Deal Done At Last - 85.3% of RFC sold for �£1 according to Stock Exchange

[ian1964 10,761]

......................................according to the record

 

 

 

http://imageshack.us/photo/my-images/836/bf8691aa.png/

[metlika 0]

You tease, but I'll wait until official conformation even if the media are right in 50% of the matters....

[pete 2,499]

The record taking the chance to get the headline i think.

[Gazza_8 233]

STV reporting it too.

[ian1964 10,761]

David Murray set to sell his Rangers shares for only �£1 to help seal Craig Whyte deal

 

 

By Tom English

SIR David Murray has agreed to hand over all his shares in Rangers to Craig Whyte for the token sum of �£1. It was expected the current, but soon to be former, owner of the Ibrox club was going to receive in the region of �£6m for his 93 per cent stake, but sources close to the negotiations said last night that Murray will make his exit after 23 years at the helm without recompense. "It was a way of helping the deal get across the finishing line," said the source.

Murray bought Rangers for �£6m in 1988, and although he has invested heavily in the club since then, it is understood that up until now he had been looking only for the return of his original investment. His 93 per cent holding in the club has a book value of approximately �£10million, but the club's debt of around �£22m significantly reduced the value of Murray's shares - to effectively zero.

 

They're not quite there yet, though. Last night, with lawyers representing Murray and Whyte holed-up in the offices of the Edinburgh solicitor's firm Dundas & Wilson, there was talk of a "technical issue" that may or not drag this saga into another week. The nature of the "technical issue" is believed to be minor. "An awkwardness rather than a problem," as one source called it. Another source, who was previously confident that things could have been wrapped up in the early hours of last night, said that the deal would get done "Friday afternoon at the earliest." Another who is privy to every aspect of the negotiations down played the "technical issue" and said it would get resolved today. "I can't see it going into next week," was the response.

 

Murray and Whyte spoke over the phone yesterday but didn't meet face to face. Murray was photographed leaving his Edinburgh office in the afternoon and it was assumed that he was away for secret talks with Whyte. Apparently he wasn't. He was merely heading off to a polling station to register his vote in the Scottish election.

 

Their respective lawyers were inseparable, however. They were still talking across the table as darkness fell, working out the minutiae of the transfer of ownership with a view to announcing it to the Stock Exchange sometime today, "technical issue" permitting. Whyte was also present. As was Donald Muir (the enemy within), who was there representing Lloyds Banking Group.

 

It is believed that the sceptics on the independent vetting board have been sufficiently placated, the chairman, Alastair Johnston, chief among them. Johnston has departed to China on business but has stated that he'll be resigning his position at Ibrox as soon as the season is at an end. "I'm confident that the efforts of the board have improved the deal significantly for the benefit of the club," said Johnston, though there is some debate about the significance of the concessions that Johnston won from Whyte.

 

"Our views will come out in the future and I'm comfortable with that, but I don't want to stand in the way of progress. I will resign as intended on May 16 but will be working hard until then to make sure Rangers secure the SPL title."

 

Johnston has angered Whyte these past weeks. His assertion last month that Rangers could go out of business in a worst-case scenario went down like a lead balloon with Whyte.

 

Though Whyte has been bemused at times by Johnston and his cohorts on the board who encouraged the rival bid - such as it was - of Paul Murray there's unlikely to be a cull at the top at Rangers. Martin Bain is expected to remain as chief executive in the mooted new administration in the hope that himself and Whyte can establish a working relationship. Donald McIntyre will probably stay on as financial director, though it's inconceivable that Whyte will not bring in some of his own people on that side of the operation.

 

As for Paul Murray, his place on the board may well be seen as untenable by Whyte given the disparaging remarks Murray has made about his rival bidder for the club in recent weeks.

