Walter Smith hopes for end to uncertainty as Rangers confirm talks over sale

• "Interest in buying and actually buying are different things" Walter Smith

The club – who are 31million in debt – say discussions with "interested parties" are at an early stage. An independent committee of the board has been set up to consider any offers for Rangers.

Murray stepped down as chairman in August 2009 and has been seeking a buyer for some time, with Rangers forced to work to a strict business plan in conjunction with Lloyds Banking Group.

After a weekend of speculation regarding interest from Ellis, Rangers released a statement early yesterday to confirm that talks are taking place.

The statement said: "The board of Rangers Football Club plc confirms that it has been advised by Murray International Holdings Limited that MIH has entered into discussions with certain interested parties, including Andrew Ellis, about the interests of MIH in RFC that may lead to an offer or offers for the entire issued share capital of the club.

"The board of RFC understands that discussions are at an early stage and there can be no certainty that any offer will be made for the issued shares of RFC. In order to ensure the complete independence of the assessment of the merits for RFC of any possible offer, the board of RFC has set up an independent committee of the board comprising the chairman Alastair Johnston, John McClelland, Martin Bain, Donald McIntyre and John Greig to consider the full implications of any future offer for RFC.

"The independent directors will ensure that any possible offer for RFC is assessed on the merits for RFC, its shareholders and all other stakeholders in RFC including supporters.

"It is particularly important to the independent directors that any possible offeror is able to demonstrate the capacity and commitment to provide a stable and sustainable future for RFC and the independent directors will want to understand fully the plans of any potential offeror in order to recommend the action that shareholders should take."

Club directors Mike McGill, Donald Muir, Dave King and Paul Murray have been excluded from the independent committee to prevent any perception of a possible conflict of interest.

Smith and his backroom staff have been working without contracts in a bid to ease the financial pressure, and the manager has not bought any new players since August 2008.

"Everybody here has worked in this uncertain period for the club," said Smith after the announcement "It's not been easy for anybody.

"Everybody gets affected by the uncertainty that's happened and it would be nice if that's getting settled. But I think we've got a long way to go before we see that."

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