Billionaire in plan to buy out Rangersâ�� �£30m debt

[johnnyk 158]

The prospect of financially stricken Rangers being owned by its supporters moved closer after a Scottish expatriate billionaire last night announced plans to buy out the Ibrox clubâ��s �£30 million debt to Lloyds Banking Group.

 

The Florida-based businessman and fan told The Herald on condition of anonymity he is ââ?¬Å?working privatelyââ?¬Â to ensure the money is repaid soon and bridging funding put in place to ensure a transition to create a supporter-controlled entity, similar to Spainââ?¬â?¢s Barcelona and Real Madrid.

 

His intervention came as the Ibrox club prepares later today to release its financial results, that are expected to show a loss of up to �£8m.

 

The Glasgow-born entrepreneur, whose identity and oversees business dealings are known to The Herald, added: ââ?¬Å?This opportunity should be used to implement a new mission statement and business plan for the club and its supporters, to put it on to a long-standing business footing along the same lines as Barcelona and Real Madrid.

 

ââ?¬Å?The club is nothing without its supporters, Rangers should never be an ego-trip or piggy bank for any businessman and should not be used as a ââ?¬Ë?for profitââ?¬â?¢ business.ââ?¬Â

 

In the proposal about to be put to Rangers owner Sir David Murray by an English-based specialist finance company, existing bank debt would be replaced with a �£30m bridging facility, to be paid down over two years; supporters would invest in Rangers shares over three years, with a target of 15,000 fans subscribing �£1000 a year leaving them with a 50% share of the company after three years

 

The chairman would also be re-elected every 12 months and no individual could own more than 5% of the shares with all profits put back into the club.

 

South Africa-based millionaire Dave King is still thought to be the likeliest buyer of all or part of Sir David�s controlling interest.

 

 

http://www.heraldscotland.com/news/home-news/billionaire-in-plan-to-buy-out-rangers-30m-debt-1.932051

[chilledbear 16]

Scottish billionaire based in Florida, and a fan to boot. Fingers crossed, but sounds to good to be true.

[DJBlue72 0]

Is Mikey Mouse Scottish

 

Hope its true too but until something concrete happens these storys will continue to appear.

[Frankie 8,148]

Interesting but the article author seems to contradict himself with the last sentence...

[bmck 117]

this is like the dream scenario. some guy to clear the debt and let us own the club debt cleared. if this turns out to be the case, however unlikely, we should stick up a statue of johnny as the herald of the best news ever.

[Bluedell 5,329]

I heard rumours about this in Ibrox on Saturday, but didn't take them too seriously. It is alleged that Murray Park and Edmiston House are sticking points on the deal if it's the same rumour.

[DJBlue72 0]

How many fans can afford to stump up �£1,000 a year extra ?

 

It would hopefully attract a large chunk of the business community who could afford to invest along with the fans which can only be a good thing.

[Frankie 8,148]

I heard rumours about this in Ibrox on Saturday, but didn't take them too seriously. It is alleged that Murray Park and Edmiston House are sticking points on the deal if it's the same rumour.

 

Why would Edmiston House be important given the club don't own it anymore? Is the new owner considering some sort of investment in the land there?

 

I wouldn't mind any new owner selling MP as long as a new version was built off part of the proceeds...

[Bluedell 5,329]

Why would Edmiston House be important given the club don't own it anymore? Is the new owner considering some sort of investment in the land there?

 

I wouldn't mind any new owner selling MP as long as a new version was built off part of the proceeds...

 

That's partly why I didn't take it too seriously. I presume that any new owner would want to own all the environs around Ibrox including Edmiston House, but I don't expect RHL to move out any time soon.

 

The rumour came from the Members, but I was hearing it third hand from someone, so there have been more to it that wasn't passed onto me.

[Frankie 8,148]

The one interesting thing for me is that Simon Bain is a finance reporter for The Herald which perhaps lends a bit more weight to his claims.

 

Wonder who the billionaire is...?