 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," added the Rangers statement.
Murray has controlled Rangers for more than two decades. It now remains to be seen what reaction the extension of that arrangement will prompt from supporters, many of whom have been angered by the financial predicament the club found itself in on account of over spending.
www.guardian.co.uk/football/2010/jun/16/rangers-no-longer-for-sale
Rangers no longer for sale• David Murray will continue as the Rangers owner
• 'It is in the best interests of the club and the fans'
)Ewan Murray The Guardian, Wednesday 16 June
David Murray will continue as the Rangers owner for the foreseeable future after the club dramatically announced it is no longer in the market for a buyer.
Murray had effectively been seeking an offer for his 92% stake in the Ibrox club over the past two years. Murray International Holdings (MIH), the business through which Murray controls his shares, has been firmly in the grasp of the Lloyds Banking Group during that period.
Yet no formal offer has been forthcoming, prompting the following statement from Murray: "MIH hereby announces that it is no longer actively marketing its controlling stake in the club for sale.
"MIH has received interest in its controlling stake from a number of parties. At this time, however, the board of MIH has been unable to secure an offer which it considers to be in the best interests of the club, its shareholders and its fans."
Rangers will now proceed with a business plan as agreed with the Lloyds group. The club's debt is believed to sit at about £27m but that will be reduced by involvement in next season's Champions League. The Rangers borrowing figure, indeed, is miniscule compared to MIH's overall liabilities which swelled to £942m earlier this year, before a £150m debt for equity arrangement by Lloyds.
A group fronted by Andrew Ellis, reportedly including investment from Dubai and Qatar, was the most publicly and frequently linked with buying out Murray's stake in Rangers. However, the potential success of that deal was always clouded by scepticism, including from within Ibrox.
"The board of directors of MIH considers that the interests of shareholders 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," added the Rangers statement.
Murray has controlled Rangers for more than two decades. It now remains to be seen what reaction the extension of that arrangement will prompt from supporters, many of whom have been angered by the financial predicament the club found itself in on account of over spending.
www.guardian.co.uk/football/2010/jun/16/rangers-no-longer-for-sale