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Hugh MacDonald

 

 

26 Apr 2011

 

A summit meeting may finally have paved the way for Craig Whyteâ��s �£55million takeover of Rangers.

 

The Scottish businessman met Rangers powerbrokers at Murray Park hours after the Old Firm match on Sunday to thrash out a way forward after the revelation last week that club directors were prepared to mount a rival bid for Sir David Murray�s majority holding.

 

It is believed Whyte has now guaranteed manager-in-waiting Ally McCoist Ã?£10m for new players this summer ââ?¬â?? plus any profits from sales ââ?¬â?? as well as pledging a further Ã?£20m for squad strengthening over the following four years.

 

On top of the �£25m required to clear the debt to Lloyds Bank and purchase Murrayâ��s shares, the total package on the table is now around �£55m.

 

Today Alastair Johnston, the club chairman, was understood to be moving closer to approving Whyte�s bid by making an official announcement to the Stock Exchange.

 

He said: ââ?¬Å?The committee are now much closer to viewing Craig Whyteââ?¬â?¢s bid as the right one for Rangers.ââ?¬Â

 

A source close to Whyte confirmed: ââ?¬Å?Weââ?¬â?¢re very optimistic a deal can be done quickly now if Alastair Johnston and the committee are minded to back it.

 

ââ?¬Å?Itââ?¬â?¢s very good news and all parties will proceed to try to bring this to a conclusion as quickly as possible.

 

ââ?¬Å?Craig wants to finalise this and then get on with the job at Rangers.ââ?¬Â

 

Only last Tuesday, Johnston released a statement on behalf of the independent sub-committee of Rangers directors vetting the deal.

 

This criticised Whyte for not talking to them and questioned whether he had the money to take the club forward.

 

This statement also gave the first intimation of the rival bid by Paul Murray, a Rangers director, who is part of a consortium headed by Dave King, the South African-based businessman.

 

However, it seems Whyte has regained the upper hand in the battle for the club.

 

Whyte, who has spent hundreds of thousands of pounds on professional fees during due diligence, first launched his bid last November and fought for it at the meeting with Rangers directors on Sunday.

 

It is not known if Sir David Murray was present, but it is believed he made a presentation, possibly by video link.

 

And sources say he has been individually talking to board members to reassure them that this is the right way ahead.

 

The intervention by Murray is crucial. The owner of Rangers has the capacity to anoint his successor and it seems he has chosen to pick Whyte.

 

Whyte�s strongest card is the support of Murray, but he is also bolstered by having reached an agreement with Lloyds.

 

Banking sources have consistently told SportTimes that they were satisfied with the agreement made by Whyte and that Lloyds had little appetite for entering into a round of negotiations with rival bidders.

 

I wonder when the next deadline finishes?:frown:

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just been on ss. everyone is happy with 28 million going in to the clubs bank account immediately with 5 million working capital. also 20 million over the next 4 years for players.

 

oh and it could all be done and dusted in....wait for it...

 

FORTY EIGHT HOURS!!!!!!

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Quote Originally Posted by Zappa View Post

Aye, righty ho. Another 48 hrs! Is the sequel better?

 

You speak like it's not going to happen??

 

I actually found that quite funny. How many sequels were made from the real film?:smile:

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I wonder if with CW taking over we will see a new,fresh Rangers FC regarding PR and the likes,he seems to be a man of few words just now but obviously strong.Will this mean a new board?. He is a rangers fan and must get pissed off at the continual attacks from the media and the BHEASTS.

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Every takeover throws up many questions and uncertainties. I only hope that Whyte listens to the fans more than Murray the dictator did. In saying that the fans also have to play there part on improving the image of Rangers. We saw on Sunday that Ibrox can be a fun place with everybody pulling together that has to be a weekly thing and not a one game wonder.

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You speak like it's not going to happen??

 

About a month ago the Chairman said we'd find out one way or the other in 48hrs. The 48 hrs passed and several weeks later we're getting told practically the same. I really think something weird is going on mate.

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About a month ago the Chairman said we'd find out one way or the other in 48hrs. The 48 hrs passed and several weeks later we're getting told practically the same. I really think something weird is going on mate.

 

It has dragged on for sure,but it certainly looks like going ahead though mate.................................................................then again????:grin:

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