Tycoon Andrew Ellis claims he is close to sealing deal to buy Rangers

[pete 2,499]

THE property tycoon in talks to buy Rangers yesterday revealed his hopes of owning Ibrox within three weeks.

 

A spokesman for businessman Andrew Ellis said he is now "very likely" to buy Sir David Murray's SPL giants in a �£33million deal.

 

The tycoon has own to an African holiday resort to get peace to study the Ibrox club's books and decide whether he wants to complete his bid for the club.

 

And in an exclusive interview, his key business adviser revealed that Ellis is:

 

Confident that he will take control by mid-April.

 

The sole bidder and not a frontman for a wealthy consortium.

 

Putting the finishing touches to the bid at a five-star retreat on the island of Zanzibar.

 

It has also emerged that the club have reopened talks with Glasgow City Council over the redevelopment of land around Ibrox - a scheme first revealed in the Sunday Mail two years ago.

 

Ellis, 42, who lives in a luxury apartment in London's upmarket Knightsbridge, emerged as a frontrunner to take the helm at Ibrox after the proposed deal was announced to the Stock Exchange earlier this month.

 

He has been granted time to examine the club's finances and discuss a takeover with Sir David's firm Murray International.

 

Ellis's offshore firm RFC Holdings (Guernsey) are being represented by Channel Islands trust firm Marlborough, who are listed as the company's directors.

 

Marlborough business development expert David Gilmour, who is handling the deal, said: "Andy is not going to comment because it is very likely he's going to take the club over in the next few weeks.

 

"It is entirely likely that the deal will go through but it's still at an early stage.

 

"I know it's been said that Andy is a frontman for a consortium but I can tell you it's just him - he's the only bidder and there's nobody else behind the deal.

 

"It's going to be around two-and-a-half weeks before anything happens because we are going through the due diligence process at the moment.

 

"Andy is in Zanzibar at the moment and will not be making any comment because of Stock Exchange rules."

 

Ellis emerged as a serious contender to take over at Ibrox around eight days ago.

 

But Rangers fans have called for an input into the process amid fears he may be fronting the bid for other businessmen.

 

He led a �£500,000 to take over English lower league club Northampton Town in November 2002 and became chairman after consortium, Premier Sports Developments, took control.

 

But he stepped down within two months and lef t the club in the ownership of partner David Cardoza.

 

A year earlier, his attempts to buy London team Queens Park Rangers collapsed over a plan to move the club to a new ground near Heathrow airport.

 

His father Peter was chairman of QPR during the 1980s. Yesterday, sources close to him denied that there was anyone else involved. One said: "I can understand why people have reached that conclusion but it's wrong.

 

"This is all about Andy and Andy alone there is no hidden agenda and no secret backer."

 

A Rangers spokesman said: "Legally, the club cannot comment on the proposed takeover under Stock Exchange rules."

 

Meanwhile, it has emerged that Ellis's sole company directorship is with arm who face being struck off over a failure to file accounts.

 

Creedwell, who were founded in 2006, had net assets in 2007 of just �£2654.

 

But the company failed to file their yearly accounts by a strict Government deadline on January 31 this year. Under corporate laws Ellis, who is listed as one of two directors of Creedwell, could be prosecuted and his business wiped from the Register.

 

A Companies House spokeswoman said: "The records show that we have not received these documents by the stated deadline which is why the proposal to strike off is in place."

 

But Gilmour said: "I wouldn't read too much in to a company being struck off - it happens all the time.

 

"It could have been a company set up for one property deal or something and is just being allowed to be struck off - there's nothing unusual in that."

 

Yesterday, Rangers Supporters Trust spokesman David Edgar said: "The fans would welcome an end to the uncertainty over the future of the club.

 

"It would be a positive move as we would no longer be on the market and decisions can then be made to take the club forward.

 

"However, we need to know what Andrew Ellis' plans are, though we appreciate he has been hamstrung in that regard due to the legalities of the takeover."

 

PARTNER IN FRAUD SCANDAL

 

Andrew Ellis' partner in the takeover at Northampton Town lasted just weeks before being forced to quit as the Law Society launched an investigation into his firm.

 

Solicitor Kenneth Good, a co-director at Premier Sports Developments, had replaced Ellis as club chairman. We can reveal that Good, a convicted drink-driver, was struck off at a Solicitors Disciplinary Tribunal in 2005.

 

They heard a string of allegations including that he used thousands of pounds of clients' cash for personal use.

