Notes of interest lodged with Rangers as bank control club's future

Published on Sunday 25 October 2009 22:24

RANGERS remain hopeful of overcoming escalating problems after confirmation yesterday of notes of interest from parties considering buying the club.

Walter Smith had earlier confirmed what Ibrox officials have previously denied when he admitted Rangers are now being run by the Lloyds Banking Group, the club's bankers. The manager's comments were at odds with previous statements from chairman Alastair Johnston and chief executive Martin Bain, following Sir David Murray's decision to step down as chairman earlier this season.

Concerns that Rangers are no longer in a position to make independent decisions intensified last week after Donald Muir was made a non-executive director at the club, along with Mike McGill. Muir, a representative of Lloyds Banking Group, has been charged with helping reduce the club's near 30 million debt as well as finding a buyer for Murray's shares.

Rangers last night confirmed they had received "tentative inquiries" regarding the sale of the club but had yet to receive a formal offer. The club issued a statement in which they also insisted they would not be forced to sell any players in the January transfer window. But there was an absence of any commitment to invest money in improving a squad which has not seen a single player bought for more than a year.

"For the avoidance of doubt, and due to recent media speculation, the club can confirm that while there have been tentative inquiries regarding the sale of the club, there are none that have realised an offer," said a statement on the club's official website yesterday.

"As stated by Sir David Murray, it is not necessarily about price, but the new owner having the capability to take the club forward that remains essential. It is important to highlight the statement issued by Lloyds Banking Group to the press on Saturday evening, that 'Lloyds Banking Group recognises the importance of Rangers Football Club to its supporters, shareholders and the wider football industry in Scotland'.

"As such, there is no need for the club to sell assets during the January transfer window." What happens during that window is the least of Smith's problems at present as he seeks to keep Rangers in contention at the top of the Scottish Premier League. The manager's frustrations came to the fore on Saturday. Following the 1-1 draw with Hibernian at Ibrox he revealed the worrying state of affairs at the club. Rangers, said Smith, are in the grip of the bankers. "Obviously it's not a good situation," he said. "It's not one that anybody wants the club to be in."

Smith, whose own contract is set to expire in January, said he was surprised to learn he had caused interest with his remarks. But the manager appeared to have made a conscious decision to break ranks and reveal the extent of Rangers' predicament. "Is that not obvious to everyone?" he asked. "As far as I am aware it is. David Murray has stepped down and they have placed a representative of the bank on the board. As far as I am concerned that is the situation. (The club's] been up for sale for a while. It's not the bank's fault. I think Rangers have been fairly honest about the situation. The players and the club have been up for sale since January.

"We won't have bought a player for 18 months after the next transfer window. That's it as far as I am aware. These circumstances have been here for a while now. I am not complaining about it. It's a fact of life. There are a lot of companies throughout the world having a struggle financially at the present moment.

"When David Murray stepped away from Rangers I felt that was a bad thing for Rangers," said Smith. "He has tried as hard as he could over the 20 years to invest in the club and now we do not have that situation. The quicker that gets cleared up the better it will be for Rangers."