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English property developer Andrew Ellis' bid for Scottish Premier League champions Rangers has been agreed in principle and could be completed within days, according to a report.
An article in the Daily Mail claims Chris Akers, who once had an interest in recently-promoted Leeds United, has been a key player in the deal and has secured funding from mysterious backers in the Middle East.
Last month, Ellis told reporters he expected "serious developments" within weeks, adding: "Should I gain control, I intend to offer Walter Smith a new contract, as his experience and knowledge is invaluable."
The newspaper claims the takeover will see Rangers' debts reduced to a negligible amount and that current majority shareholder Sir David Murray will be installed as life president upon completion.
Recent weeks have seen an escalating war of words between Ellis and chairman Alistair Johnston, who had criticised the bid for becoming "way too prolonged" and admitted to being "sceptical" about the tycoon's intentions.
Written by Paul Roberts
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
