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Discussions formally opened with 'certain interested parties'

OnlyOneAmoruso

By OnlyOneAmoruso
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Jim White

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Rangers have confirmed that Murray International Holdings has started discussions regarding a possible takeover.

 

More...

 

Rangers have confirmed that principal shareholder Murray International Holdings has started discussions with Andrew Ellis regarding a possible takeover.

 

Ellis, a London-based property developer, tried to buy Queens Park Rangers in 2001 but his bid, which included plans to move the stadium from Loftus Road to Heathrow Airport, proved unsuccessful.

 

His consortium did buy Northampton Town the following year, however, the unpopular appointment of Terry Fenwick as manager meant his stay was short-lived.

 

Rangers are currently under the financial control of Lloyds Banking Group with the SPL giants struggling to finance their massive �£31million debt mountain.

 

The Glasgow giants say discussions with "interested parties" for Sir David Murray's majority shareholding are at an early stage.

 

"The board of RFC understands that discussions are at an early stage and there can be no certainty that any offer will be made for the issued shares of RFC," read a club statement.

 

An independent committee of the board - which includes Ibrox legend John Greig - has been set up to consider any offers for Rangers.

 

Murray stepped down as chairman in August 2009.

Edited by Bluedell
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Zappa

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I guess.

 

I know absolutely nothing about Andrew Ellis but my more negative side wonders if he was involved in this:

 

http://sport.scotsman.com/football/Saturday-interview-Sir-David-Murray.4398918.jp

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Hard to say, but it's not outwith the realms of possibility! This chap Ellis and his partners are property developers with a history scarily similar to what was described about the men Murray supposedly met with in London. Their history includes various attempts to buy & relocate football clubs in order to develop property on the prime locations of the stadiums including the failed bid for QPR with a proposal to move the club to a site near Heathrow. There was also a proposal to merge QPR and Fulham, sell Craven Cottage and play matches at Loftus Road, thus freeing up the valuable site in Fulham for a new housing development.

 

IMO, these men would probably look to flatten Murray Park and use the site for a housing development. I've got no idea if that would be a good or a bad thing, but something tells me that these men are undoubtedly more interested in property development than they are in running Rangers Football Club. Ellis bought Northampton Town FC and lasted only a short period of time there as he apparently couldn't find the time required to run the club amidst his busy schedule. Shortly after Ellis buying Northampton they were relegated.

 

IMO, this deal will not go through. In fact I'd put money on it!

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wabashcannonball

wabashcannonball 0

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A statement for all and all interpretations, wonder what the Mints is, there again.

 

 

Company Rangers Football Club Plc

TIDM

Headline Statement re Possible Offer

Released 09:27 08-Mar-2010

Number 00926-78ED

 

 

 

Following press speculation over the weekend, the board of The Rangers Football Club plc ("RFC") confirms that it has been advised by Murray International Holdings Limited ("MIH") that MIH has entered into discussions with certain interested parties, including Andrew Ellis, about the interests of MIH in RFC that may lead to an offer or offers for the entire issued share capital of the Club. The board of RFC understands that discussions are at an early stage and there can be no certainty that any offer will be made for the issued shares of RFC. RFC has been in an offer period since its announcement of 26 October 2009. In order to ensure the complete independence of the assessment of the merits for RFC of any possible offer, the board of RFC has set up an independent committee of the board (the "Independent Directors") comprising the Chairman Alastair Johnston, John McClelland, Martin Bain, Donald McIntyre and John Greig to consider the full implications of any future offer for RFC. The Independent Directors will ensure that any possible offer for RFC is assessed on the merits for RFC, its shareholders and all other stakeholders in RFC including supporters. It is particularly important to the Independent Directors that any possible offeror is able to demonstrate the capacity and commitment to provide a stable and sustainable future for RFC and the Independent Directors will want to understand fully the plans of any potential offeror in order to recommend the action that shareholders should take. The Independent Directors exclude Mike McGill and Donald Muir who are connected to MIH, and so have a potential conflict of interest, and Dave King and Paul Murray about whose intentions there has been past speculation that could lead to a perception of a possible conflict of interest. The board will keep all shareholders informed of further developments. Contact: Press Office, Rangers Football Club 0141 580 8606 (Mobile: 07899 948284) The Independent Directors accept responsibility for the information contained in this announcement and, to the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Dealing Disclosure Requirements: Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of RFC, all "dealings" in any "relevant securities" of RFC (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of RFC, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of RFCby any offeror, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at http://www.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel. END

Edited by wabashcannonball
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Murray Park is green belt land IIRC.

 

The planning permission for the landbank surrounding Ibrox would be more interesting for Ellis given the chances of GARL etc.

 

:)

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Good point mate, but it's also possible to get planning permission for property developments on green belt land. It happens all the time. There's many areas around Glasgow that were once green belt and are now housing or other developments.

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