Rangers Supporters' Trust in takeover proposal
29th March 2010
Rangers Supporters' Trust confirmed it is working on an "exploratory document" with the aim of taking over Sir David Murray's majority shareholding. Any RST plan would involve some degree of fan ownership but would need to be underwritten by either a wealthy individual or consortium.
And the Trust has been in detailed discussions with a third party.
But RST spokesman David Edgar said: "At this point, it's an exploratory document only. "
Holders Rangers lead the Scottish Premier League and have already won the Co-operative Insurance Cup but are £31m in debt.
Responding to reports of talks between the Trust and a multi-millionaire businessman, Edgar stressed: "We can't comment on speculation over any names mentioned with regard to underwriting or backing the scheme.
"And we stress that all discussions must remain private and are at a very early stage. "
Edgar described talks both with the club and potential backers as "positive" but insisted it was "too early to say" whether the RST proposal would ultimately end in a takeover bid.
"Rangers find themselves in extraordinary circumstances and, at the moment, it's pertinent to assess all options," he said.
"Anything the Trust does, we study to make sure it's viable before we go down that path. "
London-based property tycoon Andrew Ellis was this month revealed to be considering a bid for Rangers.
Edgar insisted Ellis' interest had no effect on the Trust's plans, adding: "At the moment, discussions are ongoing with all parties who would be involved with the scheme.
"This is another step towards what the trust has been working on and continues to work towards, which is full supporter ownership. It hasn't come about overnight. "
Last year, the RST invited representatives of Espanyol and Hamburg to Ibrox to discuss their members-run models.
Rangers have been working to a business plan in conjunction with Lloyds Banking Group since Murray stepped down as chairman in August.
The influence of Lloyds has sparked protests from supporters at some matches this season.
Manager Walter Smith and his backroom staff have been working without contracts since January in a bid to ease the financial pressure on the club.
The Ibrox boss has also not recruited any new players, apart from on loan, since August 2008.
Source: BBC News & Sports - London