 

The narrative of the Rangers takeover story is at epic proportions now. So much has happened since Whyte first expressed an interest in buying the club away back in November that it's hard to chronicle. There's been endless speculation about who will take on the bulk of the HMRC tax bill when it finally drops through the Ibrox letterbox, there's been the difficulties in the relationship with Whyte and Johnston, the sudden appearance on the scene of Paul Murray, the nasty little surprise in the financial accounts of an unpaid tax bill of �£2.9m and the trauma of the punishment - potentially devastating but in the end quite benign - that Uefa meted out to the club for sectarian chanting. All the while the supporters, who are understandably reluctant to spend a single pound on season tickets until they know what lies in store for the club, have been left twisting in the wind. Of course, on Wednesday night a world of possibilities opened up to them when Celtic lost to Inverness Caledonian Thistle. Many Rangers fans will have spent yesterday intoxicated by the notion of the dream double of an SPL title and a new owner come season's end.

 

Nothing comes easy, though. The groups of lawyers in an Edinburgh office would have testified to that last night as the light disappeared outside their window. Today will be another breathless one for everyone in this interminable business.

 

• Last night Rangers FC ordinary 10p shares were trading on the markets for a sale price of 30p.

 

http://sport.scotsman.com/sport/David-Murray-set-to-sell.6763361.jp?articlepage=1

[ian1964 10,761]

Sold

 

 

SIR DAVID MURRAY'S 23-year tenure at Rangers will end this morning when Craig Whyte is confirmed as the new owner of the SPL champs.

 

And manager-in-waiting Ally McCoist will immediately be handed a bumper �£10million summer transfer kitty.

 

Tycoon Whyte agreed a �£33m deal with Murray yesterday to end a six-month takeover saga.

 

On top of the �£10m he's pledged to give McCoist this summer, he has also guaranteed him at least �£5m a season for the next four years.

 

It means the new boss can bring in fresh talent and step into contract talks with current stars like Allan McGregor and Steven Davis.

 

Whyte's takeover will see steel tycoon Murray recoup over �£3m and settle debts of almost �£20m with the Lloyds Banking Group.

 

Sir David's colourful spell at the helm - which saw Gers land 36 trophies - looks certain to be brought to a close today.

 

He agreed the sale after a fresh round of talks with Motherwell-born Whyte in Edinburgh.

 

A specialist team of more than a dozen lawyers worked late into the night in a bid to complete the deal.

 

It's now expected a new era will commence with an announcement to the London markets this morning.

 

Whyte's much-needed cash injection will haul Gers away from the threat of financial meltdown.

 

Gers chairman Alastair Johnston, who cast doubt over Whyte's plans last month, yesterday confirmed the five-man independent panel on the Ibrox board were now satisfied with his big-money scheme.

 

The US-based chairman will resign his post on May 16 with Whyte expected to make more boardroom changes.

 

It's the alterations ON the park which will excite Gers supporters even more - with McCoist already eyeing targets at home and abroad as he prepares to succeed Walter Smith.

 

Gers now stand just three wins from Three in a Row title joy after Celtic's shock 3-2 loss at Inverness on Wednesday night.

 

That would hand them a ticket to the Champions League qualifiers and open up the prospect of another huge cash boost.

 

It would represent a dramatic financial turn-around just weeks after Johnston claimed the club could plunge into an abyss.

 

Sir David, who bought Gers for �£6m in 1988, has been trying to sell his controlling stake for five years. He held talks with property tycoon Andrew Ellis last year and was also approached by Gers non-executive director Paul Murray.

 

Whyte has emerged as the only credible suitor after providing proof of funds and convincing Sir David, Lloyds and the board that he can take the club forward.

 

Read more: http://www.thescottishsun.co.uk/scotsol/homepage/sport/spl/3565849/Sold.html#ixzz1LWUHQ3KT

[blue1 0]

They have that posted on RM as well, so looking good.

[Gers4Life 0]

Come on, come on, come on!!!!

[ascender 352]

la la la la la la not listening!

 

until its on the official site and announcement has been made to the market i'm not biting.

[Stefanovitch 0]

Where is Frankie with the BREAKING NEWS?