Ellis upbeat on takeover bid

ANDREW ELLIS is "optimistic" his proposed takeover of Rangers will move closer to completion later this month.

The Ibrox club last week secured their second successive Clydesdale Bank Premier League title, overcoming once again their perilous financial situation.

Rangers are just under 30million in debt and are under investigation by HM Revenue and Customs over a tax issue.

Moreover, manager Walter Smith has been unable to buy a new player for nearly two years and he and his assistants, Ally McCoist and Kenny McDowall, have been working without a contract since January.

Ahead of the final Old Firm derby of the season at Parkhead tonight, property developer Ellis claimed that if his reported takeover bid of 33m goes through, he will offer Smith a new contract and also offer the role of life president to the club's owner Sir David Murray.

"The bid includes all the club's debt and I'm optimistic there will be serious developments in the next three to four weeks," Ellis said.