16 Jun 2010Rangers 'no longer for sale'

Football Clubs News | Football Finance News

Scottish Premier League champions Rangers are no longer listening to takeover bids, majority shareholder Sir David Murray has revealed.

Although negotiations between the board of directors and English property developer Andrew Ellis were reported to be at an advanced stage last week, Murray admitted no satisfactory agreement could be reached and has withdrawn his stake from the market.

His holding company said in a statement there had been interest from a "number of parties", but added that they had "not been able to secure an offer which [Murray] considers to be in the best interests of the club, its shareholders and its fans".

Murray went on to state that "positive discussions" with Lloyds Bank have given the football club renewed hope of "operational stability" and confirmed he is no longer actively seeking a buyer for his holding.

Despite sealing their second consecutive Scottish Premier League title last month, Rangers are burdened by debts believed to be around £30 million.

Written by Terry Mitchell

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