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Andrew Ellis's £33 million bid to buy Rangers is on the brink of falling through, according to reports.
It is thought the former Queens Park Rangers director's bid hinged on the redevelopment of land in the Hinshelwood area close to the club's Ibrox stadium, but it has emerged that the club do not have the required planning permission for this to go ahead.
A source told the Herald: "He did not have the money to buy Rangers outright, but the backers lined up for the property development had the funding for a purchase of the club."
Ellis, who formerly was the owner of English club Northampton Town for eight weeks, has so far declined to comment on the speculation.
His plans had included selling the Hinshelwood land for conversion to retail and leisure space.
Northampton Chronicle sports editor Jeremy Casey described Ellis' two-month tenure at Northampton Town as "shambolic" in an interview with STV last week.
Written by Paul Roberts
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