 

The tribunal was told a Law Society investigation officer visited Good's firm, Good, Cardona & Co in March 2003 amid, allegations of fraud.

 

The inquiry found a �£140,000 shortfall in a client's account and that Good had used �£25,000 of other people's money to pay his office rent. He even diverted �£2800 of clients' cash to pay a fine.

 

There is no suggestion Ellis was aware of Good's malpractice.

 

REVAMP IS BACK ON TRACK UNDER ELLIS BLUEPRINT

 

Rangers have revived plans for a huge redevelopment of Ibrox first revealed in the Sunday Mail.

 

The opportunity to revamp land around the stadium is thought to be one of the factors luring property developer Andrew Ellis. Ibrox bosses already have outline permission to build on the Hinshelwood area, including the club car park.

 

We revealed in 2008 that they were looking at building housing and a hotel as part of a complete rebuild of the famous stadium.

 

The �£700million scheme hit the buffers because of the global economic crash later that year. But now the plans for the outskirts of the stadium have been revived.

 

Councillor George Ryan said: "Glasgow City Council has recently been in talks with Rangers Football Club and other interested parties about future redevelopment plans for the area around Ibrox. The intention is to undertake a joint study to investigate a number of opportunities for the area.

 

"The option which is most economically viable and compliant with our planning policies will then be worked into a masterplan for the area and submitted for consent."

 

As well as the car park, Rangers hold ownership of land in the immediate surroundings of the ground at Govan.

 

Other land close to the stadium is owned by Glasgow City Council and a mixture of public and private housing companies.

 

Just one question for the money guy's. On reading that Ellis isn't that rich would it be possible just to buy DM out and still leave the club in debt.

[Stefanovitch 0]

I would imagine he could OR he could buy out SDM and agree some finance deal with Lloyds or another bank to service the remaining debt.

 

I'm a little concerned that it's Ellis on his own and how is he financing this deal and what the repercussions are likely to be. How is Mr Ellis going to fund the buy out, stadium development and squad investment? Precisely why we need the facts before he is allowed to take control. I assume he cannot come clean due to legal issues but am I right in thinking he could take over before we know what his plans are?

[Frankie 8,151]

Everything depends on the purchase price and just who gains from it Lloyds alone or Lloyds and MIH.

 

I can't see any businessman spending all his money to buy something and not leaving enough to actually fund it afterwards. For all his faults, I also can't see SDM selling to such a person either.

[wabashcannonball 0]

"Putting the finishing touches to the bid at a five-star retreat on the island of Zanzibar"

 

Of course he is.

 

 

"Rangers have revived plans for a huge redevelopment of Ibrox first revealed in the Sunday Mail."

 

Of course we have.

Edited March 15, 2010 by wabashcannonball

[Frankie 8,151]

What interested me most over the weekend was the fact SDM is now apparently back with his fianc�© after they split last year....

 

That may change his outlook somewhat I'm told....

[wabashcannonball 0]

What interested me most over the weekend was the fact SDM is now apparently back with his fianc�© after they split last year....

 

That may change his outlook somewhat I'm told....

 

 

Shockarooney Frankie, you don't mean you don't think he could be saddling up the big white cuddy to ride to the rescue ...again...onward onward into the valley of death, no wrong one that didn't end up to well either.

[maineflyer 0]

What interested me most over the weekend was the fact SDM is now apparently back with his fianc�© after they split last year....

 

That may change his outlook somewhat I'm told....

 

These things certainly do affect business outlook but it's not a major leap to see Murray as an investor in any future property deal fronted by an Ellis-owned RFC.

[Frankie 8,151]

These things certainly do affect business outlook but it's not a major leap to see Murray as an investor in any future property deal fronted by an Ellis-owned RFC.

 

I've always said it wouldn't surprise me if Murray remained an important part of Rangers after he sold the club.

 

In some ways, I'd be happy with that - in others only a complete divorce may translate to a more able future.

[maineflyer 0]

I've always said it wouldn't surprise me if Murray remained an important part of Rangers after he sold the club.

 

In some ways, I'd be happy with that - in others only a complete divorce may translate to a more able future.

 

Ellis is making confident noises - which may all be spin - or could signal reasons why this is a marriage made in heaven for Murray. Can you see the situation where Ellis has effectively been chosen by Murray because their business models are so aligned?

[Frankie 8,151]

I could see such a situation but, as ever, the MIH challenge is the biggest hurdle for SDM at the moment...