Bid on cards for Rangers as Murray eyes options

SIR David Murray is "considering options" over the potential sale of Rangers as it emerged over the weekend that a takeover bid is being prepared for the Ibrox club.

Reports suggested that a London-based consortium, headed by former Queens Park Rangers director and Northampton Town chairman Andrew Ellis, as well as two other parties, were interested in making an offer. The Glasgow giants have reportedly seen their debts rise as high as 31 million recently.

The Rangers board is now working to a business plan in conjunction with Lloyds Banking Group.

A statement on the Ibrox club's website said: "The board of directors of The Rangers Football Club plc is aware of the recent takeover speculation in the media and refers shareholders and supporters to a previous statement issued in October 2009.

"The club's board has been advised by its principal shareholder, Murray International Holdings Limited, that it is considering options regarding its shareholding in the club and this may or may not lead to MIH disposing of some or all of its stake in the club to a third party.

"The directors of the club will keep shareholders advised of key developments but the board is unable to comment further at this time."

Sir David, who stepped aside as Rangers chairman last August after two decades at the helm, still controls around 90 per cent of the shares in the Scottish champions.

Rangers manager Walter Smith, speaking after his side's 3-1 win over St Mirren on Saturday, refused to be drawn on a potential takeover of the club, claiming he did not know what was happening behind the scenes.

When asked about reports that Sir David could be set to sell his shareholding in Rangers, Smith replied: "I've got no idea. I don't know anything about it so there is no use asking me."

When it was put to him that it would be a relief for him and his players if the financial uncertainty surrounding Rangers were to come to an end soon, he said: "It would be a big relief to everyone at the club if we managed to win the seven games we need for the title. That would be as big a relief club as anything."

Ellis, a 41-year-old property developer, is the main figure behind the formation of the company RFC Holdings (Guernsey) and they could make a formal bid for the club this week, which would need to be announced to the Stock Exchange. Early indications suggest that the deal to seal the takeover of Rangers could amount to 33 million.

Ellis was previously a director at QPR and made an offer to buy the Loftus Road club, which he withdrew in 2001. He also briefly served as chairman at Northampton Town in 2002.

Another bid for Rangers is reported to be on the table, from an Asian consortium, although details of their proposals are scant at this stage.

South African investor Dave King has also been credited with an interest in taking over the club.

Stock exchange rules forbid any of the parties involved commenting publicly on the subject, but their intentions should become clear this week as Sir David moves closer to parting with the club he has owned for 21 years.