Ellis close to takeover of Rangers

10 June 2010

Former Northampton Town chairman Andrew Ellis is close to completing a deal to take over at Rangers.

Ellis' RFC Consortium are in "advanced negotiations" with current owner Sir David Murray to buy a controlling interest in the Scottish Premier League champions.

Murray stood down as chairman last year with the Ibrox club struggling financially amid reports of a £30million debt.

"RFC, which is controlled by Andrew Ellis, notes today's press reports regarding discussions between the company and Sir David Murray," read a statement on behalf of the consortium.

"The company confirms that it is in advanced negotiations with Sir David Murray to acquire a controlling interest in Rangers Football Club Plc, however, no price has been agreed and no timing has been established for the conclusion of the talks.

"If a deal is concluded between Sir David Murray and RFC, the company would be required under Rule 9 of the City Code on Takeovers and Mergers immediately to make an offer for the remaining issued share capital of Rangers.

"It is emphasised that this announcement does not amount to a firm intention to make an offer and there is no certainty that any offer will be forthcoming or as to the terms of such an offer."