Are Lloyds trying to sell Rangers.. or wind them down?

[maineflyer 0]

Of course the real killer could be that Craig Whyte simply doesn't have the means .... Remind me, why IS Andrew Ellis involved in this.

[ian1964 10,416]

Of course the real killer could be that Craig Whyte simply doesn't have the means .... Remind me, why IS Andrew Ellis involved in this.

 

It all is a bit bizzare,why would Whyte lend Ellis a 25% stake????,if that is true,I can't work that one out

[Zappa 0]

It all is a bit bizzare,why would Whyte lend Ellis a 25% stake????,if that is true,I can't work that one out

 

Same here Ian. It doesn't make any sense.

[djbroxybear 0]

A lot doesn't add up.... So Whyte is this far down the road to buy Glasgow Rangers, he has proved he has funds in place, he agrees in principal to a deal to buy the club... Slippery Dave gets his money back he bought the club for 6 million in 1998, Lloyds get there money so Rangers don't owe them a penny, surely everybody involved is happy am i missing something.

 

If this takeover isn't concluded i would like the club to come out and explain why? i pay hard earned cash like a lot of fellow bears to follow the team buy merchandise etc etc the bank are bleeding us dry and we have been told there is cuts next season yet they want our cash i am getting sick of it.

[pete 2,499]

It comes to mind that if Lloyds are not blocking the deal then Craig Whyte could be looking for an out. Or not.

 

I actually doubt that as he could have walked away at any time and I also think Murray would have been shouting that through the grapevines telling everyone that whyte was not the right man for the job.

[pete 2,499]

The only value that I can see of Ellis is that the whole deal is based on the redevelopment of the area. If they do buy then all the stories of casino's and hotels will start again.

[Frankie 8,151]

Hoping to have more news on the proposed takeover today. Keep an eye on our Twitter and the forum for any new information.

 

Sky and the BBC obviously do.

[Stefanovitch 0]

Hoping to have more news on the proposed takeover today. Keep an eye on our Twitter and the forum for any new information.

 

Sky and the BBC obviously do.

 

If you were a betting man Frankie, what odds would you give on this (a) happening and (b) happening today?

[Frankie 8,151]

If you were a betting man Frankie, what odds would you give on this (a) happening and (b) happening today?

 

I'm not a betting man...

 

Seriously I think too much as occurred recently for it not to happen but I wouldn't place much credence in deadlines. All we're seeing in the media is haggling from each party.

 

In many ways it makes more sense for Whyte to step back if he can't agree a cheaper deal now as when the club inevitably downsize further and success becomes harder to find, the price will fall naturally then.

 

The more serious issue for me is that we still don't know who Whyte is and if his plans will improve upon the status quo.

[ian1964 10,416]

CRAIG WHYTE remains “very, very optimistic” that his Ã?£33m takeover bid for Rangers will prove successful.

 

Sources close to the Scottish businessman also insisted last night that Whyte had set no deadline on completion of the deal.

 

Reports have suggested that Whyte was becoming frustrated at the stance of Lloyds Banking Group, but the businessman has invested “four months of hard work and hundreds of thousands of pounds”, according to a source close to the talks, and is in no mood to walk away.

 

This message came as the Lloyds Banking Group hit back at claims that it was the obstacle to a speedy resolution to the takeover saga that began in November last year.

 

Reports yesterday said Lloyds was demanding an “exit” payment if Rangers paid off their debt early as part of a Whyte takeover.

 

A bank statement said last night: “Any potential takeover is a matter for Rangers Football Club and its shareholders. Suggestions that Lloyds Banking Group is blocking a deal to acquire the club are baseless and without foundation.

 

“We understand the concerns of Rangers supporters, given recent media speculation. Lloyds Banking Group recognises the importance of Rangers FC to its supporters, shareholders and to the wider football industry in Scotland. We are committed to supporting the board of Rangers FC in their plan to ensure the financial stability of the club.”

 

It is understood that the money wanted by Lloyds is not an exit payment or early repayment sum but part of the loan. Rangers hedged their repayments by tying them to the Libor rate, which is the rate that banks lend money to each other. This rate has slumped since the agreement was brokered, leaving the club with a shortfall believed to be �£1m. Lloyds believes this is an integral part of the debt.

 

A banking source told Herald Sport last night that it was “completely false” to suggest an exit, or early repayment, contingency existed. “The bank just wants Rangers to clear its debt,” he said. “Why would we want to charge them Ã?£1m for that? This is not the same case as demanding a fee for repayment of a mortgage. It is complete nonsense.”

 

Another source said the hedging of such a loan rate was normal practice and the shortfall could be considered part of the overall debt.

 

This should not prove to be an insurmountable obstacle to Whyte’s Ã?£33m takeover bid whereby he would buy 75% of Sir David Murray’s shareholding, with Andrew Ellis, a property developer, taking a 25% stake. The deal would presumably be franked by the Rangers board, leaving it to be accepted by Lloyds.

 

The next step for Whyte would be to issue a formal offer for Rangers shares and the Plus stock exchange would have to be informed. The Whyte camp were last night quietly determined to proceed with the deal. “We just want to get this deal over the line,” said one insider. “There is no pressure to do this quickly. We want to do it right.”

 

The next move could be a formal offer for shares, but no one last night would stake any money on when this would happen.

 

http://www.heraldscotland.com/sport/spl/rangers/lloyds-refutes-exit-payment-claim-as-optimistic-whyte-edges-closer-to-ibrox-1.1093166